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    6 Surprising Realities About the Real Estate Market Right Now

    Think back. Way, way, back to March, when we were all just learning about COVID... Every hour, there was a new update about...

    • Stewart Woodward
    • September 2nd, 2020
    • 3 min read

    Think back. Way, way, back to March, when we were all just learning about COVID...

    Every hour, there was a new update about the virus, a new round of stay home orders, and lots of predictions about how the economy would weather a pandemic. Back then, there was reasonable concern that the real estate market would crash. The uncertainty made it difficult to even imagine what would happen in the coming months if you were looking to buy or sell a home.

    Fast forward to now. No, there hasn’t been a 2008-level crash. In fact, the real estate market is still going strong in many markets. Yet, there are some very big (and surprising) trends going on in our “new normal.” Here are the top six:

    ONE | Inventory is still very low

    The pandemic basically cut off the spring market before it could really get underway. Few wanted to open their homes to prospective buyers — though the rise of virtual tours made it possible to have the most socially distant open house ever. Still, with the uncertainty of the job market, ever-changing hot spots, and the difficulty of doing all the normal stuff to prep for a sale (decluttering, staging) during stay-at-home orders, only the most motivated sellers listed.

    TWO | Interest rates remain low

    One of the first big headlines of the pandemic, when it came to real estate, was when interest rates were slashed big time. Of course, many took advantage by refinancing their home. As months passed, though, the continued low-interest rates motivated prospective buyers to enter the market and enjoy the savings.

    THREE | There’s a lot of competition if you’re a buyer

    It’s not just locals in your market. The shift to remote work means that many people can move to an area they love, not one that is convenient for a commute. Often, these are high wage earners who can afford to submit an offer above asking price — especially if they sold their home at the right time or in a pricey market.

    FOUR | Homes are selling very, very quickly

    When there are fewer listings and plenty of buyers, your dream home may be a blink-and-you’ll-miss-it opportunity. 

    For buyers, this means that you should be preapproved (not just prequalified) in order to get your offer considered. For sellers, you may have a little more leeway on things like condition and contingencies.

    FIVE | Prices have climbed

    All of the above factors have pushed prices higher in most areas. In fact, 96% of cities saw home prices rise between April and June. Markets that didn’t see the same growth were generally ones that had completely shut down during that time (like New York City).

    SIX | Folks are leaving big cities

    While most cities are experiencing the same issues of low inventory as sellers hesitate to put their homes on the market, there’s one huge exception: big cities. Part of the reason is due to the big tech companies ordering employees to work remotely during the pandemic (and perhaps indefinitely). The other contributing factor is that prices tend to be extremely high — so if you don’t have to pay the premium to live close to your workplace, why not live somewhere else? In addition, there's a very high population density, which isn’t the best thing to have in a time of social distancing. 

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    About the author

    Stewart Woodward

    781-647-1552
    I believe real estate is about more than just transactions—it's about helping people find their place in the world while building community. After 40+ years as an entrepreneur, including running a successful commercial photography business based in Waltham for two decades, I've brought my eye for detail and passion for service to the real estate industry. My background in visual arts gives me a unique perspective on showcasing properties, while my experience as a business owner taught me the value of meticulous precision and unwavering client advocacy. With my Metro West Home Team brand, I provide personalized, one-on-one service to every client. My approach combines savvy negotiation skills with local knowledge and a customer-first philosophy. My track record speaks for itself—in recent years, my seller clients' properties have sold for an average of 98.58% of original listing price, typically with offers accepted within 12 days. But what truly matters to me is guiding clients through what can often be an overwhelming process with flexibility, creativity, and personal warmth. Before joining REAL Broker, I managed my own boutique real estate brokerage, Central Square Realty Group, in downtown Waltham for four years. This entrepreneurial experience deepened my understanding of the local market and allowed me to develop a hands-on approach to real estate that continues to benefit my clients today. I'm proud to now be part of REAL Broker, a publicly-traded, technology-powered brokerage operating throughout the U.S. and Canada. Their innovative platform and agent-centric approach perfectly align with my commitment to excellent client service and their motto: "Work Hard, Be Kind." I'm a licensed Real Estate Broker in Massachusetts, a member of both the Massachusetts and National Associations of Realtors, and hold Seller Representative Specialist (SRS) and Military Relocation Professional (MRP) certifications. With over 90 clients served and more than $39 million in sales volume over my 12+ years in real estate, I've developed the expertise to handle any situation—but I've never lost sight of the human element that makes this profession so rewarding. Beyond my professional life, I remain deeply connected to my community. I'm active in the Rotary Club, where I served as president and currently serve as treasurer of the Waltham Club. I also participate in the Chambers of Commerce across Waltham, Watertown, and Newton. My civic engagement includes serving as a trustee of historic Gore Place, where I lead the Buildings and Grounds committee and contribute as an active member of the development committee. I'm also proud to serve on the City of Waltham's Affordable Housing committee, working to ensure our community remains accessible for all residents. I believe in giving back to the community that has supported me. Both personally and through my Metro West HOME Team business, I actively support important local non-profits. We've been a Community Partner of Gore Place for many years, helping to preserve this historic landmark through ongoing sponsorship. With my background in the arts, I'm also passionate about supporting local creativity. Each November, my business and I sponsor the Waltham Mills Artist Association's annual open studios event, creating opportunities for visitors to experience art being created firsthand and to connect directly with talented local artists.

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