Have the Scales Tipped?!
As we settle down into the final weeks of 2018, the belief that we have overheated markets has since changed – some may say we might even be approaching a buyers market soon.
Do Boston Beacon Hill homeowners have cause to fear this? Experts agree we are in indeed seeing a shift, but it’s not what you might think.
What does 2019 have in store for Boston housing market?
The Boston condo market is becoming more balanced among buyers and sellers. There are already signs that the market is beginning to swing towards buyers – inventory is finally up after almost four years of uninterrupted declines, especially in formerly ‘red-hot’ markets like the Boston Midtown and Beacon Hill. There’s more inventory, more buyer caution, therefore price cuts are becoming more frequent.
So what’s the forecast for next year?
So what’s the forecast for 2019? Boston condo sales volume in the years following 2018 are expected to be more of the same. Higher interest rates and economic uncertainty will hold back sales volume next year, however in Boston, our Downtown Boston is ranked in the nation for ‘hottest’ in-demand markets. We can expect a balance to emerge between buyers and sellers; signs are starting to show, but we’re still a long way off – we might predict a buyers market on the horizon, but not in 2019.
Here’s what we’re seeing now:
Buyers Advice: Are you one of the many saying now is not a good time to buy? While it may feel safe to be a sheep, here’s why you’re wrong – currently the market has more sellers and not enough buyers.. this means you are in a PRIME buying position for a Boston Midtown condo. Options and less competition. Just like our seasoned investors do every year, use this ‘slower’ season to your advantage and get out there… you could potentially land yourself a killer deal.
Sellers Advice: Remember to keep things in perspective – yes, shifts are happening and there’s some more competition in the market, but Beacon Hill condos and Boston homes are STILL selling for record-high sales prices! If you are thinking of selling at some point, keep in mind timing is everything! Our housing market is headed for a stability shift, but right now prices are still increasing! If you have the right agent prepping and marketing your home to be that ‘next-to-sell’, you STILL have the opportunity to sell your housing investment for the highest possible return, ever! How much could you make??