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Will Boston condo prices come down in the next 6 months?

Boston condo buyers exhausted by record low inventory and bidding wars may see some relief in the near future, according to a survey from Homes.com.

Real Estate Sellers Survey

The online survey, fielded in early May, had 1,600 U.S. adult respondents, of which 267 said they planned to sell their home within the next six months. The survey found that the tough market was not the biggest consideration for those who haven’t put their homes on the market sooner. Rather, among those who planned to sell, 60 percent said they’ve been waiting to list their homes because the timing hasn’t felt right.

Breaking down that 60 percent, 21.8 percent of respondents said their home simply isn’t ready to be on the market and 21.7 percent said they’re waiting for a better time to uproot their family, according to Homes.com. Just 9.5 percent have been waiting for the pandemic to abate while 5.9 percent want to speak to a real estate agent or financial advisor before they list.

The other 40 percent of respondents had market-related reasons for delaying: 20 percent cited concerns about low inventory, 8.6 percent were worried their home wouldn’t sell for what it’s worth, 7.5 percent said low mortgage rates made them feel like there’s not rush to sell and 5 percent cited low homebuyer demand in their local market.

“While most agents don’t recommend waiving inspection contingencies, this finding suggests that desperate buyers may have more choices of ‘move-in-ready’ homes in the near future,” Somero wrote.

“If we’ve learned anything from the past year’s real estate market, it’s that buyers need to be ready for anything. But if our survey respondents are any indication, buyers in the near future could see at least some relief in the homebuying process. Only time will tell what that might look like.”

A realtor.com report released last week also indicated that a buyer-friendly market may soon be in reach

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