The Boston home market is still on the rise. Listings are barely hitting the market before offers come flowing in. We're not just talking one or two offers either, we're talking about several offers on single listings. In this brief post we just want to highlight some of the reasons why homes are moving so quickly.
Zillow is reporting a 6.2% increase in home values across the country since last January and a 0.7% increase since December. With this in mind it's also worth noting that this is the lowest percentage of homes with price reductions on the market in over four years. People know that if they buy now and market trends continue, then there's potential to make a profit in a matter of just a year or two.
In Boston, as we've stressed before, inventory is incredibly low across the city. Thus, home values are up 9.5% from last year. This is a clear reflection of the low inventory, thus making this the ideal sellers market. With this trend, now is the time to put your home on the market. Sellers are receiving multiple offers within just days of listing and the market is only getting busier as we come into the spring.
Sources:
http://www.zillow.com/local-info/MA-Boston-home-value/r_44269/
http://blog.altosresearch.com/three-signs-2013-will-be-the-hottest-housing-year-since-2005/