Last month, Hopkinton home sellers saw more than the usual number of reasons to look forward to this spring’s Hopkinton home sales selling season. It looked like the opposite of the lengthy real estate “Perfect Storm” that caused freefall across the national landscape.
Signs pointed to the possibility that we may be headed into the opposite market conditions. Webster’s Dictionary says the opposite of ‘storm’ is ‘calm’ – but I don’t think you would callHopkinton’s home sales outlook a “Perfect Calm.” Far from it!
Some of the signs:
- Falling Inventory. Per the NAR’s Existing Home Sales Report, there’s a nation-wide shortage of total inventory. By the end of January, it had fallen another 4.9%: lowest in seven years. Raw unsold inventory hasn’t been this low in 14 years!
- Rising Demand. Per last week’s National Association of Home Builders’ News and Alerts bulletin, “housing demand continues to return.” NAR Chief Economist Lawrence Yun, pointing to buyer traffic that is up 40% over a year ago, states flatly, “We’ve transitioned into a seller’s market in much of the country.”
- Buyer Attitude. Also last week, the Conference Board’s Consumer Confidence Index showed a rebound from January. The ‘Present Situation’ index rose sharply (from 56.2 to 63.3). This remains the only less-than-stellar point of contention, I think one area could be a tipoff to gathering strength: the proportion of those expecting their income to rise is now growing, those expecting the opposite, falling.
If this spring turns out to be the opposite of a Perfect Storm for Hopkinton home sales, will conditions improve further? Should sellers wait? The falling inventory measure might suggest otherwise. If the NAR’s appraisal is correct, now that these trends are consolidating, “…it would seem likely more inventory would come to market.”
When you are buying a home or selling a home start by working with a seasoned real estate professional who will keep your best interests at heart! I have helped home buyers and sellers for over 25 years. I’ll be there for you throughout the entire process! I can also refer you to reputable mortgage lenders, home inspectors and contractors.
Hopkinton, MA Real Estate Expert
RE/MAX Executive Realty