What do I have to say about the real estate market this month? A few things come to mind. The market continues to move, because most serious buyers and sellers aren’t playing the market. They didn’t buy waiting for the optimal time to sell, and they aren’t selling because they’ve determined that March 2025 is the end of a specific investment timeline. They are moving because something in their life has determined that now is the time. Transactions related to weddings, divorces, babies, downsizing, job relocation and death happen regardless of the economy and often without much advanced warning.
A few years ago, many agents were saying things like “marry the home, date the rate” – – meaning that you only live once, so buy the house, and you can refinance in a couple years when the rates improve. Home values do increase over time, so I’m a big proponent of purchasing as soon as it financially makes sense for you. However, if you dated the rate, as they said, you may have stretched yourself financially, thinking that your higher payment was temporary. Now, with the cost of so many things being higher than they were a few years ago, not the least of which is utilities and insurance, some homeowners are feeling quite pinched with no end in sight.
Chatting with one of my kids recently, who is not yet of home buying age, I learned of an interesting concept. In this scenario, which I’m told is working fine, two unmarried couples bought a modest house together, and they share all expenses. It’s a novel idea, although braver than I’d be, given that they’ve got 4 technically unrelated people all having the rights and responsibilities of a homeowner. I don’t know that I’d recommend four unrelated people purchase a single-family home for them to all live in, but it does bring up an interesting concept of something that might work with siblings and the purchase of a two family property, and then each get one roommate.
Sometimes words come to me to describe a situation, and today when I’m thinking of the real estate market, the word specific comes to mind. Sellers are selling homes in Central Massachusetts and buyers are certainly buying them–the reasons just feel more ‘specific’. I very recently listed and sold a home in an age 55+ development in Westminster. I did ‘all the things’ and worked with the seller to get that house to shine–fully cleaned, fully staged–real furniture for potential buyers to experience and feel in the space. We had beautiful photos and video, drone, you name it. We had a great turnout on Super Bowl weekend, despite horribly cold, windy and icy weather. We even had to cancel one open house due to the weather. But the people came out, and we had several offers, all very good. The seller ended up accepting an offer that had fair terms to both buyer and seller, and this sale marks the highest price point ever sold in that neighborhood ever, a record that had been set last summer with an off-market deal that I brokered. The seller had a very specific need and the buyers did, too.