What to expect as Spring Real Estate Market is about to kick into high gear

Mass — This is the time when home buyers and sellers come out of hibernation.

The spring real estate market is the busiest time of year.

Melissa Philley and her husband just hit the jackpot: they had an offer accepted on a single-family home inside Rt. 128.

“This one was a little smaller than what we were looking for initially,” said Philley. “It’s a real fixer-upper which wasn’t necessarily something we were looking for.”

Her search didn’t include any sticker shock because she was moving from San Francisco. But the market here still surprised her.

“I think the main challenges are just the competition, and particularly right now, the low inventory.”

The low number of houses and condos for sale has propped up prices, even as demand declined with rising interest rates.

Marie Presti, a realtor who has offices in Newton and Stoneham, says right now there’s about two months’ worth of inventory for sale in greater Boston.

It is not considered a buyer’s market until that number hits six months.

“I don’t think prices are coming down at all,” Presti said. “So, I think for buyers who want to buy something, this is the time to get out there, especially before all the rest of the buyers come out.”

Many homeowners might want to sell, but don’t want to give up their current mortgage.

“Part of the problem is there are millions and millions of people across the country that have rates of 2.7%, 3%, 2.8%, 3.2%, so they’re saying I don’t want to give up my rate. If I sell and I buy now, I’m at 6% or 6.5%,” said Anthony Lamacchia, CEO of Lamacchia Realty, Inc.

He does think that things will change a bit as we move into spring.

“As more homes list, more homes will list. It’s like a self-fulfilling prophecy. When fewer list their homes for sale, fewer list their homes for sale because they worry about, where are I going to go to. It’s a real concern for people.”

One pandemic trend may now be in reverse. It’s the idea of moving further from Boston to places like Worcester or Cape Cod.

“That’s part of why we saw condo sales go down because people didn’t want to be living in a shared environment over the last year and a half. That’s come back. Greater Boston is back to ruling the roost,” added Lamacchia.

One trend from last year seems to be lingering.

Presti said, “Of the four offers that I put in in the last couple of weeks that represented buyers, all of them waived their inspections. The person who’s willing to take the biggest risk is probably going to be the one that gets the accepted offer.”

The realtors have tips for people thinking about jumping into the market.

For sellers, they said to price a property reasonably and not to overplay your hand.

Try to list as early as you can so you can be ready with buyers coming out.

Finally, consider a few small projects that might improve curb appeal but they say most big renovations don’t pay off and can delay getting a property listed.

The first step for a prospective buyer is to get pre-approved.

Next, create a “must-have” list and a “wish list” of amenities you consider important.

Finally, consider working with a local broker who knows communities that are of interest to you.

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