The Boston media and conventional wisdom dictate that the “hot” Boston condo for sale market is cooling off for home sales. Because of rising interest rates, many sellers may find themselves reluctant to put their homes up for sale. However, even in this market shift, the fall may be the best time to list your property. So don’t ghost potential buyers just yet, here are some truths about selling in the fall.
The Fall is an excellent time to list your Boston condo for sale, in a “hot” market a home can get lost in the shuffle in a crowded market, but savvy sellers can take advantage of the relatively lower level of competition to get a great deal done with the right buyer.
With a lower volume of sales overall, buyers and sellers are also more likely to get personalized attention from real estate agents, attorneys, closing agents, and title companies – all of which can lead to quicker and smoother closings.
The Pinterest addict in all of us knows all too well that the Fall season in New England is a great time for beautiful photos. With bright foliage and natural backdrops that wow, getting photos of your home that impress potential buyers can really be executed well. On top of that, staging your home with fall colors, holiday elements, and lots of light can be a great way to take advantage of this natural beauty and make it easier for buyers to picture life in their new home.
The answer is yes. I understand that inflation is on the rise and your dollar doesn’t stretch as far as it did a year ago. So why not take advantage of a season with lower demand? With the economy slowing, there’s less demand for contractors and movers – meaning you get great deals on any necessary repairs and moving costs. making the home sale and moving process much easier overall.
Fall sales can also mean potential tax breaks for home sellers. Some of the costs associated with home sales can be included in the cost basis of your home. Increasing your adjusted cost basis can decrease the capital gain associated with the home sale. In addition, some closing costs and home improvements may be tax write-offs for Boston condominium sellers.
Sellers who are also buying a new home see additional tax benefits. Property tax and mortgage interest paid at closing can both be deducted from your income for the year*, even if you closed on the home late in the year. For some buyers, these deductions can make a big difference in the year’s tax liability.
*As always, contact your tax professional to see how these may impact your specific situation.
There’s no denying the Boston condo for sale market is undergoing a shift this season as buyer demand slows and the number of homes for sale grows. But that shift actually gives you some unique benefits when you sell. Here’s a look at the key opportunities you have if you list your house this fall.
One of the biggest stories today is the growing supply of homes for sale. Housing inventory has been increasing since the start of the year, primarily because higher mortgage rates helped cool off the peak frenzy of buyer demand. But what you may not realize is, that actually could benefit you.
If you’re selling your house to make a move, it means you’ll have more options for your own home search. That gives you an even better chance to find a home that checks all of your boxes. So, if you’ve put off selling because you were worried about being able to find somewhere to go, know your options have improved.
Just remember, while data shows the number of Boston condos for sale has increased this fall, the housing supply is still firmly in sellers’ market territory. To be in a balanced market where there are enough homes available to meet the pace of buyer demand, there would need to be a six months supply of homes. According to the latest report from the National Association of Realtors (NAR), in July, there was only a 3.3 months supply.