Homebuyers are flooding the housing market right now to take advantage of record-low mortgage rates. Many have a sense of urgency to find a home soon since experts forecast a steady rise in both rates and home prices this year and next. As a result, buyer demand greatly outweighs the current housing supply. Here’s how the shortage of houses for sale sets yours up to be the oasis in an inventory desert.
According to the National Association of Realtors (NAR), today’s housing inventory sits at an incredibly low 2.1-month supply, far below the 6-month mark for a neutral market. Inventory of single-family homes a year ago was already very low, and as you can see in the graph below, this year’s levels are even lower:Due to these market conditions, today’s buyers frequently enter fierce bidding wars while trying to purchase a home. This in turn drives up home prices and gives sellers incredible leverage in the negotiation process, two big wins if you’re going to sell your house this year.
Boston Real Estate and the Bottom Line
In such a hot market, it can feel as though the supply of homes has virtually dried up, leaving buyers to wander in an inventory desert. That’s why there’s never been a better time to sell. To a parched buyer needing to secure a home as soon as possible, your house could be a true oasis.
Good News for Sellers: Maybe I was wrong, go ahead put your downtown Boston condo on the market
The word among Boston downtown real estate brokers is that Boston condo high rise condo sales are likely to plummet, and will rebound by late summer.
But should that stop you from placing your Seaport Condo or Midtown condo on the market? I guess it depends on who you ask.
Excerpted from this article from Fox Business –
For people who have been considering selling, it might not be necessary to wait. One benefit of Americans being home all day is that they are online all day long. ALL DAY.
I’m online while I’m typing this. My screen time on my iPhone is up to embarrassingly high numbers. I’m literally averaging 14 hours a DAY on my phone.
Eventually, we will all find a way to a real estate site, or at least search homes on Instagram. It’s inevitable, kind of like those cookies in your pantry are going to get eaten by the time you’re done reading this article.
The most unconventional aspect of this new age real estate industry is the fact that touring homes is currently impossible, as it should be. I’ve taken a hard stance for ALL OF US to STAY HOME for almost a month. Ironically, people are staying home – as they should be.
Prospective buyers will most likely remain hesitant to buy before they can physically tour a home but we can all pivot and redefine the way we work.
The minute that people are legally allowed to take a physical tour, the market is going to boom. It’s like when the new iPhone comes out. We want and expect lines out the door, just no tents, please.
People will be lined up at the doors of those homes they have obsessed over for months.
In the meantime, real estate professionals are utilizing virtual tours to keep buyers excited, and it is working, and relationships are getting back to the core — the heart.
We are entering what is usually the busiest season of real estate, that usually lasts through the end of the summer. I am confident that the busy season will last through the fall, and possibly through the winter.
Momentum is building, so there is no need to fear putting your home on the market.
Now is our chance to build and maintain confidence in the real estate market, because as soon as our world begins to shift back into normalcy, the market will be at its height.
We’ve all heard this a million times over, but right now, it’s more true than ever — home is where the heart is. You may not love where you currently are, but we know you love who you’re currently with. Get online, shop for your new forever place, and get excited about something that’s going to be there when this nightmare ends.
In the meantime, stay home, technology has us covered.
Regardless, of what Fox News says, I think it’s best for anyone thinking about listing their Beacon Hill condo or any downtown Boston condo for sale is to wait. It might be true that, as stated in fox news, that day’s-on-market won’t matter, but what’s the point. I really doubt that anyone is going to buy your Seaport condo with-out physically viewing it
You can take solace in what top real estate tv star Ryan Serhant is doing: