Interpreting Real Estate News and Data
John & Cindy Farrell – Coldwell Banker
Trying to understand the Real Estate News on the North Shore. There is a lot of information and reporting about the low inventory of homes available to buy. We have many buyers that are just waiting for homes to come on the market. Many sellers are concerned about selling their homes, afraid they won’t be able to find a home to buy once they have sold the one they have.
See the video with Pat Villani, president of Coldwell Banker Residential Brokerage discussing the current market on WGBH Greater Boston.
There are many factors that contribute to our real estate data. Situations like this have the potential to effect the sales data we will be hearing about in the future. Not enough homes for the buyers that are wanting to buy means lower numbers of home sales will be reported. See the News Release by the National Association of Realtors, “Pending Home Sales Slip on Constrained Inventory.” (more…)
- Published in Real Estate Market Trends
Essex County Real Estate Market Trends
John & Cindy Farrell – Coldwell Banker Residential Brokerage
Real Estate on the North Shore of Boston. The inventory of homes for sale on the North Shore of Boston remains low. The number of accepted offers have remained strong while the new home listings coming on the market has been declining. The chart above shows the trend of single family home listings coming on the market and single family homes that have been put under agreement in Essex County. These are homes that have been posted in our multiple listing service. We continue to have people just waiting for property to come on the market. We have seen multiple offer situations quite frequently over the past year. Contact us for additional market information.
John & Cindy Farrell
- Published in Real Estate Market Trends
Real Estate Inventory on the North Shore of Boston
North Shore Single Family Homes on the Market Down
The inventory of Single Family Homes is down in towns and cities on the North Shore of Boston this year compared to last. We looked at a snapshot of the market and compared the number of single family homes on the market this year with the same date last year in Essex County and in a few of the towns and cities in our market area. (more…)
- Published in Real Estate Market Trends
Considering Value Range Pricing to Sell Your Home
Value Range Pricing- What is it and what are the benefits to sellers?
If you have been considering selling your home recently, you may have been hearing about “Value Range Pricing”. There is a lot of erroneous information being conveyed about it. With value range pricing the home is not put on the market at an exact price. It will be given a price range. An example would be value range priced at $325,000 – $375,000. The reality is that when pricing a house, a market analysis will give you a price range that a property falls within not an exact price. All housing and property is unique and the market is constantly changing.
If a house is priced and marketed with this range in mind the benefits can be enormous.
- The home will have a greater exposure to a higher number of potential buyers
- Less time on the market
- Selling price that is actually at market value
The benefits can only be realized with full exposure and easy buyer access to the property. We have heard this type of pricing referred to as bait and switch type advertising which it is not. When a client chooses to market their home with this pricing strategy we thoroughly disclose it. There is nothing being switched. We will disclose in the listing data “Seller’s willing to entertain offers between $____ and $_____.” (more…)
- Published in Real Estate Market Trends, Selling Brief - Selling Real Estate
Electronic Key Boxes – Insist on Them!
Lock boxes, safety and progressive real estate practices
First, what are they? It is simply a computerized secure box that attaches to a doorknob or railing outside the house. The box is opened with an electronic key. An electronic key is assigned to a current licensed agent that subscribes to the service. When used to access a key in the key box information is stored on line about who entered and at what time. We are talking about electronic, not combination boxes. (more…)
