Real estate market heats up for sellers - Western Mass News - WGGB/WSHM

Real estate market heats up for sellers

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SPRINGFIELD, MA (WGGB/WSHM) -

The real estate market is heating up for sellers.

But if you are looking to make moves into a new place, you may have a tougher time.

Whether a city escape is your speed, or a cozy nook to call home, real estate is selling in record time.
 
"Inventory overall, it is competitive and buyers are competing for homes. In my opinion, it's still on the lighter side," said Donna Wesoloski from Jones Group Realtors. 
 
If you are a seller, the world is your oyster. But if you are a buyer, be ready to face some real estate rivalry.
 
"We're seeing multiple offers, we're seeing bidding wars, we're seeing a lot of competition," Wesoloski noted. 
 
Last month, the housing market broke records. The average home under contract went in just 34 days according to Real Estate Broker Redfin.

That busted last month's record of 36 days. Of those homes nearly 27 percent went above their list price.
 
"Be ready to pull the trigger, absolutely," said Wesoloski. So if you're buying, there are a few tips to keep in mind.
 
"Have a prequalification letter from a bank, definitely. That makes them a much stronger buyer," Wesoloski added. 
 
Real estate agents suggest you don't go it alone. "Have a realtor to help with negotiations," Wesoloski continued.

While it may be competitive, it still may be a good time to make an offer.
 
"Now is the time anticipating interest rate changes. We've seen a little uptick in those, but right now they are holding steady," Wesoloski concluded. 

Copyright 2018 Western Mass News (Meredith Corporation). All rights reserved. 

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