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North Andover, Andover, Methuen, Haverhill and Merrimack Valley MA Real Estate home sale and home buyer representation.
Working together on
your real estate goals.
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Ron Carpenito's
Prime Property Team
powered by:
Keller Williams Realty
168 North Main St
Andover, MA
Mon-Fri 9:30-5:00 EST
Sat-Sun By Appointment
617-797-8710 Mobile
978-475-2111 Office
978-327-5182 Fax
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Hows The Market? INCREDIBLE
Written by Ron Carpenito
Published 2007 - Haverhill Gazette
"How's the market doing?" this is the question that I get asked almost everyday in every place. Seems like everyone wants to know how the market is doing. It may seem strange to you, but I am often taken aback by this question. Are they asking me about the values of properties? Do they want to know how many sales are taking place? Are they asking from a seller's perspective or a buyer's perspective? Maybe their asking how the business of being a real estate professional is? I just don't know which answer to give!
Instead I usually counter their question by asking, "Well, what do you mean by that?" This is usually met with a look of confusion from the interested party, and the inevitable response "well, from what I read and hear things don't look so good." It seems there is an air of pessimism out there when it comes to real estate and I'd like to set the record straight once and for all regardless of which point of view you come from.
The state of the market is INCREDIBLE!
That's right, I said it, its incredible and I am not afraid to admit it in the face of popular negativity. You see my friends it's all how you approach and perceive the subject matter. If someone is asking me how's the market and they are planning to sell their home, they should appreciate that we are in a market where they can receive the second all-time highest prices in the history of home sales, now how is that a negative? If they are home buyers or investors (and by the way, home sellers are usually always home buyers) now is the time of the greatest selections, lower prices, and low interest rates, now how is that a negative? If they are asking about my industry, now is the time when part-timers and people who are not serious about their craft are getting out, leaving more market share available for my team. How is that a negative?
Are there challenges within this market, of course there are. We read all the time that home foreclosures are up, sellers are giving in to buyer's concessions and short sales are more common each day. It wasn't long ago where buyers were paying premiums, involved in bidding wars and giving sellers everything they wanted regarding deposits, time frames and prices. How was that a good market and this one is not? The truth is the market is the market, it's never good or bad, its perception that is good or bad. The only differences are the opportunities each market participant faces and how you use those opportunities to help your position.
Now we have a question that comes in from Ron P. of Haverhill, Ron writes: "My wife and I are thinking of buying a larger home, but were not sure if we should buy the new home first and then sell, or sell our home first and then buy. We'd like to buy first so we know where we are going, but we are worried about selling our current house and having two mortgages. What do you recommend?"
This is a dilemma that many people face, and you could certainly do it either way. Each way has its advantages and drawbacks, however my advice has always been to sell first contingent on finding a new home. This means that the buyer for your home agrees to wait (a specific period of time) for you to find a new home. This way, you know how much you'll have to spend, you'll be more attractive to the seller of your new home, and most importantly you'll be negotiating each transaction from a position of strength. There could always be some bumps along the way. For example, closing dates that don't line up, so it's a good idea to have some storage and housing plans ready to go. There are also certain contingencies that can be used to help protect you regardless of which approach you choose, so consult a real estate professional for more information.
Ron Carpenito's Prime Property Team is a full service real estate team serving the Merrimack Valley and New England committed to changing lives one home at a time. Call today to discuss your specific situation and needs.
Data provided by MLS.
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