<div>As we begin the fall season, real estate professionals from around the neighborhood spoke with the Jamaica Plain Gazette to provide insights about the current market and share tips for those looking to rent or buy.BJ Ray, a Founder of The Boston Home Team and Realtor at Gibson Sotheby’s International Realty, noted that the market in Jamaica Plain is getting close to an equilibrium in terms of a buyers’ versus sellers’ market.Moreover, Ray mentioned that the market has c ome close to a neutral one but indicated that there is low inventory. “The inventory is so low, it’s hard for things to gather, to sit on the market for a long time because there’s just not a lot out there and demand isn’t really any less,” he said.Additionally, Ray commented on recent federal interest rate cuts and how he had heard from peers in the industry that the cuts had yet to have the effect they were anticipating.“They anticipated with the federal rate dropping, that there would be a kind of resurgence of interest, and it didn’t seem to work out that way,” said Ray.“People aren’t so quick to just jump in and throw offers on the table on the buy side, which doesn’t mean it won’t happen, but it didn’t happen overnight.”Janis Lippman of the Ellen + Janis Real Estate Team thought the market was very similar to last fall but noted that it might be slightly busier.“Every fall, everyone thinks the market is going to take off right after Labor Day, and it always takes a few weeks to get going,” said Lippman.While Lippman thought inventory was low and that it might take some time for it to be absorbed, she felt that busier times may be on the horizon.“I think we’ll see October becoming kind of the sweet spot and busier time of the fall market. Also, interest rates are lower than they have been, and I think that will fuel some buyers stepping back into the market.”She expanded on the dropping interest rates, saying that it would be ideal if rates were lower but thought that the current drop might entice folks looking to downsize or upgrade and put their homes on the market.“There could be people waiting on the sidelines to see if they go even lower — if that happens, I think it will be a very busy spring market,” said Lippman.Karen McCormack of Insight Realty Group compared this fall’s market to last fall’s and described the current one as “very active” and “strong,” noting that it is still considered a sellers’ market.“The talk of interest dropping has just been constant, but then we actually did have a bit of a drop. I get the sense that helped energize buyers who were kind of sitting on the fence really wanting to buy but not wanting to have such a high interest rate,” she said.“They’re definitely back in the market and trying to purchase the still limited amount of inventory that we have in our marketplace anyway.”Regarding interest rates, McCormack mentioned that they have heard from many sellers who would be out looking more seriously but do not want to leave their homes that have a low interest rate.“There are still some buyers out there saying, okay, if I find the absolute perfect place, a place where I’m going to be for years and it’s my dream home, I will sell my place and do away with my 3.5% mortgage,” said McCormack.“But if they don’t feel that way, if they don’t feel that strongly, they do not want to leave a low interest rate for a higher interest rate.”Rachael Kulik, a Real Estate Broker with Insight Realty Group who specializes in rentals, noted a higher vacancy rate than usual.Starting around August, Kulik said, “I’m busy, and suddenly things are not moving as much, and all these incentives are coming out, and things are available, and everyone [is] scratching their heads.”For example, Kulik described a renovated two-and-a-half-bedroom unit on Sheridan Street on the market for $3,100 with laundry and a two-bedroom unit on Oakview Terrace with HVAC and laundry for $3,000, both of which have not been rented.“I have units that would usually get snatched immediately if they were available during this random time period; for whatever reason, they haven’t moved,” she said.“Roslindale, I’m getting more hits on than JP, even more interestingly enough, and that’s strange.”Kulik indicated that a hypothesis among some as to why this is happening is tied to the housing crisis.“I’m sure you heard there was a housing crisis, a housing shortage, and that means high demand. Well, obviously, as you know, some of that was addressed, so now it may have actually led to more apartments than expected being available in the fall,” she said.In addition to providing commentary on the current market, all of these professionals gave some advice for those looking to buy or rent.For those interested in renting, Kulik emphasized the importance of asking questions. She also noted that if you see a lease shorter than 12 months, it is usually normal so the landlord can get on the correct cycle for the rental season.Another piece of advice from Kulik to potential renters was to be mindful of lease breaks. Kulik said, “Sometimes there’s a good chance that when that lease takeover is done, the rent could go up a few hundred dollars more than anticipated.”She also encouraged folks to get a free copy of their credit report from Experian and look into their credit in advance so issues that may arise during the rental application process can be addressed earlier.McCormack gave advice to those looking to purchase a condominium and noted that buyers should know how condominium associations are run.“I say to buyers that we’re working with, this is a very exciting time, but don’t be so excited that you’re blinded by some of the things that are obvious in a condominium association that could prove to be costly, could be not exactly what you’re looking for,” she said.“We want to look at the whole property, not just the interior of a condo that’s very shiny and new.”Lippman stressed the importance of researching and connecting with a good agent who can “help them and guide them through every single step in the home buying process and make sure that they have somebody who is advocating for them.”Ray talked about being mindful of additional expenditures for a home, which may seem affordable initially but might need things like a new roof or heating system.“They’re getting in cheap now, but are they capable of affording those improvements when they come? They can wind up making a situation worse or a home less valuable if you let those things get out of control,” he said.He also thought it would be prudent to look at homes that can withstand climate change and extreme weather or can be retrofitted to do so.To learn more about or contact these professionals, visit the links below.BJ Ray: https://www.gibsonsothebysrealty.com/realestate/agent/bj-ray/Janis Lippman: https://ellenandjanisrealestate.com/agents/janis-lippmanKaren McCormack: https://www.insightrealtygroup.com/agents/99682-karen-mccormackRachael Kulik: https://rachaelkulik.com/</div>

Mountain View, CA

NewsBreak

Real Estate professionals share their thoughts about the market in JP and more

As we begin the fall season, real estate professionals from around the neighborhood spoke with the Jamaica Plain Gazette to provide insights about the current market and share tips for those looking to rent or buy. BJ Ray, a Founder of The Boston Home Team and Realtor at Gibson Sotheby’s...