So, I've been reading multiple articles talking about the Boston housing market cooling. Curbed recently reported "Sales of single-families and condos increased in September in the Boston area in September compared with the year before, according to a new report from real estate research firm the Warren Group and the Greater Boston Association of Realtors. At the same time, the report—which tracked closed deals in 64 towns and cities, including Boston—also found that prices were either up only slightly last month or down. And there were generally more homes for prospective buyers to choose from in September than previously."
While the data might support a "cooling" housing market, what we actually have is a large increase in supply, in a really off selling time period. Peaking selling months are April through June. While the fall can definitely be a strong secondary market, it is always hit or miss. Fall 2019 appears to be a miss. These two things coupled together are causing developers to continue to reduce list prices. This in itself allows many to believe that the market is "cooling".
What all of this really means is that the buyer has more power! Finally! We've gone from limited inventory, multiple offer situations, to price reductions and buyer's requests being granted. Looking for closing cost assistance? Ask! Now might be a great time to capitalize on the fact developers have sunk a ton of money into purchasing a property and renovating it...and need to at least break even. Take advantage of this situation and consider looking for a property this fall. Don't wait too long as the spring market has a tendency to rebound and we may not have this same situation come April 2020.
Here are a few hand picked East Boston properties that have seen price reductions recently. Contact me today for a showing!