Agent2Agent in Boston>Question Details

Bobby Woofter, Real Estate Pro in Boston, MA

shortage of properties for sale. Is that likely to change any time soon?

Asked by Bobby Woofter, Boston, MA Fri Jun 1, 2012

So for the last 6 months at least there has been a major stock shortage in Boston Proper. Properly priced units are being snapped up with multiple offers at their first open houses. There are plenty of buyers looking but not enough properties to buy. There are a handful of new luxury condo buildings on the horizon that will add stock but that is a few years off and will only address a the 500K and up buyers. Does any one see any end to the stock shortage in the near future?

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Send me your buyers, we have plenty in stock for immediate purchase.
1 vote Thank Flag Link Fri Jun 1, 2012
There is a definite shortage in Scottsdale too.
0 votes Thank Flag Link Mon Jun 4, 2012
Love Tim's answer! No real shortage here as well!
0 votes Thank Flag Link Mon Jun 4, 2012
Atlanta is experiencing a shortage of inventory in homes for sale and for rent. I've been told the banks are starting to turn more properties to the market, but it's slow going for now. November will be important for real estate and the economy as a whole.
0 votes Thank Flag Link Mon Jun 4, 2012
We are experiencing the same in my area Tampa bay/Clearwater Florida. I noticed many banks foreclose properties and do not put them back on the market. A friend in financial business told me this will continue till november, next presidential election. Anyone can give an opinion?
Paola Lombardi,
Great Homes Realty

Short Sale & Pre-Foreclosure Certified Specialist
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0 votes Thank Flag Link Sun Jun 3, 2012
It depends on the town, and then it depends on the area, and then it depends on the price point, and then it dependson the condition and then it depends on the style, and ....

Some towns, points, and types are on the market longer, and therefore more plentiful than others.

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0 votes Thank Flag Link Sat Jun 2, 2012
What is good about the market now is rental rates have increased to the point that home ownership with its tax benefits and low interest rates is now attractive again.

Bobby another question maybe what will happen when we get realistic interest rates????

Low interest rates high prices, High interest rates low prices. Simple math

Territory does that mean that all these new buyers creating a shortage of homes will hold onto them when and if values drop drastically due to realistic interest rates.

Or will there be another rash of foreclosures or short sales?
0 votes Thank Flag Link Sat Jun 2, 2012
When the economy recovers / stabilizes the inventory should pick. Boston is a relatively wealthy metropolitan city so you will find home owners can (and will) hold their properties to avoid losing money so the inventory is low. I give it another few years, or at least until after the election.
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0 votes Thank Flag Link Sat Jun 2, 2012
I think we are seeing the same thing here in Maryland. As a Home Inspector I always try to net work to help agents find clients and promote their properties. My thoughts are that we are working with a chain reaction type of industry. When one house sells another is bought... more or less. Perhaps this is like an old truck... once it starts going you can not stop it.
0 votes Thank Flag Link Fri Jun 1, 2012
So where would the people go if you sell their properly price property and there is nothing for them to buy, except as you put it, not as desirable over priced properties. Or they can move to another state or further out of the city, but there is a huge tradeoff in the quality of life to do that.

People move for jobs or to upgrade or downgrade. Boston is and always will be a desirable market place. As it has jobs, schools, hospitals, high tech, biotech and any new tech. The better suburbs are experience the same shortage of properly priced properties. People don't want to be over extended or use their home as a piggy bank anymore. They've seen what can happen and happen quickly.

But we may sound like brats calling just under 500k affordable.

So what I see is that we are in a healthy market and what you will experience is that those high overpriced properties will seek an equilibrium, and or as you said the new construction in the price that is more affordable being built.
0 votes Thank Flag Link Fri Jun 1, 2012
It is up to the real estate professionals to get the word out to the market. This "good news" will not make the TV news. We know what the local market is right now and we need to go out and do our job.
0 votes Thank Flag Link Fri Jun 1, 2012
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