Should YOU List Your Boston Condo For The Winter Market?

Boston Condos for Sale

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Should YOU list your Boston condo for the winter market?

To succeed as a Boston condo seller or buyer in today’s market, it’s important to understand which market trends will have the greatest impact on a Boston condo for sale search. Danielle Hale, Chief Economist at realtor.com, says there are two factors every Boston condominium seller and buyer should keep their eyes on:

“Going forward, the conditions buyers face are primarily dependent on two things: mortgage rates and housing supply.”

Here’s a look at each one.

Boston Condo Mortgage Rates Projected To Rise in 2022

As a Boston real estatt seller or buyer, your interest rate directly impacts how much a buyer will pay on your monthly mortgage when you purchase a Boston property which can iimpact the sale price. Rates are beginning to rise, and experts forecast they’ll continue going up in 2022 (see graph below):As the graph shows, mortgage rates are expected to climb next year. But they’re still low when you compare to where they were just a few years ago. That presents today’s buyers with some motivation to lock in a low mortgage rate before they climb higher.

More Homes Are Expected To Be Available This Season

The other market condition Boston conod sellers need to monitor is the number of homes available for sale today. The latest Existing Home Sales Report from the National Association of Realtors (NAR) shows the current supply of inventory sits at just 2.4-months. To put that into perspective, a 6-month supply is ideal for a balanced market where there are enough homes to meet buyer demand.

However, there may be good news for buyers who are waiting for more options. A recent realtor.com survey shows more sellers are planning to list their homes this winter, meaning more choices will likely be available soon.

What Does That Mean for You as a Boston condo buyer or seller?

Even if your options improve some this season, it won’t significantly shift market conditions overnight. According to NAR, many more listings need to be available to move closer to a more neutral market:

“Given the average monthly demand . . . , 3.55 million homes should be on the market to meet a level of inventory equal to six months of demand, implying a shortage of homes for sale of 2.24 million.”

So remember, even with more homes expected to come to market this season, competition among buyers will remain fierce as there still won’t be enough homes for sale to meet the current demand. That means you’ll need to act quickly when you’re ready to make an offer.

Boston Condos for Sale and the Bottom Line

If you’re planning on buying a home this winter, more options are welcome news, but it doesn’t mean you should slow down. Let’s connect today so you have an expert on your side to help act as quickly as possible when the right home for you hits the market.

Boston Condos for Sale

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Boston real estate for sale

Should I put my home on the market now or wait until Spring?

Good question! The answer is, it depends . . . Downtown Boston real estate sales are seasonal here in Massachusetts. During the Spring market activity increases and more homes are bought and sold. There are more buyers out looking and more homes on the market for those buyers to choose from.

People buy homes in the fall and winter too. The buyers looking in the winter are usually pretty motivated as are the sellers.

I have no idea what the market or the interest rates will be like next spring. I can understand why Beacon Hill condos sellers like to wait for the peak selling season. The only advice I can really give is that if a home owner wants or needs to sell it will happen a lot faster if the home is actually on the market.

Advantages to selling a Beacon Hill Condo in the winter include:

Motivated buyers.
A lower inventory of homes on the market, for buyers to choose from.
Working with real estate and mortgage professionals that have time and are not over worked, like we are during the spring months.
Interest rates will likely be higher next spring.

Some disadvantages:

Fewer buyers.
Longer market times.

What do Beacon Hill real estate agents do in January when business is slow? Hopefully, get a vaccine shot

List you property for the Winter Market

When the holiday season is comes to an end, you should think about listing your Boston condo now. While others who already have their homes on the market decide to take them off until after the winter (spring market)

Here are 5 reasons to list your Boston condo now:

Many employees are being relocated to Boston, one example is GE. Companies like GE are hiring throughout the holidays and need their employees in their new positions as soon as possible.
Purchasers who are looking for homes during the holidays are serious buyers and are ready to buy now.
You can restrict the showings on your home to the times you want it shown. You will remain in control.
Beacon Hill homes show better when decorated for the holidays.
There is less competition for you as a seller right now.

If you are considering selling your Boston home, please give us a call at 617-595-3712. We are happy to provide you with a free Boston condo market analysis.

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