Many Boston condo sellers are confused on whether to list their home now or wait till the 2024 Spring season..
Is there anything wrong with waiting until next year?
- Mortgage rates could go higher. The Fed meets three more times this year, and unfortunately they will be tempted to bump their rate at least once or twice. It doesn’t mean that mortgage rates will definitely go higher, but lenders are like gas stations and use any reason to pinch extra profit.
- Flood of Inventory. By a ‘flood’ , I mean two or three other homes go up for sale nearby.
- Bad Comps. If you have any 4Q sales nearby, they are likely to be lower than you’d like.
Who will be the 2024 home sellers?
There has to be a load of realtors and mortgage brokers who had their worst year ever in 2023, and had already been thinking of moving down and/or out. Or what about those sellers who sat out during covid? How about those who saw the market collapse after rates doubled in the second half of 2022 and they gave up their hopes of selling in 2023? They thought it would take years before we got back to peak pricing. Well, here we are!
Remember the 10% Covid drop in 2020 and we thought the world was going to end?