What does record low housing mean for you? Well, it depends. Are you looking to buy, sell, or invest?
The real estate market forecast is expected to do well in 2021. Interest rates will remain low, and consumer demand for the ‘burbs’ will continue to peak. However, one ongoing challenge will continue in 2021: the lack of inventory in our south shore communities. Last month, the National Association of Realtors (NAR) released their Existing Home Sales Report. This report shows that inventory for homes for sale is currently at a record low.
So what does this mean for you?
If you're a buyer:
Be patient. It may take some time to find your dream home. In this extremely competitive market, it's important to get your buying strategy in place before moving forward. Let's start with getting pre-approved for a mortgage. Be prepared to make a competitive offer in the likely scenario you will be in a bidding war. It's important to establish your absolutely maximum price for a home. Once you determine your top price, let us to negotiate and guide you through the process. Lean on us to work on your behalf to help win a multi-offer situation. Just remember, sometimes another buyer is willing to overpay for a home. So don't get frustrated — know the perfect home is still out there for you. Trust the buying strategy we designed for you.
If you're a seller:
If you live in a south shore community and are considering selling your home, you're in the driver's seat. With high demand and low inventory, you have the power to negotiate price, terms, repairs, moving dates, etc. That said, don't be unreasonable with your requests. If your home is priced at current market value then you will most likely find yourself in a multi-offer situation. Make sure you review all offers with your agent. Sometimes the better offer isn't the highest price. Allow us to walk you through each presented offer, educate you, and help you make the final decision that best fits for your situation.
If you're looking to invest:
Believe it or not, there are still investment opportunities in every market. Frankly, if a house hasn't sold during the first two weeks on the market then there's something wrong with the listing. Overpriced, poor staging, or repair-heavy are a few reasons why the house may remain available. So if you're looking to invest, start looking at homes that have been on the market for over 30 days. You might have some negotiating power in this situation. Another strategy is to look at urban markets. Since people are leaving the cities in droves, there might be an opportunity to buy at a discount.
Whatever your situation, the first step is to contact a real estate expert like me. Whether you're looking in the Boston market or our lovely south shore communities, let us build a strategy for you. Lean on my team…. let's talk!