“There’s no way people are buying or selling houses right now. We’re in the midst of a pandemic, and you certainly can’t buy and sell virtually…” Right?

Wrong.

The reality? You absolutely can buy and sell right now. Not only is it possible, but it just may be the best time to do so.

In fact, our team is on track to have more success this year than we had last year.

We’re seeing a large number of renters, first-time buyers and move-up buyers deciding to make a move. They’re capitalizing on the historically low interest rates, and smart buyers understand the incredible investment opportunity the North Boston market holds.

We’re seeing home sellers capitalize on the economic opportunity the current market provides: decreased inventory + low interest rates = high buyer demand. Smart home sellers are leveraging their power to sell their house for more than they would have before the pandemic!

Due to the low interest rates coupled increased buyer demand, many buyers are finding themselves in situations where their offer is one of many. For new buyers in a competitive market, navigating multiple-bid scenario requires tactful skill and strategy. We recommend considering these 5 things when submitting an offer.

 

So, what’s the market like right now? Show me the data!

May 2019 vs. May 2020 – Single family homes, Winchester

• -13% decrease in home sales
• +1.8% increase in median sales price
• -27.4% decrease in inventory

May 2019 vs. May 2020 – Condominiums, Winchester

• +15% increase in condo sales
• +45% increase in median sales price
• -41.6% decrease in inventory

May 2019 vs. May 2020 – Single family homes, Lexington

• -4.5% decrease in home sales
• +4.7% increase in median sales price
• -6.9% decrease in inventory

May 2019 vs. May 2020 – Condominiums, Lexington

• +80% increase in condo sales
• +30.4% increase in median sales price
• -is 83.3% decrease in inventory

May 2019 vs. May 2020 – Single family homes, Arlington

• -12.6% decrease in home sales
• +2.7% increase in median sales price
• -11.1% decrease in inventory

May 2019 vs. May 2020 – Condominiums, Arlington

• -1.4% decrease in condo sales
• +3.3% increase in median sales price
• -42.5% decrease in inventory

May 2019 vs. May 2020 – Single family homes, Medford

• -25.5% decrease in home sales
• +1.75% increase in median sales price
• -31.9% decrease in inventory

May 2019 vs. May 2020 – Condominiums, Medford

• -9.8% decrease in condo sales
• +11% increase in median sales price
• -13.3% decrease in inventory

May 2019 vs. May 2020 – Single family homes, Reading

• -39.5% decrease in home sales
• +1.9% increase in median sales price
• -52.3% decrease in inventory

May 2019 vs. May 2020 – Condominiums, Reading

• +16.6% increase in condo sales
• -16% decrease in median sales price
• 0% decrease in inventory

Key takeaways:

• Inventory is low, and buyer demand is high.
• Since the onset of coronavirus lockdowns and restrictions in March, New England real estate’s typical “spring market”(historically the busiest season)has shifted from March/April/May to June/July/August, and could persist into early fall.
• “Urbanites” are becoming “Suburbanites”: Many people are moving from the densely populated city to the suburb towns a bit further out, like Winchester, Lexington and Arlington. Current buyers want to live in areas with a lower population density, more personal space, top schools and easily-accessible public transportation. And they find it in the suburbs.
• Properly-priced homes are selling quickly and for more money than they would have sold this time last year.
• The average price point in Winchester has increased almost 2% from May 2019 to May 2020.
• Now is the ideal time for homeowners to sell. Why? Despite a drop in inventory in Winchester and surrounding towns — and a resulting decrease in number of sales in these towns — we’re seeing a sharp increase in buyer demand. Pent-up buyers are ready to make a move, and the buyer competition drives up home sale prices.
• Now is the ideal time for Move-Up Buyers to make a purchase. Why? For buyers who currently own a home and are looking to “move up” into a larger home, there’s greater opportunity to capitalize on the competitive market right now to get top dollar for their current home.

Source: MLSpin data May 2019 through May 2020

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How we’re helping home buyers right now

We’ve pivoted in recent months to develop new strategies and tactics to find the right homes for our buyer clients, and to get their offers accepted. With our guidance, they’re putting themselves in positions of power, presenting creative offers, winning multiple-bid situations and, ultimately, getting the home of their dreams.

Discover your home buying strategy today.

Still wondering if now is the right time to buy? This may be helpful.

How we’re helping home sellers right now

Using data insight and current market trends, our experienced listing agents are pricing homes properly to get them sold quickly and for top dollar.

Want to take advantage of the high buyer demand and list your home, but you don’t want in-person showings due to coronavirus risks? That’s entirely possible. By leveraging cutting edge technology and virtual solutions, we’re helping clients get their homes sold 100% virtually. Click here to learn more about our Virtual Selling Program.