WHAT IS HAPPENING IN THE BOSTON AREA HOME MARKET THIS SPRING?
If you had been paying attention to any media source last year, you would have been aware that the Greater Boston real estate market was very active to say the least. If you were a buyer or seller in the Greater Boston real estate market last year, you know just how active it was. Here we are at the beginning of a new year, the start of the fabled spring market, so how are things looking for this year?
The beginning of the year has been quiet, perhaps we are all afraid to trust the end of winter after last year, but few homes have been brought to market thus far. However, the month of March typically means the start of the spring market and we should see new homes begin to appear on the market in greater numbers. The number of new properties coming to market is predicted to be typical for the greater Boston area and close to last year in number.
While it is a bit early to predict, it also seems that like last year, the pressure will be on the buyers. The homes that are currently available have been “overrun” with buyers at open houses and accompanied showings. Due to multiple offers on just about everything, many buyers were outbid and unable to purchase a home last year so new we have last year’s buyers and this year’s buyers in the market. In addition, the Greater Boston area is seeing an uptick in job opportunities with relocating companies and industry expansion – adding to the increased number of buyers in the market place.
Also added to the increased number of buyers is the fact that mortgage rates are low and steady – currently around 3.8% for a 30 year fixed! Add to that the demographics of aging baby boomers downsizing or moving out of the market and aging millennials moving in and you have the perfect set up for fierce competition in the Greater Boston area real estate market for 2016.
So, as with last year, buyer be prepared. Be sure you have your mortgage pre-approval in hand, preview properties at Avenue3re.com to find those homes you are most interested in seeing. Have your Open House Checklist in hand so you are not overwhelmed by crowded open houses and talk to an Avenue 3 Agent about comparable values and how best to win a multiple bid situation. Register at Avenue 3 to see and study sold properties your area of interest, so you know what to expect in terms of a competitive offer when buying a home this Spring.