Buyers and sellers in Greater Boston‘s housing market are concerned, local realtors say, amid a turbulent economy plagued by trade wars, federal funding cuts and a volatile stock market.
But still, experts from the Warren Group say Greater Boston’s housing prices are up slightly from this time last year as the traditionally hot spring real estate season ramps up.
Deric Lipski of Keller Williams Realty in South Easton held multiple open houses this weekend.
“A concern for everybody is the uncertainty of the [stock] market and with interest rates dipping down and then spiking back up again,” Lipski pointed out. “Last week — Wednesday, Thursday, Friday — we had a whole half a point jump up.”
Lipski counted about 50 people coming through an open house this weekend in Rockland.
“I think it’s still a seller’s market,” he said. “Homes that come on that are priced well and marketed correctly are getting above-average asking price, and you’re still seeing over-bidding.”
The real estate analysis company the Warren Group tracks finalized real estate transactions. Spokesperson Cassidy Norton says too many unknowns make predicting the rest of the spring market more difficult.
“It’s very hard to say. If the stock market continues to tank, that’s not good for people’s savings. People might have their down payments invested in the stock market and they want to draw it out. And all of a sudden they have far less buying power than they thought they did,” she said.
Jeff Mancovsky with Mortgage Equity Partners in Lynnfield has seen a surprising number of would-be buyers at his office. But even those who walk through the door worry about financing a purchase with job insecurity, investment returns and high everyday costs.
“Home prices have obviously continued to rise and we’re still appreciating even though things are tenuous in the market,” he said. “So they’re not so hesitant on buying the home. Where they’re hesitant is: Should they lock in, or should they wait?”
Another major variable for the future of the real estate market could be the cost of building supplies, which are expected to go up with increased tariffs.
