As we enter Fall, let’s look back at some August statistics for where the housing market will be in the next few months. When looking at the August market data collected by the Greater Boston Association of Realtors, it seems like we’ll be in for a much tighter market this Winter than we’ve seen in the past.
One of the more interesting statistics noted is the 14% growth in condominium sales between July and August of this year, especially after the 19.5% decline in condo sales seen in July. The market also saw a 13% growth in condo sales between August 2010 and August 2011. All of this can be attributed to better affordability, a steady increase of rental rates in the Metropolitan Boston area, as well as the recent boost in consumer confidence.
What does this mean? At this rate there is just less than 4 months of supply on the market in Greater Boston leading to a shortage of condo units for sale to meet the current buyer demand. There fore as economic conditions and consumer confidence improve in the coming months, we’ll most likely start to see an increase in condo prices reflective of pressure put on the market.
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A lot of people ask, “Why do I need a buyer’s agent? Can’t I just go to open houses and find my new home?” The answer is yes you can! But finding the home is the easiest part of the process.
There are no Restaurants within 3 miles radius from this property.
The buying process can be very complicated and confusing, especially if you do not have someone in your corner at all times. A buyer’s agent negotiates price and terms (based on knowledge of the market), makes sure all parties are doing their job, and can help translate what is going on, from the home inspection, to condo documents, and condo financials while being mindful of deadlines. Most deals go south because of a lack of communication and all parties assuming that everything is going according to plan. A good buyer’s agent can prevent this by essentially policing all aspects of the deal. They ensure that there is open communication between the lawyers, realtors, financial institutions, buyers and sellers for the most successful transactions!
- Drew Abysalh