Boston real estate for sale: Fall market update

Boston Condos for Sale and Rent

Boston real estate for sale: Fall market update round-up.

• Pending home sales in November were unchanged compared with October and 5.2% lower than November of last year, according to the National Association of Realtors.
• The average rate on the 30-year fixed mortgage soared over 8% in mid-October but then dropped sharply to 7.5% in the first week of November, according to Mortgage News Daily.
• Mortgage rates are now solidly in the mid-6% range, but the supply of homes for sale is still very low.

Back Bay Condos for Sale

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Boston real estate for sale: Fall market update

Some Boston real estate brokers call it “seasonality” but I can’t see the point of adding an “ality” onto a perfectly good word. . . all though “ality” is better than “osity”. Right now there are more Boston condos for sale are on the market than there were during the spring and the summer but when you add it all up there are still more buyers than there are sellers and we are experiencing a strong seller’s market.

I’ll have some numbers this week for September home sales. It took a few more days to sell a house in September than it did in April. We know that on average September home buyers paid slightly above the asking price. We are still seeing a lot of multiple offer situations and that will continue but sellers will get fewer offers as we head into November.

The real estate market is somewhat predictable and no it isn’t slowing up, the market is just adjusting to Fall. The weather, the economy, and congressional action or lack thereof also affect home sales.

It used to be harder to sell a home in the fall and winter but that is no longer the case and it isn’t too soon to remind people that the spring home-selling season starts in about mid-January.

Boston Condos for Sale and Rent

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Boston real estate for sale: Fall market update

Right now is a spectacularly bad time for most people to buy residential real estate. 

Beacon Hill condo prices are at historic highs. But why? There is a raging pandemic and an economic recession.

I say a bad time for “most” people because there are exceptions. There are always people who have to move and sometimes it does cost more to rent.

Too many people are making decisions based on the pandemic. They are assuming they will have jobs and that they can work from the home long term. Most jobs and conditions of employment are not long term but mortgages are for 10 to 30 years.

There has been a shortage of affordable Boston real estate for sale for the last several years and the pandemic has made it any better (yet).  The demand is still high and the supply is low and prices are often too high.

It truly is a fantastic time to sell downtown Boston real estate.

I am not sure there has ever been a better time to sell a Boston condo. Even in the pandemic, downtown Boston real estate sales are still at top dollar.

Homeowners can take advantage of a once in a lifetime event and make a nice profit even if they have only owned the Midtown condo for a few years.

It is also a great time to own Seaport or Beacon Hill real estate, especially real estate without a mortgage. It might be a good time to refinance depending upon your current interest rate and how much you owe.

A better time to buy might be mid-2021 or maybe early 2022. By 2026 the housing shortage may ease up a bit as the oldest baby boomers turn 80.

If you are planning on buying or selling real estate I am here to help. I’ll hopefully be here in 2026 too.

Boston Condos for Sale and Rent