With all the avenues you have to get information these days you’re probably hearing conflicting reports. (The MAR Report actually just came out which you can access right here!)
There are plenty of statistics we could quote. But simply stated, if a property is priced properly it will go quickly.
Because interest rates are so low, many people are interested in buying. Actually, in many cases, your mortgage would be cheaper than renting an equivalent property. So back to statistics and basic economics.
Actually lowest since 2004.
For reasons just stated, The Boston area is HOT.
Again, there are statistics you will see online that will tell you that demand has gone down in the last quarter. Well, ask any experienced agent and they’ll tell you the holiday season demand is always lower. But, ask that same agent to see how quickly new homes and condos coming on the market are selling and the answer won’t seem like demand is down. The run down is that there are a good number of homes and condos that are not priced properly and remain on the market for too long before adjusting to market price. Consumers are wise these days and are well represented by qualified buyer’s agents. They are offering what the market requires. So, again, if a nice property comes on the market tomorrow and it is priced right, it will likely go in a blink. Example: An open house last Sunday in the South End had 85 people attend. They received an above asking offer with in a few hours and more followed that one.
What do we learn from this? Be prepared. Be properly represented. Get to properties quickly. Be informed and ready to make appropriate offers. There are great opportunities and a lot more will come on the market so find the one you want and be prepared to be aggressive.