Key Points for Boston real estate rebound – Updated Fall 2020
- Housing has come back sharply from its pandemic slump, with sales surging and prices rising.
- One big trend favoring the industry, and its stocks, is the exodus from big cities to suburbs.
- Low-interest rates are keeping mortgage rates low, though credit demands are higher.
- Headwinds for the sector include tumbling inventory that is at its lowest point in nearly 16 years.
Housing’s powerful rebound from the thrashing it took during the early days of the pandemic looks likely to continue so long as it doesn’t become a victim of its own success.
Home sales have formed an almost perfect V-shaped comeback after the industry was one of the hardest hit, along with retail and restaurants, when the economy went into lockdown in March.
Since those dark days, a powerful combination of historically low mortgage rates, pent-up demand — and a persistent exodus from America’s largest cities to quieter, safer, and more accommodating suburbs has fueled a market surge that Wall Street experts see continuing as the economy recovers.
Boston condos for sale: Sellers get ready, Massachusetts is on the rebound. With the release of the latest Economic Pulse Flash Survey from the National Association of Realtors (NAR), results show that people selling their Boston real estate holdings today are holding strong on price. According to the most recent data, 74% of real estate agents noted that sellers are not dropping listing prices to attract more buyers.
“The housing market faced an inventory shortage before the pandemic. Given that there are even fewer new listings during the pandemic, home sellers are taking a calm approach and appear unwilling to lower prices to attract buyers during the temporary disruptions to the economy.”
The Boston condo for sale inventory shortage, which is also spread widely throughout the Massachusetts market going into today’s economic slowdown, created an environment where there were not enough homes for sale for those who wanted to buy them. With that backdrop setting the stage, Yun also notes:
“With the current quarantine recommendations in place, fewer sellers are listing homes, which will limit buyer choices.”
So, with Boston condo buyer choices already limited going into this season, and more sellers removing listings today, if you’ve been thinking about listing your downtown Boston real estate, it’s a great time to do so. Many others in your neighborhood may be waiting to make a move or removing their listings, so staying on the market – or jumping into it – could work to your advantage.
Beacon Hill condo buyers today are serious ones, and with prices holding steady in this low-inventory market, you can feel confident about selling today. Embracing the process virtually, where available, could help your house hit the top of an eager buyer’s list. While your neighbors miss out on this opportunistic time, you don’t have to.
If Boston condo for sale buyer choices are limited in your downtown neighborhood, selling now may help your listing rise to the top of the pool. Let’s connect today to make sure you have the expert help you need to succeed in the selling process