The Real Estate Market goes in cycles and is determined by the supply and demand for homes. Sometimes there are more home buyers looking for homes than there are homes to sell, and sometimes there will be more homes on the market for sale than there are buyers for them. A balanced market is when supply meets demand and is ideal when we experience one.
Boston's North Shore including the Greater Newburyport area is experiencing a sellers market. A sellers market is defined as one that has less than five months of inventory, or homes for sale. For homeowners this means it is a great time to sell a home. The snow may be piled high and the temperatures low, but there is not much competiton right now, so it is likely if your home is priced near market value it will sell, and you will net more than if the inventory opens up this spring and there are more homes for buyers to choose from.
This chart includes Newburyport and surrounding towns. The number of Newburyport area homes for sale has gone down 23%, compared to a year ago, while the number of homes sold has gone up 16%. This leaves buyers very few homes to choose from. Also notice that in the months from April to October more homes are on the market. This is contrary to popular belief that the spring is the best time to sell. In a Sellers Market, the spring is a good time for buyers.
With the month of March around the corner, time is of the essence. If you are going to be selling your home, now is the time.
