Hot Real Estate Market - Medford, MA
|English: Medford Square, Medford Massachusetts, April 2010 (Photo credit: Wikipedia)|
(Medford, MA) It's no secret that the real estate market here in the Greater Boston area has heated up. Granted the area has been less affected by the recession and market downturn than the rest of the country but in the last few months inventory of homes for sale has shrunk and therefore put upward pressure on available properties and buyers finding situations where homes are selling over list price and in some situations bidding wars are again common.
I was speaking with Betty Levin of Century 21 Advance Realty in Medford and she made note of the lack of inventory. Betty is one of Medford's top listing agents with over 35 years listing homes for sale in and around Medford. She describes today's market as seriously lacking enough inventory to satisfy the buyer demand that is out there. "With 19 condos, 3 multi-family and 11 single family properties on the market today, that's not nearly enough to meet the interests of buyers looking for property here in Medford." "Medford is an attractive city for homebuyers, offering more competitive prices for it's proximity to Boston while having services and amenities that so many buyers desire."
Many homeowners who purchased in the housing bubble may not have the equity to sell typically, but for certain neighborhoods and homes with certain features they seeing that trend reverse. "Homeowners who might even be entertaining selling, either to move up or downsize should seriously consider this specific time in the local real estate market to capitalize on these factors," Betty advises. "Consult with a top listing agent and see exactly how much the market has improved for you."
Working with a top notch buyers agent is again becoming advantageous in this market. Buyers, recognizing the network that professional real estate agents/brokers have fostered, are greatly assisted in identifying properties new to the market or even of ones soon to come to the market. Buyers are best advised to have their team of home purchase professionals together to pursue properties in this market. Working closely together, a buyer, with their mortgage professional, real estate professional, attorney will be in the strongest position to make their offer on a given property.
This is still the "winter" season here in Medford, but just as what Punxsutawney Phil predicted, the spring market activity has ignored the snow & is here now, snow or no snow. The spring market is really getting a head start. Look sharp now or miss out.