Breaking News for Real Estate Prices in Greater Boston

Breaking News for Real Estate Prices in Greater Boston 
by Linda O’Koniewski

Homeowners in and around the market that RE/MAX Leading Edge calls home, Boston and surrounding towns, will be thrilled to hear that home prices have reached an historic high. 

Yes, your home is most likely worth more than it was at the height of the market, which we have identified as July, 2005 locally.  According to MLS data, the median sale price of single family homes in our market area are worth more as of January, 2014 than they were at the high point of the market almost 9 years ago. 

Home prices dipped to their lowest point in March of 2009 after the financial crisis (stock market crash and housing decline), which began a serious downward spiral in October, 2008. 

The good news for folks who will be selling is that if they have improved or maintained their property condition, they will likely fetch more money now than ever before in the history of real estate. 

What’s driving home prices?  A strong local economy, consumer confidence, low interest rates and sparse inventory combine to push prices for Sellers.   

Folks who bought in 2003, 2004, 2005 and 2006 who were feeling “stuck” in their houses because they could not sell their home without bringing money to the closing table are in the best position they’ve been in since they bought their home. 

But good news for Sellers is always bad news for Buyers who have been left frustrated in this market which often sees multiple offers on properties leaving some Buyers, well homeless so to speak. 

For Sellers looking to maximize their sale price, or Buyers seeking good strategies on how to operate in this market, RE/MAX Leading Edge has 175 agents who cover Eastern Massachusetts and New Hampshire who can guide you at the highest level. 

Get Ready To Sell! Sizzling hot spring market for sellers who create the right product for market.

The following post was written by Linda O'Konieweski and Printed in the March 22-28, 2013 publication of the New England Real Estate Journal.

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Successful agents will often be heard cautioning desperate buyers in hot markets with the following sage advice: “If you want this house, count on it selling significantly over asking, and the only way a seller will consider your offer is if you waive your home inspection and financing contingency because you are going to be competing against strong, cash offers. Maybe they’ll let you do a home inspection for informational purposes only. And by the way, did I mention that it’s very likely that the bank appraisal will come in lower than your offering price? Prices are ticking up and we don’t have comparable home sales at today’s new prices. So naturally you are going to have to put more money down than you expected to secure your mortgage and you need to be mentally prepared for the bank to tell you it isn’t worth what you are paying. Otherwise, don’t bother to place an offer, you’ll only be setting yourself up for failure and disappointment.”

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