Monday, April 27, 2015 01:06pm
North Adams, MA now: 54 °   
Send news, tips, press releases and questions to info@iBerkshires.com
The Berkshires online guide to events, news and Berkshire County community information.
SIGN IN | REGISTER NOW   

Home About Archives RSS Feed
Real Estate Perspective 2013-2014
By Paul Harsch On: 05:10PM / Wednesday February 12, 2014
Important
6
Interesting
10
Funny
1
Awesome
0
Infuriating
0
Ridiculous
1

This is to be the first in a regular series of real estate columns I'll be writing for iBerkshires. I want to thank iBerkshires for inviting me to write these columns and at the same time thank those who read them and invite you my readers to provide me with suggestions for new columns on topics you would find of interest.

Naturally the first of the series should be on 2013 looking back and 2014 looking ahead.

There is a great deal in the national and even local media on real estate trends and statistics so I hope to provide a slightly different slant offering primarily a local flavor. Reading national headlines proclaiming a dramatic increase in sales or median prices leaves one naturally wondering how come we or you in particular if you're a seller in this market, haven't experienced the same results.

Of course, real estate is local in nature. We all know that but there are national and even global events and currents that impact even a local market like the Berkshires.

The market here in the Berkshires was significantly improved from a sales and price perspective in 2012 over 2011; however, 2013 was a mixed bag around the county. Pittsfield grew sales nicely and South Berkshire saw improvement while North County was not so fortunate. In the north, sales fell in many towns and remained flat in Williamstown.

In prior recession/recovery periods, we were accustomed to seeing sales recover following a recession much like spring does, from south (NYC) moving northward, first through Southern Berkshire and on up the county. Therefore if this were a "normal recovery"  we could expect a similar trend with North County following the trend that South and Central County experienced in 2013. Mind you it was not a rush or landslide by any means, just a modest uptick.

This recovery, such as it is, has been stimulated by exceedingly low interest rates (Fed policy) and dramatically lower prices. It, however, has been modest due to, as we all know, weak employment figures. North County as well as the core area of Pittsfield has traditionally been a stronger industrial base than South County, which is largely second home and tourist based. Williamstown in the north centers now on Williams College for its financial base having lost virtually all industrial and manufacturing jobs in the past 45 years.

The phenomenon of retiring baby boomers cannot be overlooked either, as a substantial factor in the real estate trends of today. As this aging and very significant demographic retires this population is gravitating to smaller homes and often to warmer climes where winters are not such a factor.

Sellers of real estate need to take these trends into consideration as they approach the market. With an ample supply of homes on the market plus the addition of new construction, supply is still outpacing demand be a considerable degree. Of course this is good news for buyers who have many reasons to plunge into a home if they are in a position to do so.

The year 2014 is likely to see a stable to very modest improvement once again, depending on where in the county the real estate is located and of course on other factors such as the direction of interest rates as we move through the months ahead. There is absolutely no justification for postponing selling based on expectations for a significantly rising market. That doesn't appear to be in the forecast based on market and economic trends.

Buyers should carefully consider the possibility that higher interest rates as frequently forecast in various media may impact their options going forward.

In sum, unless there is any sort of major new force or series of high impact events that might affect the economy and housing in particular, it would make little sense to postpone your housing plans.

Paul Harsch, president and founder of Harsch Associates, a Berkshire County based real estate brokerage firm, is a licensed real estate broker in Massachusetts, New York and Vermont, serving a diverse residential, business, commercial and land client base for 40 years.



0 Comments
     
News Headlines
Goodwill Completes First North County Community Soft Skills Program
BHS Opens Walk In Treatment Center At Pittsfield Price Chopper
'An Uncommonly Fine Head': The Life and Times of Agrippa Hull
Holocaust Exhibit May Find Home in Adams
Social Media Bringing Bullies To Justice
Clark Exhibit Celebrates Underappreciated Medium
Cheshire Gets Gas Pipeline Answers From Kinder Morgan
Pittsfield Celebrates Arbor Day, Honors Berkshire Conservation District
Retired North Adams Police Officer Turns 100
Bashevkin Receives Commissioners Leadership Award

Paul Harsch, president and founder of Harsch Associates, a Berkshire County based real estate brokerage firm, is a licensed real estate broker in Massachusetts, New York and Vermont, serving a diverse residential, business, commercial and land client base for 40 years. He has achieved personal career sales exceeding $131 million and company sales from 1979 will top $500 million in 2014. Harsch is a member of the Berkshire, Massachusetts, Southwestern Vermont and National associations of realtors, is a licensed Massachusetts real estate instructor and earned the CRB, CRS, GRI and CBI designations. Harsch is a 1969 graduate of Williams College.

