As we prepare to enter the fall market in Boston, Nick takes a few moments to discuss what he expects to see this year. He offers advice to those looking to move before the end of the year, as well as sellers looking to sell this autumn.
What are your predictions for the real estate market in Boston this fall?
The fall season is traditionally one of the busiest in the Boston real estate market. We usually see an influx of new listings shortly after Labor Day. This market typically lasts until late October/early November before slowing down for the holiday season.
So far, we have seen an increase in new listings compared to the summer market, but this has yet to compensate for the overall drop in inventory compared to previous years. I do not see this changing anytime soon, especially since the average interest rate for current property owners is around 3%. Because of the current interest rate environment, the incentive to sell is not strong enough. This low inventory market has continued to support demand and hold prices steady, if not raise them in most cases.
What tips do you have for buyers looking to make a purchase?
When you find a property you like, be prepared to act quickly. Because of the low inventory, you have fewer options for homes to choose from. Also, adjust your expectations to be comfortable with homes that may not check every box. And, as always, make sure you have an up-to-date pre-approval from a reputable lender.
And what about sellers who want to list?
Just because the market favors sellers does not mean you can list at any price. Buyers are well aware of the market and unwilling to overpay, especially now that interest rates are so high. I would recommend accurately pricing it for the current market and working with your agent to potentially declutter or repair it before listing.