Home Selling - Price Matters!

Price Reductions Concord, Acton, Sudbury...

The housing market started strong in 2020 with media reports about low inventory, higher prices, bidding wars/multiple offers, crowded open houses, and houses selling in a day or two! And, there were the letters and calls from real estate agents with some even knocking on doors to say they have buyers for your home. Wow, it's a seller's market! So why wouldn't a  home-seller think they could ask whatever price they want?

Pricing is based on supply and demand and clearly we have been having supply shortages for the past couple of years and with COVID-19 inventory is even lower; and yes, there are still buyers ready to buy! The truth is though, that even in a hot seller's market, buyers still have their limit and they will not make an offer on a house that they perceive to be over-priced.

Why? Because people are too polite to make a low offer; they don't want to insult anyone. Or, they assume that sellers expect list price or close to list price and won't be willing to negotiate. Making an offer on a house is a big decision and there is a lot of work and emotions involved. They do not want to be disappointed and they don't want to waste their time. Buyers want to make offers that they believe they have a good chance of being accepted.

What about more marketing? Some sellers will ask their agent to do more marketing - more pictures, more advertising, more open houses - of course, open houses are not an option for now and may not be for a long time. Sure, these activities may help get buyers' attention but ultimately PRICE is the most important part of marketing. Price is what gets a property in front of the right buyers, not just people who are looking...

Home sellers who over-estimated the demand for their property have always had to adjust their pricing even in so-called sellers-markets. 2019 was a sellers market in Sudbury and there were 148 price reductions on single-family properties. In 2018, also a sellers market, there were 150 price reductions, and year-to-date as of 4/23/2020, there have been 32 price adjustments/reductions on 28 homes for sale in Sudbury. Data in Concord and other nearby towns is similar. Click for real-time price reductions.

Pricing a house for the market is not an exact science and although we can look at "comps" - comparable properties that are currently for sale along with sales pending and closed sales, but the data does not always reflect what a buyer would actually be willing to pay. Market conditions are fluid and are always changing. The Corona-virus is certainly teaching us that we can't depend on how markets behaved yesterday, all we can do is adjust.

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Thinking about selling your home? Although no one can predict how future markets will react, there are always things that need to be done to plan for your move. Understanding your options and having a solid plan in place will be the keys to your success when the time is right for you. It's never too soon to start planning, so let's talk soon. Conctact me anytime - marilynmessenger@realtor.com; 508-596-3501. Get the latest market information at www.marilynmessenger.com.

4478 Reasons to List Your House For Sale Over the Holidays

Holiday Season is a Great Time to Sell!

The holiday season is such a hectic time for people. Getting together with family and friends, traveling, shopping, decorating, company parties, charity events... 

So why would a home-seller keep their house on the market and even more, why would anyone list their house for sale during this busy time? A lot of real estate agents (who don't work over the holidays) will tell you that no one buys houses over the holidays anyway and you'll get more money if you wait until Spring like everyone else does, right?

Well actually, there are 4478 reasons why! That is the number of single-family and condominium home sellers in Middlesex County who accepted offers on their houses last year between Thanksgiving and January 2. That includes 6 in Sudbury, 14 in Wayland, 17 in Concord, and 8 in Maynard. In Weston, there were 14, 10 in Hudson, and in Acton there were 14.

Sale prices for the properties that accepted offers during the holidays ranged from $160,000 for a condominium in Acton to $5,345,000 for a luxury estate in Weston; and all prices ranges in between. 

So why do houses sell over the holidays? Because:

• Buyers have time to look; unused vacation days; companies give their employees extra time for shopping.
• Holiday/year-end bonuses.
• Pay-raises.
• Motivated buyers who missed out or were out-bid in the Spring, Summer and Fall markets.
• New jobs - companies hire for the new year. Relocating buyers need to make decisions soon.
• People get engaged, married, combine households and need more space.
• Visiting family brings out the nesting instinct.
• Down-payment holiday gifts - click here to out how your family can give money tax-free.
• Good deals; buyers are seeing price reductions from sellers who are ready to move.
• People are in the mood to shop and there's nothing better than buying a house!

As for selling for more money in the Spring, if you are selling your house you are most likely going to buy another place to live. If prices are higher in the Spring, then you will also pay more for your next house. You may sell for less at this time of year but you will also pay less. If your end-goal is to buy another house, then understand that selling is just a step n the process toward buying. You will be ready to act as soon as houses come on the market while other buyers are waiting to sell.

So if your house is currently on the market, hang in there; the inconvenience can be worth it. If you are planning to sell, do it now. You'll be ahead of the competition and be ready to move forward.

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If you are ready to buy or sell in Concord, Wayland, Sudbury, or any of the towns west of Boston - call Marilyn at 508-596-3501 or visit www.marilynmessenger.com to see homes for sale in Massachusetts.

Price Reductions in a Hot Market

Everyone knows the real estate market is hot, right? Low inventory, multiple offers, homes selling at

prices thousands and sometimes tens of thousands of dollars over asking...all good for home sellers! There's never been a better time to sell! Ask the price you want, put a few photos on the Internet, have an open house and voila, SOLD!

