It is hard to say, as a blanket statement, what “prices” are doing and what that means for you.
We can say, things have changed. The market has changed dramatically with people choosing different types of properties in different locations than they did two years ago.
There is an obvious uptick in properties with outdoor space….whether that is a balcony, a large lot, or acreage. Many people are just “moving up”. Bigger. That often also means “moving out”….further way from Boston to places where they can afford to live in something larger than what they currently own.
What does that mean for your house? If you are in Boston, have prices tanked? If you are outside of Boston is it true that there are dozens of offers on homes and people are paying hundreds of thousands of dollars over asking?
Nothing is true for all properties. Some people have sold Boston properties for less than they paid for them. Sometimes much less.
Outside of Boston we see 30 offers, 60 offers on some properties. We see prices that are 20/30/40% over the asking price. Even on $2M properties.
What does it mean for a buyer or seller? More than ever, understand how your home compares to the market.
We have a great new home in Waban coming to market this week. What will the market pay? The only thing that we can say with some certainty is that people are paying more to live in Waban.
Here are the median prices in the Waban area for the last few years.
We encourage both buyers and sellers to understand changing prices in the context of the properties that are available at that time. Are the houses on the market today larger or smaller than in the past? More renovated or less? More new construction homes or fewer?
No matter how the data shakes out, we can say there are major changes in the market, but no automated value tool, or median price, or market report will tell you what to bid for a home, or what sale price you could achieve selling your home.
Here is a current market report for Newton Homes.
If you’d like to see how much your home might sell for, in Newton, or the Greater Boston Area, let’s take a look. Maybe your plans will change to move up sooner, downsize sooner, or to refinance to meet other goals.
Here is an automated guess, but I wouldn’t use an automated tool for more than a vague idea of value. The tools just don’t know enough about your house and your neighbors.
Reach out to work on a more current, precise, and relevant value for your home.
Call for an appointment and we can help move you forward!
