SalemNews.com, Salem, MA

Business

November 14, 2012

Moving on up

Brisk sales, stable prices means realistic home market

(Continued)

On Aug. 7, Rallo listed a home at 11 Wellesley Road in Danvers at $329,900, and six days later, it went under agreement at $327,000. On. Aug. 15, Rallo listed a home at 17 Puritan Road in Beverly at $425,000, and nine days later, it went under agreement at $422,000. A home that is priced right will fetch a price that is close to the asking price, Rallo said.

Interest rates, rather than capital gains tax rate increases, are helping fuel sales, Rallo said, but he cautions that these rates are not going to stay low forever. For those looking to buy a home, whether they are first-time homebuyers or those looking to downsize, now may be the time to “step up to the plate” before prices and rates start to rise, Rallo said.

On Nov. 8, Tache said she went to show a property, and 30 people showed up. She now has seven offers. The lack of homes may be to blame, and that has real estate agents marketing themselves heavily.

“The thing right now is we are out looking for properties,” Tache said.

Jason Parisella, president of the North Shore Association of Realtors and a broker with Keller Williams in Beverly, said that six months ago, brokers were saying that it appeared homes were selling more quickly, but it took time for those anecdotes to be reflected in the statistics. While the number of homes sold has gone up, prices remain unchanged, in part because of the number of short sales and foreclosures that have kept prices in check.

Parisella said sellers have to be realistic in what they think their homes will fetch.

“Sometimes it takes years for the seller to realize they are not going to get the price” he would have gotten at the height of the market. Parisella said he recently sold a home in Ipswich that attracted three offers and sold above the asking. Homes priced under $500,000 are selling well, as buyers are beginning to realize the low interest rates and reasonable prices are not going to last forever.

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