Well the summer is over and the Greater Boston Area real estate market is officially back from vacation. As if most often the case, the summer market is slow as everyone heads out for vacations, summer camps and general leisure concerns. It is the Labor Day weekend that snaps the housing market into gear and the many new listings available in the Greater Boston is evidence of that. So, if you are one of the many buyers who were unable to find your dream home in the Spring or are now entering the market in search of buying a home in MA, the Fall market is beginning. The question is, how to best navigate the market to find the perfect home.
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.
Is the fall market a good time to buy? Should you buy in the spring market when traditionally there is more inventory to choose from? Should you buy in the summer market when fewer buyers are braving the heat to visit open houses? Should you wait for the winter when those fabled few, brave and desperate sellers are said to be on the market?
What about the fall? Well, the fall market has its advantages as well.
1. Leftovers. Some of the Fall inventory will be homes that have not sold thus far in the year. These may be properties that have been priced too high to sell and are just now coming into the range of pricing reality - a good buy for the ready buyer.
2. Serious Sellers. The fall market is no time to fool around, typically any seller new to the market is serious about selling and not just fishing for that one buyer who will pay just what the seller believes their home is worth.
3. Short Season. Another motivator for sellers to price any new listing on the market correctly is the shorter selling season of the fall. Unlike the spring market which seems endless, the fall season has the trap door of the "Holidays" giving the season a definitive end - sellers beware, buyers benefit!
So, this Fall, pick some apples, take a foliage ride, and take a look at homes for sale in Arlington MA, condos in Somerville MA and multi-families in Cambridge MA and maybe even think about buying one!
Additional resources from Avenue 3 for the fall hunt: