Reasons Your Boston Area Home Isn’t Selling

Ever wonder why your Boston area home isn’t selling and others around you are snapped up in a matter of days from the time they go on the market?

Reasons why your Boston area home may not be selling...While a lot of it has to do with price and local inventory, a whole host of factors can combine to make a home sit and stagnate on the multiple listing service without showings or offers.

Maybe your house is not painted purple, but the longer your Boston area home sits on the market, the more it gets stigmatized. People start to ask, “What’s wrong with that house?” and “Why hasn’t it sold?” Here are some possible reasons:

Your Boston Area Home is Priced Too High

Pricing your Boston area home too high is the main reason a home just sits. Many sellers have unrealistic ideas about what their home can bring, others simply can’t afford to take anything less because they are underwater on their loan.

It’s always price for condition or price for location. That’s one of the main reasons a Boston area home will just sit and stagnate.

Your Boston Area Home Is Dated

Everybody’s taste is different, so less is more when it comes to decor at sale time. Loud patterns and bold colors can be big distractions. Other buyer turnoffs include time-capsule interior treatments such as mirrored walls, cheap wood paneling and 1970s kitchens.

Your Boston Area Home Is In Poor Condition

If a home looks as if it’s going to cost half as much to repair or renovate as it does to purchase, it’s going to take a long time to move. Buyers are a lot more reluctant to take on a project, especially if there are houses around it that don’t need as much work.

The same goes for strong odors in the home, such as pets or mold. Either fix it or chop the asking price to accommodate for someone else fixing the problem.

Your Boston Area Home Suffers From Bad Design

With some homes, it’s a strange or inefficient floor plan that may be killing the sale. Cosmetic things like old linoleum floors or a rough interior can be easily fixed. If you have to walk through one bedroom to get to another one, that may qualify as functional obsolescence.

Your Boston Area Home May Be in a Bad Location

The location of your Boston area home is very important.You’ve heard it a million times when it comes to real estate: It’s all about the location, location, location. There’s not much you can do when your location includes overhead high tension power lines, or you’re close to a power plant or waste-treatment facility. If your location just comes down to the neighbors not keeping up their property, you may have some recourse if your Boston area home is part of a homeowner’s association that oversees the neighborhood and takes action if owners allow their properties to become run down.

These are just a few of the many reasons your Boston area home may be sitting on the market and not selling. If any of these things are things you can do something about, now is the time to take action to correct what you can.

For more tips on selling your Boston area home, see our section on Boston Home SellingĀ  Tips to your right under Boston Real Estate Categories.

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Boston Area Home Sellers Are Optimistic

Boston area home sellers are joining the rest of Americans saying now is a good time to sell a home than at any time in the past three years, a rise in confidence that could lead to more inventory of homes for sale and, eventually, smaller home price gains.

“Sentiment toward selling a home appears to be catching up with the strengthening housing market,” says Doug Duncan, senior vice president and chief economist at Fannie Mae.

More Boston Area Home Inventory

Boston area homeU.S. home prices jumped 12.1% in April year-over-year, marking the 14th consecutive month of gains. The supply of homes for sale in April was up 4% to 10% from January, when adjusted for seasonal patterns. More inventory will mean price increases will slow down.

Tight inventories of Boston area homes for sale have been a big driver of price increases. Now, higher prices are finally drawing people into the market. In addition, rising interest rates are causing some to get off of the fence before rates go even higher.

In many areas, during the first week of June, there were fewer new listings on the market than at any time in the previous 13 years.

For Boston area home sellers, one in four homeowners with a mortgage owed more on their homes than the homes were worth in the first quarter, and that is starting to change.

Even two months ago, it was definitely a seller’s market. Now, buyers can be a little more picky unless they are shopping for lower priced homes and competing with investors for those lower priced properties.

Boston area home sellers need to be aware of the changing tides, and make sure their home shines in comparison to others on the market. We may have just witnessed one of the shortest “Sellers Markets” in recent history. Stand by for more news as it relates to the markets, as we’ll always keep you up to date on changing trends right here on our website.

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The Real Cost of Selling Your Boston Home

The idea of selling your Boston home and moving to a new property – whether it’s bigger, smaller, newer or simply in a different area altogether – can be an exciting one. However it also brings with it a wide range of costs to bare. Selling your Boston home can be a lot more expensive than you think.

Here we have focused on the main areas you need to be aware of in terms of cost. Being aware of them means you can prepare for them in advance, instead of being surprised by a cost you hadn’t even considered.

Fees for Selling Your Boston Home

Fees (aka: commission) are usually charged as a percentage of the sale price of your home. They are usually around five to seven per cent. So if your home sells for $250,000 and your real estate company charges 5%, you can expect to pay them $12,500. However if you sell for $250,000 and your real estate company charges 7%, this fee would go up to $17,500. Find out what fees you will be charged and work out a ballpark figure accordingly, based on the asking price for your home.

Legal Fees for Selling Your Boston Home

Selling your Boston home means you will incur legal fees. The good news is these fees are generally lower than they would be if you were buying a house (although of course if you are moving you will incur these on your new property too). However they can still amount to several hundred dollars, so you should make sure you allocate funds to cover these fees, also known as “closing costs.”

