Approximately 17 percent fewer homes are for sale in the Boston Metro than at this time last year. In fact, housing inventory in the city is currently at an all-time low. Housing inventories on the waterfront and in Beacon Hill are down a whopping 36 percent. Many believe the limited available housing inventory is a good sign that the Boston real estate market has recovered from the nation’s recent economic downturn. Homes in the Boston area are also selling more quickly and prices are on the rise.
According to real estate experts like Yanni Tsipis, Senior Vice-President at Colliers International and a Lecturer at MIT’s Center for Real Estate, a lack of new residential condominium projects in downtown Boston is fueling the current market trend. Tsipis believes would-be sellers in Boston’s downtown market want to buy their next homes in new developments. A lack of new residential building projects over the last five years keeps this from happening.
The Boston suburbs have also experienced a decline in saleable housing inventory. For example, the number of homes for sale in Cambridge is down 43 percent from last year. Cambridge homes are now on the market an average of 110 days. In Arlington, houses are selling in about 79 days and inventory is down 21 percent. Meanwhile, in Quincy the housing inventory has dropped by 6 percent and most homes are selling within 150 days.
Most of the Northeast, including the Commonwealth of Massachusetts, was not as deeply impacted by the nationwide housing crisis as other parts of the country. Still, real estate experts believe the resulting drop in housing prices has kept some homeowners in Boston from selling. As both market demand and prices increase, more sellers are likely to list their homes.
If you are considering selling your Massachusetts home, it is a good idea to contact a qualified real estate lawyer to assist you. Each property transaction is unique and a lot is at stake for every person involved. Selling real estate in the Commonwealth of Massachusetts can be especially complicated. You can protect yourself from making costly mistakes by hiring an experienced real estate attorney before selling your home.
A knowledgeable property attorney will review purchase offers, deal with any home inspection issues which may arise, and handle contingencies. Having an advocate on your side throughout the sales process can provide you with valuable peace of mind. A real estate lawyer can help you negotiate changes to the purchase agreement, resolve any unanticipated title issues, draft deeds, review your settlement statement, and otherwise protect your interests at closing.
If you are a Massachusetts property seller, contact Pulgini & Norton, LLP today. Our skilled Boston real estate lawyers provide comprehensive residential and commercial real estate services. Pulgini & Norton represents property sellers throughout Massachusetts. Our committed attorneys will help you build a customized real estate plan tailored to your property sales needs. You may contact Pulgini & Norton through our website or call us at (888) 344-2046.
Most in U.S. Are Satisfied With Homeownership, Massachusetts Real Estate Lawyer Blog, February 14, 2012
Suburban Boston Home Sellers Predicted to be Smiling in 2012, Massachusetts Real Estate Lawyer Blog, February 10, 2012
With inventory lower, properties sell faster, by Jennifer Athas, Boston Herald