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26 • COMMUNITY ADVOCATE • Friday, September 10, 2021
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How’s the Market? – Fall 2021
“I
t must be easy being a real estate agent right now. Everything sells way over asking in under a day.”
Easy isn’t the word I’d use to characterize this market. Interesting works better!
Gary Kelley REALTOR®
508-733-6005 MoveWithGary.com Gary@MoveWithGary.com
With the incredibly low interest rates we’ve been enjoying, some have characterized this as a time of free money. While the money isn’t free, using it is economical and has increased the buying power of many. I always warn clients to look at what they can afford more than what they are approved for. Available inventory has been a recurring theme. We are still running under the 2020 inventory levels, albeit the inventory level is increasing. Inventory in 2020 was consumed almost immediately, and we’ve seen a tempering over the summer of 2021.
Northborough-area 2021 real estate trends, so far
W
E’VE ALL HEARD ABOUT HOW THE CORONAVIRUS PANDEMIC has affected the national housing market, but what’s happening in the real estate market closer to Northborough?
John Kreiss
Real Estate Agent
“That’s the crash coming, right?” I’m seeing no indication of a 2008-type slow down. The 2007–2008 issues were caused by lending practices giving away to the subprime mortgage crisis. What I’m sensing now is a slow return to a more normal market. Buyers should rejoice. An increasing number of homes is giving astute, nimble buyers opportunities. Yes, people are getting into homes. And without having to pledge firstborns to secure the house. Yes, the astute buyer will use a Realtor to navigate the market and hit the
sweet spot with an offer.
Realtor can help with this.
“OMG, we’ve missed the market.”
“When are the deals coming back?
I’m not a fan of market timing and continue to tell sellers the best time to put their home on the market is the day they do so. We are entering a period when you may not have 75 people standing in line for an open house, and you may only get 2 offers rather than 20. As a seller you need to know it is still a sellers’ market and appropriately priced properties are still selling. Looking at the house down the street selling for an astronomical price and adding an astronomical number to it is not going to be a successful pricing strategy. You need to examine comparable homes, what’s on the market and understand what pricing bands are showing activity to price your home. A
There’s a sense the eviction bands being removed are going to prompt many foreclosures and create a down draft in the market. Inevitably some property owners will find themselves in trouble and have to liquidate their assets. We still have more demand than inventory, and I’m not seeing a major sell off creating great swaths of distressed property. Obviously, a global or local calamity could impact this. That said, if someone told me pre-COVID we’d have a robust real estate market with a pandemic, I would shake my head thinking people would stay isolated. People are still upsizing, downsizing, having kids, deciding not to live together, deciding to live together, etc.
“So, we are going back to normal?”
Committed to helping you sell or buy your home with the highest level of expertise in your local market. WESTBOROUGH
MILLBURY
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COMING SOON!
The Massachusetts Association of REALTORS compiles home sales data across the state, giving us a good understanding of how the local market compares to trends observed nationally. Here are the most interesting Northborough home selling trends so far this year
WORCESTER COUNTY HOME AND CONDO PRICES ARE SURGING The median sales price of a Worcester County home in June 2021 was $405,000, up 23.3% from the same time last year. Year to date, the median sales price is $375,000, compared to $316,050 in 2020. Condo prices are also on the rise, though not as much. The median sales price for a condo in June was $285,500, so far this year versus $273,000 last year.
MARY G. WOOD
Boston Magazine Top Real Estate Producer 2020/2021 Real Trends America’s Best Real Estate Professional Remax Executive Realty #1 Agent 2020/2021
Call for your complimentary Market Analysis Today
508-958-0225
mar yg woodrealtor@gmail.com | www.callmar ywood.com
My sense is we are heading to a more rationalized real estate market in a smooth manner, with everyone generally coming out fine. Nothing wrong with that! Stay sanitized! Here is free app for your phone/tablet tied directly to the MLS https://www.homesnap. com/Gary-Kelley. Gary is heard on WCRN AM 830 discussing “All Things Real Estate.” If you need advice on selling your home or buying a new one, give us a call 508-733-6005.
Compared to the rest of the state, Worcester County remains affordable, with home prices statewide hovering around $578,500 - that’s an all-time high. WORCESTER COUNTY SELLERS ARE GETTING BETTER-THAN-EXPECTED OFFERS
Looking to BUY or SELL Your Home?
It’s a good time to be selling homes in Worcester County. Single-family properties in June sold for 105.9% of the original list price, up 6.6% from last year. So far in 2021, homes have sold for 103.7% of the original list price.
It would be our pleasure to help you!
Worcester County condos are also netting a bit more than their original asking prices as well. HOUSING INVENTORY IS PLUMMETING ACROSS THE AREA There were only 619 single-family homes and 134 condos for sale in all of Worcester County in June, both down about 50% from the same month last year. That means housing inventory will only last 0.9 months under the current market conditions. John Kreiss is a real estate agent who has lived in Northborough for more than 25 years. He helps home buyers, sellers, and investors achieve their residential real estate goals.
(508) 826-6920 • JOHNKREISS.COM EMAIL: JOHN@JOHNKREISS.COM BLOGJOHNKREISS.COM 193 BOSTON TURNPIKE • #3140 SHREWSBURY
Are you looking to sell your home? Rich Allen, REALTOR® If so, contact me for a personal consult to Licensed in Massachusetts, Connecticut and Rhode Island
508-686-0940 richallen@erakey.com
discuss your home value, staging ideas and the best strategies for you!
To maximize your home value visit:
Bill Cazaropoul 508.735.1866 BillCaz@CollinsDemacRE.com
www.realinsyghts.com/downloads
to get your free Home Staging Guide
530 Main St., Shrewsbury, MA 01545
www.CollinsDemacRE.com
