Well, according to the Boston Globe, the spring market is over.
I could make the case that the spring market in homes for sale in Cambridge or the surrounding towns hasn't been over since 2012, but the article makes a few good points.
Spring started very late this year because we had an historic winter. (Its tough to view Cambridge condos trudging through 4 or 5 ft of snow :)
And now that homeowners have heard about homes in Cambridge and greater Boston getting multiple offers in the first day or two, then selling significantly over asking price, they are thinking about selling. More inventory plus summer vacations equals less competition. So, there's a chance you could actually win a bid to buy a great place - and with rising rents, there's no better time to buy.
Words of wisdom from money gurus:
"If you don't own real estate, buy something. If you do own a property, buy another one, or move up from what you have."
This is also my strategy for getting a more comfortable and freer lifestyle.
If you're navigating the market in Cambridge, Boston or the suburbs, follow these strategies to manage the headwinds:
1. Get trusted advisors. Be comfortable talking with your broker about your concerns, ask questions, listen to their thoughts. Get an attorney who won't bill you for every 5 minute email, line up a contractor - maybe take a contractor with you on showings. Sometimes contractors will take a quick drive by a property for you.
2. Be prepared. Be bold. Prepare before you look so you can eliminate as many contingencies as possible and move quickly. Prepare your finances, your mindset, think carefully about your wants and needs - do you really need to have 1000 sq feet, or would you be comfortable in 800? When you see a place that would work for you, even if its not perfect, jump on it. That doesn't mean be careless, just make your decision and trust it. Its difficult to make a mistake if you're well prepared.
3. Develop thick skin. You may not win the first property you fall in love with - remember dating? Check out the home, consider if you'd like living there, but if it doesn't work out, move on to the next one and don't give up until you find a great match.
4. Keep your sense of humor. This is a tough one because you're spending a lot of money, which isn't usually a laughing matter. But it is important to stay in a playful mindset - that's when you make you best decisions - did you know that when we're anxious, nervous or worried, the analytical part of our brain is shut down? That's so we won't spend time thinking about whether or not to run away from that lion chasing us. Oh wait, there isn't a lion chasing us. Don't let the fight-flight response get the best of you.
P.S. It would be a pleasure to help you buy or sell a home in Cambridge, Boston or the suburbs. Call me at 617-401-4048 for a free consultation.
Here's the Boston Globe article: http://tinyurl.com/oq6cfya