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Boston Real Estate: The Spring Condo Market is Stirring

Boston real estate trendsThere are some sure signs ofthe arrival of Spring in Boston: The return of the swans to the Public Garden; the Boston Flower & Garden Show; the running of the Boston Marathon; and of course opening day at Fenway Park. While none of those things have happened quite yet, there's one spring activity that's already warming up theBostoncondo market.Transitioning out of the winter season, moreproperties are starting to come on the market. We still expect to see the historically low inventory we've been seeing the last several years, however. I know I've been saying this for a few years, butit's still true:If you've been thinking of selling your Boston condo or home, this is still a good time to sell. We don't know how long mortgage rates willstay where they are (they have been slowly creeping upwards), but for now there is still pent-up demand for Boston properties.The"Supply & Demand" graph above illustrates the number of Boston residences that have gone under agreement for purchase in the 30 day period ending March 15, 2017. It also shows how many listings were available at the end of that same period. As you can see from the graph, a new phase of low supply began in 2013 and it has remained low every year since then. Only now are we seeing a slight incline back up to 2013 supply numbers.When we compare the amount of properties under agreement against the number available, we get what is known as an absorption rate. The rate is seen in months of supply, with most analysts considering a balanced market to be a three month supply. We currently have about 1.27 months supply citywide. When the supply is lower than balanced, we see upward pressure on prices.Even under the best sellers' market conditions,its still very important to price your homeright from the start. My goal when listing a home is to capitalize on the motivation of serious buyers, and those are the buyers who will visit the listing within the first couple of weeks it is on market.I refer to pricing your Boston home correctly asone of four vital components to selling with a good outcome.What's Your Property Worth?For 25 years now, I have helped people buyhomes and condominiums in Boston and its suburbs.I've developed anextensive knowledge of the city, neighborhoods, buildings, people, and the many issues involved in the local real estate market. I would love to help you, too.nIfyouhave been thinking about selling your Boston home or condo, or have questions about buying or selling Boston real estate, pleasecall me at617-584-9790. Or you canemail me viathe blue button below.  Boston real estate 

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