The Massachusetts real estate market turned in a pretty good showing for the first half of 2010. Home sale volume and median home sale prices were up across the Commonwealth compared to the first half of 2009.
Here’s a new YouTube video recapping MA real estate market stats and trends so far in 2010:
Future challenges to the market
The most obvious issue facing real estate across the US is whether the national economy will head into another recession in 2011.
At least the MA economy appears to be much stronger than in many other regions of the country, so there are grounds for optimism in the Commonwealth that we will do fine if the national economy muddles through any upcoming economic lulls and downdrafts.
The end of the Federal home buyer tax credit has removed an important prop to the real estate market. We need more time so how the market handles this loss of stimulation.
Advice for home buyers
Home buyers thinking about entering the market should focus on taking advantage of today’s historically low mortgage interest rates.
And you can buy a home in Massachusetts at quite a discount from what you would have paid back in 2005.
Tips for home sellers
Now is the best time to sell a home in MA in the last three years. Economic conditions are more stable and there has been some strengthening in home prices and market activity.
You’d be well advised to price your property to market and treat any and all buyer interest seriously.
What lies ahead
No one knows what the future will bring. These certainly are unsettled financial times.
However, it is all too easy to let fear prevent you from making beneficial investment decisions (on both the selling and buying ends).
The only certainly I can leave you with is this: all market cycles, both up and down, end at some point.
We are now 5 years into the current down cycle so a real estate upswing should be well underway sometime over the next 3 – 5 years!
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