real estate tips

The One Real Estate Tip You Need to Know Now

Contrary to popular belief, what happens in Vegas doesn't always stay in Vegas -- and I'm back from the annual Real Living Momentum conference with a few real estate insights to share with you.

 

The Real Living Momentum conference took place last week at the Cosmopolitan Hotel. Real Living agents and brokers from across the country gathered to connect and share new ideas - maybe win a few bucks if you happen to get lucky at the Craps table, maybe win a few awards if you happen to have the best real estate office in town.*
While there were a number of interesting presentations and workshops, the shining star in my opinion was Shama Kabani, President of Marketing Zen, who lent a captivating presentation on the art of social media for real estate. Really insightful stuff for our industry. Another eye-opening presentation was from keynote speaker Dr. Lawrence Yun, Chief Economist and Senior Vice President of Research at the National Association of REALTORS®.
So what does all this mean for you? You don't think I'd come back from Vegas without turning some of these gold nuggets of real estate wisdom into useful tips for our community? Of course not. If I could share only one piece of real estate advice, it would be this:
It's time to get off the sidelines - buyers AND sellers.

This is by far the most opportune to be a buyer. We have the lowest interest rates in history, and housing values have remained low. BUT, the catch is that this is not going to last much longer. In an urban/suburban area like Arlington, we have a limited supply of housing with little new construction because most available land has already been built up. Add to that a population that has been and will continue to grow, and skyrocketing rents which will drive more people to consider buying and you are left with:

 

Increasing population + increasing rents = more competition = more demand = limited supply = increasing prices.

Obviously I was not a Math major, but you get the gist. As the market turns the corner, the opportunity to purchase a home inside 128 with relatively easy access to Boston in a desirable neighborhood with good school (etc., etc.) is going to become much more challenging and expensive.

 

And for sellers, there are some convincing data points as well. As mentioned, we have a limited supply of homes in our area which means less competition for sellers. Alternatively, the KCM Blog reported that:
"Sellers have a window of opportunity for the next 90-120 days in most parts of the country in which to sell their homes for maximum price. We believe there will be increased downward pressure on home prices throughout the rest of the year." House Prices Window of Opportunity Beginning to Close.
This sounds contrary to the info above because it primarily affects areas that have seen substantial foreclosures. Many foreclosures have been delayed by a year because banks and the government have been working on a foreclosure roadmap, and these homes will be coming on the market soon. This will bring discounted competition for buyers and could impact the appraisal values of homes in certain areas.  While Arlington doesn't have the foreclosure rates of Florida and California, we have some and it is still something for sellers to consider.
I may have been in Vegas but I'm not a gambling man, and I'll take sound real estate advice over a risky bet any day. And so, I'll leave you with this:
*(Self-promo disclaimer): Just a quick toot of our own horn - Real Living awarded Bowes Real Estate the number one franchise for per-unit-production-per agent, meaning we had more sales than any other franchise than in the county. The Home Advantage Team was also in the top ten for team performance - and of course we're still #1 in Arlington.

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    The Secret Sauce of Successful Home Selling (That No One's Telling You)

    There are certain basic truths when it comes to successfully selling a home:Home Selling Secret Sauce

    1. Declutter
    2. Clean up the yard
    3. Price it right

    These are all important steps. Decluttering the home enables buyers to picture themselves living there. Cleaning up the yard gives a positive first impression. Pricing a home correctly can mean the difference between selling it in three days or three months.

    You know this, and most real estate professionals know this. But there are other criteria that are equally important and often overlooked – particularly by novice or part-time agents and FSBO’s.

    And that is knowing the pool of buyers that are out there.

    Here’s the thing. The only way to know the pool of buyers is to be out on the streets, viewing open houses, and talking to people every week and every month of the year. The pool of buyers is constantly changing, so to assume you know who’s looking for homes in Arlington Heights in the $500,000 range because you spoke to one family at an open house four weeks ago is to give false hopes to your sellers.

    Knowing the pool of buyers is our crystal ball. It allows us to become the matchmaker, helping buyers find the home they’re looking for, and helping sellers understand who’s out there and how long it might take to find a fit.

    There are no guarantees in real estate, but there is a secret sauce to successfully listing and selling a home. Our recipe has been serving satisfied home buyers and home sellers in Greater Boston for more than 30 years.

    Contact us today.

    781-645-0505

    info@yourhomeforsale.com

     

     

    The Secret Sauce of Successful Home Selling (That No One's Telling You)

    There are certain basic truths when it comes to successfully selling a home:Home Selling Secret Sauce

    1. Declutter
    2. Clean up the yard
    3. Price it right

    These are all important steps. Decluttering the home enables buyers to picture themselves living there. Cleaning up the yard gives a positive first impression. Pricing a home correctly can mean the difference between selling it in three days or three months.

