The red-hot Boston area housing market is cooling slightly as buyers pause and more homes come to market. What caused the lack of inventory we saw earlier this year? "As Fortune previously reported, we’re in the middle of the five-year period during which the largest chunk of millennials, those born between 1989 and 1993, are hitting their thirties—the age when first-time homebuying really kicks into gear. Meanwhile, housing supply is simply outmatched: Reeling from the 2008 housing bust, homebuilders spent the past decade playing it safe rather than aggressively building what this demographic wave would need. As a result, the U.S. is now under-built by around 4 million homes"
Currently estimates by industry analysts are that the market will see little appreciation in 2022 over 2021 values. However according to an article in Fortune Magazine, the big wild card is "At the end of September, the mortgage forbearance program—which currently protects 1.5 million homeowners—will begin to wind down. Some of those struggling borrowers could opt to sell their home. The latest forecast by Zillow estimates 25% of those forbearance mortgage holders will list their home. While that would certainly increase housing inventory, it wouldn't fundamentally change the current market. However, Zillow researchers write if they're wrong, and it's actually 50% of forbearance borrowers who list their homes, then the market would see "a significant deterioration from current conditions." All of this points to the fact that now is a good time to sell with high values, low interest rates, and low inventory. Waiting until next year could cost you.
If you’ve been thinking of selling your home, don’t wait! You need an expert to guide you, like a Coldwell Banker affiliated agent. Coldwell Banker has a marketing program designed to sell your house faster for more money and our program is unmatched by any other real estate company. Call me today, my background in real estate appraisal and also marketing will ensure I price your home correctly and bring is as many potential buyers as possible.