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SHREWSBURY, Massachusetts – Despite all the gloom and doom we have been hearing for years in the national real estate news, the market here in Shrewsbury has undergone the most complete transformation I have seen in my 26 years serving clients in this great town. Way under the radar screen, we’re seeing drastic inventory shortages of properties in specific styles and price ranges across the board, and this is resulting in a pretty wild scene, with multiple over full price bids being tossed around, just as though it were the peak of the market back in 2006.
Just in the last few weeks alone, I’ve been in several multiple offer situations with my clients, in everything from simple condominiums and 3BR ranches in the mid $200’s, to luxury homes well into the 600’s. We actually had some offers outbidding others by 25K just to see if they could grab a property they wanted, and they didn’t even wind up winning the bid process. Fortunately I have been blessed with some amazing Sellers recently, folks who actually listen to advice, do the things that need to be done, and in return reap rewards beyond their expectations. Often that comes in the form of letting me bring in my pre-marketing team to handle everything from touch up painting, wallpaper, and carpet cleaning to just doing general clean-up work. Other times, it results from just being priced properly to begin with, in the hopes of stimulating multiple offers during that first critical weekend. Either way, it feels great to be able to achieve that level of success at a time when so many have felt let down by the marketplace. This month is particularly notable, as I’m seeing a few of my listings selling for prices actually higher than folks brought them for at the peak of the market. If that’s not a recovery, I don’t know what is.
That brings me to an interesting topic, which is getting into far more depth in the pricing analysis than you might in a normally level marketplace. When fluctuations are rapidly occurring, it is important to be able to set aside the normal method of analyzing comparable sales , and actually price above that level if the situation dictates. When the market was in decline three years ago, we had the opposite problem, wherein we would sit down and analyze the homes that had sold in the last year, but recognize that our value on that day would likely be less than those recent sales, simply due to the direction the market had been heading. Now, however, we have the opposite problem, and we need to be able to price higher than recent sales, taking into account the lack of inventory and the increasing valuations that we had seen, and seeing if we can yield a sales price higher than one might have originally thought possible.
In the end, what we are seeing here in Shrewsbury are inventory shortages that are worse than we’ve had in a long time. While it’s not unique to our community, it has certainly been far more pronounced here than in most other communities, and that’s something to rejoice over for sure. It’s not just that I list a home and have a few offers, because that happens all the time, but rather that buyers after the fact are asking if they can be put on a list to be notified if I hear of other things coming on the market in the neighborhood. I literally now have multiple qualified buyers waiting patiently for the phone to ring, and emailing me several times a day to see what I’ve heard about potential new listings coming on. You would think that would be a good problem to have, of course, but it only works when the inventory keeps coming, and remains in a reasonable balance. That may be where you come in.
If you’ve been thinking of a move for some time, perhaps even if you tried to sell in the past and weren’t successful, now is the time we need to chat. Yes, I know it’s cold outside, but as I have said in articles past, sellers often are surprised to find that they may do better in the dead of winter, than in the spring when the tulips are blooming. In fact, based on the backlog of Buyers I’m seeing, perhaps you’ll be one of the lucky ones who never even hit the market. I love when that happens – very quietly, no tracking of snow in the house, no signs, no tumult, just a nice, clean buyer willing to spend the money to secure a great home for their family. Don’t wait until you see the leaves on the trees in May, because by then we may very well be drowning in inventory again and wondering just what happened!
I’m easy to find, as you know so give me a call at 508 845-HOME , send me an email steveshrewsbury.net, Facebook message, or even a note on carrier pigeon – but whatever you do, let’s get in touch sooner, rather than later, and let me show you just what I can do to help make your visions a reality.
Here’s a little video I put together with some Shrewsbury clients. Many people have found it helpful, so perhaps you might too.