Temperature of the Current Boston Real Estate MarketDecember 8, 2012
The market is on fire right now. Unfortunately for buyers, the inventory is very low, and as Boston homes arrive on the market, they sell quickly. It is particularly difficult for buyers who are just entering the market to find a home. They haven’t seen enough properties or been in the marketplace long enough to make an educated decision and feel confident they’re buying the right property.
Predicting the Future of Boston Homes in this Frenzied Market
Getting caught up in the quick turnaround market, newcomers are sometimes compelled to make hasty decisions and buy a Boston real estate property quickly. Many impulse buyers have to deal with remorse down the road. Clients often ask me if it’s better to buy now or wait for the spring or fall market when and/if more properties will be available.
The question is: will there be more listings in the spring or fall? No matter how many times I wish for that crystal ball that sees into the future, we don’t know for certain. With the market being so strong, we all hoped that more sellers would put their properties on the market , but that didn’t happen for variety of reasons. There has been fluctuation in the economy, and buyers then face the same lack of inventory once they sell their property.
In this market, you have to either practice patience or do your homework, narrow down your options and place an offer more quickly than a typical market. Being patient can work to your advantage in getting closer to your dream house. Keep in mind that prices are on the rise and while you may have more choices in a market flooded with properties and less people to compete with, you have to be prepared to pay more for the property.
If you’re ready to purchase a home, it’s critical that you work with an experienced Boston real estate agent that can notify you immediately when properties that meet your needs come on the market. Contact me to find out what is available now.