The Boston real estate market continues to maintain its torrid pace through November. Here are a few highlights from our latest market report, along with pertinent buyer and seller advice below:
Year to date through November 30 of each year:
Year to date through November 30 of each year:
South End Condos
South Boston Condos
Charlestown Condos
Back Bay Condos
Beacon Hill Condos
These stats are excerpted from our monthly Boston real estate market report. Get the full report here.
Yes, given inventory shortages and multiple offer situations happening across the board, it’s not easy to buy right now. There is currently a 2.2 month supply of inventory for sale in Boston and hot properties continue to get scooped up very fast, often with multiple offers within days. That doesn’t mean you should get discouraged and avoid the market. Depending on the price range you qualify for, the rent vs buy equation has likely flipped in favor of buying earlier this year and we’re starting to see consistent price increases. With mortgage rates still at all time lows, locking in a low mortgage payment over the next 3-5+ years is making more and more sense.
Just getting started thinking about buying? Here are a few good first steps:
Extremely low inventory is enabling sellers to get more for their homes than they ever would have guessed. If you anticipate a need to sell over the next year or two, now may be the time to do it – especially if you’re a move up buyer to take advantage of all time low mortgage rates and future price increases on a newer larger home. Start by getting an accurate appraisal of your home’s current market value and learning how to properly prepare your home for sale.
Our Boston condo seller class is also a great way to learn HOW to sell your home.
