One of the biggest questions in downtown Boston real estate today is, “When will sellers return to the housing market?” An ongoing shortage of home supply has created a hyper-competitive environment for hopeful buyers, leading to the ultimate sellers’ market. However, as the economy continues to improve and more people get vaccinated, more sellers may finally be in sight.
The Home Purchase Sentiment Index (HPSI) by Fannie Mae recently noted the percentage of consumer respondents who say it’s a good time to sell a home increased from 61% to 67%. Doug Duncan, Senior Vice President and Chief Economist at Fannie Mae, indicates:
“Consumer positivity regarding home-selling conditions nearly matched its all-time high.” (See graph below):
Fannie Mae isn’t the only expert group noticing a rise in the percentage of people thinking about selling. George Ratiu, Senior Economist at realtor.com, shares:
“The results of a realtor.com survey . . . showed that one-in-ten homeowners plans to sell this year, with 63 percent of those, looking to list in the next 6 months. Just as encouragingly, close to two-thirds of sellers plan to sell their homes at prices under $350,000, which would offer a tremendous boost to affordable housing for first-time buyers.”
If you’re considering selling your Boston downtown condo, don’t wait for more competition to pop up in your neighborhood. Let’s connect today to explore the benefits of selling your house now before more homes come to the market.
Downtown Boston real estate is down from this time last year. Prior to the COVID-19 This area was already seeing historically low levels of inventory.
Why am I bringing this up? Because for sellers who planned on selling this spring, the timeline obviously got pushed back, but many Boston real estate leaders feel there is going to be huge pent up demand and there WILL be buyers who want to buy once the coronavirus passes.
On a micro level, the downtown Boston real estate area was in an incredibly strong housing market just a month ago. We were seeing companies relocating to the Seaport area along with numerous restaurants opening up. All of which will continue once the coronavirus subsides. There will also be pent up demand for those services and hopefully many who lost their jobs will find employment again soon.
Are you spending any extra time you have now getting your Boston condo for sale? If you thought about selling this spring, now you have additional time to get your home ready. If you need help assistance preparing your home for sale, let’s start a virtual tour on your property.
Use this time wisely if listing your downtown condo is in your near future.
On your market…. get set….