By Gary L. Kelley, Realtor®
The last 15 months have been rather unique in the real estate area. After COVID hit, a number of people retreated from real estate…. buyers, sellers, and agents. Now, we had the CDC Director Dr. Rochelle Walensky throwing out the 1st pitch at a Boston Red Sox game. I personally find this amazing; in February we were being told to double mask!
Those willing and able to participate in the real estate market found low interest rates and quickly turning inventory often driving prices up, up, up.
While I am not an economist and past performance is no guarantee of future results, I’m beginning to see a slow return to a more balanced market. It’s not a rapid swing…. instead of having 30 offers on a property there may be 20. We’re seeing an uptick in people wanting to sell their homes, confident in looking for a home and less worried that having people in their home will immediately make them a COVID super spreader.
Summer is typically a quieter time in real estate. Everyone goes on vacation, and this year many will get out and enjoy post-mandate freedoms. Concerts, dancing and the like are coming back. In fact, it is hard to get a vacation reservation in Massachusetts.
What’s this mean for real estate? I predict a strong summer. People wanting to move to a new school district will redouble their efforts before fall. Sellers can list their home and go on vacation during showings (we recently listed a Northborough home and the seller intentionally took a few days off allowing unfettered access to the home for showings and an open house…the seller returned to multiple offers).
If you’re thinking of selling, it’s still a great time. This past spring market was strong and we expect this to continue. The fall market promises to be strong as well.
Those improvements you made during quarantine will mean good things when selling!
If you’re selling in the fall, use this time to do those little repairs around the house you’ve put off. Some don’t think any improvements are needed and I’d submit taking care of ankle biting issues will better position the home.
If you’re buying, take solace in looking at homes and making offers being a little less painful. To be honest, buying this past spring has been a little like going in the ring with a championship boxer: you keep getting knocked out. Exceptions are those positioned to buy with cash and with no inspections.
Let’s face it, not everyone has the resources (including familial resources) to pay cash and it troubles me for someone to buy a home without an inspection (although in full disclosure we’ve pulled the inspection contingency, too, to compete).
Sure, some sellers will say they “missed the market.” Timing any market involves some degree of intestinal fortitude, rich analysis and a degree of luck. After a brief pause, real estate was a (surprising to me) shining star last year!
The slow return to a more balanced market is welcomed by all.
Here is a free app for your phone/tablet tied directly to the MLS: https://www.homesnap.com/Gary-Kelley.
Gary is heard on WCRN AM 830 discussing “All Things Real Estate.”
If you need advice on selling your home or buying a new one, give us a call 508-733-6005.
Gary Kelley, Realtor®