A common question from people I run into is how’s the market. Well if your a home seller in Tewksbury MA or the surrounding area, the answer is excellent. Selling your Tewksbury home in 2018 may be the right thing for you to do.
Selling Your Tewksbury Home in 2018
There are forces in the Tewksbury real estate market that makes it a very favorable market for home sellers. Both now and in the foreseeable future.
We are seeing home prices exceeding the highs of the early-mid 2000’s. If you have been thinking of selling your Tewksbury home, 2018 may be the year for your.
Whats The Driving Force Behind the Strong Tewksbury Real Estate Market?
Lack of inventory is what is driving the Tewksbury real estate market. Let’s compare today vs 2005 the peak of the last real estate hayday.
In 2005 on the same day in march there were 53 listings on the market for a median list price of $399k vs today with 30 listings on the market for a median list price of $481k
Inventory levels today are at 56% of 2005. The lack of inventory has been declining over the past several years. This creates a high buyer demand that drives up prices and creates bidding wars and multiple offers for home sellers.
As of today the average amount of time until a seller excepts an offer is 21 days in Tewksbury. Down from 45 days in 2013. The market is blazing fast.
Any time you can create competition among buyers, you are creating a favorable position for yourself as a home seller. The lack of inventory works in your favor if you are selling your home this year.
Sale Price to List Price in Tewksbury
In the past 6 months the average sale price is 100% of the asking price with some segments as high as 102% of the asking price. Again we are seeing many homes going over asking during the first week on the market.
In particular the meat of the market, 400k to 500k has been particularly strong with a complete lack of inventory.
Outlook for Later in 2018 for Tewksbury
You can expect a strong spring and early summer market in Tewksbury as inventory levels continue to dwindle and market times become less and less.
There is talk of interest rates rising considerably by the end of the year. If this happens I expect the market will soften a little but still remain favorable for sellers. The underlying factor is the lack of inventory still looks like it will continue into the near future.
What Does It Take to Get Your Tewksbury Home Sold?
Even in a strong seller’s market their are 3 critical components of a home sale. That is preparation, pricing and presentation.
More than any other times previously, buyers are demanding home to be in good shape. Given the high cost of housing they do not want to be saddled with costly repairs immediately after purchasing a home.
Secondly, pricing is not arbitrary. Proper pricing is based on past sales history of similar homes in your area.
And last, your home must be marketed properly starting with professional photographs, drone videos and more of your home online. You need to make your home compelling online before you can get the buyers through the door.
If you are looking to sell your Tewksbury home or a home in the surrounding area, call Kevin Vitali at 978-360-0422. There is a buyer waiting for your home to hit the market!