When it comes to selling or buying a home, many realtors and appraiser will tell you the biggest factors in a listing price are location, appliances, and number of room to bathroom ratio. While these are important factors, one of the uncontrollable variables is the condition of the local housing market.
Recently reported by NECN, Massachusetts housing marketing has risen to one of the highest it has been in years. They reported “The median home price in Massachusetts is now
$372,000, a new record high. With bidding wars and record prices, the headlines are strikingly similar to a decade ago, right before the housing market tanked”. What does this mean for Massachusetts realtors and homeowners? Well from a statement from Annie Blatz, president of the Massachusetts Association of Realtors said “ We have a very competitive market very high demand and low inventory. That is making our prices go up. This is different from years in the past when we had a different economic set of circumstances when we had high demand and high prices and also high inventory.” The most competitive markets in Massachusetts are currently in Boston and the western suburbs surrounding Greater Boston. In these markets, realtors have reported large turnouts for open houses.
What is Seller’s Market?
With the high demand and low supply of homes on the market, Massachusetts has entered into a seller’s market. In a seller’s market what often occurs is multiple buyers will be interested in a home and bidding wars begins. If you are considering selling your home, it would be the perfect time to get an appraisal of your home and put your home on the market. In a seller’s market, you are more than likely to secure a selling price that is greater than what you listed it for. As for the buyers in this market, it is vital that you act on a house that you are interested in quickly because there is probably a few buyers interested in the same home. Because of the high amount of bidding wars going on for homes, buyers should have an idea of their budget before looking at home to buy or entering a bidding war.