A lot of great things happen in spring. The weather gets warmer, flowers and plants bloom, and hopefully, the housing market starts to blossom a bit as well. It has been tough to be a home buyer over the last couple of years. Low inventory has lead to a wild increase in home prices, and it can be frustrated to know that your budget may not bring you the type of property you were hoping to find.
So far this year, 860 single family homes have sold in Norfolk County. This doesn't include condos, or private sales; this is strictly based on date from the Multiple Listing Service (MLS). For context, during this same time frame last year, 1,082 single family homes sold. In 2020, there were 1,027 homes sold. And going back to 2019 there were 961 homes sold. So in 2022, the numbers are as low as they feel like. The same can be said for most of the other counties in eastern Massachusetts as well.
When inventory is low, we have what's often called a Seller's Market. Sellers are able to get huge returns on the sale of their homes as there is so much competition for buyers to find something. If you've lost out on over 10 homes, you may start getting a little more aggressive with your offers as well. The thing you need to consider as a buyer however is that for every home sold, you are up against one less person for the next property. It can be frustrating, but I don't recommend giving up.
Warmer months leads to hotter inventory. Hang in there a bit longer and we should hopefully see things turn around a little bit. If you need any advice when it comes to buying or selling a home, please feel free to reach out at any time. I want to see you get through these obstacles and into something great.
Until next time,
Dave L
