With half of 2022 behind us, we have already seen some very interesting changes in the Boston real estate market this year. Nick discusses these changes and how buyers and sellers can best prepare if they are looking to make a move this year.
What has surprised you most about the real estate market in Boston so far in 2022?
The biggest surprise to me is how quickly things have changed.
At the beginning of this year, we experienced one of the busiest real estate markets I’ve ever seen. There seemed to be a rush of buyers racing against the looming rise in interest rates. This rush continued until around April when we suddenly started hearing concerns from buyers and seeing less activity at some listings than we initially expected.
Expectations of sellers vs. buyers were suddenly out of line, and properties started to take longer than just a weekend to sell. This shift has continued since then and will ultimately result in a more balanced market, which isn’t bad.
What should sellers prepare for if they are looking to make a move in the second half of the year?
If you want to sell in the second half of 2022, you have to ensure your expectations align with reality. Properties typically take longer to sell than they did earlier this year, and pricing them correctly from the start is extremely important.
As listings stay on the market longer, there will be more competition for sellers. I recommend taking the time to prepare the property for sale by decluttering, handling some small repairs, and maybe doing some painting to make your property shine. Eliminate distractions a buyer might encounter while viewing the property, so they focus on the features and benefits instead of just remembering that weird stain in the corner!
First, they need to know that the market is not crashing. We are seeing appreciation rates slow, but none of the experts predict a decline in values.
With that said, they should feel better than they have over the past 24 months but must maintain reasonable expectations.
Competitively priced listings will still get a lot of activity, so buyers must put together a solid offer to get it accepted. Buyers must prepare to move quickly, understand their financing options, and have a solid pre-approval. If they do this, they should be in good shape to put a property under agreement in 2022!
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