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2019 vs. 2024: Homes Are Harder to Find and Even Harder to Afford
The average asking price of homes for sale across the country has increased by 37.5% compared to May 2019, five years ago.
Scripps News
Everyone’s “dream home” is different: lifestyle, location, and price point all influence the ideal home for a buyer, but there are features that most Northcentral Massachusetts home buyers put at the top of their “must-have” lists.
Large master bedrooms and in-ground pools are hallmarks of the past as homebuyers’ priorities change. Single-story homes, large outdoor yards and patios, and central air conditioning are the handful of features buyers consider essential, according to area real estate agents.
Nancy Whitehouse-Bain, a real estate agent for 31 years, said everyone wants a pool, but no one wants to pay for it because it’s so expensive to maintain. She said outdoor space and patios are now a must for home buyers.
The COVID-19 pandemic, a rapid increase in the cost of living and scorching summers have forced homebuyers to look for homes outside of the expensive city and suburban lifestyle and further into northcentral and western Massachusetts. Local real estate agent Jennifer Shenk said people are moving to the Gardner area looking for a modest home with a good-sized yard and affordability.
“A lot of people moved here during COVID-19 because they could work from anywhere,” she said. “People can get a bigger house for the same amount of money that they would pay $4,000 a month in rent in the Boston area.”
Why Ranch Style Homes Sell Fast
One-story ranch-style homes have become popular in recent years because they are ideal for multi-generational families. In the past 12 months, 44 ranch-style homes have been sold in the Gardner area. On average, a ranch-style home is 1,375 square feet and costs between $365,000 and $645,000.
“If a house is around $380,000 or less, it’s going to sell in seconds,” Whitehouse-Bain said. “The sweet spot is usually around $400,000, but houses in Westminster are now selling for $500,000 or more.”
Shenk said many adult children are moving back in with their parents because the economy has made it difficult for young adults to live financially independently. She said people are also taking in their elderly parents and grandparents, so they need a home with multiple rooms and no stairs.
“I can always expect a lot of activity and interest when selling a ranch-style home,” she said. “Single-family homes are the most attractive to a wide range of people.”
In addition to the ample outdoor space, homebuyers also want a large living room or multi-purpose room. Whitehouse-Bain said many buyers want those rooms because they want multiple spaces for family activities.
How is the housing market?
Supply remains low and the state’s housing crisis continues to pose challenges for first-home buyers.
“Now is the time to buy. All indications are that the market will remain as it is because we have such a severe shortage of housing,” Whitehouse-Bain said.
Mortgage demand is not getting off the ground
Demand for mortgages remained virtually unchanged, even as interest rates fell to their lowest level in three months.
Cheddar
Still, both Whitehouse-Bain and Shenk said they advise people to stop waiting for better rates or a “better” market, which may not happen, and buy. Whitehouse-Bain said sellers can get a good price for their homes now.
“In 2020, people were fed up with the housing market, but four years later, rates haven’t gotten any better and inventory is still low, so don’t wait too long,” Shenk said. “I’m not saying it’s always going to be this high, but I think COVID-19 has pushed our prices up permanently.”
