Springtime is usually a very busy time of year in the real estate market. People have endured winter snows and cold weather and those looking to buy a home or sell a property finally get their chance to shine. The last several years have been very unstable for the real estate market nationwide as a whole. The economy has and will continue to have direct influence decisions on buying and selling of primary residence homes -- as well as an impact on lenders willingness to lend and at what rate. Foreclosures, while not skyrocketing like they were, are still a major player on the field. Lenders have more properties than they want and these institutions are trying to minimize their losses while getting these properties off their books. The government is trying to figure out how to handle the entire foreclosure debaucle. Due to these and other factors, it is anticipated that fewer homes will be taken this year.
The Massachusetts market will remain stable in 2011 but we shouldn't expect any spiraling peaks or dizzying drops in activity. The $8,000 tax credit is long gone (except for veterans and other foreign service individuals under certain circumstances) and this should provide a more even keeled inventory between supply and demand. Massachusetts was hurt less by the national housing downturn than some other states. Nationally, home prices dropped a median of 30%....Massachusetts home prices dropped by a median of 20%. Massachusetts values have since rebounded by 7%, but not without some bumps and bruises along the way.
The market is still trying to "find it's feet". Real estate is tied closely to the economy, employment and consumer confidence. It will be a major undertaking to reclaim the progress lost over the last several years. Prices are not going to shoot skyward, nor is there an anticipation of another huge downswing. However, as most consumers and real estate agents know, there is no way of knowing what the future will bring.
CENTURY 21 Travis Real Estate