You see it everywhere! There a no houses to buy and the minute a good one comes on the market, it’s gone! How do you make a game plan in this kind of market. First of all let’s explore why potential Sellers are reluctant to put their home on the market in the fist place. The biggest reason is the problem, they have no confidence that they will have a place to buy if they get a quick offer on their home. No Seller wants to SETTLE for something a bit less than ideal because they have a timeline on closing their home. Not everyone has a place where they can land their family for a month or two while they go through the search-to-closing process. Having an offer accepted with a sale contingency is a hard sell, but you are seeing more and more. Most however will have a kick-out clause in them which elevates the stress level as the transaction goes forward. What is your leverage as a first time buyer? TIME! Whether you are currently renting or living at home, you have an established residence and in most cases can push a closing date off another month or two to accommodate a Seller. In fact, they may be willing to take a little less to assure they can have time to explore all of their options on the other end. Other ways to win in this market:
Cash is always king, but as a first time home buyer with solid financing in place, you can be a player in this market. |
|||||||||||||||||||||||
|
|||||||||||||||||||||||
Monthly Archives: May 2014
Time for Beverly to make some decisions!
There are three projects hovering over Beverly tax payers heads with limited or no resolutions. All three could impact different areas of the City in major ways and two it seems, have cost the tax payers dearly already.
In recent articles and a letter to the editor of the Salem News, Mayor Rejects McKay School Offers, Beverly needs to move on Waterfront Plan, and Fate of proposed plaza uncertain it is plain to see that time does’t heal all wounds. In fact it appears that multiple offers, special elections and years of court battles and added costs, we are right back to where we started from on all three projects. Rather than play the political blame game, my bigger concern as a local Realtor is what effect these projects are going to have on the property values in the three neighborhoods while these issues continue to work themselves out. I have sat down and met with people concerned in the Brimbal Ave area weighing their options of selling now or waiting to see the true impact. The major problem is that with the latest turn of events, the final projects and plans are more confusing than ever. The latest rejected proposals for the former McKay School (of which I am a proud Alum!) range from condos to apartments to 13 single family homes! The Black Cow project on the waterfront has the least effect on a residential area, but depending on what the surrounding properties try to develop if the Designated Port Area restrictions are lifted for the entire area. I understand the need to be thoughtful and prudent but with most of these projects at or over 10 years in the making, its time for the City to make a decision and let these areas know what obsticles they will or will not have to face. Please Comment with your thoughts on the best uses of these areas and how they will effect the neighborhoods and direct your political views to another suitable blog. Thanks in advance. |
||||||||||||||||||||||
|
||||||||||||||||||||||
Test Listing, Anytown, USA – Just Listed
|
||||||||||||||||||||||||||
|
||||||||||||||||||||||||||
|
||||||||||||||||||||||||||
|
North Shore Condos can be a good value!
I saw this article today on boston.com entitled Condos Losing there affordability. It makes some good points but also misses a few things that are adding to the rising interest and cost of condominium units.
It is true that first time home buyers and downsizing babyboomers are competing for these units. I believe the increase in the rental market is also pushing many buyers that were on the brink and fearing the negative news about the market into buying mode.
Also, many of the the Seller’s of these units looking to upgrade to single families are in a better equity possition with the market rebound.
There is still good inventory around in communities like Beverly, Salem, and Danvers. The market is really limited when it comes to units with more than 2 Bedrooms.
As in all cases, Buyers that have their financing in place are a step ahead, but many of the first time home buying programs like FHA and MassHousing also need to approve the complex before they will lend on them. Asking the right questions up-front can save a buyer time and aggrevation
Selllers Should Prepare Too…
The strengh of your condo association can be a big factor when it comes time to pricing your unit. Having healthy reserves, and trustees that are willing to work to get the bank the documents and information needed will speed up the process and enhance the size of the pool of potential buyers. If you are considering making a move and would like to meet to evaluate the strength of your association, contact me to set up a convenient time.
The North Shore Condo Market is very healthy and competitive. It is truly an inbetween market that will allow for either Buyers or Sellers to benefit based on the specific property.
FREE 1 Year Warranty for Buyers What is the Value of Your Condo?