Update: If you saw this post from earlier in the month and have an interest in what has been going on with the local real estate market then you might find this latest graphic update interesting:
What a difference 3 weeks can make!
Inventory has fallen off by another 1000 homes in the state in only 3 weeks! Below is my post from earlier this month. Take a look and if you have thought about selling your home check out the seller section of our site for great information on how to prepare your home for sale, or just give me a call. I'll walk you though the process, from start to finish, all with no obligation!
I've been thinking about how to best convey what is happening in the real estate market here in Massachusetts and on the South Coast without sounding like I'm begging you to sell your home. So, I thought I'd start with a few graphics.
What a Difference a Year Makes!
Today, there are only 4361 single family homes on the market in all of Massachusetts! 5 years ago, at this time, we had over 11,200. And inventory is down over 50% from this time last year. In addition, this data tool includes homes that are in a "contingency" status when calculating on market inventory. So, when you factor in that a percentage of the listed inventory is "continent" then far last than 4361 homes are actually available. Until last week, inventory in Massachusetts had not fallen below 5,000 homes since records started being kept.
"That's interesting but what's happening locally?" Well, I'm glad you asked! Let's see.
It's not any better for home buyer's looking throughout Bristol County with inventory down over 57% from last year.
"What about Fall River?" Thanks for asking! Let's see...
You have to feel for these families trying to find a place to call home when in the entire city there are only 37 homes to consider. That's homes, some of which are "contingent", at all prices points! Challenging to say the least, especially when you are on a budget!
"Is there any good news if you are a home buyer?" Yes, yes there is! 30 year mortgage interest rates hit a new record low last week! When borrowing money at these incredibly low rates, even when factoring in the home price increases, it's still can be cheaper to buy a home this year than it was a year ago!
So, I'm not begging you to list your home for sale. But the market is starving for inventory, so if you have a property that you have considered selling I can't imagine a better market than now!
Check out the seller section of our site for great information on how to prepare your home for sale, or just give me a call. I'll walk you though the process, from start to finish, all with no obligation!
Christopher Terry EZ Home Search Real Estate www.ezhomesearch.net firstname.lastname@example.org 508-646-4777
P.S. I know there is a tendency to set this aside, but don't wait! The unique market conditions that we are seeing won't last forever! Call 508-646-4777 or email me today!