We survived another roller coaster year for real estate here in Quincy. 2011 was a stepping stone toward the recovery of our local economy and was a great learning experience for homeowners.
Despite low interest rates and competitive home prices consumer confidence remained low. So the big question remains,“Are homes selling?” Homes are selling, although they may not be selling as fast as they use to or for the price that most homeowners wish they could get for their home. In 2011, the average number of days a home was on the market was 123 days, up from 95 days in 2010. Looking forward, homeowners should be prepared that their home may take 4 months to sell. This is a key aspect to consider when deciding on the right time to list a home on the market. The spring market still tends to be one of the strongest for buyer activity with the highest percentage of closings taking place in May and June. If the market time of a home is 4 months and the average closing takes 30-45 days, homeowners are urged to list their home in late January early February to expect a closing in May or June. Homes that are priced right and show well will definitely sell the quickest; however this formula is a good starting point for timing a home sale.
So how does 2011 compare? The average single family home in Quincy had a sale price of $316,143, which is a 3% decrease from 2010 (Average Sale Price in 2010 - $325,394). In 2011, 24% of the single family homes sold were in the price range of $250,000 - $299,999. Coming in second was the $300,000 - $349,000 price range at 20% of the homes sold. Quincy did experience an increase in the number of transactions in 2011, which is a good sign that more buyers are entering the market.
“One of the biggest trends we experienced in 2011 was that buyers were less interested in homes that require a great deal of work,” states Madelene Cheney, Broker/Owner of Red Door Real Estate. “To compete with lower priced bank owned properties homeowners should put their best foot forward and prepare their home for sale by making minor repairs or reducing clutter prior to listing their home on the market.” The market is flooded with many bank owned properties that are in poor condition. The average homebuyer is looking for a home that is priced competitively but is still in “move in” condition. Taking a proactive approach, Red Door Real Estate started offering home staging consultations for their clients to help prepare their home for sale.
Red Door Real Estate (RedDoor-RE.com) is a locally owned and operated real estate company located at 222 Sea Street, Quincy, MA.