As a Boston Real Estate agent, I have watched many real estate changes ensue these past few years. With foreclosure numbers up, new home building down and mortgage rates lower than ever, there has been a lot to keep up with. However, one common factor ties all of the changes together and remains in tact today: it’s a buyer’s market out there.If you’re currently selling your home in Boston, there are new tactics being used in the real estate industry that you should be aware of. For example, many sellers are adding buyer incentives to attract buyers. The question is, do they get houses sold?
They might help. This AOL Real Estate article discusses a homeowner in Illinois who is offering the buyer of her townhome a $1,000 bar tab for the bar across the street. She claims it is to emphasize the townhome’s close proximity to nightlife, and that so far, it’s definitely creating interest.
That’s an extreme case. According to this National Association of Realtors article, in general, incentives will create buzz about your property, but selling the house still comes down to the asking price.
So what else can you do to attract a post-recession buyer in the Boston Real Estate market besides pricing your home correctly and possibly throwing in an incentive?
Here is a recent Inman News article that explains what a post-recession buyer might be looking for in a house. With changing times come changing interests in Boston, and it might be beneficial just to be aware of them!
• Access to several means of transportation. This could mean the proximity to expressways, bus stops, train stations or bike racks, along with the distance to where the buyer works and/or travels. The example in the article is a woman who took a cab to her office from several potential homes she was looking to buy. With gas prices high right now, this is important to people. Also, having attractions in walking distance could increase your home’s value.
• Home value sustainability. It’s not just the home that buyers are checking out, it’s the economic value of the surroundings too, which will effect the home’s value in the long run. That means that buyers want to know how many businesses are opening in the area and how many are sticking around, how the area was affected by the recession, and what the resident population growth has been and is expected to be in the coming years.
• Long-term living. Not only do people of all ages hope to stick around in their homes for many years to come, but growing populations of aging Americans look for home features that will allow them to grow old there. This could include a main-level bedroom, minimal stairs and wide hallways.
These are just a few examples of what present to future homebuyers might be looking for from a home. Luckily, as your Boston Real Estate agent, I can research much of this information for you so that when a buyer comes to you, asking questions about the surroundings, you’ll have the answers. Also, I can fill you in on even more factors to focus on when trying to sell. In a buyer’s market, it’s important to know how to gain buyer interest!
The Boston Real Estate market is ready for you! In August, existing home sales were nearly 20 percent higher than home sales in August 2010. Let’s keep these numbers soaring by getting your Boston home sold this fall! Contact me for help. We will work together to achieve all of your buying and selling goals for the rest of 2011.
Patti Fine
Phone: 617-642-7585
Email: pf@pattifine.com
Patti Fine Real Estate
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