SalemNews.com, Salem, MA

Business

November 14, 2012

Moving on up

Brisk sales, stable prices means realistic home market

(Continued)

The Massachusetts Association of Realtors said late last month that September home sales, the latest figures available, were up for the 15th straight month, compared with the same month last year. Condominium sales also rose in September.

Year-to-date, home sales through September are up on the North Shore compared with the same period last year, according to The Warren Group. The sales figures also show modest declines in price compared with last year.

Realtors also reported a 21 percent drop in inventory statewide, with 7.3 months of supply in September, compared with 10.8 months of supply in September 2011.

Stable or declining prices, fewer homes to sell, low interest rates, and homes that are priced right may be fueling this uptick up in sales. With President Barack Obama winning a second term last week, high-end buyers also face the possible expiration of a capital gains tax cut and an increase in capital gains for those who are wealthy, Tache said. Economic uncertainty was a factor in the Garabedians’ decision to make the leap early.

“Not knowing where the economy would go one way or the other depending upon the presidential election, we said this was a good time,” Garabedian said. “Maybe better now than a year from now.”

“We are in a normal market,” said Paul Rallo, a broker with Keller Williams in Beverly. “People forget what a normal market was.”

With sellers’ expectations of what they can get for their homes more realistic and buyers doing their homework, homes are selling quickly.

“People are starting to pay attention, and if you price it right, it will sell,” Rallo said.

In May, Rallo put a home under agreement at 19 Wadsworth St. in Danvers, a residential street off Hobart Street, in just five days. The asking price was $269,900, and the agreed-upon price was $264,000.

Text Only | Photo Reprints
Business

AP Video
Six Indicted in StubHub Hacking Scheme Trump: DC Hotel Will Be Among World's Best AP Review: Amazon Fire Adds Spark to Smartphones All Aboard! LIRR Strike Averted Microsoft to Cut Up to 18,000 Jobs Time Warner Rejects Murdoch's Takeover Bid Yellen Says Economy Still Needs Fed Support Cleveland Expects Economic Boom From Lebron Justice Dept. Fines Citigroup $7 Billion Justice Dept. Fines Citigroup $7 Billion Downside of Low Mortgage Rates? Less Selling Cupcake Shop Crumbs Shuttering All Its Stores San Francisco Prepares for Soda Battle Dow Breaks Record 17,000 GM Crash Compensation Could Top $1 Billion GM Won't Limit Crash Compensation Funds Justices Rule for Broadcasters in Aereo Fight
NDN Video
LeBron James -- Dropped $2k On Cupcake Apology ... Proceeds To Benefit Charity Snoop Dogg Says He Smoked Weed at the White House Raw: Fight Breaks Out in Ukraine Parliament Chris Pratt Interrupts Interview To French Braid Intern's Hair Shirtless Super Mario Balotelli Dances While Ironing - @TheBuzzeronFOX Whoa! Watch "Housewives" Star Do the Unthinkable LeBron apologizes to neighbors with cupcakes Justin Bieber In Calvin Klein Underwear Shoot Samsung Pre-Trolls The IPhone 6 With New Ad Jimmy Kimmel Introduces His Baby Girl Swim Daily, Nina Agdal in the Cook Islands Guilty Dog Apologizes to Baby for Stealing Her Toy Prince George Turns 1 and is Already a Trendsetter Train Collides With Semi Truck Carrying Lighter Fluid Kanye West Tells-All on Wedding in "GQ" Interview Tony Dungy Weighs in on Michael Sam Scarlett Johansson Set To Marry In August New Star Wars Episode XII X-Wing Revealed Obama: Putin must push separatists to aid MH17 probe Michigan inmates no longer allowed to wear orange due to 'OITNB'
Comments Trcker