September is here!
Despite the slowing down we expected, due to a lingering and uncertain pandemic, the summer months have whizzed by. Real estate has continued to move at a frenetic pace in the greater Boston area. Here are my takeaways:
- Residential real estate continues to be revved up despite (or perhaps due to) the pandemic
- The mantra you have heard from me before continues – ‘high demand, low inventory’
- While consumer confidence appears to be a tad lower, economic indicators and forecasts are still good in our area
- Mortgage rates continue to be great. Even Jumbo rates are under three percent
- If you have been in a property for over one year, you most likely are sitting on a good bump in value
- Priorities are changing – we hear that 50% of people may change jobs over the next two years
- In the past year, many second homes became primary dwellings or co-primary dwellings
- Larger, multi-generational housing had a spike in demand as children, grandchildren, dogs and pets moved in!
Labor Day traditionally marks a change of pace. The holidays are done – schools and universities are re-opening. Whether you are remote or not, workplaces and routines are calling. Many sellers who have been holding off for the summer and/or the pandemic are finally ready to sell. Inventory is expected to rise over the next few weeks for the patient buyers waiting in the wings.
On a personal note, July and August have been some of the busiest months for me. In this seller’s market a personal win for me is having so many of my buyers compete and get into homes that they love. Having happy sellers has been great too.
As always, if you are contemplating a change or have some real estate questions, just reach out. It will be my pleasure to help out and catch up!
Lotika