The terms short sales, foreclosures, and REO or bank owned properties were real estate terms rarely heard a decade ago. Back then they were associated with the occasional mortgage fraud or personal financial tragedy. We know how times have changed and that the circumstances properties are sold short, are foreclosed upon and possessed by banks are the result of many mitigating factors; predatory lending, a major recession, and job losses, to name a few.
With all the hoopla in the news, one would think that every community was overwhelmed with distressed properties. Times have been tough for a lot of people since the financial crisis of 2008, but fortunately there are fighters and survivors. Many Boston area cities and towns escaped the devastation that depressed property values and blighted neighborhoods. In fact, a look at the data for Cambridge MA from MLSPIN, the regional multiple listing service, reveals that the numbers were modest for the 12 months ending 3/31/12. From a total of 896 sold properties, only 9 were either short sales or bank owned properties. That that's a skinny number!
That's good news for Cambridge MA Real Estate home owners but maybe not for those looking to "get a deal". For those buyers who want to live in a stable and vibrant community it's good news for them.
Typically most Buyers will end up painting their newly purchased property to make the house their home. So why as a Seller would you paint, freshen-up walls and touch-up woodwork before placing your home on the market? The answer is a simple one, painting is one the most inexpensive ways to transform your interior and exterior spaces to a fresh up-to-date look and quality mass appeal. What buyer wouldn’t be tempted by walking into a condo in Boston or one of many Arlington MA homes for sale freshly painted and looking spanking new!
Making good color choices will enhance the potential for a quick sale and you don’t need to pay a designer for the latest trends. You can easily pick up a recent brochure from Pottery Barn or Crate and Barrel and they will give you the insight of a world class designer with the modern consumer in mind. Note: don’t get too extravagant stay conservative and stick to neutral colors. The smell of fresh paint never hurts either!