By Pamela Taylor, Realtor®
Hard to believe but, yes, it is spring again! At least in terms of real estate.
The weather is still unpredictable, and although we can expect more cold or perhaps even a few good snowstorms, the housing market feels like spring to me. Buyers are getting anxious, looking for the perfect house, and sellers are readying their homes for sale.
If you recall the spring of 2018, you will remember it to be one of the craziest in recent times. Most houses sold quickly, many having received multiple offers, with some selling substantially higher than the asking price. Buyers were often losing homes they wanted, either because of multiple offers, or simply because they couldn’t view the property before it went under agreement. Open houses were mob scenes!
This was happening because there were not enough houses. The simple concept of supply and demand was creating a frenzy and driving the prices up. Good news for sellers, but very frustrating for buyers. While we don’t have crystal balls and can’t predict exactly what will happen this season, we can look at the indicators and make an educated assumption.
The graph below shows the on-market snapshot of properties available last year and this year for the towns of Hudson, Marlborough, Southborough, Westborough, Shrewsbury and Grafton.
The data shows that there are 37 percent more homes available now than at this time last year. The time on the market has also decreased. This is good news for both buyers and sellers. The market is healthy, with homes moving quickly. Buyers will be less likely to encounter the madness of last spring and will likely find a house that suits their needs.
Interestingly, the inventory data for Worcester Proper shows a decrease of 17 percent. As you’ve most likely heard, Worcester is being touted as the new “it” city. Worcester is offering great value as the city is changing and redefining itself. The market will be a bit more competitive as buyers are being priced out of communities closer to Boston.
As always, make sure you have a seasoned agent in your corner to guide you through the ups and downs of the ever-changing market. It’s time to get ready for spring! Sellers, call me today for a complimentary in home market analysis. Buyers – I will help you find your next home in the most efficient way possible. Let’s do this!
Pamela Taylor, Realtor®
EXIT Beacon Pointe Realty
382 W Main St,
Northborough, MA 01532
Direct Line: 508-414-4158