Sunday, April 14, 2013
Spring Real Estate Market
By many accounts,we have already entered whats known as the spring market for real estate sales. While there is no official start or end of this market,this period is when most homes are marketed for sale and the lions share of home sales occur.In Metro Boston,we have noticed an increased number of buyers at our open homes and offers being made on them.In fact,for the last few months, we have seen numerous offers on homes being made on the properties. While this is normal for this time of year,there are a number of differences between this year and the same time period in 2012. The National Association of Realtors and Banker and Tradesman are reporting that prices have been rising in Metro Boston. This is largely due to the limited number of homes for sale including a reduced number of foreclosed upon homes or short sales. This has lead to a shift from a buyers market to a sellers market. Low interest rates with the expectation that rates will rise in the not to distant future has added to this trend. In order to take advantage of the fact that hopes are relatively affordable, should be prepared to act quickly in order to secure their property. Peole should have a check list of home features that mirror their needs when looking at aproprty.Home buyers should be preapproved for a mortgage and be willing to act quickly when then locate a home that suits their needs. While there are some Realtors that correctly sugguest that offers should be uncomplicated, these offers still should have a mortgage contingency(unless you are lucky enough to be able to pat cash) and have a home inspection. There are many other points to consider when buying a home and its best to have a Realtor knowledgeable in the area to assist you in your home search and purchase.