Boston is a global city and attracts people worldwide for its opportunities in education, healthcare, pharmaceuticals, technology, and finance. This diverse economy keeps the demand for housing high. Watch “Boston by the Numbers” to learn about Boston’s past performance during times of turmoil. Buyers should be taking advantage of their opportunity to search in a softer market. The increase in inventory, the reduced pressure to purchase, and the stronger negotiation power makes now an ideal time to buy!
1. More Inventory
The rise in interest rates has caused a decrease in demand and a slight increase in inventory. This has created an opportunity for buyers to actually have choice in their housing search. The bidding wars have declined, and buyers have the chance to bid on properties non-compete.
2. Less Pressure
Even more luxurious, buyers currently have the ability to take their time. This is different from the typical scenarios of the previous market where buyers were viewing the property at the open house and then having to bid by the Monday or Tuesday offer deadline.
3. Less Competitive
Having fewer buyers in the market has reduced the competition buyers typically face from international buyers, cash investors, and buyers relocating to Boston for work. This decrease in demand has allowed buyers to have much stronger leverage against the seller in negotiations.
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