Westfield

Jun 15 2023

🏡 Selling Your Home in Westfield, Massachusetts: Make the Most of the Seller’s Market! 🏡

Are you planning to sell your home in Westfield, Massachusetts? Discover the advantages of the current seller’s market in Westfield and unlock the potential for a successful sale. In this comprehensive guide, we’ll explore the key real estate metrics, effective selling strategies, and the professional assistance you need to maximize your home’s value.

Market Metrics Snapshot:

1️⃣ Months Supply of Inventory: With a low supply of only 0.92 months, Westfield’s housing market heavily favors sellers. Benefit from high demand and limited supply, creating a competitive environment for potential buyers.

2️⃣ 12-Month Change in Months of Inventory: Over the past year, Westfield has experienced a remarkable -24.59% change in the months of inventory. This significant decrease signifies increasing demand and a reduction in available homes, strengthening the seller’s market further.

3️⃣ Median Days Homes are On the Market: Homes in Westfield are selling swiftly, spending an average of just 22 days on the market. Buyers are actively seeking properties, making this an opportune time to list your home for a speedy sale.

4️⃣ List to Sold Price Percentage: Sellers in Westfield are achieving favorable results, with homes selling for an average of 101.4% of their initial listing price. This indicates a market where homes often sell above the asking price, maximizing your potential profit.

5️⃣ Median Sold Price: The median sold price in Westfield currently stands at $295,000, reflecting the strong value and profitability of homes in the area. Take advantage of the market’s robust pricing to secure a lucrative deal.

Effective Selling Strategies:

1️⃣ Showcase Your Home’s Unique Features: Highlight the exceptional qualities and upgrades of your property to captivate potential buyers. Emphasize standout amenities and create an irresistible appeal.

2️⃣ Competitive Pricing: Set an attractive listing price that aligns with the current market trends in Westfield. Proper pricing will generate interest and multiple offers, increasing your chances of a successful sale.

3️⃣ Professional Photography and Virtual Tours: To enhance your listing, I offer professional photography and complimentary virtual tours for your home. These captivating visuals will attract more potential buyers, making your property stand out.

4️⃣ Collaborate with a Local Real Estate Expert: Partner with Lesley Lambert, a trusted Westfield REALTOR® from Park Square Realty, to benefit from her extensive knowledge of the local market. Lesley will provide expert guidance and ensure a smooth selling process. Contact Lesley at 413-575-3611 or visit www.westernmahomes.net.

5️⃣ Strategic Marketing: Employ a comprehensive marketing strategy that encompasses online listings, social media promotion, and traditional marketing channels. Expand your reach to a wide audience and generate increased interest in your home.

6️⃣ Streamline the Selling Process: Prepare all necessary documents, disclosures, and inspections in advance to expedite the transaction once you receive an offer. Being organized and proactive will facilitate a smooth and efficient sale. I will coordinate all of these steps to ensure a smooth process.

Don’t miss out on this optimal opportunity to sell your Westfield home at a competitive price. Implement these proven strategies to maximize your profit and secure a successful sale.

For personalized support and any inquiries, reach out to Lesley Lambert, your Westfield REALTOR® with Park Square Realty, at 413-575-3611 or visit www.westernmahomes.net.

Make the most of the Westfield seller’s market and start your home-selling journey today!

Aug 04 2022

What is going on with the real estate market in Westfield, MA?

I am here to share a one month real estate market report for Westfield, MA for the month of July 2022.

Here is a video explaining the highlights and below is a written report with full details.

Lesley Lambert, Westfield REALTOR with Park Square Realty. 413-575-3611

Jul 13 2022

Open House 63 Elizabeth Avenue, Westfield, MA 01085 by Lesley Lambert, REALTOR with Park Square Realty

63 Elizabeth Ave, Westfield, MA

Get Directions Click Here

OPEN HOUSE Sat, 11:30 AM to 1:00 PM

$ Click for current price
4 BEDROOMS | 1 full, 1 half baths BATHROOMS | 1903 SqFt

As you pull up to this home you will be instantly “wow’ed” by the lush and gorgeous landscaping. Walking to the door you can already sense that this is a beautifully maintained home and upon entering, this thought is confirmed. A large family room with a gas fireplace greets you and is open to the updated eat-in kitchen. Do you want to host family dinners? If yes, then this home has the dining room for you! Continuing on the first floor you are met with a lovely half bath, den/office (or maybe first floor bedroom?) and a lovely formal living room with bay window and wood burning fireplace. The second floor brings you the primary bedroom with walk in closet, three more bedrooms and an updated full bath. Additional bonuses: 2 car garage, patio, shed AND a backyard that rivals the most sumptuous of parks. This home will be the setting for many happy years for you and yours!

