Our post today is a public service announcement and a call to our home sellers. The Central region of Middlesex County which is comprised of Concord, Acton, Sudbury, Wayland, and the surrounding towns is experiencing a dramatic shortage of homes for sale. The Greater Boston Real Estate Board tracks and releases a report about the 64 towns in the region. In our region, we are seeing that homes for sale are down 34% year over year and homes are selling very quickly and for more money.
If you are living in a home that you have been thinking about selling, but have not out of fear of not finding another home, then I recommend renting a home for a year. Do not let the fear of not having suitable housing stop you from selling now. We could not be in a more optimal sellers market. I have been hopeful all winter that when April, May, and June came that the markets would open up as sellers would come on and buyer demand could be met. I am now starting to think that fear may be taking over many sellers and that this environment will not change.
It has been ingrained that owning a home is the American Way! However, if you have to make a temporary move into a rental for 6-12 months in order to capitalize on the market pressures then you should do that. We have too many sellers tell us that they will not sell until they have something to buy, and that mentality is stunting the market place. As a self employed individual, I am constantly pushing myself outside of my comfort zone, but this push is what has lead to a tremendous amount of personal and professional success.
If your current mortgage, taxes, and insurance cost you monthly $6,000 dollars and you have the opportunity to sell now for $25,000 to $50,000 more than you thought in 10 days then you should act. The offset is that you will rent for 6-12 months at an Avalon or some other large complex for $3,000 per month plus storage at $1,000 and be uncomfortable, but you are still positive or even on a monthly basis plus you are flush with capital.
If this has you thinking sell now!
Contact the Tom and Joanne Team.