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Not living in fear, perspective, hope and caring

Not living in fear, perspective, hope and caring in this time of Covid-19, the offical title for the corona virus pandemic that is sweeping the world right now.  People all over the world are living with this new reality. A virus that is fast moving and very contagious has made it from China, through Italy and now here in the US. There was political maneuvering from the Oval Office that promises to make it worse in the states.  Federal response has been slow and plodding. Fortunately the individual State officials are stepping up in the wake of the response to protect their citizens. Here in Massachusetts our Governor has already taken strong actions.

Later today we are doing a podcast on Broker-Talk.com with a Luxury Agent from Milan, Italy. He will share with us what his country and his business has been doing over the last month of this pandemic in his country. There are so many questions here and it is now a time for action to protect yourself and your family. Washing hands, cleaning surfaces, limiting time around people in public is the beginning of protecting yourself.

Real estate industry continues to go on. People are still buying and selling homes and now they are using new approaches.  Live video tours are taking the place of open houses. Private showings are replacing group showings. If you are sick, STAY HOME.  That should be easy because most business have already been shut down due to the pandemic. Schools are closed, restaurants have no seatings and are only doing take out.  At this point it is less than a week since the Federal Government even admitted there is an issue and this is months after they were made aware. Now is not the time to be making or loosing political points, it is a time for Americans to show our extraordinary resolve and spirit. Stay well. Not living in fear, perspective, hope and caring

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Newton MA Single Family Market Report Jan 2020

Newton MA Single Family Market Report Jan 2020. From the MLSPIN system I gather these statistics, they are a snapshot of all that is going on with Newton MA single family real estate market has been up to. There were 155 properties in the market during this time.

Single Family New Listings: 6 Median Liv. Area SqFt: 3,961 Median List $: $1,597,500 Median List $/SqFt: $417 Median DOM: 1.5

Single Family Active Listings: 60 Median Liv. Area SqFt: 3,880 Median List $: $1,849,500 Median List $/SqFt: $475 Median DOM: 111.5

Single Family Price Change Listings: 1 Median Liv. Area SqFt: 4,500 Median List $: $2,425,888 Median List $/SqFt: $539 Median DOM: 117

This is a lot of active homes, price changes traditionally happen after the first month.

Single Family Contingent Listings: 11 Median Liv. Area SqFt: 3,242 Median List $: $1,495,000 Median List $/SqFt: $440 Median DOM: 14 Median DTO: 11

Single Family Under Agreement Listings: 25 Median Liv. Area SqFt: 2,352 Median List $: $1,050,000 Median List $/SqFt: $436 Median DOM: 21 Median DTO: 7

These properties above that are contingent and UAG are next months sales. Notice the days on market is very small. Good houses sold at a reasonable price go quickly. If your house is hanging on the market without offers, either your price is not attractive, or your agent is doing a poor job and getting the right people to see the property.

Single Family Sold Listings: 30 Median Liv. Area SqFt: 2863.5 Median List $: $1,294,000 Median List $/SqFt: $447 Median DOM: 52 Median DTO: 41.5 Median Sale $: $1,232,500 Median Sale $/SqFt: $434

Single Family Temporarily Withdrawn Listings: 4 Median Liv. Area SqFt: 3,127 Median List $: $1,377,000 Median List $/SqFt: $434 Median DOM: 101

Single Family Expired Listings: 12 Median Liv. Area SqFt: 3,857 Median List $: $1,672,000 Median List $/SqFt: $445 Median DOM: 74

Single Family Canceled Listings: 6 Median Liv. Area SqFt: 2,085 Median List $: $870,000 Median List $/SqFt: $397 Median DOM: 85.5

We are in a Seller’s Market with not enough inventory. If someone wants to sell at the market rate they can do so, asking the informed public to pay more than the comps is not a winning strategy. This has been the Newton MA Single Family Market Report Jan 2020

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Selling your home strategies and tips

Selling your home strategies and tips, search with this term and you will get a plethora of choices. They all are necessary steps in the process, but they just may not be in the right order. What is important is what you want to get from the sale and how are you going to wisely use those proceeds. These are always significant transactions. When large sums of money are exchanged many tax implications are part of the deal. Considering the long term benefit to be preserving and protecting your cash, the first step in selling your home is to know what you are doing with those funds and how you are going to do it.

Then of course look on line and see the competition in your neighborhood, see what the prices are, if there are open houses, go to those open houses and see how they are being marketed. A good agent will always have open houses to gage the market, a great agent will do so knowing exactly who their target is and how they behave.  Just like school, there are A students and there are C students. The A student will look to streamline their process to only those tasks and marketing efforts that work. They can describe that person in detail and tell you specific steps they will take to target that demographic using technology.

You should always get your property as neat and clean as possible. Everything should be working and if there are surface blemishes, repair them. That is the minimal step. From there consider what you are spending and what you expect to get from the market. There will be time and money spent before the sale if you go that route and that may not get repaid in the sale. There are a lot of strategies you will only hear from the best agents, the rest you can use the search term, Selling your home strategies and tips

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Boston Area Luxury Marketing Report Jan 2020

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Boston Area Luxury Marketing Report Jan 2020. I gather information from several sources for this report. I include the towns I mostly work in, Boston, MA; Newton, MA; Weston, MA; Wayland, MA; Milton, MA; Dedham, MA; Westwood, MA. Information comes from Institute for Luxury Home Marketing where I am a Million Dollar Guild Member in good standing, and MLSPIN the local Multiple Listing Service in this area. All reports are based on trailing statistics. The Dec stats will be in sometime later this month.

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Luxury, as defined by the Institute is the to 10% of all properties on the market at any given time. For the purposes of this month listed the price to get into this select club is $1,950,000. Any property below that price would not be considered luxury for this report. Many homes below this price would be considered luxurious in most instances, just not in the real estate sense.

