As we edge closer to 2024, what can we expect from Boston's vibrant real estate market? With over a decade of experience in helping clients navigate this dynamic market, I'm here to share my predictions for buyers, sellers, and renters in the coming year.
For Buyers and Sellers:
The upcoming year brings promising changes, particularly in terms of interest rates and market inventory. Here's what you can expect:
Decreasing Interest Rates: We anticipate a slight drop in interest rates through 2024. This trend will benefit both buyers and sellers in different ways.
Increased Inventory: Potential sellers who were hesitant to list their property due to their current low-interest rates might feel more comfortable entering the market now that rates are dropping. This shift could bring more properties into the market compared to 2023, offering more choices for buyers.
The rental market in Boston has been tight, largely due to low sales inventory, turning potential buyers into renters. Here’s what 2024 might look like for renters:
A More Balanced Market: As more properties become available and interest rates drop, some renters might transition to buying. This shift could bring some balance to the rental market.
Stable Rental Prices: Despite these changes, don't expect a significant drop in rental prices. If you find a place that fits your needs, it's wise to act quickly.
Tips for Early 2024 Moves:
Planning to make a move in early 2024? Here are some key tips to consider:
Realistic Expectations on Rates: Interest rates might hover in the 6s throughout 2024. It could take years for them to drop to the 4s or 5s, so if you are waiting for that to happen, you are going to miss out on opportunities.
Stay Prepared: As rates decrease, buyer demand will likely increase. Keep your preapproval updated every few weeks, and be ready to make a swift, competitive offer on your dream property.
As we look ahead, the Boston real estate market continues to evolve. Whether you're buying, selling, or renting, staying informed and prepared is key to navigating these changes successfully. What are your real estate goals for 2024? Let's discuss how we can achieve them together.