23 Neighborhoods: a boston real estate blog by Michael DiMella
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So you're thinking about selling your home, but you may have noticed a lot of negative press about the Boston real estate market recently, and now you're nervous. Is it the right time to sell? Maybe you have a pressing need to sell, and think you're going to get a raw deal. Or maybe you may not need to sell, and you're thinking it might be better to just live in a less than ideal situation. "I can deal with this for just a little longer..." you tell yourself. Don't fret. Most of the sellers I talk to are in the same position. And I'm here with some good news...
2009 was a very interesting year in the Boston real estate market. Prior to the release of my 2009 year end Boston condo market report, here's a quick peek at the past year compared to 2008 and 2007:
With Labor Day coming up Monday (too soon dammit!), which usually leads to the end of the typical summer slowdown in the Boston real estate market, what surprises can we expect for the fall market?
The Boston Globe ran a special extended real estate section yesterday called "Spring House Hunt" with a few interesting articles about the Boston real estate market. One of those was "Shining a light on your home's best assets" by Ted Siefer about staging a home and whether or not it pays off to do it. Couple of things I love about the article - for one, my business partner, PT Vineburgh, got quoted plus the success story of a client of ours, Alma Dell Smith, got written. Not only that, but the staging expert we work with, Blair Hamaty at Setting the Space, also got quoted (note: if you need staging help, call him first). But, as always, there were also some things I didn't love, which I'll get into below. In the article, Ted writes:
I just got a call from a reporter from the Boston Globe for some info about the sub-$500K market in the Back Bay, I assume for an a future article he's writing. Besides that, there has been some interest from our clients in trying to differentiate the low end condo market in the Back Bay (sub $500K) versus the rest of the market, so I was curious for some data to shed light on that market segment, so here's what I put together. Some have thought that the high end market is holding up the lower end so I pulled up data from the MLS about all sold condos in the Back Bay each of the past four years, from January 1 through November 15 of each year:
From "Bidding Wars? Quick Sales? It's Happening!" in the Boston Globe:
LITTLE DID TODD AND ARITA BASSO know when they decided this spring to
sell their three-bedroom, two-bath Arlington condo what good fortune
they'd have. The day after their first open house they had multiple
offers on their 2,200-square-foot duplex, with several over the asking
price of $499,900. Just a couple of weeks after showing the place, the
Bassos were signing a purchase-and-sale agreement for $510,000,
snagging themselves a cool $119,000 more than their 2000 purchase price.
Several of our clients this year have been faced with the decision to either sell their condo in Boston or to rent it instead. Depending on your circumstances, it may make sense to think about renting. But there are some potential disadvantages to that option as well. This pros and cons list (from bankrate.com) is a good starting point for your decision making process, but more importantly is really knowing the market in which you will be putting your property (whether or not it is the sales or rental market, for that matter).
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