Considering buying or selling a home this Fall in Boston?
Brian Caluori shares a fall housing market update here, along with some valuable tips if you or someone you know is looking to buy or sell before the end of the year
Fall 2023 Housing Market Update
The fall 2023 housing market continues to be marked by soaring home prices, low inventory, and high mortgage rates. In fact, the national average 30-year fixed mortgage rate was 7.42% in mid-September, making potential homebuyers increasingly hesitant to enter the market. Furthermore, homeowners who locked in record-low interest rates in 2020 and 2021 (as low as 2.65%) may understandably be reluctant to abandon them.
Despite these obstacles, buyers and sellers in our area are finding what they’re looking for this fall. We have a constant flow of people moving into and out of our community for work or to be closer to their families. Others are retiring and want to downsize or need more space for their growing family. In any case, with some patience, a plan, and the help of a real estate team, they’re finding their next home sweet home.
With that in mind, here are a few more helpful tips for buyers and sellers. Feel free to pass this along to others or reach out if you want to talk more about market conditions and what they might mean for you.
Tips for Buyers this Fall
Be prepared – As always, start the process by reviewing your financial situation, gathering necessary documents, getting preapproved, and boosting your credit score so you’ll be ready when the right home comes along. Determine what you can afford and don’t compromise — pushing the limits can be tempting, but buying more than you can afford can be disastrous.
Look at affordable markets – If you work remotely or in a hybrid model, as almost 35% of Americans do, consider lower-priced markets that offer more options and affordability. There’s a good chance you wouldn’t be alone – 22% of remote and hybrid workers said they’d be willing to increase their commute to find more affordable housing.
Consider downsizing – Although the market is tough, now is an excellent time for downsizing instead of maintaining a larger, more expensive home. You’ll save on insurance and utilities as well in a scaled-down mortgage payment (if you have one at all!).
Get comfortable with home prices – After surging since the pandemic, home prices have held steady this year (with just a 1.6% increase from June 2022 to June 2023). Some real estate watchers are predicting rising prices (even as much as a 6.5% increase from July 2023 through July 2024) due to a continued shortage of homes on the market. Others have predicted a slight decline by end of year, but ultimately, higher-than-ideal prices are likely here to stay for the foreseeable future.
Find a local agent – Local market trends play a significant role when buying. Tap into an expert who knows the ins and outs of the area.
Tips for Sellers this Fall
Low inventory is on your side – Low inventory continues to boost demand and home prices. If you list this fall, it’s likely to sell quickly. In August 2023, the median days on market in the U.S. was 46 days. You might also receive multiple offers. The latest data, from July 2023, showed homes for sale received an average of three offers from eager buyers.
Be familiar with home prices – Don’t let emotions get the best of you when listing your home. Work with a real estate agent to determine the best price based on comps and a recent comparative market analysis.
Prepare your home – In this market, buyers will come. But the key to getting top dollar is your home looking its best. A great place to focus your efforts? Declutter, depersonalize, and clean, clean, clean.
Go for professional listing photos – Make your listing stand out with professional photos, a 3-D virtual tour, or interactive floor plans to increase buyer interest.
Don’t wait! List now if you know you want to sell – Although spring and summer are the most popular seasons to sell, fall and winter can be strategic in a market like ours. If you have questions or would like to hear what it would be like to buy or sell with our team, give me a call or send me an email. I’d love to answer any questions you have and share how we’re shifting our strategies to help buyers and sellers succeed this fall.
Brian Caluori
Global Real Estate Advisor/Sales Agent
Born and raised in Albany, New York, Brian Caluori resides in Boston’s South End neighborhood, where he employs his knowledge of the city’s geography to assist his clients with all types of real estate endeavors. Brian earned a Bachelor’s Degree in Political Science and Pre-Medical Studies from the University of New Hampshire. After graduation, he launched a highly successful career as a real estate agent at Gibson Sotheby’s International Realty, where he acquired extensive investment, development, residential sales and leasing expertise. With an average of over 85 transactions per year, Brian represents an extensive client base comprised of investors, developers, end users, and second-home buyers. In 2016, His vast knowledge of the Boston market helped him serve as the exclusive listing agent of a 32-unit residential building in the Fenway neighborhood. In 2018, Brian was distinguished as a top producer at Gibson Sotheby’s International Realty. Brian views his representation and guidance of his clients through every transaction as a true privilege. With an incredible work ethic and keen attention to detail, he incessantly provides white glove services that are second to none. He is devoted to establishing lasting relationships with his clients and thrives on helping those at all price points achieve their unique real estate and financial goals.
Brian Caluori REALTOR®
Gibson | Sotheby’s International Realty
556 Tremont Street, Boston MA 02118
518-423-0309
CONSIDERING A BOSTON HOME REMODEL THIS FALL?
At NEDC we honor the legacy of the Architect as a Master Builder. This is woven into our ethos and approach to how we help our clients create the built environment.
A major home remodel can often be a significant investment. It is also a deeply personal endeavor–the creation of a home and personal space in accord with one’s own aesthetic, vision for the future and personal needs and wants.
We are honored to be a part of this for many lovely clients across Boston and Boston’s Metrowest.
We offer a complete service on a single platform.
From conceptual design through the last nail stroke of artisan build–we do all architectural planning, interior design and construction on a single platform.
For our clients this means simplicity. No stress. Exponentially reduced change orders. Value Engineering of funds, and projects which come in on time and budget. (Not as a cliche or sales pitch–but in actual reality).
Share your dreams with us! We will answer all questions and if a good fit both ways would be honored to take on your project.
“They do very high-quality work and take care of everything. They also operate with a lot of integrity and trustworthiness. When something doesn’t go to plan, they take care of it. They do everything they can to make sure you are happy and satisfied with the work and that you are set up to enjoy it for a long time. This is hard to find in the construction business and is what sets NEDC apart, in my opinion.
I can’t imagine another design and build firm that is as professional, reliable and talented as NEDC. The team is very personable, passionate and just plain nice. And the end result is outstanding. Our entire family (pets included) is extremely satisfied, now and for the future, with what they created for us.“
-NEDC Client Boston
DAVID MUNIZ SUPPLE – FOUNDER/CEO NEDC
- DAVE@NEDESIGNBUILD.COM
- 617 474 0309
RYAN MANHOFF – BRAND MANAGER NEDC
- RYAMM@NEDESIGNBUILD.COM
- 484 809 3636
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