With all the hype, it's easy for a seller to over-estimate what buyers will pay and they are surprised to find out that even in the hottest market, an incorrectly/over-priced house will not meet market expectations and it will languish, become stale and buyers pass it by instead of making an offer. Or else if someone does make an offer it may be so much lower that the seller gets upset and refuses to negotiate.

A lot of home sellers are reluctant to acknowledge that their house is not priced correctly. After all, who likes to admit that they made a mistake or that the value of their home just isn't as much as they thought or wanted? So instead they try offering a credit, advertise that they will fix or replace something, take new photos, and insist that their real estate agent provide the "special marketing" to find the one buyer who will be willing to overpay. They will do anything other than what they know they need to do to fix the problem - change the price!

The reality is that sooner or later home sellers who really want to sell (motivation matters), will come around to the fact if they want to sell, they must reduce the price. But who would have thought that is be happening in Concord and Sudbury, two of the most desirable towns west of Boston? Well, it is! In Concord there have been 87 price reductions during the past 12 months and 22 during the month of May - as of 5/18. In Sudbury, there have been 75 price reductions Y-T-D and 36 month-to-date in May. And, it's happening in other places too! Pricing matters in any market, in any location!

Price reductions may not be what sellers want, but getting the house sold is the goal and reducing the price increases the opportunity to get a house listing in front of the right audience, stimulate interest and accomplish the intended goal. 

And of course for buyers, seeing a price reduction might mean you can finally go after the house you've been waiting for! Keep in mind though, if you've been hoping for a price reduction on a particular house, chances are someone else has too. You still need to be prepared to step up and with the right help an experienced buyer broker to negotiate on your behalf, you can make it happen!
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Find your next home at www.marilynmessenger.com - and don't forget to sign up for daily updates so you don't miss out on any new listings and price reductions.

Concord MA Real Estate: Pending Homes Sales Through the Roof!

Pending home sales were up 142% in January 2015 over January 2014; Sudbury was up 100%...

Closed sales and median sale prices were also higher...

Meanwhile, the number of properties for sale remains low make this a good to sell a house and a challenging time to buy.

Check out the slideshow for market reports for single-family homes in Wayland, Sudbury, Concord, Maynard, and Stow and view the full reports at www.marilynmessenger.com.

Concord MA - Housing Prices Through the Roof!

Housing prices in Concord MA are through the roof! Here's what's going on in residential real estate

in Concord:

 

July Closed Sales (Single-family homes): There were 23 closed single-family home sales during July in Concord compared with 28 in July 2012. The median sale price was $815,000, up 9.6%% from $743,500 in July 2012.

Keep in mind that it takes approximately 30 to 60 days to close a sale. The buying decisions for properties that closed in July were made in April and May at the peak of the Spring market. Summer is a different market.

Year-to-date (through 7/31): Sales and prices for the first seven months of 2013 are both up over the same period last year in Concord. There have been 133 homes sold; up 14.7%. The median price of $911,725 is up 20.3% from last year. The average time on the market for Y-T-D 2013 is 93 days; 8.8% less than in 2012.

New listings in July: fewer single-family homes that came on the market in Concord during July than July 2012 – 13; 19 in July 2012. Of the 13, 5 are fully active; 2 have an accepted offer with contingencies waiting to clear, 5 are under agreement, and one of the listings has already closed.

Current: As in most places, there are fewer homes on the market than last year at this time (9/1); there are 55 single-family homes for sale compared with 80 on 9/1/2012. List prices range from $549,000 to $5,500,000. The median list price is $1,468,000; approx. 50% higher than at the peak in 2004. Last year the median list price for a single-family home was $1,048,000. See the listings at www.marilynmessenger.com

Luxury home buyers have the most opportunities in Concord. The price range with the most choices in Concord is $1,499,999 to $1,999,999– there are 11 properties for sale. The average time on the market for these properties is 96 days.

Condominiums (townhouses and garden-apartment style): There were 6 closed sales of condominiums in Concord during July; there were 4 in July 2012. The median sale price in July 2013 was $595,000; up 56.2% from July 2012. Year-to-date (through 7/31), the median condominium sale price was $590,000 up 25.9% from the same period last year.

Current: there are 12 units for sale in Concord; 3 already have accepted offers with contingencies. Prices range from $299,000 for a 2 bedroom, one bath garden apartment-style to $949,900 for a 4 bedroom, multiple bath luxury townhome at South Meadow Ridge.What's it mean to you? People who are serious about buying a home in Concord are prepared and acting quickly, especially any who’ve already missed out on a house they wanted. Being prepared is more important than ever, however, it is still important to think things through and not to make costly mistakes like waiving the home inspection or offering more than you can comfortably afford. Contact me if you want an experienced buyer agent/broker to navigate you through the process. My clients have been able to get the house they want without over-paying.

For people who own a home and are not planning to move anytime soon, higher sale prices make this a good time to do some updating, or to use some of your equity to purchase a vacation home or income property. Prices are going up everywhere so why wait? Homes for sale in Massachusetts.
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About the author: Marilyn Messenger is a Certified Residential Specialist and Accredited Buyer Representative and Broker associate with Andrew Mitchell and Company in Concord MA. She has been providing home buying and selling services for 20 years in Wayland, Sudbury, Maynard, Stow and the towns west of Boston. Visit www.marilynmessenger.com to search for homes and get the latest market information.