Originally posted to Harvard Law School blog: 1/28/04:
My goal is to develop a forum for real estate consumers, particularly home buyers, to post comments about what is really happening in their local housing markets. Despite the Boston Globe’s headline yesterday, stating that 2003 set a record for existing home sales in Massachusetts, 2003 also so the highest number of expired listings since 1998.
During the last 90 days of 2003, approximately 12,000 listings expired or were canceled. This represents approximately 40% of the homes on the market in Sept 2003, and totals approximately $5 billion in listings.
What does this mean for ordinary consumers? The housing market is not as "hot" as the press is reporting, and expectations that prices will continue to rise at approximately 10% per year in 2004 could result in thousands of buyers overpaying for properties.