I think the general perception is that this market must be great for Realtors, but let me tell you--it's not. A trusted friend compared this market to musical chairs. There are 3 chairs and 37 buyers. Not only that, the chairs are on fire, the floor is on fire, and you're being chased around the room by a crazy person! That analogy feels on the mark.
On the one hand, this market is great for our sellers who truly benefit from the demand. When it works, it works--and that's fantastic for everybody. Many potential buyers are foregoing inspections and mortgage contingencies to be more attractive to the sellers. Buyers have to act quickly and step up significantly to get the house they are eyeing. Looking in a price range below your upper limit is a good way to conduct your search since that gives you the power to comfortably bid higher.
Another byproduct of the tight market coupled with the pandemic is that new construction home sales are down dramatically nationwide. There are several reasons why we’re observing this: increasing prices on products, a long wait time on receiving materials since suppliers have limited inventory, smaller work crews because of covid cases, and now rising interest rates, too. Here in the MetroWest area, since there isn't any raw land, builders need to wait like the rest of us for houses they can tear down--but with inventory so low, they are in the same position as everyone else, fighting to win a bidding war on a property.
I am happy to report though that we have three great listings coming on the market in the next few weeks to help feed the appetite of the market--including my newest listing which just came on, 8 Deerfield Road in Wellesley! And it's getting warmer here in Boston, which makes everyone feel better. I'll share our other new properties in the coming weeks, so stay tuned and hang in there!
For this week's design trend, we talked with Karyn Mendolsohn with Barbara Schindler Interiors. According to Karyn, less is more when it comes to decorating. Clean lines and less furniture and accessories make for a relaxing and vibrant space. Keep it simple nowadays. That seems to line up with the sentiment this last year has gifted us.