New builds reflect housing needs, market

    New apartments and duplexes being built in Holyoke sure give the appearance of change in the local housing market, but what’s really going on in the world of real estate? Some of Holyoke’s own realtors weighed in to provide some insight into the current market.
    Such new builds are an indication of Holyoke’s growth, Casey Blake of Choice Real Estate said. Several realtors agreed that businesses such as Seaboard Foods have brought in many new residents looking to purchase homes.
    On the flip side, the chronic rental shortage in Holyoke has prevented some prospective employees from accepting jobs in the area, noted Julie Wiebke of Lighthouse Real Estate. In the 15 years that she has been an agent, there has been a need for more rentals the entire time. When new, young people are looking to move to Holyoke, they tend toward rentals, and being able to find one can make or break a job offer.
    Olga Sullivan of Sully Team Realty said that she hopes the new apartments being built will provide some relief for the people who are coming and going and need short-term housing solutions.
    With the high demand for rentals, prices for the ones that are available have gone up recently. Wiebke explained that it’s hard to find a good tenant who will pay rent on time and take good care of the property, and when rentals are left damaged, that can drive the price up.
    The frustrating rental market has an impact on people looking to buy a home, Blake said. Many people consider the money they put toward rent and decide they would rather be paying a mortgage instead.
    Beyond rentals, Sullivan said there’s a lack of affordable homes for sale, as well. Prices have consistently crept up over the last three to four years, she said.
    In the last year, MLS agents have sold 24 homes in Holyoke at an average price of $156,725. Of the 11 MLS listings currently active on the market, the least expensive is listed at $99,000.
    There’s a high turnover of people coming and going, and people want to get their investment back when they sell a house, Sullivan noted. Another thing keeping prices high is the fact that there is not a lot of new construction in the area, she added.
    On the other hand, homes in the area are selling rather quickly and consistently. Blake has observed a more steady flow of sales than he’s seen in the past. The average MLS listing in the last year was on the market for just 40 days. Sullivan pointed out that buyers really need to be prepared because the good houses go fast, and all the realtors want to help educate people on how to be prepared to buy a home when the time comes.
    Over all, the things happening in real estate aren’t unusual, Blake said. There’s a cycle in real estate, he explained, and a mix of various factors leads to the current market. There are young people buying their first, smaller homes. Those with growing families are looking to upgrade to fit their needs. Retirees are downsizing. Right now, there aren’t many nice, small homes on the market, for example, but that can change quickly.

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