If you’ve given even a casual thought to selling your downtown Boston condo in the near future, this is the time to really think seriously about making a move. Here’s why this season is the ultimate Boston Condo sellers’ market and the optimal time to make sure your Boston property is available for buyers who are looking for homes to purchase.
Boston condos for sale: Sellers get ready, Massachusetts is on the rebound (Updated 2021)
The latest Existing Home Sales Report from The National Association of Realtors (NAR) shows the inventory of houses for sale is still astonishingly low, sitting at just a 2-month supply at the current sales pace.
Historically, a 6-month supply is necessary for a ‘normal’ or ‘neutral’ market in which there are enough homes available for active buyers (See graph below): When the supply of houses for sale is as low as it is right now, it’s much harder for buyers to find homes to purchase. As a result, competition among purchasers rises and more bidding wars take place, making it essential for buyers to submit very attractive offers.
As this happens, Boston condo prices rise and sellers are in the best position to negotiate deals that meet their ideal terms. If you put your property on the market while so few homes are available to buy, it will likely get a lot of attention from hopeful buyers.
Today, there are many Boston real estate buyers who are ready, willing, and able to purchase a home. Low mortgage rates and a year filled with unique changes (i.e. Vaccine) have prompted buyers to think differently about where they live – and they’re taking action. The supply of homes for sale is not keeping up with this high demand, making now the optimal time to sell your house.
Boston condo prices are appreciating in today’s sellers’ market. Making your home available over the coming weeks will give you the most exposure to buyers who will actively compete against each other to purchase it.
- 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 is 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