| :: My Take on The Market :: Spring Market 2023. So, it's still Winter, but March 1st is the kick-off of the Spring season here in Metro Boston. We know there is still lots of pent-up demand to buy real estate in our markets. Many experienced agents know how to navigate these ever murky waters for buyers, and that's important with competition coming back to full strength. Folks with Buy-Sell plans may need the most help, and that's where we shine. If it's local, then coordination is key to a seamless move. If it's out of the area, my growing personal network reaches across North American and some parts of Europe and Asia are there to help, and they all know how to guide funds, transactions and the inevitable move across borders. These complexities can often become obstacles for folks to get in-and-out of homes. My team real estate professionals and I will sit down with folks to create a plan to remove most of the obstacles and to be prepared for the foreseeable bumps in order to guide them to success. Among these challenges are financing. Rates continue their very slow decline (current 30-yr fixed mortgage is 6.12%). The best news is that the conforming Conventional Loan limit in Suffolk, Norfolk and Middlesex counties is $828,000 (up from $740,000 in 2022)...keeping many buyers out of more complex Jumbo loans. This along with programs like the 2:1 Buy Down offer more opportunity to home ownership than ever before. Likewise, we have low down payment options that are seeing traditional fees waved or dramatically reduced. As I have mentioned before, there is still (though the door is closing) some opportunity to get in early to buy with fewer obstacles and competition. Sellers are not likely to see the hyper-inflated prices of last April and May, especially in secondary and suburban markets. In the most desirable areas, we may get close to last year's highs, and the most pristine/desirable places could still exceed those highs. Much will depend on the availability of units on the market. Single Family Homes (SFH) are continuing to see much more demand than condos, and townhomes (or large condos with outdoor space) are thriving due to the short supply of SFH in the area. Buy or Sell, this will not be a market for novices. Professional guidance will be needed to achieve your housing goals. Rental market activity has continued to be brisk with more folks moving back or relocating to Boston. This is keeping rental rates high (despite typical seasonal drops). Let me know how we can help renegotiate leases for you (new or continuing). |
