There could still be snow on the ground in Massachusetts in March, but when it comes to the real estate market, spring is in full swing. That’s why Lynne Ford, personal moving consultant at Linden Ponds, an Erickson Living managed senior living community in Hingham, Massachusetts, and her network of preferred local real estate agents say the time is now to put your house on the market.
“With the historic low inventory of 2020 and pent-up buyers ready to buy, March is an excellent time to list and sell,” Ford says. “With so little inventory on the market, it gets your home more exposure and hopefully will lead to a successful sale versus waiting to list in a ‘traditional’ spring market of April and May where there could be more listings and competition.”
Expect a ‘buying frenzy’
Housing inventory is at a record low on the South Shore and Cape Cod, Ford says. She estimates there is currently just a two-month supply of inventory, putting sellers at a significant advantage. In 2020, Ford says properties sold quickly, often garnering multiple offers, bidding wars, and sale prices over the asking price. She expects to see more of the same this spring.
“We expect the spring market to continue to be a buying frenzy,” Ford says. “There are so many buyers out there and so little inventory that buyers need to be ready to act when they find the right home.”
Christine Sypek is a Coldwell Banker real estate agent who has helped several Linden Ponds residents sell their houses. In the real estate market including Braintree, Cohasset, Hanover, Hingham, Hull, Milton, Norwell, Pembroke, Scituate, and Weymouth, Sypek says the median sales price in December 2020 was $653,5000, up 19% from December 2019. Average days on market were 49 in 2020, a 17% drop from 2019, and the average sale price increased 12% to $747,780.
“If the market continues to be good and we have little to no snow, then the spring market will begin as early as the February timeframe,” Sypek says. “Sellers should consider listing their homes at this time because they may not have a lot of competition, as typical sellers wait until April or May to list.”
The pandemic has actually contributed to the uptick in homebuying, Sypek says. Many people have accelerated their decision to move out of rental properties and purchase a house because they are working from home and need an office area and more space for their families.
“Interest rates have been favorable for buyers so this has helped them in moving up their decision to purchase a home,” she says. Between virtual marketing strategies like video tours and safety measures at in-person showings, Sypek says COVID-19 hasn’t put a damper on homebuying activity. Real estate agents and sellers have found ways to safely showcase houses for buyers.
“For open houses, we as agents have to allow only one group at a time in a home complete with gloves, booties, and masks,” she says. “Sellers do things like leave closet doors open so minimal things in the home are touched.”
Complimentary coordination of all your moving needs
People who are planning to move to Linden Ponds are in an even better position because they can take advantage of Erickson Realty and Moving Services, a special program that offers complimentary coordination of all realty and moving needs, including downsizing, home staging, packing, and selection of a real estate professional. Working side-by-side with Ford, incoming Linden Ponds residents will have a team of trusted professionals to help them sell their houses. To prepare a house for a fast and successful sale, Ford always recommends sellers thoroughly declutter the space. She also says a fresh coat of neutral paint can go a long way.
“If it is going to be too difficult to do that or you do not have the resources, we have the ability to virtually stage or paint a room,” she says. “It is also amazing how a few new throw pillows can give a fresh look to a room.”
Written by Meghan Streit
The first step to enjoying maintenance-free retirement living at Linden Ponds is to request a brochure.