WESTFIELD/SOUTHWICK – The local real estate market continues to be hot, with few homes on the market, low rates, quick sales and high prices.
Realtors Heather Witalisz, of Witalisz & Associates, and Lesley Lambert, of Park Square Realty, offered insight for buyers and sellers alike.
LESLEY LAMBERT
“As of today, there are only 16 single-family homes for sale in Westfield and 21 in Southwick,” said Lambert July 8. “Inventory, especially in Westfield, remains very scarce. With the interest rates holding at historic lows, buyers are motivated to purchase, but there aren’t enough homes to go around right now.”
She said homes are selling fast.
“If a home is put on the market at a fair price, the activity and number of offers goes up significantly and we are seeing quick sales with over asking price values,” Lambert said.
The price of homes today reflects the low availability.
HEATHER WITALISZ
“Factors attributing to the escalating home prices are largely due to the inventory shortage,” Witalisz said. “Buyers are plentiful and are eager to enjoy the historic low mortgage interest rates, however they are often challenged with competing multiple bid situations.”
The realtors offered advice for anyone in the housing market.
“Buyers, get a strategy together with your buyer’s agent so that you can move quickly when you find a home you like,” suggested Lambert. “Sellers, meet with your seller’s agent ahead of when you might be ready, they will give you tips and ideas to maximize your home’s value.”
Witalisz recommends to homebuyers and sellers that they should consider working with an experienced Realtor. This is a very unique market, she said.
“In order to successfully navigate the home sale process, you need sharp negotiation skills, knowledge of the local marketplace and a team of service providers who can assist throughout the entire transaction. Experienced Realtors can help with all of the above. Plus, “it is one thing to get an accepted offer, but it is another to get all the way to the closing table,” said Witalisz.
With several developments in the area offering larger homes, Lambert said what people are seeking more and more are smaller, easy-living homes.
“I have seen a strong uptick in buyers wanting to purchase a ranch style home — even younger buyers are saying that they want the ease of one level living,” said Lambert.
Lambert said the 12-month change in home values is up 12.5% in Westfield and 7.4% in Southwick. The price point with the most homes sold is $250,000-$300,000 in both Westfield and Southwick.
Witalisz said time spent on the market is shorter than last year, while selling prices are higher.
“In Westfield, the number of single-family homes sold year-to-date is 158 units with a median sales price of $273,750,” said Witalisz. “Time on market is approximately 44 days, which is shorter than in 2020. In Southwick, the number of single-family homes sold year-to-date is 54 units with a median sales price of $332,800. Time on market is much quicker than in 2020, with an average of 42 days.”
As of July 8, the average APR for 30-year fixed mortgage is 3.28% according to bankrate.com. Witalisz said in a recent interview with Dr. Lawrence Yun, chief economist of the National Association of Realtors, Yun commented on the state of the economy and what we can anticipate as we enter the latter half of 2021.
“He predicted that housing inventory will most likely improve because of increasing home builder activity. He also adds that with the phasing out of mortgage forbearance, where some homeowners lost their jobs and were unable to pay their mortgage, ‘some people may have to sell their homes’ — which will eventually add to the housing inventory,” Witalisz noted, quoting Brian Buffini’s Bold Predictions 2021, Mid-Year Update.
Whether you are looking to buy, sell – or both – Lambert and Witalisz are ready to help.