Moving Costs When Selling Your Boston Home

Moving costs when selling your Boston homeMoving costs can vary depending on the distance you’ll have to travel to get from your old home to your new one, as well as the amount of furniture and boxes that need to be moved.

Different firms charge different amounts so you should shop around to get some quotes. Be prepared to spend anything from several hundred dollars for a local move, to thousands of dollars, depending on the amount of furniture and boxes you’re moving and the distance to your new home. If you’re planning to make the move yourself (with a little help from some friends), check on the cost of renting a truck from your old home to your new one.

Add to the cost of the move the time you’ll need to take off from work to actually move. This needs to be factored into the costs for your move. In some cases you will need to take more than one day off, depending on what needs to be done and how far you are moving.

Costs To Fix Up Your Home

Not all properties are in ideal selling condition. If your house could do with some TLC, you may wish to invest some money in bringing it up to a reasonable standard before putting it on the market. This is optional, but if you don’t invest some money in doing this you will be far less likely to get the selling price you’re asking. Furthermore it may take a lot longer to sell your home than it would if it was in better condition.

As you can see there are many costs involved in selling your Boston home. You will have additional costs incurred with buying a new home too, so it makes sense to jot everything down to get a rough figure so nothing comes as a surprise. You may not have much control over the fees and costs incurred with selling your Boston home, but you can at least prepare for them ahead of time.

Best Day For Listing Your Boston Home For Sale

When you list your Boston home for sale can matter a lot as to how much you get and how quickly it sells.

Friday is the best day of the week to list your Boston home for sale.Sound far-fetched? Last year, homes listed on Fridays sold for 99.1% of the seller’s original asking price. According to an analysis by real estate brokerage Redfin, Friday is the highest percentage day of the week to list your Boston home for sale.

Listing your Boston home for sale on Friday rather than Sunday, which has been tracked to be the worst day to list, could mean a difference of nearly $5,000 on a $500,000 house. Homes listed on Sundays ended up selling for 98.4% of their initial list price, according to Redfin.

Property listed on Friday also sells faster — 81 days on averages, according to the study.

It seems people are more positive and happier on Fridays, an effect that lasts through the weekend. They also tend to report more vitality and energy on the weekends, which may cause them to be more proactive in looking for homes.

Worst Day to List Your Boston Home For Sale

On the other hand, Sunday listings seem to sit around for a few days before people start lining up home tours for the next weekend. By that time, newer listings may make those Sunday listings seem a bit stale already.

Homes listed on a Tuesday garner the most interest for home tours. Tuesdays are also big planning days for many people. Productivity peaks at the beginning and end of the workweek, so some may use Tuesday to nail down their weekend plans for looking at homes.

When you’re in the market to list your Boston home for sale, consider the day of the week you list it for your most likely success in selling it.

For more tips on selling your Boston home, click over to our Boston Home Selling Tips section under the Boston Real Estate Categories to your right. To start looking for Boston area homes for sale, start your home search here.

Selling Your Boston Home This Spring?

Hoping to sell your Boston home this spring? You need to lay some groundwork now!

Spring is the most popular season for home sales, but now is the time to make a few late New Year’s resolutions to assure you’re ready for the Spring rush.

Many Boston area real estate agents say 2013 is as good a time as ever to sell, with the housing market slowly recovering from its crash, though it’s still far below the peak.

Why is Spring Such a Popular Time to List Your Boston Home?

Spring is a popular time to list a Boston home for a number of reasons. In the past, corporate executives got their bonus checks in January and began to house hunt, while others received tax refunds. And a spring purchase gives buyers time for the kids to settle down over the summer before heading to a new school in the Fall.

One downside to spring selling is the increase in competition, which can be avoided by listing your home a little earlier, like now.

In reality, the spring market doesn’t actually begin in the spring, it begins right after the holidays. So you’ve already gotten behind by waiting until February to think about selling your Boston home.

Find an agent that’s right for you to help you market your home. As a seller, it’s key for you to interview several agents and ask questions. Ask about the agent’s negotiating skills, experience, and handling situations like bidding wars. Ask for references from some of his or her past clients.

Once you’ve found an agent, it’s time to consider setting your asking price. As a homeowner, you need to be realistic about the asking price. It takes more than an appropriate price tag on a Boston home to sell it — houses need to be ready to be shown.

Selling your Boston home this spring probably means you'll need to do a little sprucing up around the outside of your home.Walk through every room with your radar out in full force making sure everything is free of clutter, looks bright, smells good, and is well-organized. Don’t overlook little things like replacing burned out light bulbs. Don’t forget the outside. Your yard probably needs a little sprucing up, adding some spring flowers and cleaning out any debris and leaves that may have collected over the winter months.

Consider a pre-sale home inspection. These shortened inspections are for people who are looking to sell and are not as costly or thorough as a final full inspection. Prices will vary based on the size of your Boston home.

Getting a pre-sale home inspection tends to soften the worry of potential buyers looking at your home. What’s important is to make sure your house complies with what’s in a standard real estate contract, like having a working furnace or heat pump, proper plumbing and a sound roof with no leaks.

For more tips on selling your Boston home, click over to the Boston Home Selling Tips section of our website.