Fall in New England is the perfect illustration of Mark Twain’s famous saying: “If you don’t like the weather in New England, just wait a few minutes.”
As we transition from summer to fall, temperatures are fluctuating on a daily basis – much like interest rates and housing inventory. If you’ve been frustrated with your housing search this summer, “waiting a few minutes” could make a world of difference. Whether you’re looking to buy your dream home or put your home on the market, fall could be the perfect time.
This year, many buyers have felt they were priced out of the housing market and after grueling searches, some have given up hopes of home ownership. However, with interest rates in flux and the once astronomical bidding wars slowing down, the housing market is subtly changing shape. Buyers can take advantage of these changes and seize the opportunities that arise to buy the home of their dreams. Sellers should be mindful of how market conditions will affect them during the sales process.
Autumn could be an ideal time to buy your dream home – but timing is crucial. Here’s a look at factors buyers and sellers should consider this fall.
Buying? Fall is a Great Time
In 2022, housing market prices soared. In Arlington, while inventory has seen a relatively small decline in the number of homes sold year-over-year, sale prices are up a substantial 29% in the single-family market. On the other hand, the condo market remains relatively stable and saw only 1.1% decrease in the year-over-year sales price.
While Boston housing inventory remains tight, certain neighborhoods are showing signs of cooling down. Average list prices in Beacon Hill are down 18% year-over-year and they’re down over 40% in Back Bay. If you’ve been considering buying a home, now is still a good time.
While mortgage rates are fluctuating, the inventory is also increasing, giving buyers more opportunities to find a home that fits their budget. In addition to the increased number of homes on the market, another advantage for buyers is that these homes are staying on the market longer. Between the increased supply and longer selling periods, as well as decreasing home prices, you may be able to find a good deal if you carefully consider your strategy.
If you’re buying, it’s vital to stay aware of the available inventory and the mortgage rate. The mortgage rate will affect your monthly payment, as will the tax rate of the location where you choose to buy. While mortgage rates are increasing, you’ll want to do your due diligence and factor the rate into your decision. However, if you’re able to grab the opportunity to lock in a good rate with a 15, 20 or even 30 year fixed mortgage, you can set yourself up to be in a more secure position in the long-term.
In this competitive real estate landscape, staying up to date on market activity will give you an edge. Turning to specialists can help you find your dream home. Senné provides access to real time resources. We work with RealScout to deliver new listings to you in real time to deliver new listings in real time so you can find the right home within your price range. Even better, our associates are knowledgeable in the local market and experts in the local home search process. They live in the neighborhoods where they work so their finger is on the pulse of the market.
Even if you’re not seeking a live-in dream home, you may want to consider taking advantage of market conditions to buy an investment property. Purchasing property to rent out can often be a great value (warning: we are not giving investment advice) and if done in a smart way, can avoid being money pits. However, there are considerations to be aware of to make your purchase profitable. For example, renovations can end up costing more than expected, particularly in old homes. There are a number of issues that may be discovered once the renovations begin, such as mold or shoddy electrical wiring.
Because we at Senné have experience maintaining and renovating as well as building our own new construction, we are well versed in all aspects of home improvement and can give advice, or even consult on a project. If you’re considering a first-time investment property, our experienced property management team can provide recommendations for what you should know as you’re renting out your property.
Selling? Look at the Big Picture
Sellers have had the upper hand in the past year. Bidding wars, all-cash offers, and a housing demand exceeding the available supply led to a hot market that worked in the favor of sellers. Sellers would receive multiple offers and could be highly selective. While it’s still a great time to sell property, the market is shifting and if you’re selling your property, you should research the market and put yourself in the best position possible. This fall, it will take more than a pretty picture to sell your home. Senné experts can provide insight and guidance to get you on the right path. Our team of experts can also speak to the residential sales market, and give you advice throughout the sales process.
Our associates are supported by an experienced team with specialized knowledge of renovation, construction, permitting, governance, investment, and finance. This specialized knowledge of not only the housing market, but the behind the scenes details, provides homeowners with comprehensive support and guidance to cover any property challenges that arise.
If you’ve considered the above factors and want to start your buying or selling, give us a call at 617.314.9400 to get matched with a Senné Associate and start your search today.
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