By Dan Alden
dan@lancerealestate.com
Dan Alden is a Realtor-Associate with Lance Vermeulen Real Estate in
Gt. Barrington - 413-528-6011 ext. 17. |
Spring set for activity
Posted on Mon, Feb. 08, 2010
All signs of the first days of the real estate market of 2010 point
to this spring being a very busy season! Historically, when there is
a lull in real estate as we experienced in the credit crisis of 2009,
there is an ensuing burst of activity, and the upcoming months are looking
as if this year will be no exception.
New listings bring fresh prospects
The spring listing season appears to be here early, with the first few
weeks of the year producing a number of new listings, from homes to
land, as well as commercial and investment properties. Properties are
generally being priced more conservatively than in the past boom years,
as sellers are “trimming the fat” to stimulate offers.
The good news for sellers is that prices, while they have come down,
have seemed to stimulate buyers at a wide range of price points to venture
back into the market. If you are thinking of selling your home, now more
than ever is the time to consult a professional real estate agent – in
fact, talk to at least three. Buyers are extremely price-conscious, and
will hesitate to even look at, much less make offers on, properties that
they perceive to be over-priced.
The boon of a buyer’s market
With the news of the turmoil in the economic markets sounding more and
more like yesterday’s news, many of the economic factors that
put pressure on the real estate market seem to have eased, at least
in the public’s mind, and in many ways that’s where it
matters most. Intrepid buyers are coming back to the market in search
of bargains, but instead of finding hordes of desperate sellers, they
are finding values in reasonably priced properties.
If the early signs of 2010 hold true buyers may soon find they are facing
stiff competition from other buyers, with fresh inventory coming on the
market at 2010 prices. In order to be prepared to move on these active
properties, as a buyer you should find an agent who understands exactly
what your needs are, and can keep you apprised of new listings and price
reductions.
Properties to watch
Some of the best values to be found are in properties that “missed
the market” of past years, perhaps were priced too high to begin
with, but are now reduced to prices where the value is clear. This becomes
most apparent when a property that was over-priced comes down to its
true value and buyer’s and even agents find they are asking themselves “how
did I miss this before?”
Land makes a comeback
Land prices, like home prices, hit historic highs in the past decade,
as did the cost of building, both in material & labor. This triple-whammy
of cost surges stymied the sale of land for the past couple of years,
but with all three factors stable if not in decline, buyers might once
again find the buying & building process not only appealing but
economically viable. Where home prices in the area have dropped between
10% and 15%, land prices have in some cases dropped upwards of 20%
and 30%, helping to offset the still relatively high cost of new construction.
Whether you are thinking of buying or selling, now is the perfect time
to re-assess your options. With adjusted expectations, both buyers and
sellers might find the real estate market of 2010 to be one of the busiest
in recent memory.
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