Median Home Prices Set Record

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POSTED ON August 7, 2017

Median Home Prices Set Record

BY: Grey Gagarin / No Comments / CATEGORY: blog, probate property, Uncategorized

For the first time ever, the median price of a Massachusetts home is over $400,000.

While average home sales prices jumped 7.9 percent to reach $410,000, the average Massachusetts
condominium now costs just over $361,000, a 3.3 percent increase. The Massachusetts Association of
Realtors says that a historically low inventory is the main reason for the seller’s market. Although MAR
President Paul Yorkis said he wasn’t surprised by the record breaking prices, “the speed at which it did
underscores what happens when there is very high demand coupled with very low supply.”

The high prices may have a downside as well. New home sales fell 4.8 percent over the same period, as
many buyers opt to leave the area altogether rather than enter the market.

Drawing Buyers to Inherited Real Estate

Inventory is down only in relative terms, as there are still thousands of homes available in
Massachusetts. Only a REALTOR® with experience in inherited property can help you draw buyers to the
home.

First, such a REALTOR® knows how to market your property on real estate lists. That includes both
where to put posts and how to structure them. That means more leads.

Curb appeal is one of the best ways to convert prospects into potential buyers, and many older homes
have lots of curb appeal that has little or nothing to do with the color of paint or the shape of the
shrubs. Lots of these properties are very nostalgic, a quality that many buyers find attractive. Similarly,
most of these homes are in well-established neighborhoods, and that kind of social anchor is also
appealing to many younger buyers.

Higher median list prices also give sellers much more leverage during negotiations.
It’s usually a mistake to discount inherited property to attract prospects. First, the property is usually
attractive enough to market on its own, and second, a low asking price will make some potential buyers
wonder why the property is defective.

When the buyer expresses interest, that is usually the time to bring up price. Sometimes a discount
helps a buyer commit to a property, especially if that discount comes with a very short shelf life. Or, if
the buyer expresses concern about certain items during the tour, such as a dated bathroom, a seller can
lower the price to give the buyer additional cash to undertake the remodeling themselves. That way, the
bathroom is theirs, and not a room that someone else thinks they would like.

Contact our office today and learn all your options when selling inherited real estate in Massachusetts or
New Hampshire.

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