Homes staying on the market longer, sellers feeling the pressure MABA Massachusetts FirstTimeHomeBuyer RealEstate

 Sellers are feeling the pressure as demand softens leaving more listings on the market longer than we’ve seen in quite some time. But even though demand is lessening, homes are still moving faster than they did before the pandemic began. A new report from Zillow found sellers need their listings to be attractive and competitively priced to attract a buyer right now. September pending home sales were scooped up after nineteen days. While that’s still far from record lows during the pandemic, it’s ten days faster than in September 2019.

 The report points out though that only accounts for homes that found a buyer  a look at current for-sale listings found homes stayed on the market for an average of fifty four days in mid-October, up forty five percent from last year. “Last year, sellers could seemingly list their home at any price and see multiple offers roll in above list price within days,” said Zillow senior economist Nicole Bachaud. “Now, buyers have some negotiating power, and sellers are under pressure. Buyers are still out there and willing to buy when they find the right home at the right price, which will provide a floor for the price declines we are currently seeing.”

 Bachaud added that sellers need to do what they can to attract buyer attention including pricing their home competitively and making their listing attractive to those shopping online. “Especially in a market that’s quickly changing like today’s, working with an experienced agent who knows the local market is valuable,” she said. Time on market, age of inventory grows with homes staying on the market longer, the median age of available inventory is growing at its fastest rate since 2018, according to the report, and that’s since it hit an all-time low of nineteen days in April.

 Right now the median age is thirty percent below what it was before the pandemic, but Zillow says if it continues at the pace it’s growing, we could see the median time on market increase to sixty eight days by year’s end. In comparison, at the end of 2018 and 2019, the average time on market was one hundred days. The median age of inventory in Boston,Ma is thirty eight days, down from forty seven before the pandemic began. In September, a home went pending within a median nine days, compared to fifteen in September 2019.

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First Time Home Buying in Massachusetts

MABA Buyer Agents help first time home buyers reduce the stress and frustration normally associated with buying a home or condo – especially for first time home buyers.

As a first time homebuyer in Massachusetts, you can turn to our non-profit organization to help you understand and navigate the complexities of the entire Massachusetts real estate transaction, from mortgage pre-approval until you are handed the keys to your new home or condominium. Each of our member buyer's brokers and agents works only for their buyer-clients and never for the seller of the home or condo that their buyers want to buy.

MABA Buyer Agents will take the time to learn about you and your real estate goals, help you understand your options, including first time home buyer programs, properties and/or condominium associations, estimate real property values and put together a negotiating strategy to help you increase the odds of getting your offer accepted in our competitive Massachusetts real estate market. After advocating to get your offer accepted, your MABA buyer's agent will be there for you at your home inspection and help you protect your deposit through the inspection, purchase & sale and financing contingency periods.

You can buy your first home or condo with confidence knowing that your MABA buyer agent is committed to saving you time and money and helping you make your best home buying decision.