Just when I thought I could I knew how to read the market, things change. Although Cambridge has been one of those fortunate areas that have seen property prices holding somewhat steady. I had been telling my buyers, that they surely have an advantage in this market. After doing some research on home sales in comparison to last year, I realize that it isn't the case.
Yes the media has been saying, there is so much demand and foreclosures that have hit the market have for many areas of Massachusetts have taken their toll on prices. But when you look at how much inventory is active on the market at this point in time. You can clearly see that the market is really changing in Cambridge. What may have sold in the past 12 months is far from what is selling now. We may have had 4 - 5 months of inventory in the last 12 months in these price ranges, but now we have at the most 2 months of inventory. Demand is high because buyers are looking closely for value.
So why could it be a great time to sell now? Well here are a few reasons that seem to resonate with some savvy sellers in Cambridge.
- Less inventory can equal more attention to your home on the market
- Less competition can mean more focus on your style of home and its features
- Lots of qualified buyers can often mean, more offers coming
- Low interest rates can also mean that if you’re trading up, now is the time to sell and get into a bigger home
The reason all this information is important is that when I go on listing appointments now I have lots of ammunition to present sellers on why they need to move fast. Last weekend our office had more than 300 buyers attend our Open Houses. So many buyers with so little inventory, can easily translate into multiple offers for any well-priced home on the market.
So now you know...