So, hows the market?
Another Property Under Agreement with Shanahan Real Estate Group
We get asked this question a lot, whether on a listing appointment, showing a house to buyers or even at the supermarket. We thought we would use this forum to answer this question, as well as others we hear from buyers, sellers and friends in the course of our day at Shanahan Real Estate Group. The answer to this question is not that simple and has been changing over the course of the year so far. Springtime is usually a very busy period for the real estate market, with lots of new listings and an equal number of eager buyers. This year, we have had a surprisingly low inventory of homes for sale in Winchester. You may have seen the article in The Winchester Star recently, titled Sellers Wanted. There are buyers who have been looking in town for a long time, and are just waiting for the right house. While our data shows continued activity across most price ranges, homes that are priced right and are in great condition are the ones that sell the fastest. When a buyer finds a home, they are hesitant, waiting to make sure that we have really hit bottom, as far as prices are concerned. As optimistic Realtors, we believe that we have seen the bottom of the market in Winchester and, while no one expects any dramatic increases in value, home prices remain steady. Our community has been fortunate to have weathered the recent economic times with property values holding steady, with single digit percentage changes in value from years past.
We expect to see our conservative real estate market continue, with reasonably priced homes that are in good condition selling quickly. Gone are the days where a buyer walks into a home and exclaims I love this house! Lets make an offer!. Buyers are much more cautious and educated in the local market, reviewing sales data with their agents and touring the home several times, before finalizing their decision. We encourage both buyers and sellers to have this level of education and comfort with the local real estate market. Our agents are educated on a continuing basis about OUR market- Winchester and our neighboring communities. While we are bombarded with real estate headlines and trends (often negative) , its important to remember the old saying: all real estate is local. The national real estate market is very different from that in Boston and Winchester is a totally different story altogether. Our agents know the market HERE and we are always happy to talk about it.