Schedule a Showing/Request Info

Presented By:

Lesley Lambert

Top Producing REALTOR
Lesley Lambert, REALTOR
413-575-3611
Licensed In: MA
License #: 115441

Jul 06 2022

7 Costly Mistakes Western MA Home Sellers Make (And How to Avoid Them)

7 Costly Mistakes Western MA Home Sellers Make (And How to Avoid Them)

No matter what’s going on in the housing market, the process of selling a home can be challenging. Some sellers have a hard time saying goodbye to a treasured family residence. Others want to skip ahead to the fun of decorating and settling into a new place. Almost all sellers want to make the most money possible.

Whatever your circumstances, the road to the closing table can be riddled with obstacles — from issues with showings and negotiations to inspection surprises. But many of these complications are avoidable when you have a skilled and knowledgeable real estate agent by your side.

For example, here are seven common mistakes that many home sellers make. These can cause anxiety, cost you time, and shrink your financial proceeds. Fortunately, I can help you avert these missteps and set you up for a successful and low-stress selling experience.

MISTAKE #1: Setting an Unrealistic Price

Many sellers believe that pricing their homes high and waiting for the “right buyers” to come along will net them the most money. However, overpriced homes often sit on the market with little activity, which can be the kiss of death in real estate — and result in an inevitable price drop.¹

Alternatively, if you price your home at (or sometimes slightly below) market value, it can be among the nicest that buyers see within their budgets. This can increase your likelihood of receiving multiple offers.²

To help you set a realistic price from the start, I will do a comparative market analysis, or CMA. This integral piece of research will help us determine an ideal listing price based on the amount that similar properties have recently sold for in your area.

Without this data, you risk pricing your home too high (and getting no offers) or too low (and leaving money on the table). I can help you find that sweet spot that will draw in buyers without undercutting your profits.

MISTAKE #2: Trying to Time the Market

You’ve probably heard the old saying, “Buy low and sell high.” But when it comes to real estate, that’s easier said than done.

Delaying your home sale until prices have hit their peak may sound like a great idea. But sellers should keep these factors in mind:

Predicting the market with certainty is nearly impossible.
If you wait to buy your next home, its price could increase as well. This may erode any additional proceeds from your sale.
If mortgage rates are rising, your pool of potential buyers could shrink — and you would have to pay more to finance your next purchase.

Instead of trying to time the market, choose your ideal sales time-line. This may be based on factors like your personal financial situation, shifting family dynamics, or the seasonal patterns in your neighborhood. I can help you figure out the best time to sell given your individual circumstances.

MISTAKE #3: Failing to Address Needed Repairs

Many sellers hope that buyers won’t notice their leaky faucet or broken shutters during home showings. But minor issues like these can leave buyers worrying about more serious — and costly — problems lurking out of sight.

Even if you do receive an offer, there’s a high likelihood that the buyer will hire a professional home inspector, who will flag any defects in their report. Neglecting to address a major issue could lead buyers to ask for costly repairs, money back, or worse yet, walk away from the purchase altogether.

To avoid these types of disruptions, it’s important to make necessary renovations before your home hits the market. I can help you decide which repairs and updates are worth your time and investment. In some cases, I may recommend a professional pre-listing inspection.

This extra time and attention can help you avoid potential surprises down the road and identify any major structural, system, or cosmetic faults that could impact a future sale.³

MISTAKE #4: Neglecting to Stage Your Home

Staging is the act of preparing your home for potential buyers. The goal is to “set the stage” to help buyers envision themselves living in your home. Some sellers opt to skip this step, but that mistake can cost them time and money in the long run. A 2021 survey by the Real Estate Staging Association found that, on average, staged homes sold nine days faster and for $40,000 over list price.⁴

Indoors, staging could include everything from redecorating, painting, or rearranging your furniture pieces to removing personal items, de-cluttering, and deep cleaning. Outdoors, you might focus on power washing, planting flowers, or hanging a wreath on the front door.

You may not need to do all these tasks, but almost every home can benefit from some form of staging. Before your home hits the market, I can refer you to a professional stager or offer our insights and suggestions if you prefer the do-it-yourself route.

MISTAKE #5: Evaluating Offers on Price Alone

When reviewing offers, most sellers focus on one thing: the offer price. While dollar value is certainly important, a high-priced offer is worthless if the deal never reaches the closing table. That’s why it’s important to consider other factors in addition to the offer price, such as:

Financing and buyer qualifications
Deposit size
Contract contingencies
Closing date
Leaseback options

Depending on your circumstances, some of these factors may or may not be important to you. For example, if you’re still shopping for your next home, you might place a high premium on an offer that allows for a flexible closing date or leaseback option.

