Today’s market is crazy! If you’re a buyer or a seller, here’s what you need to know.
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What is going on in today’s market? It’s crazy. Inventory is super low, and I’d like to offer you some perspective.
I recently gave an interview on a Boston.com real estate program where I talked about the North Shore and Essex County in general. Ten years ago in 2008, we had 3,000 homes for sale. Today, we have 700 homes for sale—that’s 2,300 fewer homes available.
If you’re a seller, there’s never been a better time to sell. There are so many buyers but not enough homes to sell to them all, so each seller’s property is a hot item that should sell fairly quickly and for a good price.
Buyers might think it’s a good idea to wait until prices go down, but I don’t see that happening. We won’t have a collapse like the last dip in the market, since that was underpinned by weak mortgages and people who got no-documentation loans. These days, everyone has been getting loans that are properly documented with every i dotted and every t crossed.
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You might as well enter the market now and ride it up with the prices.
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In the Greater Boston area, people are moving in to take advantage of the jobs and colleges we have, but there isn’t enough housing to suit them all. We also can’t build anymore homes, so we’re stuck with what we have.
Rents are going up and home sales are going up, so if you’re a buyer, the prices will be even higher. You might as well enter the market now and ride up with the prices. That way, when you sell in five or 10 years, you’ll have gained all that equity. If you lower your expectations a little bit and get in the ownership game now, your next purchase can more in line with what you desire.
If you have any more questions about our current market or you're thinking of buying or selling a home, don't hesitate to call me or shoot me an email. I'd be happy to help.