How do real estate buyers and sellers feel about the current housing market? Video
Boston Condos for Sale and Apartments for Rent
A ‘bumpy’ and ‘volatile’ year for mortgage rates
Redfin forecasts mortgage rates will average 6.8% in 2025, and hover around the low-6% range if the economy continues to slow.
Yet experts expect 2025 will be a “bumpy” and “volatile” year for mortgage rates.
Borrowing costs for home loans could spike if policies like tax cuts and tariffs are enacted, putting upward pressure on inflation.
“We’re sort of in uncharted territory. It’s really tough to say exactly what’s going to happen,” said LendingTree’s Channel.
Mortgage rates declined this fall in anticipation of the first interest rate cut since March 2020. But then borrowing costs jumped again in November as the bond market reacted to Donald Trump’s election win. Since then, mortgage rates have somewhat stabilized — for now.
“Our expectation is that rates are going to be in the 6% range as we move into 2025,” Jessica Lautz, deputy chief economist and vice president of research at the National Association of Realtors
More home sales than in 2024
Pent-up demand from Boston condo for sale buyers and sellers on the sidelines may drive home transactions next year.
Boston condo buyers are tired of waiting.
About 4 million homes are expected to be sold by the end of 2025, an annual increase between 2% and 9% from 2024, according to Redfin.
The market is piling on with “people who need to move on with their lives,” like Boston condo for sale buyers who are getting new high paying jobs and need homes suitable for life changes, and sellers who have delayed moving plans. The flood gates will be opening up this Spring.
How do real estate buyers and sellers feel about the current housing market? Video
Here’s why home buyers should be optimistic – as demand falls off, it will probably be a wide-open playing field for the rest of 2024! No seller is going to be dumping on price though, especially the sellers of the better homes that you want to buy. You gotta be able to dig them out.
Creative and tactical lowballs can do that!
Updated: Boston Real Estate Blog 2024
Ford Realty Beacon Hill – Condo for Sale Office
How do real estate buyers and sellers feel about the current housing market? Video
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How do real estate buyers and sellers feel about the current housing market? Video
My thoughts on the current Boston condo for sale market, we could be seeing a pause, and for prospective home buyers, there are plenty of reasons to take a rest:
- Mortgage rates starting with a 5, not a three.
- The S&P 500 and Dow are down 15.9% and 11.3%, year-to-date.
- The list prices of homes for sale are higher than comps.
- Boston condo inventory is low
- It’s a good time for graduation/vacation season.
When I look at the current batch of unsold homes, I don’t see any surprises. Either they are inferior homes, or the list price is too optimistic (or both). It’s natural for Boston condo sellers to add a little extra mustard to a list price so the optimism isn’t a complete turnoff if the home has been upgraded nicely and is well presented.
Boston condo buyers taking their time and being more picky about what they will tolerate is a good thing for everyone. As for Boston condo sellers who do everything right (spruce-up, price attractively, and are easy to show and sell) will be rewarded, and those who don’t will languish.
It is a big change from the last two years when the frenzy caused buyers to jump for the inferior or overpriced homes AND pay over list for them too. Those days are gone.
If you see more than an occasional quality home not selling, then we have bigger problems. But for now, buyers could just be waiting for some quality inventory at a decent price!
Boston Condos for Sale & Boston Real Estate
How do real estate buyers and sellers feel about the current housing market? Video
In this real estate video “Monday with Matthew” video, Windermere Chief Economist Matthew Gardner covers the latest data regarding inflation.
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