That’s when the Federal Reserve started tightening the screws, ending our sugar high of historically low interest rates in an attempt to get a hold on inflation. The post-covid-lockdown period has certainly come with a variety of challenges and uncertainty.

As we start to transition into this period, it’s worth asking what the housing market is transitioning to.

Do you think it could be...normal?

3% interest rates are certainly not normal. Having 50 buyers bid on a house is not normal (as nice as it was for sellers).

I’m not trying to say that high interest rates are a good thing.

But what, historically, is a high interest rate? 5%? 6%? Is even 7% a high rate? Not historically. Just for perspective, I’ve got folks in my office who laugh and tell me, “I bought my first place at 18%!” (BTW, that's most assuredly not normal either).

Here is a link to the history of mortgage rates over the last 50 or so years. 

Even at higher interest rates, the sky will not fall. Sellers will still be getting a nice return on their home. Buyers will not have to get into ridiculous bidding wars over homes. There is no bubble to burst.

Will a recession come? Maybe not tomorrow or even this year, but...Yes! They always do!

Here's my recession story: I bought my previous home in August of 2008. I paid $640,000. In 2010, in the middle of a historic economic meltdown, the unit next door to mine, essentially the same unit, sold for $575,000. In 2020, I sold my unit for $1.1m.

Let’s get a grip on what we have here in the Boston area: A super-strong economy with varied industries creating thousands of jobs. A vibrant city that is the envy of most of the rest of the country.

Over the last decades, Boston real estate has been a super investment.

Even in the 2009 meltdown, we saw minimal losses and a vibrant recovery. At this time, our market is much healthier. Home equity far surpasses what it was then. The average credit rating of current mortgage borrowers is significantly higher. The structural problems in the mortgage industry have been mitigated to a high degree.

And one more thing: Inventory. Levels of inventory here over the last 20 years or so have been low relative to most other markets. Absorption rates reflecting low levels of inventory, the envy of most other locations in the country, remain remarkably steady, even in relatively hard times, aside from a few spikes. As of June 15th, 2022, we had only 2.44 months of inventory in our downtown neighborhoods. For the same period of 2020 as we were emerging from Covid lockdown, we had 2.94. During 2009-10, they were higher, but nothing approaching the levels of unsold inventory we were seeing in other places.

If you just look at our neighborhoods in Boston, Brookline, Newton, Cambridge, Somerville, and our other local inner suburbs, you realize that there is little opportunity to build vertically (at least for non-uber-high-end housing), and there is virtually no room for sprawl (until you get to the more outlying suburbs). So for property owners, there is built-in value protection over the long run.

So long story short, "normalization" means that there will be less competition for properties (you may even score a great property without any competition!), and less sharp property value inflation. 

Here is the detailed market report for *all* Boston neighborhoods and inner suburbs.

If you have questions about buying or selling Boston real estate, please call me at  617-584-9790, or send me an email at joe.wolvek@gibsonsir.com. 

Under agreement in one day for hundreds of thousands of dollars above asking price! Situated on Brookline's Aspinwall Hill, this spacious condominium lives like a single-family! An impeccable renovation of a historic friary, this home includes a 600+- SF private deck and a rare attached 2-car garage, plus an exterior space for guests. 

See more photos and details for 49 Rawson Road, Brookline, MA 02445.

If you plan to sell your Boston area home or condo, take advantage of the widest possible exposure for your property to the most highly qualified clientele in the world. As Associate Director of Sales and a 30 year sales associate, I combine my local expertise with the powerful global marketing resources of Sothebys International Realty. You can view my recent sales and listings here. If you have questions about buying or selling Boston real estate, please call me at  617-584-9790, or send me an email at joe.wolvek@gibsonsir.com. 

My prime Back Bay 2 bed 2 bath condo in the first block of Commonwealth Avenue has sold at $100,000 over the asking price! Situated in an immaculately maintained brownstone, this superbly renovated home features classic Back Bay elements while also offering modern amenities.

See more photos and details for 34 Commonwealth Avenue, #3.

Results like this are not a given in any market. It takes experienced sales representation, quality professional showings, the highest quality marketing, and expert transaction management.

If youre planning to sell your Boston area home or condo, take advantage of the widest possible exposure for your property to the most highly qualified clientele in the world. As Associate Director of Sales, a longtime South End resident, and a 29+ year sales associate, I combine my local expertise with the powerful global marketing resources of Sothebys International Realty.

You can view my recent sales and listings here.

If you have questions about buying or selling Boston real estate, please call me at  617-584-9790 or email joe.wolvek@gibsonsir.com.

Under agreement in five days for over asking price! My Back Bay 2 bed condo listing on the first block of Commonwealth Avenue steps from the Public Garden had multiple offers.

Situated in an immaculately maintained brownstone, this superbly renovated home features classic Back Bay elements while also offering modern amenities. There are new hardwood floors throughout, a beautifully renovated quartz/stainless kitchen with Electrolux and Bosh appliances, fabulous Back Bay-Comm Ave Mall views, recessed lighting, original marble mantel, and custom built-ins.

See more photos and details for 34 Commonwealth Avenue, #3.

If youre planning to sell your Boston area home or condo, take advantage of the widest possible exposure for your property to the most highly qualified clientele in the world. As Associate Director of Sales, a longtime South End resident, and a 28+ year sales associate, I combine my local expertise with the powerful global marketing resources of Sothebys International Realty.You can view my recent sales and listings here.If you have questions about buying or selling Boston real estate, please call me at  617-584-9790, or send me an email via the link below. 

