Amy McHugh wasn’t seriously considering putting her home on the market.
But when a realtor friend posted on Facebook that “EVERYTHING is selling right now,” she got curious. Eager to get her twin daughters into a better school system, McHugh, who serves as Vice President at Greenough, had always toyed with the idea.
So with the help of Kristen Dailey of Success Real Estate, she made a few improvements around the house and put her three-bed, two-bath home in Weymouth on the market. McHugh knew the home had some key selling points, like a corner lot location, finished basement, and great neighborhood. But even she didn’t predict this level of interest: There were ten viewings of the 1440-square-foot home within the first two days. Within a week, the home sold for $344,000- a $64,000 increase from the $280,000 she bought it for five years before.
McHugh is just another resident of Greater Boston who capitalized on one of the healthiest housing markets in the last 15 years. In the Greater Boston Housing Report for September 2015, the Massachusetts Association of REALTORS® (MAR) and Warren Group determined that sales of single-family, detached homes increased by 15% compared to September of 2014. So why has this fall seen such a thriving seller’s market?
There’s a variety of reasons why now is the time to sell, besides the fact that all the home sales made this summer, which is traditionally a booming sales season, are finally closing. Home values have increased, with the median sales price up 7.5 percent to $455,000 for a single-family home. Also, the local job market is considered to be healthy, and mortgage rates are low.
Ed Deveau, realtor at Century 21 Mario in East Boston says many people are realizing that buying a home may cost them less than renting in the long run.
“For buyers, interest rates are low, so even though prices are very high, they're borrowing money at a very good rate, so it makes economic sense for them to purchase a home,” says Deveau. “Also, rents in the area are very high, so in many cases, it could cost less to own than to rent.”
And then there’s the fact that Greater Boston continues to suffer from a housing shortage, resulting in any property on the market getting at least a bit of attention.
"Inventory is low, so when your home hits the market, you're going to have a lot of prospective buyers interested right away,” says Deveau. “Also, with interest rates being as low as they are, it makes economic sense for potential buyers, who might otherwise continue to rent or wait to buy, to become home owners."
Now, McHugh and her daughters are loving their new home.
“Without the profit from the Weymouth house, I never could have gotten into my little dream house,” says McHugh. “As stressful as it was, selling was the best decision I ever made.”