Selling in Sixteen Acres?This market isn't hard to understand, and it isn't really that hard (conceptually) to adjust to either. You've just got to know what works and what doesn't. Let's take a look at the Sixteen Acres area for a minute, specifically the 01119 zip code...
At the time I'm writing this, we have 73 active single family listings (on the local MLS), ranging from $36,900 to $299,900 14 other listings in the area are marked as UAG or sale pending. So, easy math and some basic assumptions says that the top 16% of homes in Sixteen Acres, Springfield, MA are getting sold.
Also of note: In the past 6 months, there have been a total of only 4 rental listings in the same area (on the local MLS.) They've all rented, save for 1 which has only been on the market for a few days. Whoa.
It doesn't take a degree in economics to determine:
If you want to sell, you've got to provide a great value (bang for a buyer's buck.)
If you want to rent, you've just got to put it out there (it's not quite that easy, but close.)
There currently exists a shortage of rental units in the Sixteen Acres neighborhood. I saw this first hand (one of those "Rented" listings was mine) and have decided to share my thoughts. What this means, is that if you're having trouble selling and getting the price you want, you can consider renting the property until the market prices bounce back. A lot of people aren't sure about buying now, aren't confident in the marketplace or their jobs, and don't want the long term commitment that comes with purchasing. Renting has become a very hot (and potentially profitable for the owner) option.
Also consider that if you're underwater, and facing foreclosure or a short sale, you could rent your house out in the short term until you're caught up and back on your feet. It could be a win/win for you financially. As with many real estate decisions, you should seek expert advice from a local area Realtor. There are a wide variety of challenges to renting property here in Massachusetts, and having an experienced guide will help you avoid some of the pitfalls. Ask any agent how many rentals they do each year, or a manager how many units they manage before you make your choice.
And as always, if you just want some ideas or insights, don't hesitate to ask me.