Real Estate experts are hopeful the interest rate will turn around for Spring housing market

BROCKTON, Mass. — The Spring real estate market is traditionally one of the busiest times of the year to buy and sell homes.

A Brockton home just went on the market as the Spring housing season ramps up. Deric Lipski has been selling homes for 23 years and he says by the end of May most of the housing stock for the year will hit the market. 

“Everyone in New England just waits for the flowers to come out, the pool to open, the grass to be green, they get Spring fever,” said Lipski.

Lipski says the houses that are for sale are attracting huge crowds. His last open house in Quincy got 37 offers.

“I just think this low inventory is keeping the prices high and buyers in big demand, there is nothing out there,” said Lipski.

Alison Socha is the 2023 President of the Greater Boston Association of Realtors. “For sellers out there, the numbers have to work because getting across that finish line,” says Socha.

She says one reason for the limited housing stock is sellers holding off.

“Having a place for them to go, not only from an interest rate perspective but also an inventory perspective really important for them to make the decision to put their home on the market. Otherwise, they are happy to stay where they are where they probably have a good financial situation,” says Socha.

Lipski also says the math does not work for many sellers right now.

“If I downsize this and buy a house, a new house, a smaller one, and get 7 percent. It’s almost the same mortgage and sometimes it is even higher so why would I go through that,” said Lipski.

Real Estate experts are hopeful the interest rate will turn around this Spring – and the best advice is to shop with patience.

“When you find a home that suits your needs and evokes that feeling where you can see what your future could possibly be like, that’s when you should step up to the plate and make that choice to do what you can to make it yours,” said Socha.  

Lipski is also seeing people sell their homes and rent for a few months so they can be stronger buyers without having a contingency to sell.

He’s also seeing a lot of people sell around here and doing cash deals in markets with lower housing prices so they don’t have to deal with the interest rate.

This is a developing story. Check back for updates as more information becomes available.

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