Believe it or not, the biggest problem facing the real estate market in most areas right now is a lack of inventory. Many areas haven’t seen the inventory of homes for sale so low in over ten years. What is causing this? There are many factors, not the least of which has been the severe winter weather which has taken it’s toll on homes and yards throughout Massachusetts. Let’s face it, it’s hard to put your property up for sale when the annual Spring clean-up is likely to take several weekends instead of the usual one or two. And certainly the economy continues to be a factor for a lot of folks who may be dealing with job loss or a cutback on hours.
Despite this, we think that inventory will increase to more normal levels over the coming weeks. The good news here is that if you’re a Seller, your chances of a quick sale are good. However, proper pricing is still important. Despite reports of multiple offer situations being more common in recent weeks, buyers are still unlikely to overpay for a property. They are more likely to wait until the price comes down or another suitable property hits the market. Some price appreciation is possible, even likely, however it still has to appraise or the lender won’t approve the deal.
So, if you’re ready to sell and willing to be reasonable with the price, you may be in for a pleasant surprise!
Peter Ruffini GRI, CBR, RECS, e-PRO®, BPOR, SFR, REALTOR®
2013 Massachusetts Association of Realtors® President Elect