I hope this letter finds you and your families safe at home. I wrote a letter about a month ago, and I received feedback that the note was helpful and reassuring during these uncertain times. I am hoping I can continue to alleviate some stress if you are at all concerned about the Beverly Farms Real Estate Market. I have good news. Obviously, the end of the Covid-19 pandemic continues to be unknown, but I can assure you the market value in our neighborhood remains intact, and surprisingly even positive.
It is time to sell:
“If you’re looking to sell a house, this spring has turned out to be a surprisingly good time to do so.” According to the Boston Globe on May 28. Home prices in the Boston area have gone up 14%, but the number of home sales are down - indicating a strong sellers market.
As people flock to the suburbs, sales in Beverly have increased year over year.
Home sales are up. In April, 26 homes sold in 2019 compared to 34 in 2020.
People are making offers quicker. Average days to offer in 2019, 21 days. Average days to offer in 2020, 12 days.
Advice and Predictions I am sharing with my clients:
Now is a good time to sell, a difficult time to buy. I have multiple clients looking for homes in the Beverly area. The lack of inventory has resulted in bidding wars and “sight unseen” offers . These buyers are part of the influx coming from the Boston area looking to move to the suburbs. Multiple offers means this continues to be a sellers market. Now is a good time to sell your house while people are leaving the city for the summer.
Suburb properties will increase in demand, city homes will see a decline. I put this in my last note, and it is already coming true. People feel safer in large open neighborhoods, and not in city apartment buildings during this time. Since my last note, many large companies have said they will allow their employees to work from home for as long as they would like. My wife for example plans to work from home for at least the next six months and not commute into the city, making it more likely that people will skip over Melrose, Lynnfield, and go further from the city.
Interest rates will continue to be record lows. Investors and home shoppers should take advantage of this. It is also a good time to refinance your home.
I hope this is helpful, and causes you to be a little less anxious during this trying time. Please call me if I can help in any way, or if you just need someone to chat with.
100 West Street Beverly Farms | (351) 201-0258 | firstname.lastname@example.org
Engel & Voelkers By The Sea
#1 Realtor in Beverly, 2018
Beverly Record Holder for Single Family Sales and Multi Family Sales