Specializing In Downtown Boston's Historic Neighborhoods Since 1995

 

The Height of The Spring Market Is Here & It Is RED Hot!!!

 

I have never in all my 18 years specializing in this market seen anything like this before! As we speak there are only 434 properties currently on the market in Downtown Boston's Historic Neighborhoods, ranging from small studios to magnificent townhouses and penthouses, and everything in between. Historically there should be 1200-1500 property listings...this is why the market is so hot! Forget everything you have read & heard about the national real estate and mortgage crisis because that is not what is happening in your backyard...as they say "real estate is local".

In the past three months I have been involved in 10 transactions as both the seller's and/or buyer's agent, ranging from $650k-$3.8M. Throughout all of these negotiations, every one of them have had multiple offers with many buyers paying cash and all of them selling for asking price or over. In addition, many buyers are finding that it is necessary to waive numerous contingencies in order to seal the deal...otherwise the next buyer will. My opinion is that those sellers who price aggressively yet competitively will capture the highest price possible, while buyers will see significant competition. However, I firmly believe that any property listing that has been on the market more than 30 days is not priced properly, and will most likely require significant price reductions in order to attract real buyers!

Why?...simply put because there are more buyers than sellers in this market with less than a 30 day supply of well-priced inventories, along with interest rates so low that the cost of borrowing money for real estate mortgages offsets the high selling prices. NOW truly is the time to transact before the summer doldrums are here and inventories drop even further and interest rates are sure to go up...in the coming months and years buyers will be wishing they had such low interest rates. I may sound like a broken record, but once again Downtown Boston's Historic Neighborhoods have suffered this storm quite well and is now being used as a model real estate market by economic experts across the country. Equally important to note is that whether your are considering selling and/or buying real estate in downtown Boston, there are many reasons why this market has fared better than most:

  • extremely low inventories in all neighborhoods throughout Boston
  • historically low mortgage rates fueling excellent jumbo mortgage rates
  • owner occupancy rates hovering at ±75% with well healed owners
  • no significant increase in job losses around metropolitan Boston
  • the world of academia, medicine and a conservative financial market
  • no significant increase in foreclosures in Boston's real estate market
  • historical society limits demolition of buildings for new construction
  • no abandoned residential construction projects adding pressure

 

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