Over the past few weeks, Needham has seen signs of what might be the beginning of another hot spring seller's market. When interest rates rose drastically back in the late spring, buyers finally were able to come up for air. Some decided to put their moves on hold, while others stayed in the market and found themselves in a position of power for the first time in months. As we headed into the fall market, buyers were able to add back contigencies to their offers without fear of being beat out and it started to feel as if the market was "normalizing" or "correcting". Through the end of 2022, I worked with many buyers who did not have to waive their inspection and mortgage contingencies to be considered in the running. It was actually a great time to be a buyer despite the interest rates because there was room for negotiation. Fast forward to February 2023. In the past few weeks in Needham, there has been very little new inventory. New construction seem to be taking longer to sell, as well as homes that aren't priced properly. But for those that are, it's been somewhat reminiscent of spring 2022. So far this year, there have been a number of homes in Needham and the surrounding towns that have hit the market, received multiple offers over asking price and were under agreement within a few days of being listed. The year is young, but I suspect we are heading toward another frenzied spring seller's market. Especially now that buyers have gotten used to the idea of higher rates. What remains to be seen is if homeowners who have previously locked in amazing low rates over the past few years will be looking to take advantage of a competitive seller's market or will stay put because of the rates they already have. I'll keep you posted!
