Unprecedented low inventory, low interest rates, demand…
Despite the catastrophic pandemic, 2020 broke local real estate market records. No one predicted it, but the surging demand for more space was buoyed by historically low interest rates. For the many high-earning urban-dwellers of Boston, the only hardship was the competition. That suburban shift has left nearly nothing on the “shelves” so to speak, in so many of our local communities. It’s a very tough time to be searching for a home; competitive bidding means paying a premium even when you find “the one”. But this article isn’t for buyers.
Have you been toying with the idea of giving up the mowing/painting/shoveling that you put up with in exchange for the bucolic suburban life? This may be the moment to swap your single-family for the ease of urban condo life. Many homeowners nixed listing, given the risks. Getting a house ready for the market can require tradespeople working on the house, realtors coming through, and eventually, buyers touring. There is no question that the fall COVID surge raised these risk levels higher than many sellers tolerate.
But, if you are willing to list notwithstanding the risk (or avoid the risk by moving out first and letting us handle the details), downsizing now can be a lucrative move. Condo inventory is way up. That article is from October 2020, but as of March 16, 2021, condo inventory is 33% higher than it was one year ago. Cambridge is up by 70% over last year — and last year had more condos listed than the prior 4 years!
Single-family homes in the ‘burbs are extremely hot. It’s the very definition of buying low and selling high. So, if you’ve been contemplating that downsizing move and want to understand what it may mean for your bottom line, let’s talk through it.