This year as Massachusetts slowly transitioned from winter to spring its housing market also experienced a noteworthy shift. Within the first quarter of 2021 the real estate market in The Bay State has made countless headlines, most deeming it as ‘white hot.’ Follow along this month as we provide unique insight about the market’s current climate, when to buy or sell, how to win a bidding war and where to go for financial help.
Supply vs Demand
At the moment Massachusetts is experiencing an unprecedented demand for homes in a market with what presently seems like has little to no supply to offer. These circumstances are making it increasingly difficult for bids from potential home buyers to be accepted. There are even reports of some homes being bought for as much as $100,000 over asking, and others that have received nearly a dozen offers within days of hitting the market.
Should You Buy or Sell?
The incredible demand for homes across the state have left many residents wondering whether or not it’s a good time to make their real estate move. While rising property values are tempting many homeowners to sell, the likelihood that their home will be bought swiftly is a very real possibility to consider. On the other hand, those hoping to purchase a home should to be prepared to act quickly, face hefty competition, and have a strategy for being successful in the likely event of a bidding war.
How to Win a Bidding War
In today’s climate home buyers need to be ahead of the competition to ensure their bid will be accepted first. The following tips and tricks will immensely help increase your chances of closing on the home of your dreams:
- Provide a preapproval letter from a mortgage lender
- Write a personal letter to the home owner
- Skip the inspection
- Drop any contingencies
- Offer all cash
Stay ahead of the red hot housing market in Massachusetts this year will professional financial help from a local broker. For more than a decade the loan experts at American Mortgage Resource, Inc. have helped thousands of local residents acquire the loans they need to renovate, refinance, and purchase their dream homes. Contact our team Monday- Saturday at 617-972-8588 or anytime via email at email@example.com.