Is the Boston Metro West Real Estate Market in a State of Decline?
The real estate market is in a state of serious decline. That much we all know. The question is how I as a buyer or seller manage a successful transaction in this market. While many things affect the selling or purchasing of property in this and any market, we wanted to highlight the most crucial aspect of adjusting to this market in particular.
For the sellers, the most critical element is competitive pricing. The right price is always pivotal, but even more so in the current market. So, how do you find that number? By doing your homework that's how. First, talk to professionals, who know intimately your market and your competition. Do not price your property by relying on websites that suggest pricing by satellite views and neighborhood averages. Second, go look at your competition. You will see that the condition, functionality and "feel" of a property all affect value. Third, be objective! This may be your most difficult task, but it is important to view your home with a critical eye.
For today's buyers, have yourself pre-approved for your mortgage in the current market. Many lenders have tightened their credit qualifiers and you may find yourself at a different price point than you were able to achieve six months ago. You may want to speak to more than one lender to be sure of your qualifications. In addition, remember that reasonable values are holding in many markets. Unless you're involved in a distressed sale, you may not find "bargain basement" offers working for you. Search sold properties on avenue3re.com to understand competitive values before making an offer.
Any time the market is changing, either in an upward or downward cycle, buyers and sellers must be well informed with up to date information. Remember that your experienced local agent is a tremendous resource to help you succeed.
That is "how we see it"; let us know what you think.