What to Expect in the 2017 Boston Luxury Real Estate MarketJanuary 7, 2017
So far, the housing forecast for 2017 will remain strong. As long as supply stays low, the indications are that the Boston luxury homes market will continue to operate at the same pace. Keep in mind the interest rates are inching up which may affect first time home buyers. On the flip side, the fear of further interest rate increases may motivate many Boston luxury homes purchases in the first quarter of 2017.
Sellers are being more realistic in watching the market and pricing their Boston luxury homes accordingly. Some sellers who strived for higher home prices with no comparable sales to substantiate it, are now revaluating and assessing their property value more carefully by looking at real estate trends and data. They are pricing their properties to sell and not to “test” the market.
Local real estate agents are anticipating the Boston luxury real estate market to stay strong for at least the first half of 2017. Knowing that properties are more aptly priced, buyers are more motivated to buy. For the most part, buyers for pricier luxury homes will be within the US. We’ll likely see less foreign buyers, at least in the first quarter.
There are many luxury homes that may not even hit the market, based on more demand than supply. Stay connected with your real estate agent, so you’re aware of all available “off market” listings. Contact me anytime to find out what’s available in your desired Boston neighborhood.