Buyers and their agents are focused on crafting deals that work well for them. I can help you assess your needs and goals to select an offer that works best for you.

MISTAKE #6: Acting on Emotion Instead of Reason

It’s only natural to grow emotionally attached to your home. That’s why so many sellers end up feeling hurt or offended at some point during the selling process. Low offers can feel like insults. Repair requests can feel like judgments. And whatever you do — don’t listen in on showings through your security monitoring system. Chances are, some buyers won’t like your decor choices, either!

However, it’s a huge mistake to ruin a great selling opportunity because you refuse to counter a low offer or negotiate minor repairs. Instead, try to keep a cool head and be willing to adjust reasonably to make the sale. I can help you weigh your decisions and provide rational advice with your best interests in mind.

MISTAKE #7: Not Hiring an Agent

There’s a good reason 90% of homeowners choose to sell with the help of a real estate agent. Homes listed by agents sold for 22% more than the average for-sale-by-owner home, according to a recent study by the National Association of Realtors.⁵

Selling a home on your own may seem like an easy way to save money. But in reality, there is a steep learning curve. And a listing agent can:

Skip past time-consuming problems
Use market knowledge to get the best price
Access contacts and networks to speed up the selling process

If you choose to work with a listing agent, you’ll save significant time and effort while minimizing your personal risk and liability. And the increased profits realized through a more effective marketing and negotiation strategy could more than make up for the cost of your agent’s commission.

I can navigate the ins and outs of the housing market for you and make your selling process as stress-free as possible. You may even end up with an offer for your home that’s better than you expected.

BYPASS THE PITFALLS WITH A KNOWLEDGEABLE GUIDE

Your home selling journey doesn’t have to be hard. When you hire me as your listing agent, we’ll develop a customized sales plan to help you get top dollar for your home without any undue risk, stress, or aggravation. If you’re thinking of buying or selling a home, reach out today to schedule a free consultation and home value assessment.

Lesley Lambert, Western MA REALTOR with Park Square Realty 413-575-3611

Sources:

The Washington Post –
https://www.washingtonpost.com/business/2019/07/22/just-because-its-sellers-market-doesnt-mean-you-should-overprice-your-home/
Realtor.com –
https://www.realtor.com/advice/sell/spark-a-bidding-war-for-your-home/
American Society of Home Inspectors – https://www.homeinspector.org/Newsroom/Articles/Before-You-Sell-6-Reasons-to-Get-a-Pre-Listing-Inspection/15766/Article
Real Estate Staging Association –
https://www.realestatestagingassociation.com/content.aspx?page_id=22&club_id=304550&module_id=164548
National Association of Realtors –
https://www.nar.realtor/research-and-statistics/quick-real-estate-statistics

Jun 06 2022

Higher Rates and Short Supply: The State of Western Massachusetts Real Estate in 2022

Higher Rates and Short Supply: The State of Western Massachusetts Real Estate in 2022

The last two years caught many of us off guard—and not just because of the pandemic. They also ushered in the hottest housing market on record, with home prices rising nationally by nearly 19% in 2021, driven primarily by low mortgage rates and a major supply shortage.¹

But while some had hoped 2022 would bring a return to normalcy, the U.S. real estate market continues to boom, despite rising interest rates and decreasing affordability.

So what’s driving this persistent demand? And is there an end in sight?

Here are three factors impacting the real estate market right now. Find out how they could affect you if you’re a current homeowner or plan to buy or sell a home this year.

MORTGAGE RATES ARE RISING FASTER THAN EXPECTED

Over the past couple of years, homebuyers have faced intense competition for new homes—in part due to historically low mortgage rates that were a result of the Federal Reserve’s efforts to keep the economy afloat during the COVID-19 pandemic.

However, in response to a concerning level of inflation, the Fed is now reversing those efforts by raising the federal funds rate. And as a result, mortgage rates are rising, as well. Few experts predicted, though, that mortgage rates would go up as quickly as they have.

In January 2022, the Mortgage Bankers Association projected that rates would reach 4% by the end of this year.² By mid-April, however, the average 30-year fixed mortgage rate had already hit 5%, up from around 3% just one year prior.³ On a $400,000 mortgage, that 2% difference could translate into an additional $461 per monthly payment.

Since then, mortgage rates have continued on an upward trend. So what impact are these rising rates having on demand? While many buyers had hoped for a cooling effect, experts warn that may not be the case.

Ali Wolf, chief economist at housing market research firm Zanda, told Fortune magazine, “Rising mortgage rates are having a counterintuitive effect on the housing market. Home shoppers are actually sprung into action in an attempt to buy a home before mortgage rates rise any higher.”⁴

Since inventory remains low, the resulting “race” has kept the homebuying market highly competitive–at least for now.

