Yesterday I had the opportunity to be interviewed by WWLP 22 News on the current market conditions in Western Massachusetts.
AGAWAM, Mass. (WWLP)– To buy or to rent? “We’re still looking at both options. I think in a perfect world I think buying would be the right choice but we’re open right now,” Dan O’Neill who is shopping for home in WMass, told 22News.
With rental prices up and mortgage interest rates down, others like O’Neill are opting to buy. The Massachusetts Association of Realtors now shows pending home sales went up nearly 40 percent this past July from the same month one year ago.
In Massachusetts, in July 2014, there were 4,604 single family home sales pending compared to July 2015, which had 6,315.
Realtors here in the greater Springfield area told 22News the numbers are up at the local level too.
Lesley Lambert, a real estate agent in West Springfield said they’re having the best July for home sales since before the 2008 recession. She told 22News the most noticable change is the uptick in sales of homes costing more than $350,000 which were as a standstill in recent years.
“Those homes are starting to move which is excellent because as those mid-range buyers move up to the more expensive houses it’s opening up some inventory for our first time home buyers,” Lambert, of Park Square Realty, said.
Her advice to those first time buyers, like O’Neill, is to make sure you have enough savings, you have been pre-approved for a mortgage, and to look for a real estate agent, mortgage lender, and lawyer who work together to get you the home best fit for your needs. She said those looking to sell now’s a great time because those priced right and staged well are going quickly.