Real Estate seems to always be on everyone's minds. It's fun, intriguing and always changing. Last week I spoke in front of the Wellesley Hills Junior Women's Club and the members had some thoughtful questions I wanted to share.
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1. Where do you see the market going in the next year?
As a reader of my blog you know that each season tells a different story. This spring the market continues to be strong for sellers and somewhat of a struggle for buyers, as they connect with a popular home that will ultimately sell after receiving multiple offers. The environment does not seem to be moving away from that dynamic just yet. This week I had two different buyers win the chance to own their houses in fierce competitions with multiple bids. One home had 6 offers in Weston, and another in Wellesley had 3. We had to be creative and decisive to be the winning bid. That scenario is useful on most houses that are in high demand. That's the story here in Massachusetts. The Wall Street Journal wrote a great article about the "Tale of Two Housing Markets", referring to a cooling market on the West Coast and a competitive climate on the East Coast that keeps reaching new heights. Check out this week's numbers for an inside look. Houses are getting scooped up and inventory is still historically low.
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2. What is with "off market" listings, and is it a strategy for everyone?
"Off Market" in our world is defined by a grassroots effort to sell a house by connecting with top agents in the area to spread the word of a home for sale. In this scenario we do not advertise the property on MLS or the Internet. This strategy can be used when a property is one-of-a-kind and has some really unique features (a unicorn property.) For buyers, it's exciting to know about a listing that others don't and they have an opportunity to own something special on the terms agreed upon by them and the sellers. There is an air of exclusivity. Some homeowners also just don't want the intensity that comes with broadcasting their home for sale to the world, and prefer a more manageable showing schedule. There is a risk that without advertising, the selling price could be less, but the convenience of not having their house totally show ready offsets the discount that could come with an off market sale. Most times a full marketing platform is best because the reach is so vast and you are connecting with buyers all over the world, potentially creating a stronger demand and hopefully higher price.
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3. Where exactly does MGS Group help buyers and sellers?
Our reach is wide! MGS Group covers the metro west towns with our office in Wellesley, and we also have top agents who cover Boston, Cambridge, and Brookline. We even have a strong presence in the luxury markets of New York City and Miami. Finally, we have wonderful partnerships with agents on the Cape and Islands. We have you covered!
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As always, have a great week and reach out with any questions!
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