Massachusetts Home Buyer Guide

Massachusetts isn't the only state where home buyers are facing a real estate market with little inventory.  

The National Association of Exclusive Buyer Agents (NAEBA), an organization of real estate professionals who have dedicated their business lives to representing only buyers of real estate, recently conducted a survey of its membership to determine the top issues facing today’s home buyers.

Exclusive buyer agents across the country were simply asked, “What is the number one issue facing home buyers in your market today?” Two-thirds of the respondents responded with lack of inventory or low inventory.

Regardless of where the buyer agent was located in the U.S., most answers were similar. Tom Coler, a NAEBA member in Florida, responded, “Finding a house they can afford in a market with very low inventory.” Across the country in Las Vegas, NV, NAEBA member Adele Hrovat answered with two words, “Low inventory.” Even the Midwest is facing the issue as NAEBA member Claire Bastien in Minnesota reports, “Good quality inventory is low in some areas of the Twin Cities leading to multiple offers over asking price.”

The second most reported issue was affordability of available homes. Twenty percent of the respondents listed affordability or pricing as the top issue in their market. Affordability was especially an issue for first-time home buyers. NAEBA member Ken Reid reports this about the Phoenix market, “(There is a lack of) affordability for the first-time home buyer. The rise in prices have cut a lot of buyers out of the entry level market. Unfortunately, rental prices are also on the rise, thereby reducing housing options for the young and/or low income Americans.”

“This survey shows that we have seen a shift to a seller’s market in most of the country,” states NAEBA President Chris Whitehead. “To navigate these issues, it is more important than ever that buyers have an exclusive buyer agent on their side throughout their home purchase.” 

Real estate inventory in Massachusetts remained tight in June. The number of single-family homes available declined 17.2 percent and months supply of inventory decreased 24.6 percent, according to data compiled by the Massachusetts Association of Realtors. The inventory situation may improve a bit for home buyers, since new listings in June increased 11.6 percent. 

Condominium inventory also declined in June. The number of available units dropped 23.8 percent to 5,029 from 6,598 in June 2014. Months supply of condo inventory decreased 27.5 percent. The good news for home buyers was that new condo listings in Massachusetts increased 11.3 percent.