The housing market forecast in 2023
What does the 2023 housing market look like in Boston?
After a long stream of quick selling and increasing prices, it seems like the market has finally started to slow down.
The end of 2022 saw a decline in house sales. According to Boston.com, November saw 3,806 single-family house sales, a 29% year-over-year (YoY) decrease. What’s happening is that consumers don’t have enough confidence to test out the housing market. When you see the supply of houses lowering and the interest rates climbing, it’s easy to see why. With inflation rising, most people are finding it difficult to manage and adjust their finances.
We’ll discuss the current state of the Boston housing market, where it’s going, and how companies that buy houses for cash can help you sell fast.
The state of the Boston housing market
Boston is currently cooling down while people wait for prices to drop. The inventory of houses has increased enough for only a few sellers to decrease their housing prices.
Affordability is the deciding factor for the market’s speed in Boston. Home prices and interest rates increasing at the same time will keep buying at a low rate. According to Boston.com, a small number of home buyers are taking advantage of the stagnant market. With less competition for houses, it’s easier to secure a sale for a place they want.
The ones using this opportunity are keeping the market running at a slow and steady pace.
Heading into February, bostonglobe.com stated that the median price of single-family homes had a YoY (year-over-year) decrease of 2.4%. Economists suggest that this price isn’t just the usual seasonal trend. The median price of houses sold in January 2023 was the lowest it’s been since 2009.
If you want to sell your house, now is a good time to do it. Boston is currently in a seller’s market, meaning homeowners are able to sell their houses at a quicker rate. According to Rockethomes.com, Boston had a YoY drop in average sale prices of 22%. Yet, they’re still selling fast enough to be a seller’s market.
What will the Boston housing market look like throughout 2023?
Since there are a few buyers right now who have gotten the ball rolling early in the year, it seems the typical spring jump in the market is still on track. It’s expected for spring to have increased home prices and sales.
The time when the cost to buy a home will come down is unclear. Even though house prices are low, the national average rate on a 30-year fixed mortgage is at 6.32%, which makes the cost of owning a house extremely expensive.
You can sell your house fast to a Boston cash home buyer.
A lot of times, it’s hard to tell how fast you’ll be able to get your house sold. Luckily there are companies that buy houses for cash, which could be a smart route for you to take. They handle the cleaning and repair fees, give you more time to focus on your move, and most buy your house “as is” for cash.
Because you’re selling directly to a company, there’s no need to pay for real estate commissions. It’s difficult to time the sale of your house perfectly to make the best profit. If your main concern is getting a house off your hands in time to avoid making an extra payment, companies that buy houses for cash could be the way to go.
So, with all the home-buying company promotions you see on billboards and Facebook ads, how do you decide which one is best for you?
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Our Boston housing specialists have the resources to tackle sudden obstacles and walk with you each step of the way. We can visit your house for a free, no-obligation consultation.