How Foreclosures Impact the Amesbury Market
Foreclosures can have a notable impact on real estate values in Amesbury by introducing lower-priced properties into the market. While this can provide opportunities for buyers looking for deals, an increase in foreclosures can drive down overall home prices in the area if distressed properties flood the market.
However, in competitive markets like Amesbury, where inventory is low and demand remains high, foreclosures often get purchased quickly, limiting their effect on broader market prices. Foreclosed homes may sell below market value but often require significant repairs, which can deter some buyers.
For sellers, a rise in foreclosures can create downward pressure on pricing, particularly for comparable homes. Buyers, on the other hand, may benefit from increased negotiating power.
Monitoring foreclosure trends is essential for understanding where the market might shift, making it important to work with an experienced Amesbury real estate agent who can provide insights into emerging opportunities or risks.
Where's the market headed? Watch for tariffs, foreclosures and interest rates.
How Tariffs Impact Real Estate Values
Tariffs can have a significant impact on real estate values by increasing the cost of construction materials, which in turn raises the cost of new homes and renovations. When tariffs are imposed on imported goods like steel, lumber, and aluminum, developers and builders face higher expenses, which can drive up home prices. Additionally, supply chain disruptions caused by tariffs can lead to delays in new construction, further constraining housing supply and contributing to higher property values.
For buyers, this means fewer affordable options, while sellers may benefit from increased property values in a low-inventory environment. However, prolonged tariffs can eventually slow down the housing market as affordability becomes a growing concern. Homeowners considering renovations may also need to budget more due to increased material costs.
In Amesbury, where the market is already competitive, tariffs could further tighten inventory and push home prices even higher, reinforcing the importance of strategic buying and selling decisions.
If tariffs come into play expect to see builder's raise their prices, some others will choose to sell off land instead of building themselves and we would likely see partially finished homes being sold instead of the builder's completing them.
Builders may need to offer incentives like closing cost credits or rate buy downs on inventory they have to move, if their costs go up they will have to pass along those prices to the consumer.
Foreclosure and Short Sale Activity: Market Stability
Amesbury's market shows remarkable stability, with minimal foreclosure or short sale activity over the past five years. In order for there to be a decline of any large amount in home values, it's likely that the amount of people losing their homes to foreclosure would need to rise a lot to bring a much bigger amount of homes to the market in a short amount of time. We are just not seeing any signs of this happening locally.
Here’s a breakdown of recent distressed sales:
- Short Sales:
- 2020: 1 unit
- 2021: 2 units
- 2022: 0 units
- 2023: 0 units
- 2024: 0 units
- Lender-Owned Sales:
- 2020: 1 unit
- 2021: 0 units
- 2022: 2 units
- 2023: 3 units
- 2024: 0 units
This suggests that home values are likely to remain stable, and a market downturn driven by distressed properties is unlikely. Buyers and sellers can have confidence in the ongoing strength of the Amesbury market.
How Long Does It Take to Sell a Home in Amesbury?
The time it takes to sell a home in Amesbury has fluctuated over the past five years, reflecting changes in buyer demand, inventory, and pricing strategies. Here's a breakdown of the average days on market (DOM) for homes in Amesbury:
2020: 45 days
2021: 23 days
2022: 24 days
2023: 27 days
2024: 32 days - Buyers are able to visit a home once, twice, some even 3 times before making a buying decision.
In 2024, homes took an average of 32 days to sell, which is a slight increase compared to the previous few years. This reflects a stabilizing market where buyers are taking more time to make decisions. However, homes priced between $600,000 and $750,000 continue to sell faster, often within 20 days of listing. Higher valued homes particularly those over $800,000, tend to stay on the market longer, contributing to the increase in overall days on market.
A well priced, well marketed home will still sell quickly.
Our team brings our home selling clients an offer they are happy to accept in an average of 5.5 days following our LSG strategic selling protocols. We launch on Thursday with 3 pre planned viewing times based on your schedule. We request offers in by Monday at noon for you to make a decision on within 24 to 48 hours. You can set your timing, your move calendar and your price based on the smart and accurate guidance we suggest ahead of time.
You will feel confident knowing while you are cleaning, decluttering and prepping that your hard work will pay off.
Sellers should be aware that proper pricing and strategic marketing are key to minimizing time on the market. For buyers, this slight increase in timing homes are for sale can provide more negotiating opportunities and time to carefully evaluate their options.
Why Hire Us
Choosing the right real estate agent can make all the difference in achieving a smooth and successful home sale or purchase. Here’s why we stand out:
- We are proud to be ranked in the top 1.5% of over 1.5 million realtors nationwide once again in 2024 as we have for almost a decade.
- Compass is the #1 brokerage in the US again in 2024.
- We are the #1 highest-producing local Compass team again in 2024.
- In 2023, we were the #1 Compass team for total combined sales in MA and NH.
Our track record is clear, what we do works.
