Every Wednesday morning we have a sales team meeting and we discuss current market conditions, client needs, and more key items to help serve our clients better. But I’m starting to notice a recurring theme. Our buyer agents are working with a lot of really great, motivated buyers looking for homes and condos in Boston. The problem is just finding them a property to buy.
So…is there a Boston condo inventory problem? I think this chart says it all:
The Boston real estate market needs listings for sale. Badly. As you can see here (and in the newspapers) there are far fewer Boston condos for sale this year than the same day in each of the previous 6 years. Buyers have been chomping up what comes on market, and supply is not keeping up with demand.
Mr. and Mrs. Seller, if you are reading this……please……get your home ready and on the market! Call it an early “spring market” or whatever you want. But buyers are out there and active. If you’re thinking of selling, get an accurate valuation of your home to start the process.
I have a request for you buyers out there too. At our initial consult, we will review in great detail what makes the perfect home for you. I will also try to set realistic expectations and explaining whether or not it really is a Buyer’s Market in Boston, among other key aspects of the home buying process. Once I help you get educated, learn the process, and help set your home buying goals, please make yourself available as much as possible once you are ready to buy.
I will be working hard behind the scenes trying to locate you a great property. I will scour new listings several times a day, call agents I know and ask if they have anything new coming to the market and contact expired and cancelled listings to see if they might be coming back on the market any time soon……in every way possible, I’m figuring out what’s coming on the market soon and even trying to line up great off-market opportunities for buyers.
So I’m going to be pretty excited when I call you if I think I have located your ideal home. After all that is what I love to do best! I am going to ask you how soon you can view the property. If your answer is 3 days from now I just cannot guarantee that this property will be available. So for you it comes down to being ready to go when that right home hits the market. After years of experience as a real estate agent you really start to get a good sense not only what your buyer is looking for but which properties will move quickly. And I’ll make sure to pass that information along to you so you know the importance of acting fast when the time comes.
Simply put, because Boston condo inventory is what it is right now, a good property reasonably priced is flying off the market.
