Home Buying & Selling: Price Changes and Back on Market Opportunities

“Home Sales Soaring”, “Home Sale Prices Highest Since…”, “Declining Inventory Driving Prices Up”, “Bidding Wars…”, “Home Buyers Pay Over Asking”! These are the headlines that we hear every day, but what about price changes and houses that come back on the market?

Price changes: we like to call them changes or adjustments, but it is rare to see an asking price go so we’re really talking about “price reductions”. Yes, even in a hot market like Sudbury and Wayland, some home sellers price their houses higher than the market with bear. Those who really want to sell are lowering their asking prices. In retail, when a product doesn’t sell, the store has a sale to make room for next season’s inventory; the same thing happens with houses. Sellers have a short window before more competition comes on the market. August and September are mark-down time and that creates opportunities for selling and buying.

During the past month, 7-22 to 8-22, there have been 19 reductions on 16 properties in Sudbury; there are only 79 single-family homes on the market right now so that’s 15% of current listings. The average price adjustment during the past month was -2.95%. While that may not be huge, it just may be enough to enable you to afford a home that you thought was out of reach, and over time the lower price can mean substantial savings. For sellers, a price-reduction can attract a whole new crop of potential buyers.

In addition to price changes, houses sometimes come back on the market (BOM). It’s not unusual to see a house that had accepted offers or even a sale pending coming back on the market for various reasons, especially in a hot market when buyers may rush to make decisions they haven’t really thought through or really were not qualified to make. Often when houses come back on the price will also be reduced.

While this is extremely stressful for sellers, homes that come back on the market can be an excellent opportunity for buyers. Recently, a house in Wayland that had been under agreement for a month-and-a-half came back on the market because there was a problem with buyers’ financing. It just happened to be the right price for a couple I was representing who really wanted to live in Wayland. This couple was extremely well-prepared and ready to go. We went to see the house as soon as possible; they made an offer right away which was accepted that evening, they had their inspections, etc. and now they are loving their first home in Wayland! BTW, they only had a 5% down-payment – call 508-596-3501to learn more.

Take away: Sellers: finding a buyer is only the beginning; there is a big difference between having an offer accepted and getting to the closing table; things happen and your house may end up back on the market. Make sure your agent can explain the pros and cons of any (and all) offers before you accept. Buyers: be prepared! Have your buyer agent and your financing lined up and ready to go so you can benefit from price changes and back on market opportunities in Sudbury. 
----------------------------------
Search for homes or ask a question at www.SudburyHomeSales.com