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Real Estate Search Strategies #plainspokenagent

Milton-June-2014-Town-Churches
Milton-June-2014-Town-Churches

Real Estate Search Strategies #plainspokenagent for the Buyer start from 30,000 feet, for the Seller they start on the world wide web.  Let me explain, when searching for your next real estate purchase whether it is your first home of fifth the where is important.  You want to start wide so that you don’t miss the true sweet spot (by various criteria like price, condition and location) and that is a process.  Follow the process and get more of what you want for less money and hassle.  This is not a sprint, for the most part.

Newton MA real estate
Newton MA real estate

For the Seller you start on the web.  You want someone who can communicate your property to the right audience and with the right frequency and creativity to draw them to your listing. The more people who look at your property both on-line and then through the showing the better the outcome plain and simple.  The most critical days are the first 30 is common knowledge and the truth is the 30 days before the first 30 are the most important. That is when the story is created, shaped and set to be delivered to the market on the first 30 days.  If your agent doesn’t have those steps down, the competition will win and you will suffer.

Boston Back Bay
Boston Back Bay

Search is always a process.  Map it out first and then adjust the plan as information is brought in.  For the Buyer you get closer and closer to the desired property because you have systematically narrowed the field down.  For the Seller all your work is before you hire the professional to help you shape your story, your first step is to look at your competition on-line and see who is doing the best story getting real people in the door.  These strategies are true in all kinds of markets.  Real Estate Search Strategies #plainspokenagent

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Archive Back Bay Blog Boston Back Bay Brookline Buyer Dedham Featured For Buyers For Sellers Housing Market Updates Larry Lawfer Luxury MA market reports Milton Newton Realtor® Seller Wellesley Weston Westwood

Boston Area Luxury Home Housing Report May 2016

ILHM-MAY-Housing-Report
ILHM-MAY-Housing-Report

Boston Area Luxury Home Housing Report May 2016. The crazy fast start to the selling season has dissolved somewhat in May.  Market statistics have been deviating from the regular patterns here in 2016. There is still a great deal of cash flowing in from outside the area and outside the country.  With money continuing to be cheap to borrow there has also been movement up from the lower luxury to the higher.  Builders are talking about the sweet spot for new homes to be in the four million range.  These graphs and statistics come to us from the International Luxury Home Marketing organization.   ILHM is the worldwide leader in luxury marketing.  I am a Million Dollar Guild member which is the top one percent of all luxury home associates in the country.

ILHM-MAY-Inventory
ILHM-MAY-Inventory

Within the Luxury Market it is confusing to look at the 7 day analysis. Since there are fewer luxury homes and the price point can vary a single high priced home can alter the numbers at it did mid week last week.  The 90 day averages give you a broader sense of what is going on.  For the Buyers we are heading into the Summer on a good trend. Because the inventory is rising the prices are adjusting to that rise.

ILHM-MAY-DOM
ILHM-MAY-DOM

The Days on Market (DOM) are always an indication of how robust the market is.  Old school agents and sellers still think they should enter the market with a high price to leave room for negotiation when the market is just not responding to this approach. The correct approach today is to price your property at a value in comparison to the direct competition in your neighborhood. In this approach you get more people through which always delivers better offers. Those who refuse to understand this truism will languish on the market forever not realizing that the market is looking at their home as damaged because of the DOM.

ILHM-MAY-price-reduced
ILHM-MAY-price-reduced

Since there are fewer Luxury Homes and fewer Buyers for Luxury Home the DOM will always be a bit longer than the regular market, but the best practices regarding staying alive with a price break in the market remain. If your property is not getting any visitors, or few visitors, you are over priced.  A correctly price house with good marketing will get 20 visitors a month and one offer.  If you are not getting that and your condition and marketing are as good as they can be then PRICE break is your only option. This has been the Boston Area Luxury Home Housing Report May 2016

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Archive Back Bay Blog Boston Back Bay Brookline Buyer Dedham Featured Larry Lawfer Luxury MA Marblehead Marina Bay Milton Newton Realtor® Seller Wellesley Weston Westwood

Real Estate is a Process and best practices will guide you.

