In this episode, Byron & Nicole discuss the recent rise in available listings hitting the housing market.
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Boston housing inventory
There will be a few more newly built Boston condos for sale added to this year’s total but the homedemic continues – without additional inventory, the market will struggle to pick up momentum. The intensity of the fight over the quality of homes could increase while other buyers have a hard time keeping their chops up and become disinterested.
Residential real estate sellers have a great opportunity this season as buyer demand still heavily outweighs the current supply of homes for sale. According to the National Association of Realtors (NAR), today’s housing inventory sits at only a 2.6-month supply. To put that into perspective, a neutral market typically features a 6-month supply. That places today’s market firmly in the sellers’ market category.
That same NAR data also shows today’s inventory of single-family homes is trailing behind the level we saw last year (see graph below):
Because of the ongoing real estate supply challenges, buyers can feel like they’re wandering across a vast, empty desert when searching for their next home. That means your house could provide an oasis for buyers thirsty for options – and it could increase the chances of buyers entering a bidding war for your home.
The latest Realtors Confidence Index Survey from NAR shows houses are receiving an average of 3.8 offers. A multiple-offer scenario lets you select the best offer and gives you incredible leverage when you sell this fall.
Boston condo buyers today are looking for relief as they wander today’s inventory desert. Listing your Boson home…