The Real Estate Market Is Shifting - Don't Miss Out!

Below is a link to a recent post in The KCM Blog, a regular blog in the real estate industry which, in my opinion, offers up to date and accurate data on how the current real estate market is impacting both Buyers and Sellers across the country. While being mindful that all real estate is local and other areas of the country had a much deeper downturn over the past 5 or 6 years than did Massachusetts, it's hard to ignore the message being sent to Buyers and Sellers today. That message is the market is shifting and you've got to start paying attention so that you don't miss what could be the best opportunity in a long time - whether you are buying OR selling.

Buyers are finding themselves in a position of losing out to other Buyers when submitting an offer on a home. In some cases here on the South Shore, homes that are well priced when they enter the market are seeing multiple offers and are selling for above the asking price. I wish this were not the case (rather not see such a dramatic change in a short period of time), but with reduced inventory in many communities and more Buyers who have finally gotten off the fence, the reality of low supply and high demand (at least in certain price ranges) has rather quickly created this scenario. Buyers - work with your agent to develop a strategy for having the offer that the Seller accepts. Otherwise, by the time you find the next dream home, either the price or the interest rate you pay could be higher. Can you afford that higher monthly payment?

Sellers are finding themselves in a position of attracting Buyers as soon as their home gets posted into the Multiple Listing Service. Therefore, be sure your home is 100% ready to market on day 1 in order to achieve the highest sale price in the shortest amount of time. If your home is in a price range with very little inventory, discuss with your realtor how you will handle multiple offer situations because you just may find yourself in one. Be sure your agent knows your local market and is prepared to be the advisor you've hired them to be. Whether you are selling to downsize or selling to trade up, this is once again becoming a good time to sell.

The experts are changing their predictions on price appreciation for 2013 by raising their expectations. Many factors continue to impact the short term future of the real estate market such as interest rates, supply & demand, unemployment and others. So pay attention, watch your local market more than the country as a whole, and seek the advice of a full time professional. Be sure to check out the link below to The KCM Blog mentioned at the beginning of this post.

Should Your Buyers Increase Their
Offer?