This weekend I accompanied a client to an open house in Hopkinton that was clearly going to result in multiple offers on the home. The home was in a great location and in a desirable neighborhood. The home was abuzz with activity, and there were a handful of potential buyers out in the yard, deep in conversation with their buyer’s agents discussing bidding strategies. It’s a great situation for the home seller. But once the flurry is over, how do they pick from among all these offers? And how to they know which offer will be most likely to go through?
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I’m happy to report that Massachusetts home prices and sales are continuing an upward trend. According to the Warren Group, single-family home sales across Massachusetts jumped 10 percent in January, compared to January 2012. It was the best January for the local real estate market since 2007. In a recent news release, Timothy M. Warren Jr., CEO of The Warren Group, noted that "recent pending sales data are a hopeful sign for a strong spring market.”
You accepted an offer on your home weeks ago and are immersed in packing when your listing agent calls to say she’s meeting the appraiser at your house. So how do you prepare for this important visit? After all, the appraiser’s opinion will have a major impact on whether the buyer’s loan will get approved.
As we look forward to 2013, I thought I’d share seven real estate trends that are worth keeping an eye on.
1. People are staying in their homes longer. Just five years ago, people moved an average of every six years. Today families stay in their homes for an average of nine years, according to the National Association of Realtors’ (NAR) Profile of Home Buyers & Sellers Report. Therefore, they want to know that the home they pick now will work for their family’s needs for many years to come. That’s why flexible living spaces such as bonus rooms, home studios, and in-law suites are particularly appealing.