Is Massachusetts in Another Housing Bubble? | NECN

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Is Massachusetts in Another Housing Bubble?

The median home price in Massachusetts is now $372,000, a new record

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    NEWSLETTERS

    Massachusetts' most competitive markets right now are Boston and the western suburbs, where it's not uncommon to wait in line to get into an open house. (Published Friday, Aug. 12, 2016)

    Nicole Lindberg is frustrated. She's been looking for a house since February of last year. 

    "I put an offer on one place that I really liked that was on the market for less than a week and someone outbid me," she said. 

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    The median home price in Massachusetts is now $372,000, a new record. 

    With bidding wars and record prices, the headlines are strikingly similar to a decade ago, right before the housing market tanked. 

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    Is history repeating itself? 

    Annie Blatz, president of the Massachusetts Association of Realtors said, "We have a very competitive market very high demand and low inventory. That is making our prices go up. This is different from years in the past when we had a different economic set of circumstances when we had high demand and high prices and also high inventory. 

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    Massachusetts' most competitive markets right now are Boston and the western suburbs, where it's not uncommon to wait in line to get into an open house. 

    Buyers need to be ready to pounce when they find something they like. 

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    Jim Cotter of William Raveis Real Estate said, "All your ducks in a row. Ready to make an intelligent offer on the spot is absolutely key. This market is so fast. It is not the type of situation where you can say 'we'll look at it tonight and think about it overnight.'" 

    Blatz said, "They have to get in to the competitive spirit of it. They have to be ready to buy and have their checkbook with them and be ready to make their highest and best offer and if they do that they'll eventually get a house. 

    She added, "They also need to have some flexibility. Maybe they need to consider a home that might need some repairs or renovation. There may be a better value there." 

    A well-crafted offer can also make a difference if a buyer is willing to close quickly or waive the inspection. 

    The situation is a good one for Joe McGowan, who just put his South Boston condo at 670 Dorchester Ave. on the market. 

    McGowan said, "According to everybody that I have spoken to it won't sit for long. It should go into a bidding war and that's what we're hoping for. 

    And for the would-be buyers who keep getting outbid, now is the time to save.

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