There’s 3 things I dislike about the home seller’s market in Boston right now. I share my comments in the video below:
Here’s a transcript of the video:
Hi, everybody. It’s Ruth. I wanted to share a few thoughts I’ve had about the home seller’s market as a result from a conversation I had with a new client buyer of mine last week.
There are three things I really dislike about the home seller’s market. We’re defining the home seller’s market as for the very low inventory we’re finding in Boston and Brookline, and many other parts of the country. We’re also seeing the home prices going up very, very quickly, and multiple offers on almost every single property coming on the market in the overwhelming majority of price ranges.
The three things I really dislike about this market. Number one, I’m working with a lot of young families who are struggling to find housing, suitable housing, that they can afford in communities where they want to live, be it Brookline, Newton, Arlington, some other areas, Wellesley as well, where families, young families, are unable to enjoy the community where they really want to live. They are being pushed out even to very entry level housing. Their incomes may be high but prices are way, way up. Housing is taking up a greater and greater portion of the income. That’s one thing we’re struggling with in this market.
Number two is sellers are starting to get a little bit overconfident. I think it’s a very natural part of this cycle that at some point, after a strong seller’s market, homeowners believe their properties are worth a lot more sometimes than they are. That the homebuyers are willing to pay anything for it. That’s not really the case. They may be desperate for housing but they’re not going to pay anything for the property. That’s a conversation I’m finding I’m having more often with home sellers.
The third point I want to make about the home seller’s market is the vicious cycle aspect of it. When there’s low inventory in one price range, it’s hard for buyers to move around. Therefore, sellers are not putting their home on the market. They don’t have anywhere to go. This becomes a cycle. I am speaking to several of you, many of you out there, home sellers thinking about putting their homes on the market. But where do we go? How do we move? What if we do not find a place to go? That is the biggest concern of home seller’s right now, is what if I don’t find a place to go. Do I still need to sell my place? The vicious cycle aspect of it is making things worse and making it harder to break out of the strong home seller’s market.
Thank you for listening. These are the thoughts I wanted to share with you today. You know where to find me. If you want to comment, talk, ask a question, call, text, write a comment.