It’s the most anticipated real estate market in Massachusetts and the price of everything in town is on the rise.
But what can you expect from a real estate boom?
In an industry that’s growing at a faster pace than anywhere else in the country, Massachusetts realtors are also being forced to contend with a huge number of new entrants who are looking to enter the market and the pressure to sell as quickly as possible.
Massachusetts realtor and owner of real estate firm, Revere Properties, said she doesn’t know of any other real estate broker in the state that has the number of properties listed on the company’s website.
“You’ve got to do a lot of searching, and they have a huge inventory and the prices have gone up,” said Revere’s Julie Lutz.
“We’ve been really hit hard.”
With all the new real estate listings and listings on Revere, it has been difficult for realtores to keep up with the demand.
Lutz said she has seen a “significant spike” in sales, with many sellers offering their homes for sale on Reverset and other websites.
Realtors and real estate agents have also had to make do with more limited inventory.
And with fewer homes on the market, there are fewer homes that realtresses can sell.
“I can’t put a number on it, but it’s been pretty much steady,” said realtor Jennifer Reis, who said she had seen a 30% increase in her sales of properties she listed.
“We’re really struggling to keep pace with the price increases.
We’re doing it all by ourselves.”
But with so many new listings, realtore is struggling to hold onto the inventory.
“When we have a lot, it just slows down and it gets a little bit tough,” said Lutz, who has been in the real estate business for 30 years.
Revere Properties has been selling properties to investors in the Boston area for the past two years.
“That’s why we’re doing so well in the region, because we have that mix of families that are buying,” said David Mennitt, Reis’ chief executive officer.
Realtor Lutz said that the increase in listings has affected her business.
“It’s definitely a different business than I was used to, and that’s why it has taken us longer to see an increase in sales,” she said.
But with the increase of the inventory, Reversettorp is also seeing an uptick in potential buyers.
“There’s been an increase and we’re seeing a decrease in prospective buyers, so we are doing our best to get the inventory we need,” said Mennott.
For Revere and Mennetts, it’s a balancing act between keeping up with rising prices and keeping the customers coming in.
“For us, it comes down to being a good realtor and keeping our prices as low as possible,” said J.C. Bostrom, a realtor who’s known Mennett for decades.
“If we can keep our prices low, we can sell more houses,” Menntt said.
“The reality is if you are selling, you’re going to have to sell more.”
Realtore Lutz says that the increased inventory is causing her to lose money.
“Our costs have gone way up, and we have to make up that revenue,” she added.