If you’re searching for a new home or looking to sell, the luxury real estate market in the Greater Boston area is an exciting place to be. Property values are on the rise and the market is hot, which means buyers stand to gain much from their investments and sellers should prepare to reap some major returns. So, thinking of buying or selling in Boston? Here’s what you need to know.

Boston is a seller’s market

Low inventory and high demand have created what’s known as a seller’s market in Boston and the surrounding areas. During the last year, the average property sold for 97.6 percent of the listing price, and the median sold price increased by 9.8 percent. However, experts say that despite the rising prices and historically low inventory, the market remains stable and healthy.

Location is everything

The National Association of Realtors reports that 78 percent of home buyers surveyed care more about the neighborhood than the size of the home. Properties in areas with strong school systems and a small community feel, like Winchester and Lexington, sold for an all-time high average sales price of $1,204,709 and $1,258,540, respectively.

Buyers are savvy

Despite the shortage of homes on the market in Boston, today’s buyers know exactly what they want, and most aren’t willing to settle for less. Even though a seller may anticipate a flood of offers, they still need to put the work in if they want to give their listing every advantage. Over 50 percent of buyers found their homes online, meaning that now, more than ever, the importance of quality staging and online marketing is paramount.

Most people use real estate agents

Almost 90 percent of buyers purchased their home through a real estate agent or broker in 2016, compared with 69 percent in 2001. In a competitive market like that of Boston, finding the right Realtor to assist in the buying or selling process is an enormous asset.

While it may be tough to find a home in Boston’s red-hot real estate climate, the investment could be well worth it. If you’re considering entering the market in the North of Boston area, give our team of helpful luxury real estate experts a try. Whether you’re looking to buy or sell in Winchester, MA or the surrounding areas, all of us at Andersen Group Realty are dedicated to your success. Contact us today.

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