Whats happening nationwide in the real estate market is also reflected in the Massachusetts real estate market. The infographic below shows what has been going on in the real estate market.
- 46 straight months of home appreciation. This is comparing the same month year over year.
- More units are sold per month over the same month the previous year.
- Inventory is quickly drying up.
- Financially distressed homes are decreasing.
Given the length of improving conditions, it looks like the market is going to continue to appreciate for the foreseeable future.
Home buyers, while the market is appreciating, interest rates are still at record lows. Rates were predicted to rise this year, but have held steady. Now is a good time to lock in very low rates on a 30 year fixed rate mortgage.
Home sellers with market conditions like this it puts you on a great position. Homes are moving quickly so there is no need to linger on the market. Because inventory is low it creates competition among buyers for good houses.
Whether you are a home buyer or home seller understanding current real estate market conditions is vital in a successful sale or purchase. Current market conditions help you set realistic expectations and know how aggressively you can negotiate. Remember many times market conditions online are old. Contact your local REALTOR for current market conditions.
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This article, 48 Straight Months of Home Appreciation, has been written by Kevin Vitali of EXIT Group One Real Estate. If you are considering buying or selling a home contact me at 978-360-0422 or email me at kevin@kevinvitali.com
