Massachusetts is one of the New England states and like most of the states in this region; it is trying to go green. This means that new builds and remodels on Massachusetts real estate is done with keeping the environment in mind. This may be what is attracting new buyers and movers to the area, but be prepared to pay a significantly higher amount for your home.
Currently Massachusetts real estate especially around the Boston area is seeing a decline and is a decidedly buyers market. There are more homes for sale than buyers to buy them and homes are sitting on the market for more than 120 days. The market trend has had no change and there is a good supply of houses in all price ranges. As an investor, or someone looking to move to the area you may now be asking why it is a buyers market with more and more people moving out of the area.
The reason is simple the average price of a home is $425,000 and that is down five to 10% when compared to last year. It is simply not a market just anyone can afford. Sellers are only getting 85% to 90% of the asking value and they do not have competitive offers. In this Massachusetts real estate, market the greatest activity is found still in single-family homes with the hottest selling homes and property being ocean front properties near the Boston area.
In South end, Massachusetts the Margate is an equal buyer and seller market however, the average time for a home to remain on the market is 90 to 120 days. The reason for this is the average home price in South end Massachusetts is $525,000. That certainly makes it a difficult market for the average homebuyer. There is however a good supply of homes in all price ranges, and the market prices have remained steady sellers are receiving ninety-five to one-hundred percent of the initial asking price with multiple offers. The greatest activity in this area of Massachusetts real estate is repeat buyers.
In addition, this area happens to be a popular spot for anything dealing with the arts and restaurant industry. The market is currently being driven by job growth, which makes this a definite consideration when looking at potential investment opportunities.
Unfortunately, Massachusetts seems to be one of the more expensive states to live in right now. So while it is following the more environmentally friendly building and a home maintenance and renovation codes. The average consumer or average investor may find it difficult to purchase a home in the state of Massachusetts.
If you are looking to invest in real estate in the Massachusetts real estate market it may be a good idea to book acts, lower end properties, which may need work. In order to be re-sellable or in order to be used as rental properties in order to get the most out of your dollar in this high-priced real estate market another option is to consider waiting until market prices drop before purchasing.
