The Boston area real estate market has slowed down according to real estate agents interviewed in an article in the Boston Globe today. The market, which has been rising at a blistering pace over the past 10 years, has turned into a buyers market.
“A weakening housing market will be a significant weight on the economies that have benefited from the real estate boom,” said Mark Zandi, economy.com’s chief economist. “It means fewer jobs in sectors such as construction. It short circuits equity withdrawals that supported household spending on home improvements, restaurants and vacations.”
The cooling market represents a return to normalcy, said Maggie Tomkiewicz, president of the Massachusetts Association of Realtors.
“The market was overheated,” she said. “A seller now needs to be more realistic.”
Housing sales are still rising, and the price increase is 4 percent greater from September 2004 to September 2005. So for the chicken littles out there, the sky is not falling, just the rate of growth is slowing down.
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It is rising now. Do you have some good advice for the buyers?