Sales Data

Low Housing Inventory Means a Great Time to Sell in Winchester!

It's a great time to sell! Better Homes and Gardens The Shanahan Group's Nic Gatto explains why.

 

Low Inventory = Great Time to get Top Dollar for your House

The Winchester real estate market had a very good year in 2014 with average home values rising 6.3% from their 2013 levels, according to Zillow.com. Interest rates remain at record lows, with the average rate for a 30-year fixed rate mortgage currently at 3.86%. Qualified buyers are currently waiting on the sidelines to swoop in and purchase, even over-pay for homes. Winchester’s top rated school system, along with its close proximity and easy commuter rail access to Boston, has potential buyers lining up.

Right now only twelve of twenty-eight total properties for sale in Winchester are priced under $1Million. You don’t have to be Alan Greenspan to understand the principals of supply and demand, it is a very simple concept.

When there are only a few homes for sale and many qualified buyers, prices will inevitably rise. This places homeowners in a great position to sell their homes for the most money possible. 

Historically, sellers have placed their properties on the market at the start of spring, as that is the time of year buyers begin looking for new homes. Low inventory has thrown conventional thinking out the window. The laws of supply and demand dictate that getting your home on the market now is your best bet to get top dollar. In the past six months, sixty-seven properties have sold under 1 million dollars in Winchester, over 46% of them sold over asking price - and over 67% had an accepted offer that resulted in a sale in less than 30 days! If you have been considering selling your home, don’t hesitate. Now may be the best time in years to get top dollar for your home.

According to a recent report on WCVB.com, 2015 will be the biggest year in home sales in ten years. They state many reasons - from continuing low interest rates to pent up buyer demand, and the strength of the overall economy. Another factor indicated is that home owners’ equity has increased nearly 20% in Massachusetts and New Hampshire since 2011. This provides a lot of flexibility to home owners.

The Redfin Research Center in late December 2014 stated that the percentage of buyers who feel now is a good time to purchase a home, is up 6% from only this past summer. Furthermore, those buyers surveyed identified some of the top home characteristics they are looking for. The top two being-36% chose short commutes and close proximity to amenities (such as coffee shops), and 21.2% stated a highly rated school district as most crucial to their move. Winchester offers buyers both of these characteristics, therefore illustrating why Winchester is such a hot market.

 

My family has been in the real estate business since the 1940’s in the greater Boston area. I represent the third generation of real estate experts helping people buy and sell real estate. I am well-acquainted with Winchester. I grew up in town, and currently live here with my wife and our three children.

As in most professions, teamwork is essential in providing the best service, which is why you should choose Better Homes and Gardens Real Estate The Shanahan Group. We bring the highest level of professionalism and service to our clients. We have helped people buy and sell property in Winchester with a collected value over $47 Million in 2014.

Call or email me today to get your home in the “just sold” category for 2015. 

Nic Gatto

July Sales Data: Our Perspective

As part of Shanahan Real Estate Group's continuing effort to interpret recent market data for our local area, Felicity Tuttle provides the following insight: According to the Greater Boston Real Estate Board's online letter "On the Home Front," the news is that the sales of homes this June was lower than last year. This is not surprising when we remember that last year's federal tax credit boosted June 2010 sales over the June sales of the four previous years, thus our June 2011 numbers are still strong. It is also not surprising that, due to the absence of the tax credit, year-to-date sales of single family homes and condominiums is lower this year than last. Solidly good news from GBREB is that "pending sales of detached homes and condos rose for a second consecutive month over year-ago levels,an indication that the slowly improving job market in Gr. Boston, combined with stronger home price affordability and steady financial gains on Wall Street have provided an increasing number of home buyers with the confidence to move forward with a home purchase. In the detached single-family home market, pending sales jumped 19 percent over last June, making it the largest annual increase in monthly pending home sales since April 2010, when pending sales rose 29 percent." Again, this increase is particularly significant because the June sales last year "hit a five-year high as consumers rushed to beat the expiration of the federal home buyer tax credit." Better pending numbers this June in spite of the absence of any external incentive is a very positive sign. One factor GBREB noted as influencing this trend is the "improving job market in Gr. Boston," data which, if it continues, should bring more buyers "off the fence." I would suggest that several other factors have also been positive influences: the continued good interest rates by themselves have not been sufficiently helpful to stimulate the market, but the interest rates coupled with the fairly level and realistic pricing, (e.g. reduction in housing market volatility) together have provided more buyer impetus to put homes under agreement. Buyers are doing their own research, consulting with their agents for more data, and moving forward with caution but conviction. All of this is good news. To learn more about Felicity or her career in real estate, see her agent page.