We are seeing it in the Boston and Greater Boston neighborhoods. Buyers are coming in droves to open houses to tour the low number of properties that are currently on the market.In some cases there have been 20, 30 or more parties reported having come through a Sunday open house, even with buyers waiting at the property before the doors are opened.
What is happening? There are a few factors that we can speculate that are contributing to the current state of the real estate market. First, the current rates are still proving to be at historical lows, even sometimes making it cheaper to own your home than rent. Next, this years extremely mild climate has invited the spring real estate market to arrive earlier than normal. Finally, with the number of active homes for sale in MLS being low, buyers are quickly jumping on any properties that are coming on the market. In the last 30 days alone, Gibson Sothebys International Realty has represented 9 transactions where the home was sold or went under agreement in less than 7 days (Source: MLS). The demand has not been geographically specific. These transactions are from Boston areas including the Back Bay all the way out to the suburbs like Weston. If you have been considering listing your home, now may be the time to take advantage of such a large and eager audience.