    You know this, and most real estate professionals know this. But there are other criteria that are equally important and often overlooked – particularly by novice or part-time agents and FSBO’s.

    And that is knowing the pool of buyers that are out there.

    Here’s the thing. The only way to know the pool of buyers is to be out on the streets, viewing open houses, and talking to people every week and every month of the year. The pool of buyers is constantly changing, so to assume you know who’s looking for homes in Arlington Heights in the $500,000 range because you spoke to one family at an open house four weeks ago is to give false hopes to your sellers.

    Knowing the pool of buyers is our crystal ball. It allows us to become the matchmaker, helping buyers find the home they’re looking for, and helping sellers understand who’s out there and how long it might take to find a fit.

    There are no guarantees in real estate, but there is a secret sauce to successfully listing and selling a home. Our recipe has been serving satisfied home buyers and home sellers in Greater Boston for more than 30 years.

    Contact us today.

    781-645-0505

    info@yourhomeforsale.com

     

     

    The One Real Estate Tip You Need to Know Now

    Contrary to popular belief, what happens in Vegas doesn't always stay in Vegas -- and I'm back from the annual Real Living Momentum conference with a few real estate insights to share with you.

     

    The Real Living Momentum conference took place last week at the Cosmopolitan Hotel. Real Living agents and brokers from across the country gathered to connect and share new ideas - maybe win a few bucks if you happen to get lucky at the Craps table, maybe win a few awards if you happen to have the best real estate office in town.*
    While there were a number of interesting presentations and workshops, the shining star in my opinion was Shama Kabani, President of Marketing Zen, who lent a captivating presentation on the art of social media for real estate. Really insightful stuff for our industry. Another eye-opening presentation was from keynote speaker Dr. Lawrence Yun, Chief Economist and Senior Vice President of Research at the National Association of REALTORS®.
    So what does all this mean for you? You don't think I'd come back from Vegas without turning some of these gold nuggets of real estate wisdom into useful tips for our community? Of course not. If I could share only one piece of real estate advice, it would be this:
    It's time to get off the sidelines - buyers AND sellers.

    This is by far the most opportune to be a buyer. We have the lowest interest rates in history, and housing values have remained low. BUT, the catch is that this is not going to last much longer. In an urban/suburban area like Arlington, we have a limited supply of housing with little new construction because most available land has already been built up. Add to that a population that has been and will continue to grow, and skyrocketing rents which will drive more people to consider buying and you are left with:

     

    Increasing population + increasing rents = more competition = more demand = limited supply = increasing prices.

    Obviously I was not a Math major, but you get the gist. As the market turns the corner, the opportunity to purchase a home inside 128 with relatively easy access to Boston in a desirable neighborhood with good school (etc., etc.) is going to become much more challenging and expensive.

     

    And for sellers, there are some convincing data points as well. As mentioned, we have a limited supply of homes in our area which means less competition for sellers. Alternatively, the KCM Blog reported that:
    "Sellers have a window of opportunity for the next 90-120 days in most parts of the country in which to sell their homes for maximum price. We believe there will be increased downward pressure on home prices throughout the rest of the year." House Prices Window of Opportunity Beginning to Close.
    This sounds contrary to the info above because it primarily affects areas that have seen substantial foreclosures. Many foreclosures have been delayed by a year because banks and the government have been working on a foreclosure roadmap, and these homes will be coming on the market soon. This will bring discounted competition for buyers and could impact the appraisal values of homes in certain areas.  While Arlington doesn't have the foreclosure rates of Florida and California, we have some and it is still something for sellers to consider.
    I may have been in Vegas but I'm not a gambling man, and I'll take sound real estate advice over a risky bet any day. And so, I'll leave you with this:
    *(Self-promo disclaimer): Just a quick toot of our own horn - Real Living awarded Bowes Real Estate the number one franchise for per-unit-production-per agent, meaning we had more sales than any other franchise than in the county. The Home Advantage Team was also in the top ten for team performance - and of course we're still #1 in Arlington.

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      Home Buyer Strategies for Today's Market (Part I)

      If you are a home buyer in today's COVID-19 real estate market, it can be difficult to navigate an ever-changing landscape. Are there open houses? Can I see the property? Is it possible to have a home inspection? When you're looking for answers, look to a local expert. Steve McKenna is here to give you up-to-date advice in this 3-part series.

        Comments

        1. No comments. Be the first to comment.