Spring market update

 

The spring market remains steady and strong. Inventory is building in many areas, but overall we're still seeing lots of competition and multiple offers - both in and around the city, and far-reaching out to the suburbs. In many markets especially the higher end, the trends we're seeing include waived contingencies, pre-inspections and as always aggressive sales prices. First-time home buyers are especially having to get creative with their offers - including being flexible on timing and closing dates. Use and occupancy agreements are also becoming very prevalent and a strong negotiating tool for buyers. 

 

In the last month of May, these are the toughest price points in some local area markets and the average list to sale price:

Newton $800-<900k - SFs sold on average for 11% over asking

Waltham $400-<450k - SFs sold on average 4% over asking

Arlington $600-<800k - SFs sold on average 7% over asking

Brookline <1.5 million - condos sold 2%-18% over asking

Watertown $450-<500k - condos sold on average 7% over asking

Wellesley $700-<900k - SFs sold on average 3% over asking 

 

These numbers being said, buyers should not be discouraged. Interest rates are still low and affordability is still high. There is also still room to negotiate on some properties - one theme I note in today's market is how much buyers gravitate towards that "move-in ready" home, the "cream puff" as a colleague calls it - these are the homes that receive the crazy offers. But in some towns there are homes that sit on the market, and even after a week a seller may be quicker to negotiate because they already know they missed some mark to not receive an offer quickly in this market. Those can be the homes to swoop in on! Of 15 buyer transactions this year (2015), 7 have been under asking and 11 of my buyers have gotten offers accepted on the first try (& more than half of those still in multiple offer situations!). So again, buyers don't be discouraged - just be prepared, flexible and make sure you have the right agent on your side.

 

The purpose of my newsletters is to help you be prepared as possible, so that together we can achieve your real estate goals. As always, feedback and questions welcome!

 


Recent homebuyer articles:

 

Multiple Offer Situations: What to Bid?

Escalation Clauses

Ways to Win a Bidding War

Love Letters & What to Write

 

 

SOLD in May:
50 St Paul St #1, Brookline - SOLD for $500k

15 Alton Court #3, Brookline - SOLD for $425k

5 Thoreau Court #16, Natick - SOLD for $250k
 

Listings coming this June:
West Roxbury: Majestic 3300+ 5bed/2.5bath single family with 13 ft ceilings in prestigious Bellevue Hill
North Waltham: Sunny, modern 3bed/1.5bath single family with great yard - perfect start home!
Wellesley: Renovated 3bed/2.5bath Garrison Colonial on tree-lined street close to everything!

Email Melanie for more info!

 


Also, please be sure to check out my newly designed website, just launched. New user-friendly search coming soon!



If you or anyone you know is looking to buy or sell this year, I'm happy to help! You can feel confident any referrals will receive top-notch service. Don't hesitate to call me at 
508-439-3099 or email 


Melanie K. Fleet
Keller Williams Realty
REALTOR, ABR