We need a new name for the "spring real estate market." The party really begins in January when we are navigating snow storms and bundled in our winter coats, there's nothing springlike about it! How about calling the 2024 selling season, "The Great Race"? Not very original, I know. 

 

It is safe to say that no matter what you call it our main selling season has begun, and it's off to a good start. Not very different from the last few years—the number of homes going under contract is greater than the new listings, leaving buyers to scramble.

I often hear from people that they will wait to enter the market when things cool down. At this point, those overly cautious clients have been on the sidelines for years waiting for a correction that hasn't happened and barring something unexpected, there won't be a dramatic change ahead. To move this market, it would take hundreds of people in each town to decide to put their houses on the market all at once, and that's not going to happen.

 

In mortgage news this week, the Federal Reserve kept rates where they are waiting a little longer for inflation to ease and in turn putting off an interest rate cut for a while. Redfin predicts the decrease we are hoping for will probably be closer to the end of the year rather than March, which is when the feds meet next. That said, current mortgage rates are still a little easier to digest compared to last year. In turn, this allows more people to step up with stronger buying power. An influx of buyers tips the scales even further creating a stronger demand for the few houses that are for sale.

I don't mean to be discouraging at all! Bold buyers who are prepared, ready to go with financing, and have a strategy in place will get a house. Sellers who put forward a great product will be rewarded nicely. There is a dance here and with the right steps it ends up being a very rewarding journey.

 

I am excited about my new and current listings! Check them out. Have a great week!

14 Audubon Road, Wellesley

$1,649,000

 

Launcher Way, Wayland

$859,000

Click here to see Launcher Way

 

The Belclare Unit 306

580 Washington Street, Wellesley 

$3,249,000

Click here to see The Belclare

 

I'm always available and more than happy to provide an analysis for you! Email me at teri@mgsgrouprealestate.com or call at 617-306-3642 to schedule a meeting.

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