What Home buyers and Sellers need to
know in the ‘Coronavirus Market’
The first half of 2020 has no doubt been an interesting time for home buyers and sellers in the MetroWest area. With the spread of Covid-19, businesses closing, and stay-at-home orders in place, the way we live has drastically changed, but has the real estate market followed suit?
While we wait for the most recent market data to come out, I thought I would share what my clients and I have seen over the past few months and provide some anecdotal evidence to tell you why now is still a great time to buy or sell your home in Massachusetts.
At the onset of 2020 we continued to see an upward trend in key housing indicators from 2019. These numbers, while they haven’t declined, have slowed down through May. I believe this slow growth was due to the uncertainty of what the future holds and the “wait and see” mentality that many buyers and sellers had. In the past month or so I have seen a swift uptick in both homes being listed and homes being purchased in the Boston suburbs.
So what do you need to know about the current real estate market in Massachusetts?
Well, if you’re looking to sell your home, I have good news.
Demand for housing has far outweighed the actual housing supply for a number of years, but recently we have seen record low inventory in Weston and surrounding suburbs. I have seen first-hand that if you are motivated to sell, you will find yourself in the middle of a bidding war with multiple buyers presenting offers for your home. The low inventory in the MetroWest area means that your home will be visible to more buyers and today’s buyers are very motivated by the low mortgage rates. In fact, I have also seen a number of recent off market transactions in the high value home market.
Some other good news for sellers in the MetroWest area is the large number of Millennial homebuyers as well as a large population of people looking to exit the city for a more suburban lifestyle. If ‘shelter in place’ has made one thing clear, it is that the home is now more important than ever and people are finding that having their own space with a yard, pool, garage, driveway, and many other standard ‘features’ of suburban housing is more valuable than ever. I have seen more and more first-time homebuyers looking to leave behind the city life and buy a large home to build a family in.
All the good news isn’t reserved only for those looking to sell their home, there is plenty of good news for buyers as well if you know where to look. With record low mortgage rates we have seen buyers coming to the table with more buying power than they would have previously had. For seriously motivated buyers, the purchasing process can be seamless. While many buyers are still deciding if now is the right time to buy, you can position yourself ahead of other buyers by showing the seller you are serious, making your offer more appealing.
An often-overlooked advantage to today’s market is the accessibility buyers have to homes on the market, I’m not talking about going to open houses either. Now more than ever sellers are investing in marketing and emerging real estate technologies to provide insight into their home. Virtual open houses, video walkthroughs, and 3D floorplans provide a unique perspective to buyers during their research phase.
While much of our day to day lives have changed due to Covid-19, the real estate industry appears to be moving in the right direction for both buyers and sellers. Due to social distancing guidelines, the way people are buying and selling their homes has changed. Now more than ever it is important to work with local realtors who are experts in their market.
Whether you’re new to the MetroWest area or thinking about selling your home, I’d be happy to share more of what I am seeing in the marketplace and provide the expertise and knowledge I have gained working in Weston for over 20 years.