CHICOPEE, Mass (WWLP) – If you’re thinking about selling your home, now is the time to cash in.
Single-family house sales in August were down more than 6 percent compared to August 2019, but inventory is also down. That means buyers are outbidding each other, sometimes offering thousands of dollars over asking price.
A representative with the Realtor Association of the Pioneer Valley said it’s certainly a seller’s market.
“Yes sales may be down but it’s because it’s struggling against the fact that we don’t have enough houses on the market. You know our supplies down over 55 percent right now,” said Cheryl Malandrinos, Realtor Association of Pioneer Valley.
Adding to this, it’s cheaper to borrow money today. The interest rate on a 30-year mortgage is below 3 percent.
If you’re a buyer, realtors recommend being patient and putting down an offer quickly before another offer can get in.