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Coleman Group Market Scoops – March 30th

Coleman Group Market Scoops – March 30th brooke lark 8beTH4VkhLI unsplash

Check out Coleman Group Market Scoops to get the latest intel on what is happening in the real estate market and what we are seeing every week!


The last full week of March is coming to an end and I have been getting many calls from Sellers ready to list their homes! This is wonderful news for all the buyers out there. An increase of listings inevitably leads to more Sellers being willing to move, as they will finally be able to answer their own question, “If I sell, where will I move?”. Inventory drives inventory in the RE market and I am getting truly excited for Buyers!

In short, as we flip our calendars to April for April showers, be ready to SPRING into action in the following weeks. 


We are finally starting to see more inventory come on the market despite the volatility in interest rates, which has been tightening supply as rates increase. With the collapse of SVB and current banking sector turmoil, there has also been a shift in which players are offering the most competitive interest rates, with the bigger banks now offering better rates than many of the smaller local banks that have dominated since last Spring. And, although rates crept up from the previous week, we still came across a rate in the low 5s for a 7/1 ARM at one of the big four. 


Well, this was a crazy week. Competition for good homes is unbelievable. I had a client competing with 30 other folks for a home in Woburn that we ultimately lost (in spite of having a high offer with no contingencies). The agent went back to the top 15, and at the end of the day the home neared the $1M mark. I sound like a broken record, but tight inventory is keeping prices way up.


Inventory definitely was up last week, though there still hasn’t been too much for buyers to  get excited about! I have several buyers that are aggressively searching for a home in multiple towns and just aren’t finding the right place for them. In a similar vein, I’ve been seeing a bunch of flips coming on lately – and a lot of them are very poorly done unfortunately. Be sure to do your diligence when viewing such properties and make sure your agent asks the right questions! Sometimes something can look shiny and new at first glance but upon further examination, you can find some pretty shocking and costly discoveries (ie old furnaces, HVAC nearing end of useful life, septic systems needing to be fully replaced, unpermitted work, and the list goes on). 


With the lack of inventory, buyers are ready to roll up their sleeves and take on fixer uppers.  This week in Melrose a fixer upper came on.  Due to the sellers’ circumstances, almost no home history was available to do prospective buyers.  In a situation like this, I always try to get my buyers in for a pre-inspection before the offer deadline.  In this case, pre-inspections were not allowed.  The house still received 9 offers and 3 of them waived home inspections altogether!  It will be interesting to see how things shake out with this one.


My buyers were excited to find an affordable fixer-upper in Medford and were shocked to see the open house was mobbed and to hear the agent report that 40+ private showings had already occurred. Whew! Competition is fierce, especially since this was the only home in the “very affordable” price range for this neighborhood. Footnote, the home was going to require a major investment and full gut job. With such limited supply, the early spring market is causing some buyers angst and disappointment. I’m encouraging my clients to keep the faith and to keep looking!

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Peter Jones

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