“The era of dirt-cheap money is over,” reports Linda O’Koniewski, CEO of Leading Edge. “We can’t look back. Sellers and buyers must adjust to the new normal. Year-over-year prices are up, but in recent months, prices are flat and are softening in some pockets. Higher interest rates have dampened the buyer pool. Less competition means that buyers aren’t driving prices up, and they are looking for their home inspection and financing protections in their offers.
“To paraphrase Warren Buffett: be greedy when people are fearful, and fearful when people are greedy. Buyers were reluctant to buy in the recession of the early 90’s and in the great recession of 2007, and yet everyone wishes they bought then. A normal market is healthy for all. Sellers are still commanding historic prices, but will find they have to negotiate more with today’s buyers.”
The following are location-specific overviews of market changes year-over-year, for a sampling of neighborhoods in the Greater Boston Area. Don't see your town listed? Contact me for a custom report!