We are seeing it in the Boston and Greater Boston
neighborhoods. Buyers are coming in droves to open houses to
tour the low number of properties that are currently on the
market.In some cases there have been 20, 30 or more parties
reported having come through a Sunday open house, even with buyers
waiting at the property before the doors are opened.
What is happening? There are a few factors that we can speculate
that are contributing to the current state of the real estate
market. First, the current rates are still proving to be at
historical lows, even sometimes making it cheaper to own your home
than rent. Next, this years extremely mild climate has invited the
spring real estate market to arrive earlier than normal. Finally,
with the number of active homes for sale in MLS being low, buyers
are quickly jumping on any properties that are coming on the
market. In the last 30 days alone, Gibson Sothebys International
Realty has represented 9 transactions where the home was sold or
went under agreement in less than 7 days (Source: MLS). The demand
has not been geographically specific. These transactions are from
Boston areas including the Back Bay all the way out to the suburbs
like Weston. If you have been considering listing your home, now
may be the time to take advantage of such a large and eager
audience.