By Judy Boyle, Realtor®
Happy Labor Day! As crisp autumn air begins to push out warm summer breezes and beach crowds migrate to school buildings, true New Englanders anticipate a feeling of renewal as a new season begins. New clothes. New adventures. New goals.
In real estate, the seasonal calendar is not much different. While we all think of spring as the optimal time to buy or sell a home, each season brings its own advantages to buyers and sellers alike.
As summer winds down, the mortgage interest rates are the lowest they have been in three years. To put this into perspective, purchasing a $450,000 home this fall will COST a buyer approximately $350 LESS per month than it would have in 2016! For the buyers that are waiting because they still believe it is a sellers’ market, there are currently 341 single family homes on the market in the seven communities serviced by the Community Advocate.
The average list price is $515,000 with an average of 61 days on the market. This inventory is more than double what it was the same time last year. As nobody has a crystal ball, there is no telling when the rates will increase so it just might make sense for buyers to identify sellers that are willing to heed the warnings below and negotiate themselves into home ownership.
Conversely, if you are thinking of selling, there are still plenty of buyers out there. While several were discouraged when they were not successful this past spring, buyers are pleased to see that they can now afford more house due to historic low rates. They are anxiously awaiting and visiting the new listings. But beware, these buyers are savvy. They have the resources to know when a house is priced right for its size, location, condition and amenities.
All sellers need to know that buyers at every price point have seen everything that is out there. Buyers know that if a house doesn’t sell in the first two weeks on market it is overpriced. As there are currently 341 homes on the market, spanning Grafton, Hudson, Marlborough, Northborough, Shrewsbury, Southborough and Westborough, with an average days on market of 61, sellers are at a disadvantage entering the “Autumn Market.”
Statistically, if a house has been on the market for more than 60 days, it is considered a stale listing and will sell for cumulatively less the longer it sits. Motivated sellers that do not want to carry their homes into the cold months will benefit from giving their listing a new perspective.
The best thing a seller can do to freshen up a listing is to start from scratch. Bring in the cleaning crew again to polish those light bulbs and dust off the baseboards. Change the configuration of your furniture. Add some autumn décor and colorful Chrysanthemums. Take a whole new set of photos and blow away the original property description. Get a new current market analysis and price your house correctly the first time. It will sell!
Boyle lives in Northborough where she is also a Chapter Leader of the Neighbor Brigade, a nonprofit organization that assists families in times of crisis. She has been a real estate agent since 2003 and consistently wins awards and accolades for excellence in customer service and sales volume, culminating with her recent induction into the RE/MAX Hall of Fame.
Her mission is to empower her clients to make smarter decisions through data-driven insights and local market knowledge. She invites you to follow her on Facebook at www.facebook.com/judyboylerealtor, call or email her for the FALL 2019 Home Buyer and/or Seller Guides or for a FREE market analysis.
Judy Boyle, Realtor®
Proudly serving the Borough’s and Beyond with honesty and integrity since 2003