Boston Area Luxury Homes Market Report Thanksgiving Week comes to you from the Institute for Luxury Home Marketing for which I am a Million Dollar Guild member which is 1% of all the Realtors in the country. Interest rates are sneaking up since we now have a new President Elect. This happens with each election. Before the election investors pull their money from the more volatile stock market and put it into treasury bonds. Now that this is over the interest rates will move forward. The better the economy, the higher the interest rates. Prices across the 10 towns in the Boston Area are moving up.
When there is more inventory, the prices slide a bit. We see this in towns like Weston which is flooded right now with luxury listings. Pricing can be tricky and it is essential that you price your property in relation to the competition on the market at the time you are on the market. Forgetting to consider your competition is a typical average agent mistake. A house is a commodity to the Buyer while it is a home for the Seller. These disparate valuations can cause issues with the sale.
The longer your house is on the market the lower the perceived value is to the Buyer. The key is to price correctly right out of the box and get under agreement in the first 30 days. From there it can be a down hill slide. Strategic pricing and aggressive marketing make all the difference. Make sure you choose an agent who knows who your buyer will be and how to communicate with them through the internet. The days of your local broker being the “go to” person is forever changed. Your “go to” person is one who understands the market and the marketing.
The number of homes on the market can impact your sale both positively and negatively. Your agent should be speaking with you weekly about what is happening in the market. With luxury homes you can not leave things to chance. While there is a smaller pool of people who can purchase luxury properties these people are sophisticated buyers and so you need a sophisticated and strategic approach to the sale. For specific information about your home give me a call, 617-774-8292. Boston Area Luxury Homes Market Report Thanksgiving Week