Report: Balanced Housing Market Expected in 2013
SPRINGFIELD, Mass. (WGGB) — According to a new report by RE/MAX of New England, the Northeast should see an improving housing market in the next year.
The RE/MAX 2013 Housing Forecast found that “historically low” interest rates in 2012 caused continued growth for real estate. This year will shift from a buyers market to a more level playing field, benefiting sellers as well, experts said.
“There isn’t as much negotiating room as there was in the past because sellers are becoming more accepting of the actual market conditions when establishing price point,” said Karen King, Sales Associate at RE/MAX Prestige in Wilbraham.
“Homes priced correctly the first time are selling the quickest.” According to Christina Lazrak, Sales Associate at RE/MAX Prestige in Chelmsford, “I expected we’ll see a much more balanced market in 2013, particularly as inventory continues to be reduced.”
“The stars are lining up, basically and we had a good fourth quarter but we have a better first quarter of 2013,” said King.
Home sales grew in Massachusetts in 2012. Single-family and condominium sales both increased 21.6%, while multi-family home sales grew 5.3%. The median price of single-family home sales also continues to balance out. In 2012, virtually flat, according to the report, declining only -0.1% to $287,920.
One wildcard yet to be played is the possible economic impact of casinos that hope to come to the state. “We’re anxiously awaiting that supposed growth casinos will bring,” said Sara Gasparrini, Sales Associate at RE/MAX Prestige in Wilbraham. “It’s a variable not yet discovered since no one knows exactly where the casinos will be built.”