What are the benefits of selling a Boston condo this Fall?
Boston Condos for Sale and Apartments for Rent
What are the benefits of selling a Boston condo this Fall?
As the year winds down, you may have decided it’s time to make a move and put your Back Bay condo on the market. But should you sell now or wait until January? While it may be tempting to hold off until after the holidays, here are three reasons to make your move before the new year.
Get One Step Ahead of Other Boston Condo Sellers
Typically, in the residential real estate market, homeowners are less likely to list their houses toward the end of the year. That’s because people get busy around the holidays and sometimes deprioritize selling their house until the start of the new year when their schedules and social calendars calm down. But that gives you an opportunity to get one step ahead.
Selling your Back Bay now, while other homeowners may hold off until after the holidays, can help you get a leg up on your competition. Start the process with a real estate agent today so you can get your house on the market before your neighbors do.
Get Your Boston Condo in Front of Eager Buyers
Even though the supply of Boston condos for sale did grow compared to last year, it’s still low. That means there aren’t enough homes on the market today. While some buyers may also delay their plans to move until January, others will still need to move for personal reasons or because something in their life has changed.
Those Boston condos buyers are still going to be active later this year and will be seriously motivated to make their move happen because they need to. Unfortunately, the challenge they’ll face is a shortage of available inventory to meet their needs. A recent article from Investopediasays:
“. . . if your house is up for sale in the winter and someone is looking at it, chances are that person is serious and ready to buy. Anyone shopping for a new home between Thanksgiving and New Year’s is likely going to be a serious buyer. Putting your home on the market at this time of year and attracting a serious buyer can often result in a quicker sale.”
Use Your Equity To Fuel Your Move
Keep in mind that homeowners today have record amounts of equity. According to CoreLogic, the average amount of equity per mortgage holder has climbed to almost $290,000. That means the equity you have in your house right now could cover some, if not all, of a down payment on the home of your dreams.
And as you weigh the reasons to sell before year-end, it’s important to remember the reasons that sparked your desire to move in the first place. Maybe it’s time for a new home in a location that suits you better, one that offers the perfect space for you and your loved ones, or maybe your needs have evolved over time. A local real estate agent can help you determine how much home equity you have and how you can use it to achieve your goal of making a move.
Back Bay Condos for Sale and the Bottom Line
Listing your home before the new year can offer unique benefits. Less competition, motivated buyers, and your equity gains can all play to your advantage. Reach out, and let’s achieve your goals before winter sets in.
Update: Boston condos for sale website 2023
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The Boston media and conventional wisdom dictate that the “hot” Boston condo for sale market is cooling off for home sales. Because of rising interest rates, many sellers may find themselves reluctant to put their homes up for sale. However, even in this market shift, the fall may be the best time to list your property. So don’t ghost potential buyers just yet, here are some truths about selling in the fall.
Why is this Fall a good time to list a Boston condo for sale?
The Fall is an excellent time to list your Boston condo for sale, in a “hot” market a home can get lost in the shuffle in a crowded market, but savvy sellers can take advantage of the relatively lower level of competition to get a great deal done with the right buyer.
With a lower volume of sales overall, buyers and sellers are also more likely to get personalized attention from real estate agents, attorneys, closing agents, and title companies – all of which can lead to quicker and smoother closings.
Do Boston condo listings look better in the Fall season?
The Pinterest addict in all of us knows all too well that the Fall season in New England is a great time for beautiful photos. With bright foliage and natural backdrops that wow, getting photos of your home that impress potential buyers can really be executed well. On top of that, staging your home with fall colors, holiday elements, and lots of light can be a great way to take advantage of this natural beauty and make it easier for buyers to picture life in their new home.
Can Boston condo sellers take advantage of a slower economy?
The answer is yes. I understand that inflation is on the rise and your dollar doesn’t stretch as far as it did a year ago. So why not take advantage of a season with lower demand? With the economy slowing, there’s less demand for contractors and movers – meaning you get great deals on any necessary repairs and moving costs. making the home sale and moving process much easier overall.
Are there tax benefits to a Fall sale for Boston condo sellers?
Fall sales can also mean potential tax breaks for home sellers. Some of the costs associated with home sales can be included in the cost basis of your home. Increasing your adjusted cost basis can decrease the capital gain associated with the home sale. In addition, some closing costs and home improvements may be tax write-offs for Boston condominium sellers.
Are there tax benefits to a Fall sale for Boston condo buyers?
Sellers who are also buying a new home see additional tax benefits. Property tax and mortgage interest paid at closing can both be deducted from your income for the year*, even if you closed on the home late in the year. For some buyers, these deductions can make a big difference in the year’s tax liability.
*As always, contact your tax professional to see how these may impact your specific situation.
There’s no denying the Boston condo for sale market is undergoing a shift this season as buyer demand slows and the number of homes for sale grows. But that shift actually gives you some unique benefits when you sell. Here’s a look at the key opportunities you have if you list your house this fall.
Is Boston condo inventory increasing?
One of the biggest stories today is the growing supply of homes for sale. Housing inventory has been increasing since the start of the year, primarily because higher mortgage rates helped cool off the peak frenzy of buyer demand. But what you may not realize is, that actually could benefit you.
If you’re selling your house to make a move, it means you’ll have more options for your own home search. That gives you an even better chance to find a home that checks all of your boxes. So, if you’ve put off selling because you were worried about being able to find somewhere to go, know your options have improved.
is the number of Boston condos for sale Still Low?
Just remember, while data shows the number of Boston condos for sale has increased this fall, the housing supply is still firmly in sellers’ market territory. To be in a balanced market where there are enough homes available to meet the pace of buyer demand, there would need to be a six months supply of homes. According to the latest report from the National Association of Realtors (NAR), in July, there was only a 3.3 months supply.
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