SPRINGFIELD, Mass. (WWLP) – If you are looking to buy a home in Springfield, your choices are a little more limited than usual. The supply of homes up for sale in the city is declining fast, according to Brian Sears of Sears Real Estate.
Sears said that residents are holding onto their homes longer, with some people renovating their properties, rather than selling them. This short supply is driving up prices, but not too much. Sears said that there has been a modest 3-7% increase in prices because of this scarcity.
Realtors are running low on housing inventory to satisfy the demand. Sears said, “The buyers are getting very frustrated looking for houses, having to react very quickly, and to compete with multiple offers on a house.”
Sears said that we have seen this kind of trend before, and the market will eventually return to normal conditions in the city.