We are representing buyers in all price and house categories from luxury homes to rural properties, starters or projects to turn-key homes. One family is moving to the area from out of state. They have family in the Boston area and have fallen for our 4 seasons, beautiful city of Boston, open spaces and diverse styles of New England homes. They want to find their 'life just right' home real soon.
With word on the street and banner headlines that home inventory or selection is super low, they had begun to shift the way they did research, adjusted financial preparations, and changed up their search and find process. We gave the following advice.
WHAT SHOULD BUYERS DO?
1. Expand geographic search area to include other similar towns keeping Have-to-Haves in check
2. Include tear-down and land options in your search
3. Get your agent to target homeowners in neighborhoods you want to buy for 'secret sellers.'
4. Ask your agent for a study and comparison of the market in your targeted communities. (I've provided one for North Andover here)
5. Don't look at the market or homes from the outside looking in. Know the facts in your segment of the market and experience homes from the inside looking out.
Not surprisingly, the inventory numbers proved that in some categories in some communities, there is nothing offered for sale. In others, selection is at average or typical levels. In others, there are 'tired' listings too.
Neighboring Georgetown has no inventory ranging $451,000- $788,000 and 22 home buyers made a deal on a home in Georgetown in the most recent 6 months (4/month)
|Here is North Andover's inventory today versus 1 year ago same date.|
In North Andover, as an example, there are currently 9 single family homes for sale ranging $501,000-621,000 with 42 homes in this range selling in the past 6 months (7/month). That absorption rate of 7 homes per month puts these 9 in a high demand category with 1 month's supply.
WHAT BUYERS SHOULD NOT DO:
1. Do not rely on on-line searches as the primary search tool
2. It's an elimination process so you will say 'no' but don't be limited based on 1st impression
3. If it's in your geographic area, on a street you like and in your $ range, DON'T DRIVE BY and say no without an appointment to explore how the house feels inside.
Our buyers got out from behind the mobile app, and their computer and decided to explore neighborhoods they liked in the car. Armed with a list of homes for sale as well as target streets for possible 'secret' sellers, they drove by 5-6 homes. Later that day, we checked in and they said 'no' across the board. Time for a new plan. We met at the Andover office for just 30 minutes/
Great news! We urged them to get inside and experience the lifestyle associated with just a few places. We wanted them to reconsider a particularly special place that we felt had their name on it. We had previewed, snapped a few photos and imagined them fitting right in. We just had to get them inside. It was love, their dream house and we helped them negotiate a great deal on their JUST RIGHT home the next day. "We really loved the house like our home once we stopped looking from the outside and experienced it from the inside; the way the sun shone in, the perfect spot for an office, enough separation for all of us to enjoy and a bay windowed view of the world outside. "
Explore Andover homes for sale today (and call us for an appointment to see inside real soon)