Top Reasons Massachusetts Homeowners Are Selling Their Houses

Massachusetts is one of the most populous and historic states in the US, with a rich culture and diverse landscape. It is also home to some of the most expensive and competitive housing markets in the country, especially in the Greater Boston area. However, in recent years, many homeowners in Massachusetts have decided to sell their houses in Massachusetts and move to other states or regions. What are the top reasons behind this trend? In this blog, we will explore some of the most common factors that influence homeowners’ decisions to sell their houses in Massachusetts.

High Cost of Living

One of the main reasons why homeowners in Massachusetts are selling their houses is the high cost of living in the state. According to a report by CNBC, Massachusetts ranked as the third most expensive state to live in the US in 2021, behind only Hawaii and California. The report considered various factors such as housing, taxes, utilities, transportation, and health care.

Housing is particularly costly in Massachusetts, especially in the Greater Boston area, where the median home price was $725,000 as of June 2021. This is more than double the national median home price of $363,300. Moreover, property taxes in Massachusetts are also among the highest in the country, with an average effective rate of 1.22%. This means that a homeowner with a $725,000 house would pay $8,845 in property taxes per year.

The high cost of living in Massachusetts affects homeowners’ budgets and lifestyles and makes it difficult for them to save money or invest in other opportunities. Some homeowners choose to sell their houses and move to more affordable places, such as neighboring states like New Hampshire or Vermont, or other regions like the South or Midwest.

Climate Change

Another reason why homeowners in Massachusetts are selling their houses is climate change. Massachusetts is vulnerable to the effects of climate change, such as rising sea levels, coastal erosion, flooding, storms, droughts, heat waves, and wildfires. According to a report by Climate Central, Massachusetts ranked as the sixth most at-risk state for coastal flooding in the US in 2020. The report projected that by 2050, more than 89,000 homes worth over $63 billion could be chronically inundated by sea level rise.

Climate change also poses other threats to homeowners in Massachusetts, such as extreme weather events and water scarcity. For instance, in 2018, Massachusetts experienced a series of severe thunderstorms that caused widespread damage and power outages. In 2016, Massachusetts suffered from a prolonged drought that affected more than 60% of the state and triggered water restrictions and bans.

The impacts of climate change on homeowners’ safety and comfort are likely to worsen in the future, as global temperatures continue to rise and greenhouse gas emissions continue to increase. Some homeowners choose to sell their houses and move to more resilient places, such as inland areas or higher elevations.

Lifestyle Changes

A third reason why homeowners in Massachusetts are selling their houses is lifestyle changes. Homeowners have different preferences and needs depending on their age, family size, career stage, health status, and personal goals. These factors influence homeowners’ decisions to sell their houses and look for new ones that suit their current situations.

For example, some homeowners sell their houses to downsize after their children move out or they retire. Downsizing can help them save money on maintenance costs, utility bills, and taxes. It can also help them simplify their lives and reduce their environmental footprint. According to a survey by Zillow, more than 40% of baby boomers who sold their homes in 2019 did so to downsize.

On the other hand, some homeowners sell their houses to upgrade after they get married or have children. Upgrading can help them accommodate their growing families and provide them with more space and amenities. It can also help them improve their quality of life and increase their home value. According to the same survey by Zillow, more than 30% of millennials who sold their homes in 2019 did so to upgrade.

Other lifestyle changes that may prompt homeowners to sell their houses include relocating for work or education opportunities, retiring to warmer or quieter places, or pursuing other personal or professional goals.

Market Conditions

A fourth reason why homeowners in Massachusetts are selling their houses is market conditions. Massachusetts has a strong and stable housing market that attracts buyers from both within and outside the state. The housing market in Massachusetts has performed well over time in terms of prices, sales, inventory, demand, and supply.

According to a report by Realtor.com, the median home price in Massachusetts increased by 13.6% from June 2020 to June 2021, reaching $619,000. The report also showed that the median days on the market decreased by 38.5% from 26 days to 16 days, indicating a fast-paced market. Moreover, the report revealed that the inventory of homes for sale decreased by 47.8% from 25,405 to 13,261, indicating a low-supply market.

The favorable market conditions in Massachusetts benefit homeowners who want to selling your houses, as they can expect to receive high offers and quick sales. Some homeowners choose to sell their houses while the market is hot and take advantage of the high equity and profitability.

Conclusion

As we have seen, there are many reasons why homeowners in Massachusetts are selling their houses. Some of these reasons are related to the high cost of living, climate change, lifestyle changes, and market conditions. If you are one of these homeowners who are thinking about selling your house in Massachusetts, you should weigh the pros and cons carefully and consult with a professional real estate agent who can help you navigate the process smoothly. You should also do your research on the best time to sell your house in Massachusetts, as well as the best places to move to after selling your house. Selling your house in Massachusetts can be a challenging but rewarding decision that can improve your quality of life and financial situation.

Why You Should Hire Outlook Properties to Sell Your Property in Massachusetts

If you are looking for a professional and reliable real estate agent to help you sell your property in Massachusetts, you should consider hiring Outlook Properties. Outlook Properties is a local company that specializes in buying and selling properties in the Greater Boston area.

They have extensive experience and knowledge of the Massachusetts housing market, and they can help you navigate the complex and competitive process of selling your home. Whether you want to sell your home quickly, get the best price, or find the right buyer, Outlook Properties can assist you every step of the way.

They will provide you with a free market analysis, a customized marketing plan, and a dedicated team of experts who will work hard to achieve your goals. Outlook Properties is a trusted and reputable company that has helped many homeowners in Massachusetts sell their houses successfully.  Contact them today and let them help you sell your property in Massachusetts.