With the real estate market’s recent upheaval, many people are wondering whether now is a good time to buy a home. Although market conditions vary by location, in general, prices are lower and there are more homes on the market than there were a few years ago.
To better understand the current New England housing market, FastExpert reached out to Shad Elia of New England Home Buyers, a real estate investment firm based in Massachusetts. Shad has over 20 years of experience in property investments, house flipping, construction, and commercial/residential rentals.
“It’s looking like buyer traffic is still high in the middle of 2022. Because of this, the demand for new homes will keep rising, causing the market to rise along with this. There is also a shortage of inventory, which means interest rates will keep rising,” Shad explained.
“Although historically speaking, this would cause a decrease in pricing, we are finding that, because finding a lack of supply continues to trend upwards, prices will rise along with it,” he clarified.
Should You Purchase Now or Wait?
For those on the fence about whether to purchase a home in New England now or wait, Shad has this advice: “In any market, purchasing a home is a deeply personal decision. Due to the fact that homes constitute the greatest single investment most individuals will make in their lifetimes, it is essential to be in a good financial position prior to making a purchase.”
So, what does being in a good financial position entail? “Start with a budget and make a commitment to adhere to it. You may still find yourself in a bidding war in today’s market, but this can be risky because it’s tempting to want to win a home at any cost, which could shatter your budget,” he said.
“And with low inventory, some purchasers may make more concessions than they would in a balanced market, resulting in the purchase of an overpriced, unsuitable home.”
The Hottest New England Housing Markets in 2022
According to a recent report by Realtor.com, New England cities are ranking high in terms of where people want to live. Manchester, Vermont, and Portland, Maine are at the top of the list, with Providence, Rhode Island, and Boston, Massachusetts not far behind.
The top 20 cities according to the report are:
- Manchester-Nashua, New Hampshire
- Burlington-South Burlington, Vermont
- Portland-South Portland, Maine
- Concord, New Hampshire
- La Crosse–Onalaska, Wisconsin-Minnesota
- Burlington, North Carolina
- Rochester, New York
- Elkhart–Goshen, Indiana
- Lafayette-West Lafayette, Indiana
- Fort Wayne, Indiana
- Columbus, Ohio
- Springfield, Massachusetts
- Worchester, Massachusetts
- Hartford-West Harford-East Hartford, Connecticut
- Billings, Montana
- Norwich–New London, Connecticut
- Kingsport–Bristol, Tennessee-Virginia
- New Haven-Milford, Connecticut
- Claremont, New Hampshire
- Oshkosh-Neenah, Wisconsin
The Bottom Line
The current state of the New England housing market is a mixed bag. On one hand, prices are lower than they were a few years ago and there is more inventory on the market. On the other hand, competition is still fierce, and interest rates are rising. For those considering purchasing a home in New England, it’s important to be in a good financial position and have a budget in mind.
How FastExpert Can Help Find a Home in New England
If you’re thinking of purchasing a home in New England, the first step is finding a real estate agent who knows the ins and outs of the region. At FastExpert, we can connect you with top-rated agents in your area who will guide you through the home-buying process from start to finish.
So, what are you waiting for? Get started with your home search today!