Between the interest rates and low inventory, it has been a very strong housing market in the Northeast recently! But what can we expect as we enter the fall? Areas like New York City and Boston are experiencing a housing shortage with the high demand for homes since the pandemic, but not enough land to strengthen the inventory. Many people are interested in buying in the Northshore of Massachusetts due to our access to Boston, as well as the state’s access to healthcare, technology, and great education. Luckily, the economy has been going well and many experts are not anticipating a recession or housing market crash in the near future. Let’s look into what this means for both buyers and sellers in late 2022.
Things are looking up for home buyers as we enter the fall of 2022. Though the pandemic has brought on strong competition and high interest rates, we are now experiencing a healthier market overall. With fewer bidding wars and appraisal waivers, and an increase in home inspections, homebuyers are no longer taking the risks that were common in 2020 and 2021. Perhaps the best tip I have for buyers in this current market is to make sure you can see yourself staying in the home for a while. You will still be paying a lot for the property, so ensure that you will be able to build equity and make the home a strong investment. Ask yourself if you can picture living there for the next five years before you commit. Is it in a good location? Can you improve upon it? Do you enjoy being in the space? If you are comfortable with these things, you are most likely making a very good investment!
Navigating a seller’s market can feel overwhelming, but it’s possible to score the home you love, within your budget, when you want it. You have to be mindful of some top tips that can assist you in your home buying process. My advice for buyers falls within simple guidelines: prepare your wants and needs ahead of time, determine what you are okay to settle on, figure out your budget and work with a realtor who understands your ideal area. As a first-time homebuyer, or even a seasoned purchaser in the real estate market, knowing when the right time to buy is quite simple: buy when you’re ready. Focus less on the changes in the market and more on when is a good time for you, your family, and your finances.
Though things are looking up for buyers, you can still expect to sell a house fairly easily in this market. If you are pricing your home correctly, you should expect strong offers coming in! I recently read that the median home price in Beverly this summer has been around 600 thousand dollars, which is incredibly high. Even if you are not seeing bidding wars and high over-asking offers on your home, all it takes is one strong offer to make a sale! Be sure that you are putting your best foot forward to ensure the best offer. If you want to increase your chances of selling your home quickly and profitably, preparation is key. Before you decide on listing your home and posting the “For Sale” sign on your front lawn, consider these tips for how to maximize exposure and increase buyer interest. Once this is done, meet with your realtor to be certain that you are pricing your home correctly and competitively for the current market!
The best time to buy or sell a house is going to depend on the best time for you! Although these tips are based on research and my personal experience as a realtor, we don’t know what interest rates will be next year, and we don’t know how inflation is going to impact this market. It is impossible to predict the housing market’s future with 100% accuracy, so it’s most important to base your decisions on your own financial state and needs.
Whether you are looking to buy or sell, getting in contact with a professional is a great first step. Please reach out with any questions you may have on the housing market, I’m happy to answer them to the best of my ability.