By Michael Mahoney of Remax Way Covering Boston
Today, I wanted to share with you the current state of the market according to the most recent Remax of New England Report with the latest numbers.
Here is what Monica Nichols Marketing Manager for Remax New England had to say to say on Linkedin.com
"Sellers are still a little reluctant to list their home, forcing inventory to decrease as sellers wait for the temperature to rise and spring to set in,” commented Dan Breault, EVP/Regional Director of RE/MAX of New England. “The New England market is starting to see median prices uptick, as buyers are in bidding wars for the limited properties on the market. It’s apparent that homeownership continues to be an important milestone for most Americans.”
While prices and transactions have largely increased, inventory levels have dropped across Connecticut, Massachusetts and Rhode Island over the last year. In fact, on average, they are down 30.8% in these states.
What does this mean to the buyer right now? Well, it certainly means there is even more competition to find a home. Across New England, despite an incredibly harsh winter of blizzards and storms, pending sales in every state are up over this time last year. Connecticutis up 31.6%, followed by Vermontat 21.5%, New Hampshireat 9.1%, Rhode Island at 7.1% and Massachusetts at 1.4%.
What does this mean to the seller? Get motivated and get your home on the market. With inventory down more than 30% in many New England states, there is no better time than the present to list a home.
So, what’s a REALTOR® to do? Encourage your buyers to get prequalified and be able to move quickly if they find a home that suits their budget. Waiting is fast becoming a luxury and buyers stand to lose out on the home of their dreams if they procrastinate. 30-year mortgage rates are still in the mid 3% range and 15-year rates are in the high 2% range; home ownership is an incredibly affordable option.
Similarly with sellers – take action now! Get your home listed and get it priced properly out of the gate. While it seems like a daunting task, talk to a RE/MAX Agent who can educate and guide you along this process.
Today’s market is incredibly exciting for both buyers and sellers. Nothing stimulates an economy more than a robust housing market. And, from all signs, we’re well on our way to economic recovery. The birds are chirping and the sun is shining. Take advantage of this busy spring season and let’s continue the momentum throughout the year.
Areas I cover include: Abington | Allston | Back Bay | Beacon Hill |
Boston | Braintree | Brighton | Brockton Brookline | Canton |
Dedham | Dorchester | Hingham | Hyde Park | Jamaica Plain |
Mattapan | Milton Mission Hill |Needham | Newton | Norwood | Quincy
| Randolph | Roslindale | Roxbury | Sharon | Somerville
South Boston | South End | Stoughton | Walpole | West Roxbury |
Westwood | Weymouth
Michael Mahoney Remax Boston Realtor 617.615.9435
Boston area Realtor®
Affiliated with Century 21
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