NORTHAMTPON, Mass. (WWLP) – It’s still a “seller’s market” here in Massachusetts.
More data is indicating that home sales are down across the state, as many people struggle to buy or afford homes.
“The reason why is because we have lower inventory than what we have with the amount of buyers,” Carrie Blair, a Realtor for Keller Williams Realty explained.
However, between low inventory and higher interest rates, Massachusetts home sales are down by 11% according to data from the Warren Group..
The Federal Reserve has been hiking up interest rates to combat inflation and cool off consumer demand especially within the housing market.
The Federal Reserve boosting those interest rates was also an effort to help control home prices. However, the median sales price in the state is up by nearly 6%, an all time high for the month of August. Another indicator the higher interest rates aren’t completely eliminating the competition when putting an offer in on a home.
“It’s still a competitive market going on right now,” Blair noted. “Even this week, I put in an offer where there was multiple offers… we were over asking by $10,000 and we still didn’t get the property.”
So what should a buyer do at this time?
Blair advises keeping in touch with your lender to make sure you know what you can afford. For buyers she recommends, “They should also be talking to their agent and get information about how long the house has been on the market… Are the sellers motivated? Have they been showing it for a while and maybe not getting any bites.”
Blair urges buyers to keep saving as much money as possible in order to give the best offer on a home.