There may be snow on the ground but that isn't stopping the spring housing market from heating up! Even the chief economist for Realtor.com, Jonathan Smoke, listed Boston and its surrounding areas top 20 hottest housing markets this past month. You may wonder what makes Boston so hot, and it's simple: Supply and Demand. Though the number of listings is up over 3% from this time last year, the number of buyers is up even greater. This has resulted in more homes selling faster.
The fast pace of the market doesn't appear to be slowing down any time soon, according to Standard & Poors, The Wall Street rating agency. Their home price index anticipates home prices could rise to over 24% by the year 2020, if the economy follows its current track. This type of prediction puts pressure on those buying and selling homes. We have seen an influx in 15-30 day closing requests. In fact, over half of our clients in the month of March went from application to closing in 21 days or less. This speaks directly to the pace and competitiveness of the market. Many have said this spring is shaping up to be the busiest housing market we've seen since 2006.