Spring is on its way, and with it an increase in home buying activity! We’ve seen an uptick in activity in March from both buyers and sellers, and the early spring market is showing some welcome signs of increased inventory and activity. Acton, Bedford and Winchester all had more sold homes than the prior month, and Concord also saw a 45% increase in the number of homes sold compared to March 2021. Sellers are still able to command higher prices though, as available inventory has not kept pace with the demand. Average prices jumped by more than 10% over last year in Carlisle and Concord, and Lincoln and Winchester also saw higher prices. If you find a home you like, the pressure is still on to make your offer quickly. Homes were under offer in less than 10 days in Lexington, Lincoln and Winchester.
Making an Offer
Perhaps the biggest indicator of market robustness is the sale price to list price ratio. This shows how much over the asking price people have been paying for homes, and gives you some idea of the level of demand and interest in homes in certain towns. In March, homes in Lexington sold on average for 12% over the list price, in Winchester it was 10%, 7% in Acton and Bedford, Carlisle and Concord were 5% and Westford homes sold for an average 3% over list price.
Getting ready to list
So, as a seller, how do you take advantage of this active spring market while it’s still hot? Your first step is to talk to an experienced agent today. They can give you a complimentary assessment of your home’s current value and talk about the specifics of the market in your zip code. They will also be able to advise on what (if any) home improvements or updates are necessary before you put your home on the market – which might be less than you think, as more buyers are prepared to take on some work to get into an area they like. Our agents also have access to White Glove Services, a program that takes care of any necessary repairs and renovations without you paying upfront. Ask a Barrett Sotheby’s International Realty agent for more info.
Tips for buyers
As for buyers, things are finally looking up with more homes coming to the market in the next few weeks. If you are about to start your house hunt, get connected with an agent who knows your target towns, so you can be first to know about new properties as they come live. Read our Tips for Buying in a Hot Seller’s Market to make sure you are fully prepared.
You don’t need to wait for the flowers to bloom to start the moving process – talk to us today!