If you own a home, a rental property, or any other type of residential property and have been thinking to yourself “I wonder if now is a good time to sell?” The answer is an affirmative yes! While COVID-19 did pause the housing market for a few weeks, activity is now up and in some areas, activity is above where it was in 2019. People are slowly but surely becoming more active and the industry has adjusted with new processes and procedures designed to protect the health and wellness of our community. Let’s take a look at some particularly impactful numbers that prove why now is the perfect time to sell your home:
- Mortgage applications are up almost 20% over 2019
- The number of listings and homes placed under agreement continues to have a sharp incline
- Showings are up over 50% compared to 2019
What this tells you is that the market is hungry for sales opportunities. We’ve seen a dramatic uptick in multiple offer situations across the board; whether it’s a property in downtown Boston or a property in the suburbs. The market is starved for inventory right now, supply simply cannot keep up with demand.
So what does this mean for you? Well if you own a rental property, consider these facts:
- Boston is one of the heaviest supply markets and demand has slowed in many supply-heavy neighborhoods of the city (for example: Back Bay, South End, & Downtown)
- Given the influx in inventory, you’ll likely have to make concessions such as paying broker fees. In May, 40% of all properties in the Boston multifamily market had some form of a concession
- There’s a good chance you’ll have to reduce your rent to account for the softness in the market
We recommend taking a quick look at your specific neighborhood. Compare the number of rental listings vs. the number of for-sale listings. Keep in mind, not all rental properties are put in MLS so the number will be skewed towards the lower end. Many smaller property managers don’t have the bandwidth to put all their available units in MLS.
Found yourself with an unexpected rental vacancy? Turn it into an opportunity to increase your rents!
And what if you are thinking about selling your home? Here’s what you need to know:
- Many people are now working from home which means they need more space than a typical city apartment provides. Having a home office, a large yard, dedicated entertaining space, and more have risen in popularity.
- While rental unit owners may need to “weather the storm” of an influx of inventory, there is no “storm” on the sales side. There is a ton of pent up demand.
- We’re seeing our for-sale listings sell incredibly quickly. Especially if you’ve done the work to ensure your home meets buyer demand, you can expect a quick turnaround.
While it may seem overwhelming to put your home on the market, we make it simple. We have proven marketing techniques that allow us to target the perfect buyer demographic. Our expert agents are skilled in helping you get the maximum dollar for your home. Contact one of our agents for a no-cost, no-obligation consultation. Even if you’re only beginning to consider selling your home, let us show you why now is the perfect time.