In Massachusetts and other states, the spring months are typically the busiest times for home sales. The state’s residential real estate market is heating up, and the past two years have seen record prices for homes in the desirable suburbs surrounding Boston. The following details some of the trends seen in the market recently.
A seller’s market
One realtor stated she had more than 100 interested parties attend an open house she sponsored for a property in Westwood. The home was listed for $2.45 million, and the Realtor expects to receive many offers. The Realtor also mentioned that she had recently listed a house and quickly received offers that were around $225,000 over the asking price. Furthermore, the realtor stated that the market had driven up home prices and that the amounts listed in 2020 have become the floor for offers now.
Why the increase? One of the biggest reasons is simply due to supply and demand. There is apparently a dearth in the numbers of houses being placed on the market, with a spate of interested buyers who are now bidding on homes with the hope of securing a contract. This, of course, has caused the baseline prices for home to rise, and many buyers are foregoing certain contingencies to sign a contract.
Real estate transactions complicated
Whether this bubble in the residential real estate market will burst like has happened in other states before remains to be seen. Still, whether buying a multi-million-dollar home or one more modest, those interested in buying a house will want to have an experienced real estate attorney on hand throughout the process. A lawyer will analyze all aspects of the buyer’s purchase agreement and work to help a client protect his or her rights and interests all the way through closing.