My DND AFFORDABLE 1 bed South End condo in a 2007 professionally managed elevator building has sold at more than 98% of the asking price! It has floor to ceiling windows and recessed lighting thru-out. The open living/dining/kitchen area and the bedroom overlook the garden/patio. This pet-friendly building is ideally located near South End restaurants and the Whole Foods Market, as well as Boston/BU Medical, the Mass Pike, I-93, and the airport.

This unit was subject to DND buyer eligibility approval, meaning to first time buyers only, and with income restrictions and occupancy requirements that are very strictly enforced.

See more photos and details for 700 Harrison Avenue, #216.

Results like this are not a given in any market. It takes experienced sales representation, quality professional showings, the highest quality marketing, and expert transaction management.

If youre planning to sell your Boston area home or condo, take advantage of the widest possible exposure for your property to the most highly qualified clientele in the world. As Associate Director of Sales, a longtime South End resident, and a 29+ year sales associate, I combine my local expertise with the powerful global marketing resources of Sothebys International Realty.

You can view my recent sales and listings here.

If you have questions about buying or selling Boston real estate, please call me at  617-584-9790 or email joe.wolvek@gibsonsir.com.

It's springtime! The crocuses are popping up, the weather is warming up, and the Boston real estate market is on fire.

If you've been thinking of selling your property, this is a great time to do it. We are entering the busiest period of the year, in the busiest year we've seen in a while.

So I know you've been thinking, "Aren't all Realtors the same?" and maybe even, "What, exactly, am I paying this guy for?" Don't deny it. I know you have.

So what do I do, exactly? This is what I do.

And here are a bunch of endorsements. People like me! They really do!

I have 29+ years of success and hundreds of transactions and happy clients. The great majority of my listings in the last five years have gone under agreement in under a week, at or above asking price. Please get in touch!

Has Match Day 2021 got you headed to Boston? Welcome to our fair city!

Having been a Boston realtor for over 29 years, Ive helped many incoming medical residents as well as new or transferring doctors and medical students in locating and transacting a new home.

Heres how I can help you:

Ill help get you oriented to the city and neighborhoods. I know the neighborhoods around and accessible to the medical facilities and can help you manage the intricacies of searching for and visiting appropriate properties.

Im a certified DRS-Agent. What does that mean? The DRS-Agent organization has been endorsed by the AMA, AOA, AMSA, and SOMA. When relocating, finding a highly qualified and trustworthy REALTOR on your own can be difficult and time-consuming, especially if you are moving to a new city. DRS Agents are vetted agents who will provide you with the very highest level of experienced service. It is the quickest, easiest way to find a trusted professional real estate agent for the purchase or sale of your home.

Ill also help you oriented to our real estate buying process here in Boston. As with most things, our real estate purchasing process is somewhat different than just about everywhere. I will help you manage your transaction to a successful conclusion with as little stress as possible and as little drain upon your time as possible.

Ill also connect you with helpful buyer resources such as mortgage programs for residents, doctors, and medical students. Heres more about special mortgage programs for residents, doctors, and medical students.

I can also connect you with recommended attorneys, home inspectors, contractors, and more.

Here are some Boston real estate transactions basics.

Let me make your experience getting to know Boston and buying your home as stress-free as possible. Please reach out to me at 617-584-9790 or joe.wolvek@gibson.sir.com.

We're seeing an increase in residential sales activity in the core downtown Boston market right now. Year to date as of February 21, the number of properties going under agreement is nearly 16% higher than in 2020.Reasons for the increase in sales could include pent-up demand, low interest rates, and the increase in inventory (leading to more choice and less competition for properties you might make an offer on).As of mid-February, downtown Boston inventory of condos and single family homes combined is 37.26% above last year at this time. The chart below, from my latest Boston real estate market report, illustrates the rising inventory in recent years. The current availability of downtown Boston condos and homes is the highest it's been since 2011.  Higher inventory may be due in part to people who were going to put their properties on market in the spring of 2020 and postponed it until now. And some of the current sellers may be part of the uptick in number of people making a move from downtown to the suburbs.For more details on the downtown market, here's my latest report.If youhavequestions about buying or selling Boston real estate, please call me at617-584-9790, or send me an email via the link below.  

This eclectic 5 bedroom house high on the west bank overlooking Seneca Lake is listed by Timothy Spooner of my affiliate Sotheby's brokerage, Select Sotheby's International Realty. Built around 1830 by the first Dean of the Geneva Medical College, this home with 186' of lake frontage is designed to have lake views from every room. Entering the front door there are immediate views of the lake through large windows and French doors. Enjoy the views from large open porches on each level with direct access from the kitchen, great room and bedrooms. Home offers the original charm and character of high ceilings, grand woodwork throughout, multiple fireplaces, master suite, modern kitchen with quartz counters, updated baths, and 2nd floor laundry. The 1,074 sq ft finished lower level offers an array of uses from in-law suite to a home based business with private exterior access, and of course views of the lake.See more details and photos for789 South Main Street, Geneva, NY.I can handle your real estate needs here in Boston as well as globally. As always, if you have questions about buying or selling homes in Boston or beyond, please call me at617-584-9790, or send me an email via the link below.  

This beautifully designed Camden, ME home is listed by Heidi Steele of my affiliate Sothebys brokerage, Legacy Properties Sothebys International Realty. This home is a Camden Harbor Classic in a private setting with tennis court and 300 feet of waterfront. It is filled with refined spaces and natural light. A cook's kitchen opens to a formal dining room with an adjacent patio for alfresco dining. A well-appointed cater's kitchen enables entertaining with ease. It features bedrooms with sweeping views, a private office, an oval library with hand-carved woodwork, and a cozy family room.See more photos, video, and details for26 Harbor Road, Camden, ME.I can handle your real estate needs here in Boston as well as globally. As always, if you have questions about buying or selling homes in Boston or beyond, please call me at617-584-9790, or send me an email via the link below.