It appears that Spring will bring more than April showers and new flowers.  The Boston Globe is reporting that Buyers in Massachusetts are finding a much more challenging market than one would expect given the overall economic climate in our country.  Hopeful buyers are attending open houses in the under $600K price range and finding a ton of competition from other willing buyers who want to take advantage of historically low interest rates, first time home buyer tax benefits, and favorable pricing in a market like Massachusetts that has experienced a 15% price decline in home values since 2005.  Couple those factors with the fact that Massachusetts has not done any appreciable Home building in the past few years and you understand why so many buyers are gravitating to the dwindling supply of homes in good condition in the most desirable areas.

All of a sudden people are attending Open Houses only to find that the Seller has accepted an offer for asking price or more in some instances.  It can be very disheartening for the qualified buyer but I would encourage you to stick with it and be willing to look at properties as soon as they hit the market and not wait a long time hoping that the Seller will lower the price.  No, I’m not advocating for you to pay more than a home is worth but I am saying that you have to recognize the market that you are in wherever you are and be willing to do whatever is necessary based on your affordability factor.  If there is one thing that we have learned over the last five years, don’t buy more house than you can afford, shop around for a good mortgage product, take a home buyer class, and hire a good real estate agent who is familiar with the area you want to live in….

Remember, Location…Location…Location!

Check out the Boston Globe article below for additional information.

For sale, but not for long – The Boston Globe