What does it mean for you?

While current 30-year fixed mortgage rates represent an increase over previous months, they remain well below the historical average of 8%.⁵ As inflation across the economy continues, the Fed is likely to raise rates further this year. Buyers should act fast to secure a good mortgage rate. I’d be happy to refer you to a lender who can help.

For sellers, speed is also of the essence. The pool of potential buyers may shrink as mortgages become more expensive. And if you plan to finance your next home, you’ll want to act quickly to secure a favorable rate for yourself. Contact me today to discuss your options.

HOME PRICES KEEP CLIMBING

History shows that higher interest rates don’t necessarily translate to lower home prices. In fact, home prices rose 5% between 1980 and 1982, a period of significantly higher mortgage rates and inflation.⁵

Forecasters expect that home prices will continue to go up throughout 2022, though likely at a slower pace than the 18.8% increase of the last 12 months.⁴ Bank of America predicts that prices will be up approximately 10% by the end of this year, while Fannie Mae estimates 11.2%.^6,7

In addition to limited supply and a race to beat rising mortgage rates, home values are also climbing because of positive economic indicators, like low unemployment.⁸ Plus, rents are soaring–up 17% from a year ago–which is prompting more first-time homebuyers to enter the market.⁹ Add to that the continued popularity of remote work, and it’s easy to see why property prices continue to surge.

However, it’s not all bad news for prospective homebuyers. Economists expect that as mortgage rates rise, the rate of appreciation will continue to taper, though the effect may be gradual.

“Eventually mortgage rates will slow down home prices,” according to Ken Johnson, an economist at Florida Atlantic University interviewed by Marketwatch.¹⁰ “We should not see rapid upticks in prices as mortgage rates rise.” Forecasters agree—Fannie Mae expects price increases to slow to 4.2% in 2023.⁷

What does it mean for you?

While the pace of appreciation is likely to decrease next year, home prices show no signs of going down. However, current labor shortages are leading to higher salaries and better job opportunities for many workers. You may find that your income growth outpaces home prices, making homeownership more affordable for you in the future.

For homeowners, the outlook’s even brighter. You could find yourself sitting on a nice pile of equity. Contact us for a free home value assessment to find out.

INVENTORY REMAINS EXTREMELY LOW

As noted, one of the largest hurdles to homeownership is a lack of inventory. According to a February 2022 report by Realtor.com, there’s an expanding gap between household formation and home construction, which has resulted in a nationwide shortage of 5.8 million housing units.¹¹

The origins of this shortage date back to the 2008 housing crisis, during which crashing home values led contractors to stop building new properties—a trend that has not been fully reversed.¹²

That decline in home construction also resulted in a decrease in the number of home building professionals, a trend that was exacerbated by job losses during the COVID-19 pandemic. Now, many builders are limited by their ability to find qualified labor.

Another major challenge is a staggering increase in the cost of materials. Pandemic-related supply chain shortages have been a significant driver, with home building material costs rising on average 20% on a year-over-year basis. The price of framing lumber alone has tripled since August 2021.¹³

These trends add tens of thousands of dollars to the cost of a typical home. Factors like a lack of buildable land in many areas, restrictive zoning, and a shortage of developers are also contributing to the issue.¹⁴

Most homebuying experts agree that the lack of inventory is the primary factor driving rising housing prices and unprecedented competition for homes. With available housing units near four-decade lows, the end of the current housing boom is not yet in sight.¹⁵

What does it mean for you?

Prospective buyers should be prepared to compete for a home, since low inventory can lead to multiple offers. You may also need to expand your search parameters. If you’re ready to look, we’re ready to help.

For sellers, the picture is rosier. In this strong market, your home may be worth more than you realize. Contact us to find out how much your home could sell for in today’s market.

I AM HERE TO GUIDE YOU

While national real estate trends can provide a “big picture” outlook, real estate is local. And as local market experts, we can guide you through the ins and outs of our market and the local issues that are likely to drive home values in your particular neighborhood.

If you’re considering buying or selling a home, contact me now to schedule a free consultation. I can help you assess your options and make the most of this unique real estate landscape.

Sources:

Fortune –
https://fortune.com/2022/03/14/housing-market-key-metric-inventory-zillow-bad-for-buyers/

Westfield

63 Elizabeth Ave, Westfield, MA

$ Click for current price 4 BEDROOMS | 1 full, 1 half baths BATHROOMS | 1903 SqFt

Presented By:

Lesley Lambert

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$ Click for current price
4 BEDROOMS | 1 full, 1 half baths BATHROOMS | 1903 SqFt