Off to the Races?

As I cleared the holiday cobwebs and got back to work a couple of weeks ago, it didn’t take long before I started hearing rumblings that the Spring market might be gearing up for an early start this year, something we’ve seen more of since Covid. 

Early Signs of Market Activity

While I think it's still a little TBD, and there are some notable exceptions (condos in Boston, for example, seem to be sluggish still), I’ve definitely seen some early flashes: busy open houses, an uptick in showing requests from my buyer-clients, and increased talk of multiple offer situations among some of my colleagues.

What's Driving the Shift

And it makes sense. Interest rates, which had already been trending lower, recently hit a three-year low, with the potential for further reductions after news that Fannie Mae and Freddie Mac were instructed to purchase $200B in mortgage bonds. Add in a handful of new listings, a stretch of reasonablish weather, and reenergized buyers emerging from holiday hibernation, and you’ve got a pretty good cocktail for activity.

So what does this all mean?

For Buyers

If you were out looking in the fall and things felt quiet (maybe you saw me at an empty open house?), you may need to be ready to switch gears for the multiple-offer dance. You know the one: on the market Wednesday, packed open houses over the weekend, offers due Tuesday at noon, etc. 

For sellers

If the original plan was to wait until March or April to list, it may be worth thinking about an earlier launch if the property is ready. At a minimum, consider doing a little pre-marketing now to get the ball rolling.  

The Bottom Line

To be sure, this doesn’t look like the same crush we saw in 2021, and again, there are always exceptions in a market as diverse as Greater Boston’s, but so far, it does feel like Spring might be in the real estate air if not, you know…in the actual air.

Questions? Thoughts? Comments? Let me know.