It’s been a tough winter for homes sales in Plymouth & Cape Cod. It’s officially on record as the worst winter in terms of storms, snow accumulation and business disruption. And for the first time, our micro-climate on Boston’s South Shore was untypically inundated.

    Clients

But with a month into spring, our local market has dug out. Inventory levels are climbing and buyers and sellers are emerging from their homes and dipping their toes in the real estate market in Plymouth & Cape Cod.

Over the past few weeks, I have been working with buyer clients most of us would like to find more often.

    – Savvy, educated, honest, loyal, analytical
    – They own multiple homes and come armed with spreadsheets
    – A consultant’s perspective
    – Go where the data may lead them.

Their price range above $700,000 puts them in a local bracket where home sales have been slower, average days-on-market over 180 days and sellers willing to negotiate. What could be wrong with this picture?

Perhaps it has to do with the buyers targeting an upscale development. A development where many built their homes at the start of the financial debacle through the beginning of the recovery (2005-2009). Add to this a housing market where land and base price was different for each home and myriad options resulted in wide price swings on the same street. Comparing apples to apples is a challenge and data interpretation may just be an art.

The clients identified about eight(8) homes that matched their criteria. We visited each narrowing down the selection to three(3). The clients put all data in a spreadsheet to try to compare similar sales by cost per sq.ft, discount from asking price to sold price, days on market and lot size. I did the same, adding value with in-depth knowledge of the various neighborhoods, builders and the history affecting sales.

At the end of the day, the client’s homework paid off in that:

    – They removed all emotion from their selection
    – They found the average discount – asking price to sold price was 10%-15%
    – They identified sellers who simply overpriced their property
    – They identified key price/value points and property that fit
    – They could compare buying a resale property vs. building a new home to their specs
    – They made an Offer on one home using their data
    Offer on home The Offer was refused as the seller saw their home as having some extras that maybe the buyers did not appreciate, and the spring market is just opening up. They want to hold on price at least through June/July. We managed to come back and negotiate a solid offer that worked for all parties. My clients now have a stunning home.

A deal is not a deal until the seller will sell and the buyer will buy at an agreed price. No matter the data, no matter who is correct. I would like to see more buyers with the ability to do their homework.
 

Get FREE valuable information reports for Buyers & Sellers. If you have questions or comments about this post, please use our QUICK CONTACT box.

HOME SELLERS – Receive our Micro-Pricing Strategy Guide. Sell in less the average listing days-on-market and close to asking price. For sample CLICK HERE

 

It's fair to share...Share on FacebookShare on Google+Share on RedditShare on LinkedInTweet about this on TwitterPin on PinterestEmail this to someone