March 21, 2019
A City in Our Service Area is One of the Country’s Most Competitive Housing Markets
While the housing market is going through a definite cooling period overall, there remain a number of hotbed markets where competition remains higher than the average might lead one to realize. Among these competitive housing markets is one city that we at Topouzis & Associates, P.C. are proud to provide with our title curative services and title insurance products.
According to a December report by Redfin, the eight-year low in competition of today’s marketplace—November 2017 saw 45 percent of offers facing competition, while November 2018 only saw 32 percent face competition—may be widespread, but that doesn’t mean this displays the entire story. Even in some of the fastest-cooling market areas, there is still enough demand for housing to spark bidding wars.
Redfin broke these numbers down by zip code, and, as it turns out, of the top eleven areas where bidding wars were still likely to occur—where in fact the number of listings likely to see competitive offers rose above seventy percent—four separate zip codes in and around Boston, Massachusetts continued to make the list: 01890 (Winchester) saw a full 80 percent of listings under competition; 02476 (Arlington Heights) saw 79 percent of listings under competition; also coming in at 79 percent was 02148 (Malden); and 01801 (Woburn) saw 70 percent of offers under competition.
The reasons that these Boston-area neighborhoods continue to operate as seller’s market are many, but put simply it comes down to proximity to one very important facet of what Boston has to offer: high-quality and high-prestige schools all packed into a relatively small geographic zone of activity—and the students and jobs that come along with them.
All told, the Boston metropolitan area as a whole saw more than 37 percent of offers made on homes go into competition. But this was, in fact, down from the same time last year, when that number stood at 44 percent.
At Topouzis & Associates, P.C., we perform title searches and remedy problems with title in the vicinity of Boston, as well as in the rest of Massachusetts—and also in Rhode Island and Florida. We back these services with title insurance for both lenders and owners. Contact us if you’re considering purchasing a new property, whether for yourself or as an investment, so we can help ensure that you achieve true ownership of the property you fought so hard for, without having to deal with unforeseen hassles arising from problems created by someone else in the past.