Kilmer School West Roxbury
Kilmer School West Roxbury

Real Estate is a Process and best practices will guide you.  This seemingly easy process can be very stressful if you don’t know what to expect.  Each season and each year can be different.  This is clearly evident if you consider the market in 2010 and the market now.  In 2010 our economy and our housing market that drives our economy was in the dumps.  Driven there by greedy Wall Street and the banking industry the real estate market was collapsing. Today is much different.  The market has come back to it’s levels of before the crash and the inventory of houses to buy is not keeping pace with the people who want to buy houses.

Milton MA real estate
Milton MA real estate

Lack of inventory to buy coupled with lots of buyers creates incredible competition for the good properties.  If you are a Seller and your house was priced correctly to draw in lots of potential buyers you can expect a spirited level of competition and bidding for the property.  If you are overpriced, the market will leave you sitting even with low inventory.  Today’s consumer has access to information about pricing, they will not overpay in most situations. This is especially true if the Seller is clueless to the need to respond to the market and make adjustments.  The longer on the market, the more Buyers feel there is something wrong with the house.

real estate burn out
real estate burn out

If you are a Buyer and you have been in stiff competition for some properties that you did not win it is frustrating and can cause burnout.  Right now as we move into the second stage of the Spring Market 2016 the craziness of the first phase is winding down. Those driven Buyers willing to overpay for a good property now have that property.  Normal competition begins after these people are out of the market.  Whew.

Whether you are buying or selling, or even both at the same time is is very important to remember Real Estate is a Process and best practices will guide you.

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Archive Back Bay Blog Boston Back Bay Brookline Buyer Dedham Featured Investor Larry Lawfer Luxury Marina Bay market reports Milton Newton Quincy Realtor® Seller Wayland Wellesley West Roxbury Weston Westwood

Ready Fire Aim Hiring a best real estate agent for today’s market

No Bullshit real estate
No Bullshit real estate

Ready Fire Aim Hiring a best real estate agent for today’s market. This is not the best way to hire the most qualified agent for your needs. National Association of Realtors (NAR) statistics show that most people only talk to one agent.  This is really not the way to get the best qualified agent either.  No two agents are created equal and so you should always be talking to more than one agent.  You should google your agent to see what they are doing on the internet.

The internet now drives the real estate industry. There is so much information out there and much of it is conflicting or inaccurate.

375 Westfield Dedham MA 02026
375 Westfield Dedham MA 02026

The large companies like Zillow, Trulia and Realtor.com are trying to cut out the agent, but it is the qualifed agent, not the internet that can get what you want for the price you will love.  Discount brokerages like Redfin dangle their low commission rate while they deliver truly discounted services.  Agents who work for places like these are often new or lazy agents who are happy to give you a little service to earn their discounted rates. This is truly a ready, fire, aim approach to the process.

Interview more than one agent
Interview more than one agent

Your home is often the largest transaction you will do in your life.  Your home purchase is quite often the best investment you will make in your life.  You would not trust your children to a discount pediatrician, would you?  When you have a toothache are you really searching for the discount dentist?  If you are in legal trouble do you want the discounted attorney?  It has been proven over and over again that discounted brokerage with discounted service delivers lower prices. That is why a 4% commission agent will get less for your home on average than a 5% agent.  What you want to do is work with the best people who deliver well beyond a discount service so that you can get the most for your money in the shortest time with the least amount of effort.  Do not use a method like Ready Fire Aim.

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Boston Area Move In Homes Luxury Housing Report April 2016

 

ILHM-April-Luxury-Report
ILHM-April-Luxury-Report

Boston Area Move In Homes Luxury Housing Report April 2016. Brought to you by the Institute for Luxury Home Marketing (ILHM) which tracks and reports on the luxury real estate market throughout the world providing us an insight into this segment of our real estate market.  Luxury is defined as the top ten percent of the overall market at the time.   The way it is defined in the Boston area is by taking all the homes on the market in the MLSPIN system and determining what the top 10% is.  Because of the diversity of our housing markets from town to town what is luxury in Braintree is not the same type and style of home as it would be in Weston.

