Dive Brief:
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The 100-plus inches of snow that fell on Boston this winter could change the city’s housing market for years to come.
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Real estate brokers told Realtor.com they expect a flood of listings to hit the market as temperatures warm up and the snow melts because owners of existing homes who wanted to post for-sale signs in their yards have waited out the winter and are ready to sell. That could oversaturate the market and prolong the time it takes for homes to move, the brokers said.
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In addition, they expect more suburban house hunters to focus their searches on communities near main train stations and closer to the city. “I do envision some shrinking of the radius that many buyers consider if commuting to the city for work,” one broker said. “Buyers who may have considered a 45-minute commute before this winter now may focus on suburbs closer to the city.”
Dive Insight:
In the short term, however, the few properties that were listed during the historically snowy winter are going fast because of the lack of competition.
Remodelers are also preparing for a busy spring as homeowners need help with flooded basements, weighed-down roofs, and other ice- and snow-related repairs.