Getting Ahead of the Boston Spring Real Estate MarketMarch 25, 2017
Typically, the Boston luxury real estate spring market for home buyers gets a kick start early February, but that was before the shortage of inventory. And the frenzy always starts much later in the suburbs.
The suburban Boston luxury homes market was always based on the school year schedule. Buyers with school age children would start their house search in April to buy and settle before the start of the school calendar. But this is not the case anymore. Whether it’s due to the shortage of inventory or just higher demand in upscale suburbs with sought after school systems, Boston luxury real estate buyers have been getting an earlier head start.
There are Boston luxury homes under construction with the foundation barely in place, and the house goes under agreement. Buyers are flocking to open houses hoping to close a deal before the anticipated moving date, just because they want the assurance of knowing that they have a home before September. This is a new phenomenon in the suburbs much to the delight of the sellers and developers.
Although the interest rates have inched up a little bit, this has not been a deterrent and has had no effect on demand. In fact, 46% of Boston luxury homes that were listed before the fall market were sold in less than a month. Granted the fall market, due to holidays, was slightly slower, but it has taken off with a vengeance, both in the city as well as the suburbs. There are a few off the market properties that only brokers know about. So, get a head start and don’t think too long before beginning your search.