Real estate brokers across the country diligently track the trends in the housing market each year, and Boston’s real estate agents are no different. After several hard years in the real estate market, keeping a close eye on these trends is extremely important.
Recently Boston’s real estate agents have noticed a few positive trends emerging in their home market. One such trend is that families are staying in their homes longer, on average nine years or more. What this means for the market is that buyers are looking for homes with “extra” rooms. Rooms that can be turned into small bedrooms, nurseries, or even home offices. Another trend in the Boston market is that frequently buyers are looking to “trade up”. By that, they are looking for larger homes, bigger lots, or even a better zip code. Unfortunately, with home owners staying in their homes longer, this also means fewer single family homes on the market, this has lead to an increase in luxury apartment buildings being built. With the home market in what is being termed as a “recovery mode”, houses are being sold for a higher price, with leads to buyers being able to move to larger more luxurious homes.
While these trends are all tied into each, there a few other trends being seen in the Boston luxury real estate market. Home buyers are now shopping year round, not limiting themselves to only the spring or summer seasons. One trend that seemed to surprise real estate agents though, is the popularity of shopping for homes on You-Tube. You-Tube is now the second most popular search engine when it comes to selling or buying a home. This is leading many real estate brokers to post their own You-Tube videos highlighting homes in their area along with their expertise. As with house hunting online, many buyers are using their mobile devices to find their dream homes. With their phones or tablets, potential buyers can view interactive floor plans, view neighbourhoods, and receive unbiased statistics on the areas that they are interested in.
While these may be considered trends in the real estate market for 2013 right now, all signs indicate that these trends are quickly becoming the way to shop for your next home. Many predict that these trends will soon become the “norm”.
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