Over the past few weeks in Boston, particularly in my focus neighborhoods of Roslindale, West Roxbury and Jamaica Plain, I’ve seen the housing market go from cool to red hot before my very eyes.
Consider this: in Suffolk County, which includes all Boston neighborhoods, plus Chelsea, Revere and Winthrop, there were only 340 single family homes available for sale this January as opposed to 429 last year, and 250 multi-families compared to 290 in 2011, according to the Warren Group, publishers of Banker and Tradesman, the Realtor’s bible for data and trends.
Coupled with a snow-free winter and ridiculously low interest rates, this lack of inventory is leading to bidding wars left and right, with homeowners scrambling to get their homes on the market before the traditional spring market months of April and May. I haven’t seen a frenzy like this in quite some time, and it’s certainly welcome, though challenging for buyers who have their heart set on a property that a dozen other folks also want.
My crystal ball sees this bidding-war behavior continuing until substantial numbers of new homes, especially singles and two-families, come onto the market. It’s a terrific time for motivated and handy buyers to get bargain prices on inventory that’s been sitting around a while as sellers are weary from months on the market and don’t want to be rendered even more invisible as new properties come on.
For the first time in ages, it’s also the moment to sell properties that might need a little more work than last year’s buyers were willing to take on. Still, as in any market, aggressively priced properties in good to excellent condition are selling quickly. Contrary to the concerns many of my neighbors and acquaintances express when we talk about the Boston real estate market, mortgage lending has eased up significantly and well-qualified buyers are sailing through the underwriting process.
Let’s take advantage of this little bubble while remembering the meltdown of 2007-08. Let’s be fair and generous as sellers and buyers, keeping the big picture in mind and working together toward a closing that’s happy for everyone.
Linda Burnett
Jamaica Plain/Roslindale Real Estate Maven
Keller-Williams Boston-Metro Real Estate
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