Now that the election has been decided and interest rates are dropping, I feel as though it's time to roll up our sleeves. As a realtor I believe there is no better time than now to start looking at the great inventory of homes on the market. So many of my clients are anxious to get on with their lives and find a home. Many of my first-time home buying clients have taken a long time to make a decision on a home. Here are some statistics that might motivate those on the fence to jump in:
Here are some statistics for October: Active Sold
Total number of listings were 263 42
Average days on market for all listings 98 62
Average price of listings: $568,034 $517,582
Median Price of listings: $475,000 $418,750
Now these statistics are only for condominiums in all of Cambridge. But I've found that for most buyers, condo's are the easiest market entry point. The decision to move from rental to owning property can have a quicker turnaround when looking at condo's. For many buyers they have to understand that the Cambridge market is one of the few areas where the value is holding its own. Last year average days on market was 90 days, compared to this past October showing an average of 62 days. This faster turnaround means that all buyers must be ready to make the offer more quickly if they desire a particular condo on the market. Pre-approval is going to be one area that can delay the whole process. From what we're seeing more stringent lending requirements means that buyer really need to do their homework and shop around for the best interest rates with a stable mortgage provider. My sleeves are rolled up and I'm ready.