An article recently published by Mass Live announced that the Pioneer Valley is moving into a “seller’s market”. This means that the real estate market is currently favoring sellers, rather than buyers. The lack of homes for sale puts pressure on buyers to move quickly in their purchasing actions, or else risk losing out on getting the house they wanted.
According to the article, sales of single-family homes in June 2017 are fewer than in June 2016, while the median sales price rose. Also, the average number of days a home is on the market for June 2017 has decreased compared to June 2016. Specifically in Franklin County, sales are down 1.3 percent with 75 sales in June 2016 and 74 sales in June 2017 and the median price rose 16.3 percent from $224,000 to $260,500.
So what does all this mean for you? In a seller’s market, desirable houses sell quickly. If you are pursuing a new home, act in a timely manner. On the other hand, if you have been thinking of putting your home on the market, now is a good time to do so. However, sellers sometimes get overexcited in a seller’s market and might ask too high of a price. This leads to their house sitting on the market for too long. Make sure to maintain reason when listing your home.
For more advice on how to act in a seller’s market of if you are thinking of buying or selling, get in touch with Wanda Mooney at (413) 768-9848 or firstname.lastname@example.org.
To read the full article on masslive.com click here.