Winter Real Estate Market Update
We have been experiencing an incredible sellers market for several years in the Greater Newburyport area, however, the market is beginning to shift.
As interest rates slowly creep up (although still remaining historically low), and home buyers become extremely savvy, the market is leveling off for sellers, which is good news for anyone considering buying or selling in 2019.
Although interest rates have gone up slightly, there are lots of ways that home buyers can make their purchase workable. Flexible options for down payments have made home buying achievable -- although buyers continue to put down an average of 13%. First-time home buyers who make up 33% of the market have been working independently as well as closely with REALTORS® to educate themselves about the market to stay on top of new listings and neighborhood trends. We are finding home buyers this year have been well prepared, and ready to move quickly on property decisions.
Home sellers are staying put longer and choosing to modify their homes for changes in their lives rather than simply moving. The are also not moving as far away as they have in the past and are hoping to remain in the communities where they have raised their families. The average home seller in 2018 has been in their current home for 9 years, with 44% opting to move for a bigger home. Home sale prices have been trending high, but locally, we are seeing that home buyers will no longer make an offer on a home that is even slightly overvalued. Home sellers need to price their home accurately and keep on top of their home maintenance if they are hoping for a quick sale in 2019.
Market information and stats courtesy of the National Association of REALTORS®