In the MLS for the last 30 days there are 144 properties in these towns that fit this designation.Single Family Active Listings: 72 Median Liv. Area SqFt: 6,262 Median List $: $3,287,500 Median List $/SqFt: $561 Median DOM: 125. The DOM, days on market, are always longer for these properties because there are fewer buyers at this level. 

Single Family Under Agreement Listings: 14 Median Liv. Area SqFt: 5,250 Median List $: $2,549,000 Median List $/SqFt: $482 Median DOM: 85.5 Median DTO: 71.5

Single Family Sold Listings: 18 Median Liv. Area SqFt: 5,782 Median List $: $2,872,500 Median List $/SqFt: $494 Median DOM: 77.5 Median DTO: 59 Median Sale $: $2,695,585 Median Sale $/SqFt: $469

From the last two collection of stats we see 14 to 18 properties a month going making this a Buyer’s Market with so much competition and more than 6 months of inventory. Getting Luxury properties sold in a competing market like this demands a professional agent who understands how to market these properties.

Single Family Expired Listings: 18 Median Liv. Area SqFt: 5,954 Median List $: $3,094,950 Median List $/SqFt: $506 Median DOM: 154

Single Family Canceled Listings: 11 Median Liv. Area SqFt: 5,200 Median List $: $3,049,000 Median List $/SqFt: $635 Median DOM: 71

When a property goes too long on the market the buyers often wonder what is wrong. Make sure your Realtor® has a real sense of what to do, who is going to be the target audience and how the agent is going to connect with them. This has been the Boston Area Luxury Marketing Report Jan 2020

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Newton Residential Single Family Market Report Jan 2020

Newton MA real estate

Newton Residential Single Family Market Report Jan 2020. Lots of things going on inside the 13 villages that comprise Newton. Issues right now with some development projects that include affordable housing.  There are a total of 165 properties in Active, UAG, Sold or some other form of “on the market” housing through the Multiple Listing Service MLSPIN in the Boston Area.

Single Family New Listings: 2 Median Liv. Area SqFt: 3,712 Median List $: $1,612,000 Median List $/SqFt: $418 Median DOM: 108  Now you may think this is odd the fact that DOM is 108 when they are new properties, and it is, but it is the way MLS deals with properties that were on the market, go off for a period of time and then come back on.

Single Family Active Listings: 57 Median Liv. Area SqFt: 3,606 Median List $: $1,700,000 Median List $/SqFt: $483 Median DOM: 103 

Single Family Contingent Listings: 2 Median Liv. Area SqFt: 4431.5 Median List $: $1,749,000 Median List $/SqFt: $397 Median DOM: 49 Median DTO: 24.5  What this is letting us know that the better you price your home the faster you are done with it and can get on to the next steps.

Single Family Under Agreement Listings: 21 Median Liv. Area SqFt: 2,820 Median List $: $1,125,000 Median List $/SqFt: $467 Median DOM: 56 Median DTO: 41 We will see where the final numbers end up when they go sold next month.

Newton MA colonial luxury

Single Family Sold Listings: 34 Median Liv. Area SqFt: 2,674 Median List $: $1,347,500 Median List $/SqFt: $472 Median DOM: 27.5 Median DTO: 20 Median Sale $: $1,325,000 Median Sale $/SqFt: $445  34 Sold homes gives us less than a months worth of inventory. That is text book Seller’s Market, but don’t be confused that does not mean you will get more for your home because of this.  Consumers are very smart at knowing what the value is.

Single Family Temporarily Withdrawn Listings: 11 Median Liv. Area SqFt: 2,418 Median List $: $1,199,000 Median List $/SqFt: $457 Median DOM: 72

Single Family Expired Listings: 26 Median Liv. Area SqFt: 3,926 Median List $: $1,662,000 Median List $/SqFt: $453 Median DOM: 100

Single Family Canceled Listings: 12 Median Liv. Area SqFt: 3,242 Median List $: $1,342,500 Median List $/SqFt: $437 Median DOM: 63

These last three stats count 49 homes that are not on the market right now. Expect all of them to come back on soon.Newton Community Pride is a Facebook page that will give you some insight into the fabric of the town. Newton Residential Single Family Market Report Jan 2020

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Negotiating in good faith stories of success

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Negotiating in good faith stories of success come down to a sense on both sides that a win-win situation means everyone gives a little to make the whole a successful transaction.  There are some guidelines, rules some might say, for this process.  Low ball offers are rarely in the interest of the Buyer because they can just start the negotiating process off on a bad foot with the Seller. A Seller should realize that a low ball offer is not an insult, just a valuation. The Seller should counter with what they believe is the correct valuation for sale among these parties.  If there is no meeting of the minds at this level it will not go forward.

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Getting a counter offer is always the first step in a good faith negotiation.  The Seller might say the full priced offer is the first step but this is a two sided negotiation and there needs to be cooperation and collaboration. The Seller wants the most and the Buyer wants it for the least amount they can. That is the unspoken understanding.  No house is perfect, even the brand new ones. All houses need ongoing maintenance and so some understanding of the price in that moment, in this market needs to be understood and shared.

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Any negotiation between the two parties between Offer and Closing need to understand that the Buyer will reap the equity rewards of any upgrades to the house negotiated as part of the final price. Because the Buyer reaps the full 100% benefits of the upgrades it is expected that the Seller will pay less than half for those upgrades with one third of the cost of all the upgrades as the usual good faith negotiation. Realizing that both sides need to feel as though there is good faith in negotiating there needs to be compromise and understanding between the parties and without that  it nullifies negotiating in good faith stories of success