The Three I’s in Real Estate Making an Impact
Despite the slight pause in the market last year due to the sudden increase of interest rates, the real estate market in Greater Boston remains stable, just as it has through varying economic environments in the past.
Three factors in 2023 with the most significant impact on real estate so far are, 1) Interest Rates, 2) Inflation 3) Inventory.
And when we speak of the luxury market, we can add an additional ‘I’: Insulated.
While by no means immune to external market conditions, the luxury market is somewhat insulated as luxury buyers tend to rely less on credit. As you will see in our Q1 market data for this year as compared to last year, luxury homes are still holding strong in our area and retaining value. There may be fewer sales for most areas, but low inventory is fueling demand across all price points. Now that the spring market is here, we will likely see a shift in the market with increasing inventory and an uptick in sales.
The Greater Boston market has always been competitive, and that is not likely to change. But, Greater Boston homes retain their values and that is not likely to change either. Real estate continues to be a sound investment for the future, particularly in our area.
Curious to know the current market value of your home? Let us prepare a Custom Market Analysis and let’s make a plan to get you where you want to be.
