Spring has Sprung - Boston real estate getting multiple offers
by Talisa Rafferty.
The Spring has definitely sprung in the Boston real estate market! The combination of low interest rates, reasonable housing prices and great weather has combined to make the perfect storm for real estate sales. Even homes that have been on the market for quite some time are getting some attention. I recently had a client visit a bank owned home in Lawrence MA that was priced at $92,500.00. It had been on the market for a while, well over 190 days. It was a nice home but one offer fell through due to financing and so it just sat. I took my client to visit the house on a Friday. She really liked it, but she wanted to think about it over the weekend. Unfortunately, over the weekend the house had a showing and received an offer was more than 20k over asking! Last week two of the houses that I showed my client went under agreement before we could even leave the property. The market North of Boston is really starting to see more traction. There was even a home for sale in Saugus MA, my hometown, that I didn't even get to tour because it was in contract within the first three days of being listed.
If you are serious about buying in this market, it is very important to have everything in order so that you can make a strong offer. I ask that my clients have a current pre-approval letter available, as I send it with all offers. Sellers want to know that they have a buyer who is able to purchase so that they don't have to place the property on the market again if the financing falls through. If you want to see a house and you are not familiar with the street or neighborhood, take a drive through the area. I encourage my clients to drive by the houses that they want to see. For instance, if you don't want to live on a busy street, or next to a cemetery, driving by a listing can eliminate it right off. This way we save more time for a home that is the right fit. It is also very important to let your Agent know what your must haves are. In the course of a normal week I can see 20 to 30 homes. If there is a house that you are interested in, I may have already been in it. If I know what you are looking for, I can likely find the house of your dreams before you even know that it is on the market.
Spring of 2012 has certainly set off to a very fast start. Good homes that are priced right will sell fast. If you are contemplating selling your home, it is a great time to take advantage of the market and buy up. Some homeowners are discouraged that the listing prices for homes have gone down. If you are looking for something bigger, smaller or just in a different location and you have equity, it is a great time to make a move. Chances are you will pay less for your new home than you did for the one that you are in. You can sell a house very quickly this spring and be in a bigger, better house before the end of the summer. Perhaps something with a pool and a great back yard for barbecues? I hope I get an invitation.
Talisa Rafferty serves clients in the Boston real estate market. Her background in HR makes her a great choice for those wanting a more personalized touch as they navigate the home buying process.