The current absorption rate of the real estate market in Quincy, MA for single family homes is 31.8.
This figures means that it would take approximately 32 weeks, or close to 9 months, to sell all of the inventory that is currently on the market at the rate of sale that is currently occuring.
This figure means that it is currently a buyers market.
Here is a breakdown of what you can expect with certain absorption rates:
1-4 months – Sellers Market. More buyers than sellers, with properties often selling quickly for more than asking price.
5-6 months – Normal Market. Similar number of both buyers and sellers. Properties sell for, or close to asking price.
7+ months - Buyers Market. More sellers than buyers, with homes taking longer to sell, and often selling for much less than asking price, if at all.
What does this mean for homeowners who want to sell their home in this market?
It means that sellers have to list their home with an agent who is going to agressively market their property.
It means that sellers have to price their home agressively to get it to sell.
It means that sellers have to make their home easy to show.
It means that sellers have to adequately prepare their home before it starts being shown. This means decluttering, cleaning, possibly staging and making minor repairs.
If you are a seller and you want to sell you home, do not be discouraged. Homes are being sold, you just have to make sure that you do it right. To start, you should list with the right agent.
If you would like to sell your home, please give me a call on 781 929 3683.