SPRINGFIELD, Mass. (WWLP)- The number of forced home sales has gone down, both nationally and locally. The latest numbers show that distressed home sales made up 10% of home sales across the country at the end of 2015. That is a drop from the same time the previous year.
A “distressed” home sale is a foreclosure, bank sale, or short sale.
The number of distressed sales has also declined in Massachusetts over the last several years. Kevin Sears of Sears Real Estate in Springfield told 22News that more people are selling their homes on their own terms.
“Those who are doing it voluntarily, who want to sell to either relocate or or upsize, whatever the reason is- not because they can’t afford the mortgage or because they lost their job. That’s not happening as much as it was a few years ago,” Sears said.
He added that the median price for homes has jumped more than $20,000 over the last four years in the Pioneer Valley. Sears said that if you are considering selling your home, now is the time.