Tips for Success in A Sellers' Market

By now you've heard it's a "sellers' market"! There are fewer homes for sale everywhere including Wayland, Sudbury, Concord, and the towns west of Boston. Sellers are getting multiple offers for their homes, some in just a few days, and we're seeing sale prices higher than asking again. All good, right? Of course, everyone has been waiting for the market to turn!

Well, maybe not everyone! Some of you who thought you would wait until the Spring to get moving are now finding yourselves in unchartered waters and it's a bit overwhelming.

Here are a few tips to you succeed:

1. Buyers and Sellers: Be prepared; get pre-approved for a mortgage before you look at houses. Sellers, you are most likely going to buy another home. Before you put your house up for sale, know what you can afford to buy.

2. Sellers - make sure you have a somewhere to stay in case you sell before you find a new home. Can you stay with relatives or friends? How about a short-term rental? That is going to be difficult to find in the suburbs, especially if you have children and or pets. Check out your options before you list your house.

3. Sellers - make sure your home looks its best, make all necessary repairs, and above all price it right! When the media tells you it's a "sellers' market" it's easy to think you don't have to fix things and that you should ask a higher price. Home buyers in any market expect your house to be updated and with all systems working, especially when they're paying higher prices. Even in a bidding war, they won't overpay! As busy as the market is, I'm still seeing price reductions and expired listings that did not sell.
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4. Buyers - don't waive the mortgage contingency unless you're paying cash or are 100% your mortgage positive that your loan will be approved including the lender appraisal. If you're going to waive the home inspection make sure you really understand the condition of the house. Even if it means having to wait for another house; it's not worth losing your deposit or finding out after you move in that the house needs repairs you can't afford. Common sense should alway prevail.

5. Buyers and Sellers - Contract with an experienced and well-educated Realtor who understands how to negotiate the ins and outs of the current market and can make sure you have all the information you need to make the decisions that are right for you. In this faster-paced market, stress is high and every detail matters. Your agent needs to be there for you from beginning to end and every step in between to ensure the process ends in success!

More at www.marilynmessenger.com - easy home search, market reports for Wayland, Sudbury, Maynard, Stow, and Acton MA; expert advice from an experienced broker.

Acton (MA)Real Estate - Home Sales and Prices Up in May 2012

Single Family Homes: There are currently 94 single family homes for sale in Acton MA; last year there were 123 at this time. List prices range from $180,500 to $1,099,888. The median list price is $574,950 – 50K less than last year at this time; the average list price is $567,167, last year it was $573,517.

The Acton residential real estate market is very active. Of the 94 single family homes on the market, 25 already have offers accepted waiting for contingencies to clear, so the actual number of single family homes for sale is very low. Additionally, 35 single family homes went pending during May compared to 21 in May 2011.

May Closed Sales: Closed sales and sale prices for single-family homes in Acton were up substantially in May. There were 20 sold compared with just 8 during May 2011. The median sale price was $511,250; up from $432,000. The average was $518,320, up from $475,625. Based on the limited supply of homes on the market, buyers can expect competition and prices for homes increase. However, the market generally slows down during the summer so buyers who want to live in Acton should stay in the market and be prepared to step up if they find a home that suits their needs.

Year-to-date Sales: There were 55 single-family closed sales in Acton between January 1 and May 31 2012 up from 46 during the same period in 2011. The median sale price was $497,500, higher than May 2011 of $453,750. The May 2012 average price was $497,784; the average price in May 2011 was $521,014.

Condominiums and Townhouses: The supply of condominiums and townhouses in Acton has declined from last year at this time; there are 63 for sale compared with 76 last year. Prices range from $85,000 to $680,000. The median price is $289,800; last year it was $261,950. The average is $331,474; last year it was $268,625.

Acton has good selection of new construction attached and detached townhomes. Buyers can have their own buyer agent representing them but remember, the buyer agent must accompany the buyer to the site the first time they visit the site. If you’re interested in new construction, find a buyer agent first. While the agent on-site will be very friendly and helpful, remember, that person’s job is to act in the best interest of the builder, not you! A buyer agent who knows new construction and who knows how to negotiate can save you money.

Closed sales: Condominium sales are down from last year. There were 28 closed sales of condominiums and townhouses from 1/1 – 5/31/2012; there were 32 for the same period in 2011. The median price was $183,600; the average was $231,182; both lower than last year.

Source: MLSPIN (Multiple Listing Service Property Information Network)

Acton MA Real Estate Update - Active Start to Spring Market!

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Single Family Homes: There are currently 76 single family homes for sale in Acton MA; last year there were 65 at this time. List prices range from $199,000 to $1,395,000. The median list price is $577,900; the average list price is $594,776, both higher than one year ago when the median was $549,900 and the average list price was $568,882.

The market is Acton is very active. Of the 76 single family homes on the market, 27 already have offers accepted waiting for contingencies to clear. There are also 23 homes with sales pending. The average list price for sales pending is $500,781. The average list price for properties with accepted offers is 516,534 – offers accepted are the most recent activity. We will know the actual sale prices when the properties close.

The average list price for these homes is lower than the average list prices for current listings that do not have accepted offers (unsold listings) and also lower than the average sale price in Acton for 2011. So here the million dollar question: is high activity due to lower list prices and will it continue as sellers ask more? In theory, price is based on supply and demand and if high activity continues and supply declines, then prices should go up; or will buyers step aside again? Stay tuned for next month’s report.

Year-to-date Sales: There were 14 single-family closed sales in Acton between January 1 and March 15; there were 15 during the same period in 2011; and median and average sale prices were both lower. The median sale price was $452,250, down from $553,000 in 2011. The average price was $503,130, also less than for the same period in 2011 when it was $561,560.

Condominiums and Townhouses: The supply of condominiums and townhouses in Acton has declined substantially from last year at this time; there are 46 for sale compared with 65 last year. So it’s no surprise that list prices are higher than last year. Prices range from $85,000 to $750,000. The median price is $272,400; last year it was $229,700. The average is $316,030; last year it was $278,158.

Acton has good selection of new construction attached and detached townhomes, and yes, buyers can have their own buyer agent representing them, however, the agent must accompany the buyer to the site the first time they visit. If you’re interested in new construction, find a buyer agent first. While the agent on-site will be very friendly and helpful, remember, that person’s job is to act in the best interest of the builder, not you!

Closed sales: There were 12 closed sales of condominiums/townhouses from 1/1 – 3/15/2012; exactly the same number as for the same period in 2011. The median price was $163,600; the average was $167,655; both lower than last year.

Source: MLSPIN (Multiple Listing Service Property Information Network)

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