2017 is starting off the year as what is defined as a Seller’s Market.
What exactly does this mean? This means that inventory is at an all time low creating, in most cases, a multiple offer situation. And what seller doesn’t love multiple offers on their property? Although some parts of it can be stressful, more often than not our seller clients describe a multiple offer situation as an exciting, gratifying, and ultimately a rewarding experience.
To give you a visual of what inventory levels are looking like this month, we used Somerville, MA 2+ bedroom, single family homes as an example.
Of the 2+ bedroom, 0+ bath Single-family homes in Somerville, MA in the last 3 months, 28 homes have sold and 32 are currently on the market. Plus, 36 new listings came on the market and 28 were sold. This means there is 3.4 months of inventory in the market today. A balanced market is defined as having 5 – 7 months of inventory, while a seller’s market has less than 5 months of inventory and a buyer’s market has more than 7 months of inventory.
So ultimately, what we’re saying is if you’re looking to sell you have a better chance of receiving multiple offers due to the lack of inventory. At COVELLE & COHEN Greater Boston Real Estate we like to ensure you can get top dollar for your listing with a few simple steps:
WE SET AN ASKING PRICE THAT IS REALISTIC:
While some will disagree with us, we’ve never been fans of underpricing a property in hopes of getting multiple offers. It’s a risky strategy and can set false expectations for buyers.
WE WORK WITH YOU TO GET YOUR HOME READY:
You never get a second chance to make a good first impression, so when it comes to your home, our team ensures a great first impression.
WE IMPLEMENT AN ENTICING MARKETING STRATEGY FOR YOUR HOME TO GET THE RIGHT BUYERS TO COME THROUGH YOUR DOOR:
Everyone will know your property is for sale, but we have tried and true methods to reach both a broad and a refined target audience.
WE MAKE SURE YOUR OPEN HOUSE IS WELL PUBLICIZED AND WELL ATTENDED:
Simply put, the more people that attend your open house the better.
We would love to discuss, in detail, how we can tailor these strategies for your home. Call us at 857-529- 7653 or email at firstname.lastname@example.org to start the conversation.