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A Note from Steve McKenna: 2024 Greater Boston Real Estate Predictions

Happy New Year!

Let's delve into the real estate landscape and explore our expectations for 2024. The Greater Boston area, enriched with premier hospitals, universities, and burgeoning biotech industries, positions itself as a prime hub for real estate investment. Upon scrutinizing the statistics comparing 2022 to 2023, a noteworthy trend emerged: despite a significant surge in mortgage interest rates and initially low buyer confidence in early 2023, overall property values experienced a slight increase. 

The latter part of 2023 brought promising developments. Buyers, recognizing the importance of homeownership, demonstrated resilience in the face of higher interest rates from two years ago. Additionally, a recent reduction in interest rates, along with a scarcity of inventory, led to multiple competitive offers for sellers, featuring strong prices and favorable terms.

The anticipation for the first half of 2024 is high, with expectations of increased activity. The surge in available homes is anticipated to spark heightened buyer interest, fostering competitiveness in securing a home. Stabilized interest rates and a boost in buyer confidence further contribute to the positive outlook on the new year. Sellers can confidently anticipate potential value increases as we move forward. It seems the upcoming year holds promise for a bustling real estate market for both buyers and sellers. 

When you're ready, contact our team and we'll be here to help you every step of your real estate journey.

Cheers to 2024, 

Steve McKenna

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