To submit comments, questions or requests for future blog topics write him at paul@harschrealestate.com.



Categories:
Adams Real Estate (2)
Adams Real Estate (0)
Berkshire home for sale (2)
Berkshire property for sale (2)
buying (9)
buying a home in the berkshires (1)
home buyer (0)
home buyer (0)
home buyer (0)
home owner (6)
homes for sale in the berkshires (3)
Lenox Real Estate (2)
Monterey Real Estate (2)
Monterey Real Estate (1)
Otis Real Estate (1)
Pittsfield Real Estate (2)
real estate (11)
second home (2)
selling (10)
selling a home in the berkshires (2)
Stockbridge real estate (2)
The Berkshires (2)
williamstown real estate (2)
Archives:
January 2015 (3)
August 2014 (2)
July 2014 (3)
June 2014 (1)
May 2014 (2)
Tags:
Williamstown Ma Housing Market Homes For Sale In The Berkshires Trends Berkshire County Real Estate Home & Garden Narh Interest Rates Investment Million-dollar Sales Home Buyers Home Sellers Home Inspection Second Home Attorney Medical Legal Opinions The Berkshires Building Inspector Williamstown Ma Real Estate Berkshire County Real Estate Home For Sale In The Berkshires Boston Home Financing The Patriots Real Estate For Sale Williamstown Engineering Berkshire County Homes Berkshires Properties
Popular Entries:
High End Sales, Williamstown and Berkshire County
Come Home to the Berkshires | Berkshire County, Mass.
For Sale By Owner: Homes for sale in the Berkshires
The Best Small Town in America
Facilitator, Transaction Broker Agent or Unrepresented?
The Froth Is Off
The Berkshires Aren't Boston
Investors Taking Advantage of the Real Estate Market
Real Estate Inspections
Real Estate Perspective 2013-2014
Recent Entries:
The Berkshires Aren't Boston
How will your Berkshire property value fare in 2015 and beyond?
Be A Contrarian
Come Home to the Berkshires | Berkshire County, Mass.
For Sale By Owner: Homes for sale in the Berkshires
The Best Small Town in America
The Froth Is Off
Do You Want to List Your property or Sell it?
The Home-Buying Process in 12 Easy (?) Steps
Selling or Buying Real Estate Is Just Like Buying a Loaf of Bread


View All
Baseball: Drury at Lenox
Logan Rumbolt and Kirby Bryce led the Drury baseball team...
Baseball: Westfield Voc @...
The McCann Tech baseball team hit their way to a 8-0 win...
SB: Mt Everett @ Lenox
The final score was Mount Everett 15 and Lenox 3
Berkshire County Invitational...
The boys 4-by-800 meter relay, a 3200-meter battle that...
SB: Mt Greylock @ Drury
The Drury softball team earned its first win of the season...
Touch A Truck 2015
Little kids got to play with big trucks - and school buses,...
Baseball: PHS @ Taconic
Fick finished with two strikeouts while allowing six hits...
Lacrosse: Monument @...
Sean Baruch scored four goals to lead the Pittsfield boys...
SB: Pittsfield @ Hoosac
The Pittsfield High softball team made the most of all its...
STEM, Industry Forum
U.S. Rep. Richard Neal and the Berkshire Chamber of...
BFAIR Annual Meeting 2015
BFAIR holds its annual breakfast meeting at the Williams...
3rd Thursday Events 2015
Director of Cultural Development Jen Glockner and Mayor...
Berkshire Chamber Nite @...
The Berkshire Chamber of Commerce held a networking event...
Tennis: MM Girls @ PHS
Monument Mountain girls tennis team won 5-0 over Pittsfield...
Tennis: MM Boys @ PHS
Monument Mountain boys tennis team won 4-1 over Pittsfield...
IS183 Versace Tchotchke Gala
IS183 Art School of the Berkshires' annual over-the-top...
Baseball: Drury at Lenox
Logan Rumbolt and Kirby Bryce led the Drury baseball team...
Baseball: Westfield Voc @...
The McCann Tech baseball team hit their way to a 8-0 win...
SB: Mt Everett @ Lenox
The final score was Mount Everett 15 and Lenox 3
Berkshire County Invitational...
The boys 4-by-800 meter relay, a 3200-meter battle that...
SB: Mt Greylock @ Drury
The Drury softball team earned its first win of the season...
| Home | A & E | Business | Community News | Dining | Real Estate | Schools | Sports & Outdoors | Berkshires Weather | Weddings
Advertise | Recommend This Page | Help Contact Us | Privacy Policy| User Agreement
iBerkshires.com is owned and operated by: Boxcar Media 102 Main Street, North Adams, MA 01247 -- T. 413-663-3384 F.413-664-4251
© 2000 Boxcar Media LLC - All rights reserved