Inventory is at incredible lows in the Northeast real estate market, north of Boston, specifically in Essex County. One town I'm noticing with higher-than-average daily inventory increases is Peabody, Massachusetts. Just today there are 16 new listings, as of 10am!
18 Nancy Avenue, Peabody, MA
22 Walsh Avenue, Peabody, MA
288 Lynn Street, Peabody, [...]
Lawrence Yun, Chief Economist for the National Association of REALTORS® and respected real estate trend commentator to 1.4 million REALTORS® realizes the inevitable economic damage of Covid-19, reports that home prices should remain stable and that our resiliency will pull us through. On the ground, here on the north shore of Boston, we concur. #Resilience has been our mantra throughout the pandemic. The market is seeing pent up demand and low inventory resulting in multiple offers and bidding wars on properties that are priced in the 'sweet spot' with guidance from experienced REALTORS®.
Answers. It's what we all want. But nobody has them, and anyone claiming they do, well, I recommend a fact check. None of us here at Windhil have that elusive crystal ball and no, we can't make you any promises about the future. But what I can tell you is that here in the northeast, north of Boston, on the northshore in particular, what we are seeing right now is serious pent-up demand for inventory and every listing we take has a long line of ready, willing and able buyers. These homes, if priced properly, are going under contract with multiple offers, sometimes over asking and because our network of professionals including lenders, inspectors, attorneys, etc. are now well-versed in the new way of doing business, the closings are happening efficiently and on time. The closings might be curbside but the smiles are still there.
Predictions point to a delay in inventory that will inevitably explode so if you're thinking of selling but the path is unclear, ask for help, get some sound advice, educate yourself about the new process. Lack of inventory is to your advantage, while it lasts.
The Massachusetts Real Estate Market is Down But Not Out! Great article thank you to WGBH.
I, myself, sent an email to my local shelter, asking if they were considering foster parents for pets during the pandemic, in the hopes that we would fall in love with our new companion. Boston Agent Magazine also noticed the reality of our need for comfort and how it plays out during a pandemic with this article that doesn't surprise me at all... Pet Ownership is Growing Amid the Corona Virus Lockdown.
Forbes published an informative perspective that echoes what we are experiencing here in our neighborhoods, north of Boston.
"It's important to remember that people have to buy and sell homes in any market." An accurate statement and why I believe the real estate industry was deemed essential in Massachusetts. Our experience thus far has been that there are a multitude of buyers out there, still needing and wanting to buy. Buyers who are willing to abide by stringent showing instructions necessitated by Covid-19 represent a new level of seriousness, eliminating the "lookey-loos" and tire kickers.
Forbes makes a good point, "working with a strong real estate agent is even more vital now than ever before". Why? Because, of course many sellers who have taken their homes off the market for various personal reasons due to the pandemic but that does not mean they don't want/need to sell. It more likely means that they do not want showings right now. A professional Realtor embedded in their community is a key part of that equation, more so now than ever. Forbes' Key Questions for Buyer or Selling a Home During the Pandemic offers some valuable insight and guidance for those of us who need it.
We've been here for you since we opened our doors 15 years ago and we are still here, for you.
Here in Ipswich, MA as well as across the north shore, we have a high number of septic systems and Title V is commonly part of most real estate transactions. We make it a priority to be well-informed and current on all changes by having regular sessions with our board of health director and constant information sharing. There are many nuances to managing a transaction with a septic system and I highly recommend you hire an agent who truly understands Title V. Thank you to the Massachusetts Association of Realtors for sharing these important facts:
A. Aside from very limited circumstances, a property must have a passing Title 5 inspection within 2 years before a transfer takes place. An inspection is not required before a transfer in the following situations:
1. Refinancing or any situation where no new parties are introduced;
2. a transfer between spouses;
3. a transfer between parents and child(ren);
4. a transfer between full siblings; and
5. where the property is held in a trust.
A property owner or buyer of a property with a failed inspection may also enter into an enforceable agreement with the Board of Health requiring them to upgrade the system or connect to the public sewer within 2 years following the transfer of title. If a property owner has entered into this type of agreement, they must disclose it to prospective buyers, and it must be binding on subsequent owners.
The most straightforward option available to sellers with a failed Title 5 inspection is to repair or replace the system prior to transfer. However, this may not be a viable option for all sellers because of the expense involved. In these situations, the seller and buyer may negotiate a resolution that satisfies both the requirements of the law as well as the financial well-being of all parties involved.
