In MA, there is a shortage of real estate inventory. Supply is not matching demand. Buyers and sellers have varying experiences when this occurs. Below is information on what the MA housing inventory shortage means for real estate consumers.
Greater Buyer Competition
Less inventory establishes a competitive market for potential home buyers. New properties will typically receive quite a bit of interest. Properties will commonly receive several offers and sell fast. In these circumstances, expect homes to demand greater than asking price. What should buyers know?
Home buyers need to be in a position to act. This requires obtaining a pre-approval completed and the letter in-hand to submit with a property bid. After visiting a property, buyers will need to not procrastinate making a decision. Waiting just one day might lead to a missed opportunity. Finally, when presenting an offer, it is beneficial to prepare a simple and desirable offer. Avoid any strange contingencies. You could have just one opportunity. Negotiating a lower sale price is typically only effective if the house has been on the market for an extended period of time and with no competing offers.
A Great Market for Home Sellers
Sellers thrive in this real estate environment. Normally, it is difficult maintaining a home staged for a long time frame. Quick contracts result in less work for sellers. In multiple bid instances, they are also in a good position and may be more scrutinizing of buyers.
Sellers must not overprice in this type of market. Highest value is often earned by correctly pricing at the start. Overpricing does not normally pay off.
Sellers looking to simultaneously sell and buy will experience additional challenges. Even though you might be able to promptly get your current house under agreement, finding a new one could take some time because of the low inventory. Having a flexible buyer will be critical. You might also need to use temporary housing until you can find a new property.
What The MA Housing Inventory Shortage Means For Real Estate Consumers
Overall, what the MA housing inventory shortage means for real estate consumers is the typically quick selling process but a possibly extended buying process. Prices will also be higher. It is important to understand the MA real estate market if you are looking to buy or sell. Also set realistic goals for both price and timing. Connecting with an experienced agent will be important.