If you're trying to buy a home in a seller's market, you're probably going to face a bidding war. Follow these steps to make yourself a winner.
Our 22 experienced agents can help you through the entire process and be your advocate during a bidding war. Contact us for more information.
What's going on in the housing market? Check out this piece from Kiplinger on the outlook for 2016. Like this page for more useful content.
Are you currently in the market for a house to buy or perhaps entertaining the idea of owning a home? Based on data collected from the Zillow database between 2008 to 2015, the lowest number of house sales in the United States is between January and March. The highest numbers of homes sold were on average during the summer months between June to August. This is significant information as this can imply that the best time for buying a house is during the winter months, where there are fewer home buyers and your negotiation power could have more weight.
Thinking of selling your home? Perhaps you are in the market for a new home. Contact us--we have many beautiful homes to show you.
Wondering what to expect for the spring housing market? Home sales are off to a strong start! Find out more here and like this page to stay up to date! http://www.realtor.com/news/trends/2016-off-to-good-start-home-sales/
House hunting can be a stressful and disorganized ordeal, but it doesn't have to be! Check out these 5 tips on staying focused and organized while searching for your perfect home.
As we enter the final quarter for 2015 sales, it's a good time to check in on the overall health of the real estate market in Wellesley. While inventory is still low and many deals are "finicky", we see a recovered market. If we continue on pace, our 2015 volume will buck the trend of the last few years and we'll actually see an increase in units for the first time since 2012, the first year of recovery. Prices overall are on par with 2014, with a very vibrant market under $1m and a healthy luxury market as well. The only downward pressure in the market is low inventory. Especially while interest rates are still at record lows, it's a great time to sell. Now is the time to start planning your 2016 move!
Wellesley Single Family Units
As yet another layer of snow blankets Wellesley, buyers and sellers alike wonder when the highly-anticipated spring market will be able to begin. In fact, the advice against listing your home in the winter is a misconception and it's time to dispel this much perpetuated myth.
Real estate portal Redfin analyzed sales, from 2011 to 2013, in a set of large cities which included snowy locations like Chicago and Boston, and found that homes listed in winter sold a week faster and closer to the asking price than those listed in other seasons. How could that be? Thanks to the real estate myth about winter, inventory is low in the winter months. The homes that do go one the market stand out and get noticed! Additionally, buyers who are active in winter months are serious buyers, either because they need to relocate or because they are savvy enough to know that you never know when the "just right" house will be listed. It's no wonder that this perfect storm of low inventory and specific need adds up to quicker, more successful home sales. Add in faster loan processing since fewer transactions are taking place and today's low interest rates and winter 2015 is an excellent time to sell or buy a home!
The secret to selling a home in winter hinges on creating a smart strategy with your broker and paying extra attention to price, maintenance and curb appeal.
Price your home right, the first time. Don't overprice your home or else agents and buyers may believe you're not serious or realistic. Research shows that homes that experience a listing price reduction sit on the market longer and ultimately sell for less than similar homes. In any season, the longer your home stays on the market, the more buyers are going to think something is wrong with it. Work with us to price your home right from the first day it's listed.
Experts across the country agree that there was a recovery in the real estate market in 2013 and that is certainly what Wellesley experienced. Our October 2013 results were the highest since 2006, a remarkable feat given that the economic uncertainty due to the government shutdown almost eliminated any market activity for half the month. Overall, 2013 was characterized by brisk sales, bidding wars and eager buyers.
What will 2014 bring? The quiet that we typically experience in the winter months will probably not occur in winter 2014. The 2014 'spring' market has had an early start with tight inventory looking like it will again be the main story of the year. Determined buyers who have not succeeded because of the low inventory in the summer and fall seasons are actively touring each new property that comes on the market. Mortgage rates, although higher than they were six months ago, may be lower than they will be this spring.
Both Redfin and Zillow predict that home prices will rise anywhere from 3% - 5% in 2014. If this occurs, it is likely that more homes will be put on the market. The tight inventory that dictated so much of the 2013 real estate activity will hopefully return to more traditional levels.
Mortgage rates are also expected to rise in 2014, maybe even as high as 5%. If this happens, it will likely spur home owners who have been on the fence about selling their home to enter it in the market. Higher mortgage rates will slow refinancing which will ultimately make getting a loan much easier for buyers, especially new buyers. Even if rates rise to 5% though, experts are quick to assert that's still a low mortgage rate. "Prior to the Federal Reserve's 2008 decision to buy $85 billion in debt per month, the 36-year average was 9.2%, and never below 5.8%" points out Glen Kelman, CEO of Redfin.
The other predictions for 2014 include: fewer homeowners will be underwater, affordability will decline, ownership will decline, Americans will move, foreclosures will fade and the home buying process will be less crazed.