If you have been looking for a home in the Greater Boston Area Real Estate Market in 2015, you know all too well that sales have been brisk! The Spring market was delayed by the extreme winter weather but once it got started, the market was off like a rocket. Prices were holding firm or rising in most areas and some areas, like Cambridge MA or Arlington MA were seeing multiple offers on most listings. Asking price was just a guide line and the highest bidders were paying over asking or very far over asking in most cases.
The late summer brought the typical slowdown in the market with fewer new listings and fewer buyers – many had been absorbed by Spring purchases and many were so fatigued by making offers and not being the chosen buyer that they took the end of the summer off. So, with the Fall, where are we now.
The Fall is a strange mix of the Spring and Summer markets. The slowdown of the Summer lingers in that there are smaller numbers of new listings hitting the market and sellers are being a bit more cautious about pricing than they might have been in the hungry days of Spring. On the buyer side, clearly there are not the numbers that were shopping the market in the Spring, but many buyers remain. With fewer listings and buyers who have cut their teeth on the competitive Spring market, buyers are not shy about paying full or over asking even if they are the only offer on a property.
In certain areas and in certain product price ranges such as the $500,000-$700,000 single family home in Arlington MA Real Estate competition is still stiff. While there may not be twelve offers on a home, there may be five and those five are likely to be very competitive as well.
The best advice we can give you is to talk to an agent in the area in which you are looking to buy a home. They will know the particular climate of the market in that area, that price range, and that product category. With the right guidance you will soon buy or sell successfully.
Visit the Avenue 3 Real Estate web site for market information and local dedicated agents at your fingertips.