Fall Boston real estate market looks to be strong, short
Sep 2011 06

With the passing of Labor Day, the fall real estate market begins in earnest, here in Boston.

What do I expect?

Based on my ten years’ experience, I have a good idea of what will happen.

The economic uncertainty means there won’t be the level of high demand we saw between 2005 and 2007. Last fall’s level will probably be matched. This means, fewer buyers out there, and fewer sales. However, prices will remain “high”; meaning, at the same levels seen during the past couple of years. Demand for the “best” properties and limited supply here in downtown Boston means that homes that are priced accurately and fit the criteria of the largest number of possible buyers will go fast. There just aren’t that many condos out there available from which to choose. We don’t have a glut of homes on the market and there’s no reason to think we will anytime before the end of the year.

Today, just 4 new properties have been entered into our local MLS that are located in downtown Boston. You would expect 20 to 30 in a “regular” year. Real estate agents used to be waiting until the day after Labor Day to go live with new listings. Now, maybe they are still on vacation today, but my guess is, we’re just not going to see the high level of new listings we’ve had in the past.

My recommendation to you, if you are a buyer, is to get prepared to act, now. Have you talked to your lender about a mortgage loan? Have you been pre-approved? You should be. When you find the home you love, you’ll be making an offer and the seller will want to know right then and there that you’re qualified and ready to move forward and that you can close on time, without any trouble. No seller is going to risk losing a week or even a couple of days while you go find a mortgage.

If you are a seller, it cannot be emphasized enough: price your home to sell at what it’s worth today, not last year or two years ago, maybe not even for what it was worth four or five years ago. Do the necessary repairs, now; at least vacuum and do some paint touch-ups. Stop the sink from dripping. Buyers don’t want to put up with any repairs after they buy; more importantly, they don’t have to. They are in charge, now. Make them happy and you can find a buyer and at a price you can accept.

As always, if you are looking to buy or sell a home in Boston this year, please contact me. I can make sure the process is stress-free and satisfying.

Leave a Comment