We are officially in Fall!
However, the prices of those single -family homes are doing anything but falling. While we typically start slowing down after the crazy sales of spring and summer in the Boston area and prepare for winter hibernation, this has certainly not been the case so far. What exactly is going on? COVID-19 has led to a trifecta of circumstances that have put us squarely in a seller’s market – i.e. a market where sellers seem to have a distinct advantage:
1. Low inventory has always been a thing in the Boston suburbs. However, with many sellers reluctant to put their homes on the market – given the pandemic – the inventory status has now moved to extraordinarily low. Hence, the few properties that do come on the market, sell fast and high. Multiple offers seem to be the norm. Properties that have been sitting for years are suddenly selling. (The only caveat is that the home needs to present well and be priced properly … but as readers of my earlier missives, you know that I can help you with that!)
2 Millennials, renters and many big-city condo dwellers are ready to buy in suburbia and beyond –flocking to homes with more space and a backyard. The ability to work from home and the lack of clarity as to when we will have a vaccine or a treatment for the Coronavirus – makes buying ‘now’ feel urgent. Also, having a little more disposable income for that down-payment does not hurt, as the savings accumulate from limited options for travel, eating out and entertainment.
3. Finally, as you no doubt have heard, mortgage interest rates are at an all-time low. They are hovering close to the lowest they’ve been in sixty years! This makes it advantageous for first-time home buyers as well as investors to make that purchase and lock-in these rates for the long haul.
Given the above, if you are thinking of selling – in the next few months or even in a year – now is probably the best time ever to get started!
As you know, real estate is always local. I am happy to answer questions about your particular circumstance, do a free comparative market analysis on your home and send you data on your market area. Email me or call 781-367-8950.
For those of you on the buying side, stay tuned for my next article – ‘Strategies to succeed as a buyer in today’s market’.
The colors are beautiful so feast your eyes … there may also be some apples left to pick!
I look forward to hearing from you soon.