Where Have All The Home Sellers Gone?

Sotheby’s Newton, Newton’s Top Brokers

Ok, where are the home sellers?  Are you hesitating to sell because you don’t know what to do with all of your stuff?  Afraid you won’t be able to find a new home?  I have solutions for both.  I sound like broken record but this is a supply and demand business and there is no supply.  We have a TOTAL of 59 single family listings in Newton.  A normal /good market  would usually have 200 listings more or less.  During the debacle we were approaching 400 listings…..we currently have 59!  Average houses are receiving multiple offers.

A breakdown…

ON MARKET

Total Homes      59

Under 1M           18

1M – 1.5M            13

1.5 – 2M                 9

Over 2M              19

UNDER AGREEMENT

Total                       61

Under 1M             38

1M – 1.5M               9

1.5M – 2M              8

Over 2M                 6

Every number tells a story and this is no different.  Houses over 2 million are not selling so quickly and buyers definitely like new when we get up into those prices.  With lots selling in great locations over 1.5 it’s hard to imagine being able to sell a new house for less than 3 million.  Clearly houses under 1 million are in an appreciating market.  Under agreements out number currently listed by 2-1 tipping the scale to market appreciation.  As you can see  1M – 2M is more stable with a similar amount for sale and under agreement.  The over two million is the problem area, homes for sale are out pacing under contracts by a 3-1 margin suggesting a depreciating market.  There are MANY buyers looking to spend over 2 million for a home (seriously) but a buyer must perceive value.  It is also true that buyers over 2 million like new or completely renovated homes.  They will not pay top dollar to renovate a home.  Every home fits into a price category depending on location, size, condition, side street or busy street, convenience, etc …there are a few outliers, but very few.  Every house has a price so call me to find out yours.

NOW IS THE TIME TO SELL BEFORE EVERYONE ELSE DECIDES TO DO THE SAME.

margaretszerlip@gmail.com   617.921.6860

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