Boston condos for Sale
The U.S. residential real estate market showed significant strength and resiliency in 2021, the second year of the COVID-19 pandemic. From coast to coast and by any metric — total sales, median prices, time on market — housing demand remained red-hot throughout the year and served as a primary engine of the U.S. economy.
Consider this: Existing-home sales in 2021 will exceed 6 million, the most in 15 years. Median existing-home prices recorded year-over-year increases in October 2021 for the 116th consecutive month — the longest-running streak on record.
According to NAR’s 2021 Profile of Home Buyers and Sellers, homes typically sold at asking price and in just one week — a record pace — while the report found that two of the primary motivators for buyers and sellers were additional space and the desire to live closer to family and friends.
So, how will the Boston Condo for Sale market perform in 2022?
Expect strong Boston Beacon Hill condo demand to continue and prices to increase, although both will likely moderate over the next 12 months. We anticipate mortgage rates will continue their upward trajectory next year as the Federal Reserve responds to rising inflation by raising interest rates. The combination of higher prices and climbing mortgage rates could keep some buyers out of the market entirely in 2022.
Boston Condo Inventory Constraints
Boston condo for sale inventory which has been a major theme throughout 2021 — may ease a bit, particularly as homebuilders increase construction and mortgage forbearance programs come to an end. The influx of available homes will be welcome news for prospective buyers who have faced tough competition and bidding wars over the last 12 months. More inventory and continued healthy demand for housing will help support another year of impressive sales figures in 2022.
If nothing else, the pandemic reminded us to always expect the unexpected. While it will be interesting to see how the real estate market plays out this year, I am certain that Realtors® will be there every step of the way to help millions of Americans fulfill their dreams and achieve their goals.
Boston Condos for Sale and the Bottom Line
Last year, 87% of buyers used an agent or broker, and 90% of sellers hired an agent to sell their home. Why? Realtors® provide invaluably, trusted expertise and in-depth knowledge about the real estate transaction process from start to finish. We help our friends, colleagues, neighbors, and clients navigate the complexities of home buying and selling — one of the most consequential decisions in a person’s life. We’re invested in and committed to doing all that we can to make our communities thrive — and to always ensure consumers come out on top in the process. No matter the year or the market conditions, that’s a constant
Boston condos for Sale
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Boston Real Estate for Sale
Today, real estate experts are looking ahead to the winter season and the forecast is anything but chilly. As Lawrence Yun, Chief Economist for the National Association of Realtors (NAR), notes:
“It will be one of the best winter sales years ever.”
The typical winter slowdown in the Beacon Hill condo for sale market is simply not on the radar. Here’s why.
While today’s historically low mortgage rates are expected to remain low, they won’t be this low for much longer. This could be the last chance for homebuyers to secure such low rates, and they’re ready to take action. In a recent article, Bankrate explained:
“If you’re looking to buy a home…expect mortgage rates to remain low into 2021. However, the possibility of rates falling to 2.5 percent or lower has faded as the U.S. economy has rebounded.”
As long as we continue to see low-interest rates, we’ll see hopeful buyers on the hunt for their dream homes. Yun confirmed:
“The demand for home buying remains super strong…And we’re still likely to end the year with more homes sold overall in 2020 than in 2019…With persistent low mortgage rates and some degree of a continuing jobs recovery, more contract signings are expected in the near future.”
The challenge, however, is the lack of homes available for sale. With that in mind, all eyes are on homeowners to see if they’ll sell this winter or wait until spring. Danielle Hale, Chief Economist for realtor.com, says it’s best for sellers to capitalize on this moment sooner rather than later:
“We currently see buyers sticking around in the housing market much later than we usually do this fall. If that trend continues, we will see more buyers in the market this winter, too. So, this winter is likely to be a good time to sell.”
With buyers ready to stay active this winter, sellers who want to close a deal on the best possible terms shouldn’t wait until spring to put their Beacon Hill condos on the market.
Boston Real Estate and the Bottom Line
Experts agree the winter Boston condo for sale market could potentially be bigger than ever. Whether you’re ready to buy or sell, let’s connect today so you can be in your dream home by the new year.
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