The Importance of Seller Readiness Given an Increase in Inventory Today

     Recently, we’ve witnessed a promising change in the real estate market here in Boston’s MetroWest area.  A slow but steady increase in inventory in these towns has led potential buyers to feel less pressured to buy immediately, as they’ve been forced to do in recent years.  Previously, house hunters would feel forced to pull the trigger early, knowing that if they hesitated, someone else might scoop up their property.  In fact, in January of this year, inventory was the lowest it’s been in more than a decade.  Bidding wars were becoming more commonplace because of the competition for homes on the block, and sellers were in the driver’s seat, with buyers at a loss for available properties.  Now, an increase in available listings for sale in sought-after neighborhoods like Wellesley and Weston has lessened the urgency.

     Of course, there’s still not a huge surplus of new homes on the market, so making sure you are buy-or-sell ready is key.  If you’re thinking of selling, get your property listed right away, but not before a complete walk through.  Many factors can drive away potential buyers, from outdated features, to chipping paint, worn carpets or poor upkeep of the property.  This means that sellers need to be as prepared as possible for showings and open houses.  The trend is “move-in ready” more than ever these days, and if sellers want to capitalize on the momentum of the spring and summer market, freshening up their home should be a priority.  The good news is, in the past year, median prices jumped at double-digit rates in nearly half the state’s communities, according to Warren Group.  And, MAR data says the number of single-family homes first listed for sale increased by 4.3 percent in February.  Now is clearly the time to sell. 

     Before sellers get too far into the process, they should consult a licensed realtor who can accurately assess the value of their home, based on “comps” of what other homes in the neighborhood have sold for.  Pricing it right from the start is advisable; it tells buyers you’re serious and ready to make a deal, and generally spurs offers, which creates more demand for the home.  In addition, a realtor can tell an interested seller how to prepare their home for motivated buyers. Professional brokers can offer advice on everything from plumbing and electrical updates to staging and de-cluttering -- to landscaping, and more.  They might even suggest a buyer bring in his/her own inspector to ensure everything is up to code, and any major issues that could hold up a sale are identified early on and any necessary repairs and adjustments are made before potential customers get their first look. 

     As for buyers – what does the freed up inventory mean?  It means they can finally take a breath and a step back and not have to make snap decisions or risk losing a sale.  The number of homes for sale is still not incredibly high, but there are more properties to peruse, and the competition for them isn’t as fierce.  Prospective homeowners now have the courtesy of a little more time to research and consider their options, but they should be equipped to make a purchase when opportunity strikes.  Being pre-approved for a loan, having their affairs in order, and having minimal contingencies will put them at the top of the list in a bidding war.  An educated house hunter will have a sense of what he or she wants, but consulting a broker is also the move to make when plotting a move.  He or she will be able to provide invaluable advice on many levels, and can help negotiate your best deal.

     The bottom line is – if you need to buy and haven’t had any luck, look again.  You’ll likely find more on the market than you’ve seen in the past.  If you have to sell, now is also the time.  Prospective homeowners are out there looking for their dream house right now, and they finally have more to choose from.  Be sure your home is prepped and ready for sale, and you should be able to seal the deal in short order.  As the summer starts to heat up, both sides should benefit from what looks to be shaping up to be a sizzling real estate market.

Debi Benoit, principal of Benoit Mizner Simon & Co., has been Wellesley’s #1 real estate agent since 2006.  The Wall Street Journal twice ranked her among the top 100 real estate professionals in the country.  With offices in Wellesley and Weston, Benoit Mizner Simon & Co provides buyers and sellers in both markets with in-depth knowledge and experience combined with unparalleled client service.

With offices in Wellesley and Weston, Debi can be reached at 617-962-9292 or debi@benoitmiznersimon.com.