This Year's Spring Real Estate Market May Be a Great Time to Sell
The housing market in Boston and around the country has been interesting, to say the least over the past few years. Mortgage rates hit record lows and sent buyers flooding to the market while sellers became reluctant to open their homes to strangers during a pandemic. Then rates began to climb as daily life slowly came back to "normal" and buyer interest slowly cooled off.
One challenge that has remained the same over the past few years and even further back than the beginning of the pandemic is a shortage of homes for sale. A limited housing inventory has been the biggest challenge in the Boston market and locations around the United States.
A continued low inventory of homes means that as the peak real estate season of Spring comes Boston homeowners have a chance to successfully sell their homes. Numbers show that home inventory is increasing, but the inventory is still low as compared to a balanced market and extremely low compared to a buyer's market.
Across the country, home inventory is 43.2% lower than it was prior to the pandemic between the years 2017 and 2019. The inventory of homes for sale was considered low at that time as well. These numbers come from the Monthly Housing Trends Report put out by realtor.com.
Inventory is Increasing but it's Still a Sellers' Market
The housing market needs more homes to be listed for sale. Boston homeowners have the advantage of leverage as we move into peak real estate season. Now is a great time for anyone considering selling their home to contact a local experienced real estate agent and market their home. As mortgage rates are currently more promising, right now could be even more beneficial with an increasing number of buyers hoping to find homes and lock in a lower mortgage interest rate.
For more information on selling your Boston home please get in touch with us any time.