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March 2022-Boston Real Estate Market Update

Spring is here and the busiest time of year for home sales is getting underway in Boston. So far, we are continuing to see a consistent trend of low supply and high buyer demand. We expect it to remain a very competitive market throughout the year so If you are looking to make a move over the next few months, let’s talk about how you can best position yourself in the market as a buyer and seller.

Back Bay, Boston

Looking to sell?

You truly have a once-in-a-lifetime opportunity at your fingertips if you are looking to sell your home in the Boston area. Recent Inventory of homes for sale hit an all-time low.

According to a recent report from NAR:

“Home prices continue to rise to record highs, eroding affordability. Since 2019, home prices rose nearly 30 percent. As a result, a typical home is about $80,000 more expensive than pre-pandemic. Meanwhile, inventory of homes for sale dropped significantly in the last couple of years, reaching record lows in 2021. In fact, there was a housing shortage even before the pandemic hit in 2020.”

With inventory so low, there is a good chance that buyers will want to view your home IF you price it correctly and maximize its appeal. We are here to guide you through the process and prepare your home for sale – from pricing strategies based on market data to working with contractors, stagers and offering programs such as “compass concierge” when needed. We know what buyers are looking for in this market and how to make your home shine. We also will guide you in the likely event that your home receives multiple offers, which can be a delicate process to manage.

Looking to buy?

As a buyer in the Boston area, it is more important than ever to be strategic and work with a real estate agent that can navigate this market. With fewer options available, having a well-rounded agent at your side can be the difference between getting your dream home and not. We are here to help you navigate these competitive times and are continually helping buyers win their dream homes throughout Greater Boston. We will guide and work with you to understand the market and how to best compete in it.

In terms of mortgage rates, they are still historically low compared to previous years. However, we are seeing a small climb and the expectation by most analysts is that they will continue to rise slowly over the year. There may never be the ‘perfect time’ to purchase a home but waiting will not be to your advantage in this marketplace – as rates rise your buying power becomes less. Let’s chat about what makes sense in your home purchase sooner than later.

Have a question? We are here to help! Send us a message with your questions and we will help guide you.

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Our agents write often to give you the latest insights on owning a home or property in the local area.