The Upside for Home Buyers:
Hot Time Summer In The City! And you can say the same for the Greater Boston real estate market! And interest rates are around 6.5 a the time of this publishing which is way better than the 7.5+ last month! The upside for buyers this month is that so many people are away on summer vacation and there is less competition in the market! I LOVE July for homebuyers, it’s such a great time to secure a home while everyone else is busy swimming and making sand castles. And if someone is listing their home in the middle of the summer, they HAVE to sell so you might even have some leverage on price and terms.
Ready to start considering a move? Get the free e-guide Things To Consider When Buying A Home – Summer 2023 Edition.
The Downside for Home Buyers:
The downside for buyers is there is still low inventory. With people being away on summer vacation, the pickings are slim. But I have to say, the condo market had quite a lot of options come to market the last few weeks, most likely because those sellers want to upgrade into something bigger by the Holidays. So if you are a first time home buyer, this may be your chance to get a great deal on a great new home!
The Upside for Home Sellers:
Did you know your home has appreciated about 11% since Q4 of last year? Well to be honest, it also dipped down -10% Q4 2022 and Q3 2022, but your back in the black baby! The upside for home sellers is you are STILL the shinny penny on the block, as most towns continue to have low inventory and stay in a very high sellers market based on active & sold listings for the month, otherwise known as absorption rate. And since interest rates are GOOD this week, you may get lucky with a bunch of buyers jumping in that have been waiting for rates to become more reasonable.
Considering listing your home but want to understand the market in more analytical detail? Get the free e-guide Things To Consider When Selling Your Home – Summer 2023 Edition
The Downside for Home Sellers:
If a home lists in July and no one is around to see it, does it make a noise? The downside for sellers is buyers frolic away this time of year as they leave town. And its HOT and so RAINY! This month is a challenge weather wise (buyers can overlook a great home option when its raining), and if you don’t have air conditioning, I truly hope your REALTOR has some fantastic box fans or palm fronds to keep those buyers comfortable when touring your home!
Final Thoughts:
Thank you for reading the UPSIDE/DOWNSIDE Real Estate Report for July 2023. The New Hampshire and Massachusetts real estate markets continue to present unique opportunities for both buyers and sellers. I’d love to help you informed about interest rates, inventory levels, and market trends to make the most of your real estate goals as your trusted real estate advisor.
Curious about the New Equity on your home? Or how to start planning Your Next Move? Schedule a Discovery Call with me today at a time that works best for you! I can’t wait to talk shop with you 🙂
Stay Cool!
Steph
