According to a report issued by the Massachusetts Association of Realtors, singlefamily home sales in Massachusetts increased by 13% in January 2007 over the January 2006 rate, the first time since March 2006 that an upward trend had been reported in the state. Real estate analysts said they believed the Massachusetts real estate market was possibly preparing to rebound from its worst slump since the mid-1990s.
Geography/demographics
Housing sales trends fluctuate in Massachusetts by geography and demographics. While an average home in the state now sells for more than $257,000, the same property in Peabody costs nearly $251,000, not far from the Essex County average of $258,000.
While sellers often try to “time” real estate markets to maximize profits, a national real estate expert offers sage and timeless economic advice.
“Your best bet is to time the buying and selling of your home based on your needs,” says journalist Holden Lewis, writing on www.Bankrate.com.
The status of local and national real estate markets also impacts all retirement communities. At Brooksby, however, spring is always a very busy season.
“In most markets, spring is the best time of year to sell and it’s the prime selling season for realtors,” DeCecca says. “The 12 to 15 weeks in April, May, and June, until schools close for the summer, it is typically the busiest time of year in the housing market.”
Priority List
While Brooksby generally has limited availability, DeCecca says interest in its apartment homes remains high. “We are continually adding people to our Priority List. With the limited availability, people want to get their place in line, hoping to reduce their wait times in the future. With certain floor plan styles having wait times of up to three years, some of our future residents are now considering other floor plan styles to take advantage of the spring 2007 housing market.”
According to DeCecca, Brooksby routinely deals with two classifications of potential buyers: first, those seeking immediate occupancy, and, second, those desiring future occupancy, usually in six or more months.
“We regularly deal with people who have already sold their houses, have a buyer on hand, or have a good shot at making a sale soon,” he says. “The delays people have in moving into Brooksby are usually because they are looking for certain styles of apartments, but at any given time those apartments may become open.”
Moving help
As is the case at all Erickson communities, Brooksby staff are quick to help those making the move. “We have established a preferred vendor list, in which we refer future residents to reputable companies in the area with which we have done business in the past and which we know will help them,” DeCecca says. “We can refer buyers to reputable auctioneers, antiques dealers, moving companies, downsizing specialists, and anyone who can help them move in smoothly.”
DeCecca says he attributes Brooksby’s success to its on-hands approach. “We give our future residents as much assistance as they need,” he says. “We want to make the move to Brooksby as smooth as possible.”
Tips for selling in a competitive real estate market
Be wary of going it alone.
The “for sale by owner” route has always been perilous and in markets where buyers have many choices, this may be a costly mistake. Most would benefit from hiring a reputable professional agent with current knowledge of local markets.
Price your home correctly.
A house priced too high will not sell easily and ultimately becomes stale property. Conversely, a home priced accurately will attract attention and possibly competitive bidders. Heed the agent’s recommendation and don’t fight it.
Make your house stand out.
With so many houses on the market nowadays, it is crucial that your house shows at its best and does not force you to spend a lot of money. New paint and a thorough cleanup can reap big returns in a home’s final selling price. Companies specializing in “home staging” and reputable real estate agents can help you dress your house for success.
Think creatively.
Competitors in the market for newly built homes are willing to add amenities, including free swimming pools, granite kitchen counters, and vacations. Consider addedvalue makers to close deals, such as a home warranty to help reduce the buyer’s closing costs. Even consider throwing in your automobile, which would be a perfect gift for a couple moving from the city to the country.
— Chris Shott