Should I sell my downtown Boston condo during the Fall season?

If you’re trying to decide when to sell your Back Bay condo or Beacon Hill home, there may not be a better time to list than right now. The ultimate sellers’ market we’re in today won’t last forever. If you’re thinking of making a move, here are four reasons to put your house up for sale sooner rather than later.

1. Your Boston Condo Will Likely Sell Quickly

According to the Realtors Confidence Index released by the National Association of Realtors (NAR), homes continue to sell quickly – on average, they’re selling in just 17 days. As a seller, that’s great news for you.

Average days on market is a strong indicator of buyer demand. And if homes are selling quickly, buyers have to be more decisive and act fast to submit their offer before other buyers swoop in.

2. Buyers Are Willing To Compete for Your Boston Condo for Sale

In addition to selling quickly, homes are receiving multiple offers. That same survey shows sellers are seeing an average of 4.5 offers, and they’re competitive ones. The graph below shows how the average number of offers right now compares to previous years:Buyers today know bidding wars are a likely outcome, and they’re coming prepared with their best offer in hand. Receiving several offers on your house means you can select the one that makes the most sense for your situation and financial well-being.

3. When Home Supply Is Low, Your Boston Condo Is in the Spotlight

One of the most significant challenges for motivated Boston condo buyers is the current inventory of homes for sale. Though it’s improving, it remains at near-record lows. The chart below shows how today’s low inventory stacks up against recent years. The lighter the blue is in the chart, the lower the housing supply.

If you’re looking to take advantage of Boston condo buyer demand and get the most attention for your house, selling now before more listings come to the market might be your best option.

4. If You’re Thinking of Moving Up, Now May Be the Time to buy a Boston Condo for Sale

If your current home no longer meets your needs, it may be the perfect time to make a move. Today, homeowners are gaining a significant amount of wealth through growing equity. You can leverage that equity, plus current low mortgage rates, to power your move now. But these near-historic low rates won’t last forever.

Experts forecast interest rates will rise. In their forecast, Freddie Mac says:

“While we forecast rates to increase gradually later in the year, we don’t expect to see a rapid increase. At the end of the year, we forecast 30-year rates will be around 3.4%, rising to 3.8% by the fourth quarter of 2022.”

When rates rise, even modestly, it’ll impact your monthly payment and by extension your purchasing power.

Boston Condos and the Bottom Line

Don’t delay. The combination of housing supply challenges, low mortgage rates, and extremely motivated buyers gives sellers a unique opportunity this season. If you’re thinking about making a move, let’s chat about why it makes sense to list your house now.

Boston Condos for sale 

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Boston Real Estate for Sale 

When I’m asked if the Fall season is a good time to sell downtown Boston real estate. I’m reminded of when I used to work at another Boston downtown real estate company, back in the early days of my career. This Midtown real estate company had a room called a resource room and in it they had marketing materials we could use. There was one marketing piece for each season on why xyz is the best time to sell a high-rise condo. I guess for those of us who sell condominiums it is always a good time to sell but for homeowners it isn’t always that simple.

There are advantages and disadvantages to selling any time of year. In general Boston condos do not fetch as high of a price in the winter as they do in the spring but the difference isn’t huge and it all works out for home sellers who also wish to buy a home within the same season.

A couple of years ago I listed a Beacon Hill condo for sale two days before Christmas. It sold after about 60 days on the market. It was priced right but not below market value and was in excellent shape, cleaned up and decluttered.

Motivated Boston condo buyer and sellers

I have found that people who look at real estate for sale in the late fall and early winter are usually pretty motivated and it is the same with home sellers. The spring buying season actually gets started in January so in some cases putting a home on the market in the winter results in an offer in January or February when the prices start going up again.

Downtown Boston Real Estate and the Bottom Line

So . . is fall a good time to sell? I can honestly answer that question with “it depends” but for me it is always a good time to sell a home. Why? Because that’s what I do.

Boston Condos for sale 

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