Boston
Property Market 2024:
A
Strategic Guide for Buyers and Sellers
Are you a Boston homeowner? Are
you thinking of moving home in the next six to twelve months? Whether you're
aiming to buy your dream Boston home or sell a beloved property, grasping the
current market dynamics is crucial.
You might be a Boston
buy-to-let landlord, possibly looking at selling or buying another property to
add to your portfolio?
Also, you could be a Boston
first-time buyer and wondering if this is a good time to buy or not?
Irrespective of
which of these you are, understanding
whether the Boston property market favours buyers or sellers is crucial for
making informed decisions.
By examining the local Boston
property market, we can gauge current trends, prices, and opportunities,
allowing all parties - buyers, sellers, investors, and first-time homeowners - to
strategically plan their next moves.
What Sort of Boston Property Market are we in?
Those of you that regularly
follow my Boston Property Market blogs, know the measurement of whether it's a
buyers', balanced, or sellers' market is based on the proportion of properties
marked as "Sold STC" and "Under Offer" compared with the
total number of properties on the market.
For example, if there are 46
properties sold STC and 100 properties available/for sale, then 46, as a
percentage of 100, is 46%.
This isn't just a numbers
game; it's a gauge of market sentiment:
- Extreme Buyers' Market (0%-20%)
- Buyers' Market (21%-29%)
- Balanced Market (30%-40%)
- Sellers' Market (41%-49%)
- Hot Sellers' Market (50%-59%)
- Extreme Sellers' Market (60%+)
The significance of these
brackets can't be overstated. They directly impact everything from listing
prices to negotiation leverage.
Current Boston Property Market Snapshot
To calculate Boston's property
market's status, let's incorporate our most recent findings for July 2024. The
numbers and statistics have been taken from the website 'The Advisory,' which
has calculated the market state for many years. I am sharing them from the summer
of 2018 to July 2024.
·
The Boston postcode district of PE21 showed an extreme sellers’ market at 71% in the summer of 2021, which
eased off throughout 2022.
·
Throughout 2023, the Boston property market was in the high 30%/low 40%
ranges (a balanced/sellers’ market). As expected, due to the seasonal nature of
the property market, by January 2024 this had reduced slightly to 38%.
·
Since January 2024, it has increased slightly, and now stands at 39%.
The Consequences and Thoughts for Boston's Property Market
This new data prompts me to
take stock and ponder.
For Boston sellers: We are now in a property
market where sellers must be more strategic, flexible, and patient. You should
brace yourself for your home to be on the market for longer, with an extended
marketing period. Realistic pricing is more vital than ever. Setting the right
price is crucial for attracting suitable buyers.
For all the Boston homes that
left estate agent books in the 12 months between July 2022 and June 2023, 60.51%
of Boston homes sold and completed (the rest withdrawing, unsold). Since 1st
January 2024, that figure for Boston homes has increased very slightly to 62.40%.
(Just for comparison, for all the homes that left estate agent books
in the 12 months between July 2022 and June 2023, 58.67% of UK homes on the
market sold and completed. Since 1st January 2024, that figure for UK homes has
also dropped to 51.13%).
Therefore, your marketing
strategy is just as important. Employing tools such as video or virtual tours, targeted
social media campaigns, or interactive property listings could be particularly
beneficial in this more ‘normal’ market of 2024.
For Boston buyers: Expect intense
competition if you're interested in highly sought-after types of properties.
Securing mortgage pre-approval can put you ahead of other prospective buyers.
Consider expanding your search area to discover potential deals that others may
overlook. Conversely, in less competitive markets, Boston buyers have more
leverage to negotiate from the offer price to inclusions like carpets,
fixtures, and fittings. You will also have the luxury of choice and time with
other homes.
Remember, four out of five
sellers are also buyers, so what you may lose on the sale might be compensated
for on the purchase. External influences such as global economic trends,
inflation, and interest rate repercussions could all cast shadows on the Boston
property market.
Final Thoughts
As we progress into the eighth
month of 2024, the Boston property market presents challenges and opportunities
for buyers and sellers.
Understanding these market
subtleties is crucial for anyone considering a move, from existing homeowners
to seasoned buy-to-let investors, first-time buyers, or those looking to
relocate to Boston.
Stay flexible, stay informed,
and remember that your home-moving experience is as much about the journey as
the destination.
What are your thoughts on Boston's
developing property market since we have a new Government?
Do you anticipate any other
shifts or trends in the Boston property market?
What are your local insights
and experiences?
Please do share them.
