This weekend I had a very odd experience when meeting a buyer client at an open house. As I waited out front for my client's arrival, the listing agent popped her head out of the front door and shouted "Hi Everyone! There are too many people in the house right now and you can't really see the house at all. I'm going to ask that you form a line and as people leave then more people can enter. Thanks!" I looked at the real estate agents I had been chatting with who were also waiting for clients and we were all dumbstruck. None of us had ever seen or heard of such a thing, but this just goes to show that buyers are out in force even this early in the year. The very next day this house was under a contract.
Despite some cold weather, the real estate market is absolutely on fire. Homes that have lingered on the market in Needham for long periods like 15 Bancroft Street (483 days on market) and 81 Arch Street (756 days on market) finally have contracts. Many listings new to the market are getting contracts in less than two weeks or even as little as two days.
Two factors have contributed to creating this furvor.
First is that there is a dire need for more inventory. There are absolutely no homes for sale in Needham. Currently there are a mere 47 single family homes listed for sale on MLS. Last year on this date, there were 102. Last year agents and buyers complained about a lack of inventory in Needham throughout the spring/summer and this year we're dealing with less than half of the inventory level we had last year which is why some buyers have turned to listings that have been on the market for years. They had nothing else to choose from.
The other factor at play is interest rates. Many financial experts are predicting a rise in interest rates this summer. Buyers are scrambling to take advantage of the current low rates much like the furvor created a few years ago as the expiration date of the first time home buyer tax credit approached.
High demand and low supply have combined to push prices higher. Many homes are getting multiple offers in their first week on the market and some are selling for full price or even over the asking price.
If you're considering selling your home this year, I would advise putting it on the market sooner rather than later. Take advantage of low inventory and high demand while it lasts!
If you're looking for a real estate agent that can get your home sold quickly and for the most money possible, call me today!