I hope your October is going well and you are enjoying the beautiful foliage. I wanted to reach out with a few updates about our local real estate market.
You may have heard that rates have dropped. They are hovering around 6% (depending on credit scores). That change is bringing in new buyers as well as encouraging buyers that got frustrated or priced out to come back to their house hunt.Â
Additionally, we are noticing a change in listing prices and activity. It is more crucial that you get the pricing in what is now the fair market value range. The days of pricing high and getting multiple offers is gone. We are still seeing fast sales and multiple offers on attractive and well priced properties, but the number of offers is down to two or three, usually.
Regarding listings again, we are seeing price reductions happen again, which hadn’t happened in a few years for the most part. This is another indicator that the crazy seller’s market has slowed down, but the majority of these price reductions are for homes that over priced in the first place.
For homes on the market, expect the days on the market to go up a bit, as well. For awhile if a house didn’t sell in the first week, it was strange. We are moving back to the time on market being a bit longer, but still lower than what it was pre-sales boom of 120 days or more.
The take away here, in my opinion, is that it is still a great time to make a move, you just need to have your expectations based in today’s reality.
As always, if you (or anyone you know) has a real estate question, I am always here to be your trusted resource. If you would like an updated valuation on your home, please don’t hesitate to ask. I am happy to do that for you, regardless of whether you are looking to sell right now or not.
Lesley Lambert, Western MA REALTOR with Park Square Realty 413-575-3611 or realestate.lesleylambert@gmail.com
It has been a while since I posted anything besides a real estate post and I thought I would rectify that today.
I feel like there is a lot of unrest in the world right now, I can sense the strain of the economy, politics, and even the weather (phew could it get any more muggy??).
That led me to wonder, how are you doing? I would truly love to know. You don’t have to comment here, but if you would like to catch up or share something with me, please don’t hesitate. I would love to hear from you! You can always call or text me at 413-575-3611 or email: realestate.lesleylambert@gmail.com
I, for one, feel all those things I mentioned above, but I am hanging in there. Spending time catching up with friends old and new helps me feel immeasurably better. Maybe it will do the same for you?
Did you know that there is currently a low 1.48 Months Supply of Inventory in our area? This means now is the perfect time to list your home with me, Lesley Lambert, REALTOR® at Park Square Realty. With a List to Sold Price percentage of 100.8% and a Median Sold Price of $676,000, you can trust that I will help you get top dollar for your property.
The current market conditions are highly favorable for sellers. A low inventory means there are more buyers than homes available, leading to increased competition and higher offers. If you’ve been considering selling your home, now is the ideal time to act.
Why List with Lesley Lambert, Southwick REALTOR?
Experience: Over 30 years in the real estate market, with expertise in new construction, short sales, investments, and historical homes.
Proven Results: Achieving a List to Sold Price percentage of 100.8% means your home will likely sell for more than the listing price.
Market Knowledge: In-depth understanding of the Southwick real estate market ensures you get the best advice and strategy for selling your home.
Personalized Service: Dedicated to providing exceptional service tailored to your unique needs and goals.
Contact Me Today!
Ready to take advantage of this seller’s market? Contact me today to learn more about how I can help you sell your home quickly and for the best price possible. Let’s work together to make your real estate dreams a reality!
Lesley Lambert, Southwick Native and REALTOR with Park Square Realty 413-575-3611
As a seller, it is important to understand the correlation between key real estate metrics to make informed decisions when listing your property in Westfield, MA.
The Months Supply of Inventory is a metric that indicates the balance between supply and demand in the housing market. A lower supply of inventory, such as the current 1.29 months, typically indicates a seller’s market with high demand and limited supply. This can lead to quicker sales and potentially higher selling prices.
The 12-Month Change in Months of Inventory of -11.03% further supports the notion of a seller’s market, as there has been a significant decrease in the amount of available inventory over the past year. This trend suggests that homes are selling faster in Westfield, MA and competition among buyers is strong.
The Median Days Homes are On the Market at 22 days indicates that properties are selling relatively quickly in the current market conditions. This is good news for sellers looking to move their property efficiently and not have it linger on the market for an extended period.
The List to Sold Price Percentage of 104% shows that, on average, homes are selling for slightly above their list price. This suggests that sellers in Westfield, MA may have some negotiating power and could potentially receive offers above their asking price.
Finally, the Median Sold Price of $360,000 gives sellers an idea of the average selling price in the current market. This can help set realistic expectations for pricing their property and understanding the potential value they could receive.
Overall, these metrics paint a picture of a strong seller’s market with high demand, low inventory, quick sales, and potential for selling prices above list price. Sellers may find themselves in a favorable position to list their Westfield, MA property and achieve a successful sale.
For this, or any other real estate questions please reach out to me:
Lesley Lambert, Westfield REALTOR with Park Square Realty 413-575-3611
Mayor Michael A. McCabe announced that the City will hold its annual “Fireworks for Freedom” celebration on Saturday, June 29th, at Westfield South Middle School Field on West Silver Street. This event will be a traditional celebration of the 4th of July holiday with musical entertainment from Korey & The Knightsmen Band, food vendors, and a fireworks show from Pyrotecnico of Jaffrey, New Hampshire.
The Middle School lawn will open at 5:00 pm that evening. The Mayor thanks the Westfield Police Department, Fire Department, Department of Public Works, the Greater Westfield Boys & Girls Club, and the Westfield Public Schools for their generous contributions to this event.