ILHM-April-Inventory
ILHM-April-Inventory

With luxury one very expensive house sold will make the system spike as it did in early April.  The 90 day cycle is showing some positive movement, but with this comes more inventory. If houses in the luxury market are selling, then more houses are coming into the market this Spring. As you can see on our left here in the short market and the longer time frame we have more properties coming on to the market which will drive prices down a bit over the next cycle.

ILHM-DOM-AprilDays on Market is another very important statistic.  Many Sellers believe they understand the value of their home, but what they really understand is what they want and not what a Buyer (who is a different person than the owner) is willing to pay for that ownership.  The Buyer is the person in this transaction that makes the determination on value. Too often agents are willing to accept the idea of price from the Seller who is not a professional and is looking at the market through their own prism and this prism is distorted by their own personal need.  The difference between a good agent and a great agent is their ability to price a property correctly in whatever market exists at the time of the listing.

If your luxury property is sitting longer than the average property in your area in your price range there are only 3 reasons to consider, Price, Condition and Marketing.  Look first to Condition and Marketing because these are definable. Are you getting enough people through?  Are you getting offers?  If not then it is your price, no matter what you think.  You may say to yourself we have not attracted the right buyer yet, but real estate is a process and whether you have your final buyer or not this system leaves clues. If you are not getting offers and your property continues to languish on the market with not much activity you can change that with your pricing strategy.  To get this right, give us a call and we can help you further understand your property marketing. This has been the Boston Area Move In Homes Luxury Housing Report April 2016

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Archive Back Bay Blog Boston Back Bay Brookline Cambridgeport Dedham Featured Investor Larry Lawfer Luxury MA Marblehead market reports Milton Newton Realtor® Seller Wayland Wellesley Weston Westwood

Boston Area Luxury Home Market Report Jan 25 2016

ILHM-Price
ILHM-Price

Boston Area Luxury Home Market Report Jan 25 2016. I am a Million Dollar Guild member of the Certified Luxury Home Marketing Specialists group.  The top 1% of agents in the country.  The International Luxury Home Marketing specialists organization provides me with a weekly report that covers the world luxury market and drills down into the specific luxury areas of the world.  I live in the Boston area and that is where I work. Here is this week’s report. As we leave the holiday season, we are looking down the barrel of the new spring season. While prices of luxury homes has always remained reasonably stable it appears we are in for an

ILHM-Inventory
ILHM-Inventory

earlier uptick in prices. The super high end luxury condos on the waterfront in Boston are reselling right now at a $500,000 profit as reported in today’s print edition of the Boston Globe.

Another plus side for the Sellers is that the inventory remains low. Low inventory sparks more competition for your property.  Let’s be careful here in stating that not all luxury properties are the same and not all areas in Boston are receiving the exact same rise in prices and reduction of inventory. You can expect the market will perform normally and more inventory will be coming on the market soon.

ILHM-DOM
ILHM-DOM

Days on Market with luxury is always a bit longer than the normal markets since there are fewer people capable of buying a luxury property. Luxury is defined as the top 10% of the MLS in that area. The luxury market in a town like Newton begins above $2,000,000. The more prices rise and inventory rises with it the Days on Market will rise. With more homes for sale it takes longer for the Buyer to review all the potential homes and communities to make the right choice for their families. You can see the uptick in days here.

ILHM-reduction
ILHM-reduction

Reducing your price is one of the three factors in getting a home sold. The List price reflects the market and the Seller’s wishes in large part. This is not what the Buyer wants.  The agent and the Seller have no and little control of what the Buyer will pay.  Great marketing will bring people in if the price is right. The condition of the home will confirm the price, but it is the Buyer who sets the price.  Most Sellers assume the Agent can control this and they can not beyond great marketing that draws lots of eyeballs to the listings and traffic to the house.  Getting the price right is important, but reacting to the market in the appropriate way when you are not generating the traffic you want is the way to get your house sold. The longer it is on the market the more stale it seems and no one wins in that scenario other than the Buyer.  This has been the Boston Area Luxury Home Market Report Jan 25 2016