NBC Boston reported yesterday on recent home sale activity in Greater Boston. Buyers are finding that competition is intense and that properties are selling quickly and over asking price. Part of the reason for this seller’s market is the accumulated demand due to the COVID shutdown. Buyers and their agents are finding that the inventory of available homes is not sufficient to satisfy the need.
The market is difficult for buyers to navigate on their own because the negotiations, inspection and transaction timelines are all executed with great speed in order to give offers preferential treatment in the bidding process. Alternatively, for sellers, fielding multiple offers sounds like a good thing, but can be overwhelming when the number of offers is in the double digits.
It remains to be seen how the greater economic challenges of the country will impact the residential market, which typically lags the stock market by two quarters, but all signs at the moment show an active and healthy marketplace for the next several months.