As we enter the 2023 Spring and Summer real estate market, a few trends are noteworthy. The market has been hot over the past few years, and it looks like that trend is set to continue. Here are some of the key factors that are shaping the Massachusetts North Shore’s real estate market this season.
Inventory is Tight
One of the biggest challenges facing buyers on the North Shore right now is the lack of inventory. There simply aren’t enough homes on the market to meet the demand, driving up prices and creating a very competitive environment for buyers. Buyers will need to act quickly and be prepared to make aggressive offers if they want to secure their dream home.
Prices are Rising
Due to the limited inventory, home prices on the North Shore continue to rise. This is good news for sellers, as they are likely to receive multiple offers and potentially even sell their homes above the asking price. However, for buyers, this means that they may need to stretch their budgets or adjust their expectations to find a home within their price range.
Remote Work Continues to Impact the Market
The COVID-19 pandemic has fundamentally changed the way many people work, making remote work more prevalent than ever before. This has had a significant impact on the real estate market, as buyers are now looking for homes that can accommodate home offices and other remote work needs. Larger homes with dedicated office spaces or additional bedrooms that can be converted into a workspace have experienced stronger demand than ever.
Summer Will Be Favorable for Rates
As inflation eases, so do mortgage rates. The April Consumer Price Index report indicated that while inflation rose by 0.4% from last month, year-over-year inflation decreased from 5% to 4.9%. Based on data from the report, experts are predicting this is the beginning of a decline in rates. This summer could provide a bit of relief for homeowners, those planning to buy a home, and real estate professionals.
Overall, the North Shore’s real estate market is expected to remain strong throughout the season with its high demand, and national rates seem to be trending in favor of homeowners. If you are looking to buy a home, it is essential to work with an experienced realtor who can help you navigate the competitive North Shore market. With a proper approach and patience, you can find your dream home this season. Contact me today to get started.