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Fall Real Estate Market Update

real-estate-market-updateSo I wasn't imagining it. The Greater Boston Association of Realtors reports that "sales of detached single-family homes rose steadily in August to a new all-time high for the month, climbing 10.6 percent over the past year, from 1,300 homes sold in August 2012 to 1,438 during the same month this year. This is the busiest August for home sales in nine years, and eclipses the previous August sales record of 1,381 detached homes sold in August 2004 during the height of the last housing boom." No wonder my in-box is overflowing! And if that weren't enough, "the average list time for homes sold in August declined by more than one month (39 days) over the past year -- from 87 days in August 2012 to just 48 days this August. This remains close to a nine-year low for average market time to sell a home. Read more here.

And the National Association of Realtors confirms this with their report that while pending home sales have slowed in the rest of the country, the Northeast market just keeps getting hotter.

So what does all of this mean for you? While it's still a busy fall market with well-attended open houses, I'm beginning to see some listings linger on the market and hearing from some buyers that their motivation is flagging and they're feeling burnt-out from the summer rush and now they want to take their time. Sellers -- condition is now more important than ever. I can't emphasize it enough -- tasteful staging and targeted clean-up (fresh paint, shining floors, sparkling windows, mulching, yard trimming) are essential and one of the best investments you can make. The buyers are still out there -- for more suggestions on how make your home irresistible and get the most for your money, give us a call.

Now excuse me while I prepare for the next open house!