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Nuhom @ LinkSquares - A View of Greater Boston Real Estate

Nuhom had the opportunity to present the state of Greater Boston real estate at a lunch and learn at LinkSquares headquarters in Boston this month. We were welcomed by many employees at their beautiful 60 State Street office both in person and on a zoom.

We covered the following topics:

  • What happened in real estate?

  • What's going on now? And where might things go?

  • What might help?

  • How Nuhom can help?

You can find the slides below!

Here are the takeaways:

So, what happened in real estate?

  • The last decade was the lowest supply of new homes built compared to previous decades

  • After the financial crisis, homes were cheaper to buy vs. to build... many homebuilders folded

  • Disproportionately less built in Northeast; Less conducive building zoning/code and Nimby-ism

  • We had the lowest interest rates in history <3%, which increased demand

  • With low interest rates, the most homeowners elected to refinance rather than sell

  • Cash offers increased during the pandemic; causing increased buyer competition

  • Millennials coming of age; increasing buyer pool

  • Remote economy emptied out cities; driving single family craze

What's happening now?

  • Inflation has skyrocketed

  • The Fed Reserve is trying to cool inflation by increasing interest rates

  • Since April, rates doubled to above >6%; but not horrible vs history

  • Mortgage applications down 50% since April

  • Home listings beginning to grow and remain on market longer

  • Median prices back to early 2022 levels for condos, single family, and multi-family

  • It is still a seller's market, but with less competition

  • Rates could settle next year and come down some in 2024, but will remain >4%

  • There continues to be a lack of homes available for purchase; demand > supply

What might help buyers?

  • Negotiate on price

  • Look at price changes

  • Look at days on market

  • Look at different rate programs (Date your rate, marry your home, divorce your rent.)

  • Take your time

See slides below for more details.


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