Market Slowdown Leaves a window of Opportunity!

I have been a real estate agent working in the city for over 25 years and I have seen many markets. For the last 20 years we have seen a fairly steady increase in pricing and I am noticing an opportunity for buyer’s to find quality housing at reasonable prices but it’s not likely to last.

For the first time in a long time I am seeing a small percentage of inventory in some of the city’s most sought after locations remain on the market for more than a few days, some for several weeks, providing an opportunity for buyers to jump in. There have been several properties in the area that have had recent price reductions due to the time of the year but it’s unlikely this will last.

It is for this reason that I recommend that buyers get out and go to open houses or set up appointments for viewings with their agents. Make offers on properties that are of interest to you. Typically sellers don’t want their properties to remain on the market over the winter so they are likely going to be much more motivated to work with you.

If properties don’t sell, owner’s will consider reducing their price or taking them off the market. If that happens they typically will remarket the same properties in the early Spring for substantially more money, so now is prime time for buyers to jump in if they want to have an opportunity to bid without getting caught up in a bidding war or frenzy.

Here are two great homes we will be showcasing this weekend in Somerville.

One is a newly listed long time family owned single family home on a desirable street located just outside of Magoun Square at 60 Trull St., Somerville, Ma. This is a great home for a developer, investor or tradesman. The property is in need of a complete renovation but it is priced accordingly. This home is loaded with potential, offering 6 rooms, 3 bedrooms, 1 1/2 baths, a full basement, a driveway, and a full enclosed back yard and a concrete patio area. This home is priced to sell at a modest $359,900. Very little can be found in the city of Somerville in this price range. Come by on Sunday, November 15th between 12:30 and 2:00pm and see for yourself!

The other is a property located at 56 Sterling St. in Somerville, Ma. This is a wonderful 2 level condominium unit with 7 rooms, 2 baths, and 3 bedrooms of which a study or den can easily be converted to a 3rd bedroom. “It‘s such a charming and unique renovation with lots of personality.“ The kitchen is a full eat-in cherry cabinet kitchen with granite counter tops, a breakfast bar, extra recessed and dropped lighting and stainless steel appliances. A feature unique to this unit is it’s honeymoon style master bedroom suite with private bath and open jet style soaking tub with wine refrigerator and tiled counter area. In addition to this there are 2 fully window enclosed porches, in the front and rear, one of which is used as an office and features a gas stove, as well as basement storage and ample parking consisting of 1 Garage plus 2 additional tandem parking spots. All of this in a location that is just minutes to Routes 2, 16 and 93 near Tufts University and Dilboy Field. Affordable for many at $569,900. Come by on Sunday November 15th between 2:30 and 4pm and take a look.

These are two different properties that in my opinion would not stay on the market if they were listed in the early Spring. Fall is a great time for buyers to buy. The weather has been great but Winter will be here before long so take advantage of these market conditions while they last.

Written and Submitted by Irene Bremis.

Irene Bremis is a licensed, second generation, Broker Associate working for a family owned business with strong community ties for over 25 years. Her father James J. Bremis started the family business back in 1955. He is a realtor emeritus, well respected in the community noted in “Who’s who for real estate”