Real Estate Inventory Trends In Beverly, Massachusetts

Real Estate Inventory Trends in Beverly, Massachusetts.

This is the time of year when the last 3 months statistics can be a bit deceiving.

Inventory is increasing everyday in Beverly as the Spring market kicks in. Buyer’s are ready to go and are eager to buy!.  Bidding wars are not uncommon, in fact with most well priced, move in condition homes, they are becoming the rule.

The number of active listings in Beverly dropped by 3.3% from the previous month.

The median number of days active properties have been listed is 72. This is significantly shorter than the national average.

The number of sales in January dropped by 76% from the previous month.

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Buyer BE READY!

I’m sure if you have been looking around the North Shore for a home you have realized that homes are selling quickly and in many cases over asking price. Stories of multiple bids, properties gone in a day and frustrated Buyers are all a result of low inventory. 

 

How do you put yourself in the best position to succeed in this dog eat dog environment? Obviously, having your financing in place and a pre-approval letter in hand is a must. 

If you are in a position to be flexible with contract dates, it can go a long way with a Seller that is about to become a Buyer in this same environment.  If you are that Seller, having a short term lodging plan will make you a more viable Buyer. 

While you don’t want to put too many “additional terms” in the contract, you do want to protect yourself from some of the problems that can occur when making an “over asking” offer. This is where an experienced Realtor can reduce your risk. 

Remember, the Seller is looking for not only the highest offer, but one that has a good chance of getting through the financing process.  Higher down payments, no money back towards closing costs and not haggling over the washer/dryer can be worth more than having an offer $10,000 higher with these items included.

Having a plan in place in the event that you find a couple of houses that meet your needs make a huge difference.  If done properly, you can make sure that you don’t miss out on one while waiting for a response from the other. 

You also need to know when making a quick decision is a mistake. If there are major red flags or questions that can not be answered before the bidding starts, you may not want to get involved. You could be simply taking yourself out of the market for a couple of days until your concerns are validated. 

Being active, prepared and diligent will put you in a good position to succeed when you encounter this situation.

 

For MLS search, Community Profiles, Online Home Evaluation and more Go to my website!

The most useless stat in Real Estate- Average Days On Market

                                                        

 

You can’t get a real idea on the average days on market for properties in a specific Community or Neighborhood because of the way the MLS utilizes this tool. 

When an Agent receives an acceptable offer for his/her Seller, they have two choices as to how to mark it in the MLS so that other Agents/Consumers know that they have an accepted offer. 

They can mark it as Under Agreement or Red Flag Active. 

Most choose the Red Flag Active because it lets others know that they will continue to show the property and take back up offers in the event that something goes wrong with the inspection or financing contingencies.  This does not stop the days on market count!.So if it takes 30 days to get your final financing commitment, the days on market will show as 30 days more than it really took to get an accepted offer. 

Your Realtor should be able to give you a Market History on any property to show you if the days on market have been increased due to an offer that fell apart. 

Why Are They Selling?

Because They Can!!!!

40 Chase St. Beverly, MA 01915

In the height of the market, 2006, while people were knocking themselves over to out bid other buyers for the soon to be “OVER-PRICED” homes, the owners of this home used some restraint. As first time home owners, they chose to find a “Great Deal” in the lower end of the market that they could grow into and use as a stepping stone to their “Dream Home”
While nobody could have predicted the enormity of the housing market crash, 40 Chase St. was being well taken care of, updated as needed and proving to be the solid, room to grow foundation that they had hoped for.
Outside factors were conspiring to assist them. A Developer turned the horrific abandoned car lot that over looked their back yard into a modern upscale apartment complex. The City of Beverly upgraded the water/sewer lines in the entire neighborhood and re-paved the bumpy roads.
Now, with the family expanding and the market on the up-tick, they can offer the same opportunity to a smart buyer!
Buy Low, Sell High is always the best way to go, but sometimes Buy Low, Sell Low can work just as well!

978-808-8134 Call To See What They Saw in 2006!

Buyers! If It Sounds To Good To Be True! IT ISN’T!!!

As a Realtor, I not only provide the best possible service to my clients, I also run a business! It involves business planning, budgeting, general office work and yes, marketing.

I have sat through hours of seminars dedicated to the many ways of LURING business from postcards, open houses, websites, facebook, twitter, door-knocking and pestering your friends and family.

Simply put, it involves gaining access to someones contact information by offering out an item of value, and then keeping in touch with them until they need your services.

They say the better the item of value, the better chance they will give you their contact information. For example, a Foreclosure List, Community Report or Guide to Increasing Your Credit is much more apt to gain interest over My Monthly Real Estate Newsletter.

Why am I telling you all of this?

While these ITEMS are informational and do have value, it always surprises me that when I make the best offer a Realtor can make to a buyer, there is very little response. 

Perhaps it is because it sounds too good to be true.  FREE REPRESENTATION!

That’s right FREE REPRESENTATION! I will be contractually bound to work in your best interest throughout the search, negotiation, inspection, financing and closing, and it will come at no cost to you. 

You will get my years of experience as a North Shore Realtor to guide you with the biggest purchase of you life.

If this sounds too good to be true….. It Isn’t!!

Are you ready to find out if now is the time to become a homeowner?  Then Let’s Talk  or:

Get Your FREE FHA REQUIREMENT GUIDELINES

And we can talk later  :-)

Thanks For Your Help!!!

I appreciate all of my friends and family that have given me an opportunity to assist their loved ones who needed help buying and selling homes.  Please take a moment to let me know if I can share my experience and knowledge with anyone you know that may need my help.

If you have a business or service that I can promote to my friends or on my website/FB Page send me a quick e-mail at mgiles@kw.com and I will contact you to get more information.

 

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