I know a secret about the house that's been on the market too long -- and it could save you THOUSANDS!
If you've been shopping for a house longer than a cup of coffee, you've already come across "that house." This is the one with the high "days on market" number. I'll bet you thought to yourself, "gee, I wonder what's wrong with it?" And you skipped over it. You kept looking for fresh inventory.
I'm here to tell you that you're making a mistake!
What you SHOULD be thinking is when was the last price adjustment made.
Houses usually spend too long on the market because they weren't priced right in the beginning. It takes some homeowners longer than others to realize the error of their ways and make the necessary adjustments. At some point, that house is going hit the right price and you want to be waiting.
While other buyers are turning up their noses at this house, YOU'RE waiting for it to fall into your price range. When you see a house in your price range with a high days on market number, you need to ask your Buyer Agent about the last price adjustment. If the price was cut just a few days ago, it might FINALLY be priced right and ready for the taking.
The nice thing about watching price adjustments is that you can be sure you're not overpaying for a house. Other buyers have already looked at it and decided that it's not worth the price. Other houses were more attractive and went under agreement while this one just sat there. But, when it finally hits that "strike point"... when the price is right... YOU want to be on high alert. While others are wondering what's wrong with the house, you should be thinking, "hey, is this the bargain of a lifetime?"
Make sure your Buyer Agent is actively watching the market every hour of every day. To get the MOST HOUSE FOR YOUR MONEY, do not rely on a daily robo-email. You need a full-time agent.
Imagine, the PERFECT house that causes bidding wars and multiple offers. What if I told you there are six of those every month? What if I said that you'd have to "know the right people" in order to get your hands on them?!?
I hear it from buyers every day: "All the good stuff is gone." or, "Gee, there's really nothing left out there." When I hear this, it's usually from a buyer looking in a price range that's particularly hot at the moment. In Methuen, Massachusetts, there are two price ranges that are REALLY moving!
Investment property in Methuen is hot, Hot, HOT! These are properties under $150,000 but especially $100,000 to $150,000. If you're shopping in that range, you'd better make sure you're either pre-approved with a letter to show it or have proof of funds if you're a cash buyer.
There's a lot of activity in the lower end of the mid-range price point. Homes in Methuen between $200,000 and $300,000 are flying off the shelves - especially right in the middle of that range. If you're shopping here, you'll have stiff competition from other buyers. This means the the home is getting a lot of showings which will make the seller hold firm on his price since he's got to believe that it's just a matter of time before he gets that winning offer.
Your strategy at these price points is know when you want to move and be prepared to act quickly. Homes in these ranges come on the market one day and get snapped up the next. This is not for casual buyers. You have better things to do with your time. But, when you're ready to move be ready to act and make sure your Buyer Agent knows this! She'll keep a sharp eye on the market and let you know the MOMENT something new is offered. In these two price ranges in Methuen, you can't afford to wait for the robo-email to alert you in the morning.
Happy hunting!
Tags:
Inventory , List Price , Statistics
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Executive Summary
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Whether you are just browsing properties, or are a serious buyer, you need look no further for getting help every step of the way.
Brian X. Murphy CENTURY 21 McLennan & Company
188 Broadway • Methuen, MA 01844 Direct: 978-852-6006 • Fax: 978-685-1959 brian@abouttownproperty.com
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If you've been shopping for a house longer than a cup of coffee, you've already come across "that house." This is the one with the high "days on market" number. I'll bet you thought to yourself, "gee, I wonder what's wrong with it?" And you skipped over it. You kept looking for fresh inventory.
