The Election Year Impact on the Boston Housing MarketOctober 22, 2016
Fall is always a great season in Boston and there are so many activities happening, from cultural events to outdoor activities. Residents flock outside to enjoy apple picking, foliage sighting and so many more seasonal things to do.
It’s also a great and busy season in the Boston luxury real estate market. People are back from summer vacation, children are back in school and people are more focused. This year is a bit different than a typical fall season, since it’s an election year. Boston luxury homes buyers, like everyone else, are very preoccupied.
New Boston luxury real estate construction and the very high end of the market are still selling, but some properties are slower than usual to sell and stay on the market longer. This is great news for Boston luxury homes buyers! Sellers are more willing to negotiate than usual, and it is a great time to buy a home or just buy a property for investment purposes. Once the calm returns post-election season, these prices will surge yet again.
There are many Boston luxury homes that a year ago would not last more than a single day on the market and would have generated multiple offers. Not today -- if they don’t sell within the first week, the sellers will be negotiable. We are also getting closer to the holiday season which, historically, the market slows down.
So, my advice is: “yes, you should buy today and get more bang for your buck than waiting.” There are so many great opportunities in the right now that you should not miss. In a building that units have sold for $3,300/sq ft., you can find units under $1900/ sq ft. Buyers should take advantage of this election season market, because it won’t last very long.