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If you’re thinking about selling a home in Massachusetts, you’ll need to familiarize yourself with the state’s real estate market. Specifically, you will need to examine its trends in median pricing, inventory, strategies for selling in a timely manner, and much more.
To help you learn these important details, we have compiled everything you need to know about selling a home in the Massachusetts housing market. With this knowledge, you can eliminate any stress or confusion you may be feeling about the sale of your residence, and navigate the process with ease.
It’s a Seller’s Market
Throughout 2021, the Massachusetts real estate market has been lucrative for sellers. Prices for single-family homes reached their peak in June 2021, topping $500,000, while inventory was down 50% from June 2020.
More recently, in July and August 2021, sales activity has dwindled slightly, but the median price for single-family homes remained over half a million dollars. While these changes presented a glimmer of hope for hopeful homebuyers, the Massachusetts housing market still strongly favors sellers in a number of ways, which brings us to our next point.
Many Homes Are Selling for Above Asking Price
If you need more proof that home sellers in Massachusetts are still at an advantage, just have a look at the comparison between asking prices and sale prices.
Since the Massachusetts housing market is so competitive, anxious buyers are bidding hundreds of thousands of dollars over the asking prices of listings. The demand is so high – and the supply so low – that certain properties are selling the day they hit the market.
““It’s been a seller’s market for some time; it’s just on steroids now,” said Jared Wilk of the Shulkin Wilk Group, speaking to the Boston Herald. “I’ve never seen anything like it in my 17 years [in the industry].”
Managing Partner of Charlesgate Realty Group in Boston, Michael DiMella, echoed the sentiment of shock, saying that he has “seen buyers bidding hundreds of thousands of dollars over asking prices…It’s one of the most supply-constricted markets I’ve seen in my 20-plus year career.”
According to Redfin, approximately 65% of homes in Massachusetts are selling for above asking price, representing an 18.1% increase year-over-year.
The Most Competitive Cities
Redfin also reported that there are some cities who are experiencing the competitiveness of the Massachusetts real estate market more intensely than others. They listed the top 10 most competitive cities in the states as:
- Ashland, MA
- Arlington, MA
- Arlington, MA
- Acton, MA
- Belmont, MA
- Westford, MA
- Dracut, MA
- Holliston, MA
- Belmont, MA
- Framingham, MA
There Are Many Steps You Can Take to Accelerate Your Home Sale
While the Massachusetts housing market is tipped in your favor as a seller, there are still extra steps you can take to ensure a speedy sale. Below are some of our top tips to consider when getting ready to list your MA home.
- Don’t Skip Out On Staging – Staging your home is an excellent move as it can greatly lower the time it spends on the market. There are several reasons for this. For one, staging helps bring the space to life; it makes it feel fresh and inviting for potential buyers. Secondly, it plays to the emotions of buyers. If a house has a homely feel to it, people will be more inclined to envision themselves in the space and develop an emotional attachment to that prospect. As a result, they’ll be more inclined to make a prompt offer.
- Consider All Types of Buyers – Another important reminder is to keep your options open. Specifically, do not close yourself off to a particular type of buyer. For example, if you’re selling your family home, you may have a vision of selling it to another family. However, if you insist on selling to a niche demographic, you’re eliminating many other viable buyers, such as bachelors, property investors, and cash buyers. Keep an open mind and you’ll likely see your home fly off the market.
- Freshen Up the Outdoor Spaces – While a home’s interior is often the focal point, it’s exterior is still extremely important. A buyer’s first impression of a house is usually made the second they pull up to the property, and not necessarily the second they step inside. With that in mind, be sure to tend to the outdoor areas. Mow the front lawn to keep it neatly manicured. Plant some fresh flowers in the garden to spruce it up or go for some fancy fence gate ideas. If you have an open patio, transform it into an enclosed one from summers. By maintaining the outdoor aesthetics, you’ll boost your odds of receiving more offers at a quicker rate.
Selling a home is no easy feat, particularly due to the ever-changing landscape that is the American real estate market. In Massachusetts specifically, there are several considerations to keep in mind when selling your house, many of which we covered in this guide. With this knowledge, you’ll have a better grasp on what to expect when selling your home in Massachusetts and how to navigate the state’s housing market with ease.
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