Real estate is fun to talk about and as real estate agents, we frequently get asked about the state of the market. The best place to start is a deep dive into what the numbers are telling us about the current state of the market.
The single-family market in Massachusetts has seen a 52% decrease year over year of homes being listed for sale. For comparison purposes, last September 12,166 homes were listed for sale as compared to 5,827 today. With the extreme tightening of inventory, there has been an 8% increase in the median list price and days on market have declined by 41%.
The single-family market in Worcester County has seen a 55% decrease year over year of homes being listed for sale. Again with low inventory, there has been a 6% increase in the median list price and days on market have declined by 41%. Worcester County still is one of the more affordable areas of the state to purchase a home. The median list price in Worcester county is $349,900 as compared to the state-wide median list price of $483,500. As a result, many buyers are flocking to Worcester county.
So what do all these statistics mean for buyers?
First, when getting ready to purchase a home speak to a real estate agent. Who you work with matters. Treat your first meeting like an interview and ask them about their experience level, communication style, and if real estate is a full-time profession. Online reviews also provide first-hand accounts and can help buyers narrow down who they want to work with.
The second step in the process is reaching out to a loan officer. Most real estate agents can provide recommendations. Having a pre-approval loan in this market is a must-have. It also serves to give you an understanding of your budget and how much home you can afford.
Now you are ready to start looking for your new home. Buyers should be prepared for multiple offers, quick deadlines for offers, properties going over the asking price, larger down payments and possibly modifying some contingencies. Your agent will help you draft the most competitive offer and present it to the sellers. It may take several months and offers to get that perfect new home but if you follow the recommendations it is achievable.
If you are interested in learning more about the buying process please reach out to us today. Our agents have extensive experience and have successfully closed 35 transactions in the last three months alone. Remember who you work with matters.
Written by Kathleen Kelly