Towns & Cities Between 2 Rivers
- Arlington
- Belmont
- Brookline
- Cambridge
- Concord
- Lexington
- Lincoln
- Medford
- Newton
- Somerville
- Waltham
- Watertown
- Wayland
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Categories
10 Things I Can’t Wait to tell you about Real Estate
Happy New Year!
As I contemplate the past year in the real estate market a number of things are worthy of sharing with you and may be of interest.
2013 was a long and challenging one in many ways. If you bought or sold a house, you definitely know what I mean!
- 2013 was this best market for Sellers I have ever seen.
- 2013 was the toughest market for Buyers I have ever seen.
- 2013 marked my 20th year in real estate…so I have seen a lot of market shifts and trends.
- Inventory was down as much as 29% from a year ago.
- The low inventory inevitably caused home prices to rise (as much as 18% in some places).
- Average list to sale price on the properties in our (Between2Rivers) area was 2% over the asking price. My seller clients averaged 5% over the asking price. Pricing properly and staging can still make a difference and maximize top dollar, even in a market where “everything sells” over asking.
- My Buyer clients only paid an average of 98.5% of list to sale price (when the average was 102%). Even in this market there can be opportunities to negotiate and save you money.
- The 30 year interest rate has been below 6% for over 5 years! Rates are forecasted to rise above 5% by the end of 2014. Buyers keep in mind how rising prices and higher interest rates can impact your buying power. If you want to own, waiting will cost you money.
- Getting a loan, while slightly easier than last year, continued to have its challenges (preapproval & patience are the two most important tips I can offer!).
- My seller clients who realized top dollar, went the extra mile to prepare their house for market.
What will 2014 hold? Since it is unlikely that a surge of inventory will come on the market, I think 2014 could look very much the same as 2013. But demand can fluctuate with the smallest of changes in the economy, in interest rates and even in the weather. A good real estate agent, who is immersed in the business, is noticing these subtleties and can best coach you on timing, pricing and strategy whether you are making an offer to purchase or selling your home.
If you are thinking of selling and want to know the value and how to get the most for your home I can help. If you are thinking of buying, utilizing the services of an experienced agent, who knows the market and has established relationships with other agents in the marketplace can make a difference in an extremely competitive environment.
