Turn on the TV or read the newspaper and you’ll hear that it’s a great time to buy a home.  And it is.   But are the deals as great as the media outlets portray them to be?  The answer is yes…… but in other parts of the country.  Here in Massachusetts we are actually having inventory issues. Not enough nice homes that are priced right.   If you take a quick look at Realtor.com or MLS, you’ll think I’m crazy.  Do a quick search and tons and tons of homes come up.  However most buyers here are looking for the same thing….a 3 or 4 bedroom Colonial or Cape style home, on a side street (even better if it’s in a development), nicely updated with a nice backyard,  and at a reasonable price.  When you narrow the search down to homes that meet that criteria, what you’ll see is that in most towns, we don’t have too many homes meeting the needs of most buyers.   Buyers (particularly buyers relocating here from other areas of the country) are surprised by what they’re seeing….homes selling quickly, and many times for very close to asking price, or even above asking price. 

If you’re a seller who has a home that fits the above criteria, now is a good time to consider selling.  And if you’re a buyer, it’s still a good time to buy.  We’re in Massachusetts, where there is a demand for housing….and that’s not a bad thing!  It’s important to keep that perspective.  I’d rather be a buyer dealing with limited inventory, in a market where there tends to almost always be a demand for housing;  than buying in a market where if you need to sell in a few years, you might have a harder time doing so.   

I know it’s been frustrating for a lot of my clients lately, especially the ones who sold their current homes quickly and now need to find a home and are dealing with the inventory issues….or my relocation clients who have sold their homes at a deep discount in other part of the country, only to pay a “premium” for a home here in MA.   The important thing to remember, is that housing prices have adjusted down from the height of the market.  So, that house that’s listed for $550k probably once sold in the $600k range. 

Moral of the story:  Even if there’s competition, I believe there is still a great deal of value and opportunity….so don’t get discouraged! Be happy that you’re in a location where there’s a consistent demand for nice housing.  It will only help you when you turn around and sell your home someday! :)

I’m always happy to answer any questions you may have about the housing market here in Massachusetts, so feel free to call or write. 617.276.5247 or Nikki.Devaux@SothebysRealty.com