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Market at a glance
A nice surge in sales in January mean
more competition for first time buyers
and second step up buyers and for
investors competing for low priced
foreclosure product. When you break
the sales down by price, you notice
there were a lot of lower priced houses,
dirt cheap garden style and conversion
condos and distressed 2-4 unit multi-
family properties accounting for most
of the volume. Mid and upper price
range product is moving albeit more
slowly and comprise less of a
percentage of the overall sales.
You may recall that we saw a similar
spike is sales activity for the end of
January and first half of February last
year. Then the market slowed down
considerably till late Spring.
This year I think we will see supply and
demand flip flopping back and forth.
Given the sales numbers and requisite
press, there should be a little flurry in
the coming weeks to add more
property listings into the market. This
infusion of listings may quell demand
for some little time. These resale
listings coupled with steady but
diminishing amounts of bank owned
product probably won’t have a
substantial impact on values in the
near term however. We see properties
that were long struggling with price
reductions to finally get to realistic
market prices and then experience
strong showing activity and even
see multiple offers submitted.
Often those properties that languish on
the market for 250-350 days and then
get a serious price reduction, get lots
of showings and a few offers.
So buyers have established a bottom
whether they know it or not.
Low end condos were the key to
determining the bottom in 1993 & 94
and they will lead the way again. I’ve
noticed that prices of garden style and
conversion 1 & 2 bedroom condos
have bumped up a few percentage
points from early November. And just
east of us in Natick and Framingham
the first time and first step up buyer
homes often have multiple offers when
they sell.
Here in Hopkinton townhouse sales are sluggish and if anything there is a shortage of single family homes in neighborhoods priced from 600-800.
Have a market story of your own. Send it to us and we will be happy to post it. Thanks
Bob Marquedant Broker.Owner
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Going Forward
If you are planning on selling
this Spring, you should be
mindful of timing. Right now
the interest rates are down
substantially and that helps
buyers in all price ranges.
Price your home within
several percentage points of
its ultimate selling price or
market value and don’t play
games when you get offers. Well kept homes that
are priced appropriately will
sell in several weeks time.
Overpriced homes can fall
into the “market worn” pit
and get punished.
Homes priced under 300K
can often be competing with
bank owned properties so
you will have a decided edge.
Homes priced in the 500-650
range can expect longer
market times if you are on a
main road vs. subdivision.
Upper priced homes have to
shine-staging, proper storage,
furniture layout, lighting, all
the basics must be in place.
Only the best condition
homes are selling so you will
need a game plan from your
Realtor on repair items.
Remember we offer a FREE
room by room assessment of
your home when we conduct
our Market Analysis reports.
We’ll point out deficiencies
plus help with little tips that
you can do the get the
best look out of each room.
This is always a FREE Service
and there is never any
obligation. It usually takes
about 20 minutes to do the
full viewing barring lotos of questions. Call us anytime.
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Bob Marquedant
Local Hopkinton
Realtor
508 435-4009 O
508 341-5630 M
508 435-9257 F
Bob@Hopkinton
Realty.com
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