As 2022 winds down, Nick discusses the changes we have seen this past year and his predictions for 2023. He talks about what sellers should be doing to optimize their homes for sale and what buyers can expect as we see the market cool down a bit.
What will we see in the Boston real estate market in 2023?
The first quarter of 2023 will be much like Q4 of 2022. We are in the middle of a transition period where buyer and seller expectations are not quite lined up. Every month that goes by should get those expectations closer to reality, which will result in more and more transactions happening.
What can sellers be doing now to optimize their listings?
Sellers need to be aware of the changes in the market and understand that pricing it accurately is more important than ever. Our months supply of inventory is rising, so there is more competition for sellers. Staging, decluttering, and repairing a property before putting it on the market can make a huge difference and help get the attention your property needs to receive a solid offer.
What piece of advice do you have for buyers right now?
Buyers should make getting an updated pre-approval a priority. Rates have gone up dramatically, so if your pre-approval is from a couple of months ago, you should have it updated by your lender, so there are no surprises. Also, make sure you ask your lender about the different loan programs available such as ARMs which may provide you with a significantly lower interest rate vs. a 30-year fixed.