I put a wonderful new listing at 80 Mayo Road in Wellesley on the market earlier this week and we have had two busy days showing this lovely home. I am continuously hearing the frustration and fatigue from buyers as they retell stories of losing countless houses in bidding wars and multiple offer situations . This resilient group is tired, yet still determined. Many speak of bidding against others putting forward cash offers and waiving home inspections, something I have also seen this myself. The profile of these buyers is still predominantly families heading west from Brookline, Cambridge, Boston, Somerville and Watertown, motivated by more space for their families and places to work from home. I wish I had houses for each and every one of them. All of this is great news for sellers- the good properties are getting scooped up quickly and are fortunate to have solid terms.
These same buyers are also talking about their apartments in the city. Finding people to sublease their places was typically an easy thing to do, but not now. It seems safe to say rentals in Boston are not as strong as they were a year ago. The renters aren't out there as much as they were pre- COVID. Rents are getting slashed in order to entice tenants. In our area the rental market is stronger then downtown, but not as robust as home sales.
In terms of financing, mortgage rates dipped again this week, but a lower rate may not necessarily mean more buying power since prices appear to be rising due to low supply.
Typically, our fall market starts right after Labor Day. This is a secondary market since spring is traditionally the strongest selling season. Fall is a short, quick market that peaks around Halloween and cools down by Thanksgiving. I think this year, with such a late spring market, we will just keep doing what we are doing- putting on new listings as they come and watching the market for our buyers. I don't predict a dramatic surge in inventory, slow and steady from here on in is what I anticipate.
I hope you have a restful and safe Labor Day weekend. We made it through the spring and summer together- now on to fall.