Blog :: 2016

CENTURY 21 ADVANCE REALTY Again A Toys For Tots Drop-off Center

Again, this year for the 10th year in a row, CENTURY 21 Advance Realty, located at 284 Salem  St., Medford, MA is a TOYS FOR TOTS drop off center.       Our reception area and conference rooms are filling up fast with toys.      Anyone wanting to drop off toys can do so weekdays from 9:00 to 6:00; weekends from 9:00 to 3:00.

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    5 Reasons to Sell This Summer

    As the temperature rises, buyers are coming out ready to purchase their dream homes. The summer is a great time to list your home for sale. Here are five reasons why:

    1. Demand Is Strong

    The latest Buyer Traffic Report from the National Association of Realtors (NAR) shows that buyer demandremains very strong throughout the vast majority of the country. These buyers are ready, willing and able to purchase… and are in the market right now!

    Take advantage of the buyer activity currently in the market.

    2. There Is Less Competition Now

    According to NAR’s latest Existing Home Sales Report, the supply of homes for sale is still under the 6-month supply that is needed for a normal housing market at 4.7-months.

    This means, in most areas, there are not enough homes for sale to satisfy the number of buyers in that market. This is good news for home prices. However, additional inventory is about to come to market.

    There is a pent-up desire for many homeowners to move, as they were unable to sell over the last few years because of a negative equity situation. Homeowners are now seeing a return to positive equity as real estate values have increased over the last two years. Many of these homes will be coming to the market this summer.

    Also, as builders regain confidence in the market, new construction of single-family homes is projected to continue to increase over the next two years, reaching historic levels by 2017.

    The choices buyers have will continue to increase. Don’t wait until all this other inventory of homes comes to market before you sell.

    3. The Process Will Be Quicker

    Fannie Mae just announced that they anticipate an acceleration in home sales that will surpass 2007's pace by late summer. As the market heats up, banks will be inundated with loan inquiries causing closing-time lines to lengthen. Selling now will make the process quicker & simpler.

    4. There Will Never Be a Better Time to Move Up

    Homes Continue to Sell Quickly Nationwide

     

     

    The National Association of Realtors (NAR) recently released their latest Existing Home Sales Report, which revealed that homes were on the market for an average of 47 days in March. This is a decrease from the 59 days reported in February, as well as the 52 days reported back in March 2015.

    42% of homes across the country were on the market for less than a month, which is the highest it’s been since July 2015 (43%)!

    Bottom Line

    Buyer demand is increasing as the inventory of homes available for sale remains low. If you are thinking about listing your home for sale this year, let's meet up so I can help you take advantage of current market conditions!

    PRICING YOUR HOME RIGHT

     

    In today's market, where demand is outpacing supply in many regions of the country, pricing a house is one of the biggest challenges real estate professionals face. Sellers often want to price their home higher than recommended, and many agents go along with the idea to keep their clients happy. However, the best agents realize that telling the homeowner the truth is more important than getting the seller to like them.

    There is no "later."

    Sellers sometimes think, "If the home doesn't sell for this price, I can always lower it later." However, research proves that homes that experience a listing price reduction sit on the market longer, ultimately selling for less than similar homes.

    John Knight, recipient of the University Distinguished Faculty Award from the Eberhardt School of Business at the University of the Pacific, actually did research on the cost (in both time and money) to a seller who priced high at the beginning and then lowered the their price. In his article, Listing Price, Time on Market and Ultimate Selling Price published in Real Estate Economics revealed:

    "Homes that underwent a price revision sold for less, and the greater the revision, the lower the selling price. Also, the longer the home remains on the market, the lower its ultimate selling price."

    Additionally, the "I'll lower the price later" approach can paint a negative image in buyers' minds. Each time a price reduction occurs, buyers can naturally think, "Something must be wrong with that house." Then when a buyer does make an offer, they low-ball the price because they see the seller as "highly motivated." Pricing it right from the start eliminates these challenges.

    Don't build "negotiation room" into the price.

    Many sellers say that they want to price their home high in order to have "negotiation room." But, what this actually does is lower the number of potential buyers that see the house. And we know that limiting demand like this will negatively impact the sales price of the house.

    Not sure about this? Think of it this way: when a buyer is looking for a home online (as they are doing more and more often), they put in their desired price range. If your seller is looking to sell their house for $400,000, but lists it at $425,000 to build in "negotiation room," any potential buyers that search in the $350k-$400k range won't even know your listing is available, let alone come see it!

    One great way to see this is with the chart below. The higher you price your home over its market value, the less potential buyers will actually see your home when searching.