Friday, November 21, 2014

Median Home Sale Prices are Up, Number of Homes to Choose From Still Declining

Real estate sales in Essex County were strong in the 2nd quarter of 2014, with median prices up 1.9% over last year. The number of closed sales is down, but that's a reflection of the drop in inventory from 2013 - ie: the number of homes on the market for buyers to choose from. 

Until there are more sellers taking advantage of this great selling market, the number of sales will continue to suffer. 

The Median sale price is up more than $100,000 over the 1st quarter of 2009.

Click Graphic to Enlarge
Essex county home sales are down, while average home prices are up.

Friday, October 10, 2014

Stakes Raised In Real Estate Agent Independent Contractor Case

SJC To Hear Important Employment Classification Case
The critical question of whether real estate agents are governed by the state’s strict independent contractor law is now headed to the Supreme Judicial Court, the highest appellate court in Massachusetts. The SJC will hear arguments in December, and a decision is expected in the Spring of 2015.
See the rest of the article from Attorney Rich Vetstein's blog at:

Stakes Raised In Real Estate Agent Independent Contractor Case

Monday, September 15, 2014

6 Tough Home Pricing Truths

The pricing conversation is always a challenge. You want top dollar for your home, and your real estate agent will, too. After all, a better commission comes from a better price. But a lot of psychology and strategy goes into home pricing, and if you don’t go in with your eyes wide open, you could end up heartily disappointed.

Here are some tough truths about home pricing. While they can vary a little depending on unique market conditions, they should all be in the back of your mind as you prepare to list.

1. Some agents will try and “buy the listing.” Sad but true: Some agents will tell you what you want for the home is accurate, even if it’s too high. Figuring they can manage disappointment and reductions down the line, the less-than-ethical agent will try and cut off the more honest competition by telling you the price you think you should get for the listing is the price you should shoot for.

2. Nobody cares what you paid for the home. No buyer in the history of real estate has ever agreed to pay more for a home because of the profit a a seller hopes to get. Yes, you may have sunk $150,000 in renovations into the basement, but the market will dictate the pricing, not what you “think is right.”

3. Lowball pricing is risky. Yes, you can generate a lot of interest by undercutting other listings on the market, but people may still attempt to negotiate. While you may stay firm on your price, you could find yourself making contract compromises you’d rather not make.

4. Precise pricing suggests you’re less wiling to negotiate. List a home for $403,750 versus $400,000 and you’re basically broadcasting a kind of inflexibility. This may or may not be part of your pricing strategy, but whatever you do, don’t do it unconsciously.

5. Seasonal timing can influence pricing. Are you the only comparable home on the market in January? You might be able to get a little more, especially if schools are good.

6. Infomercial pricing can make a difference. Have a million dollar home? Swallow your pride and try your hand in the $990K+ range. Slipping under the seven-figure mark can cast a slightly wider net for buyers.


Most homes sell within 3% of a market-savvy asking price, so go with an agent who is willing to explore the deep local conditions. Curious how much your home might be worth right now? I’d be happy to put together a no-obligation pricing matrix for you.

Jim Armstrong - 978-394-6736

Monday, August 25, 2014

North Shore Massachusetts Real Estate Market (as seen from someone who just searches the web for the info)

I had another blogger that wanted to write about the North Shore Real Estate Market of Massachusetts. Though she seemed really nice, she was from Indonesia and apparently her grasp of the English language was not very strong. Still, the blog makes for some interesting reading, abet a little confusing. I hope you enjoy it!
http://www.nicashomes.com/northshore-massachusetts-real-estate-market/

Jim Armstrong
Armstrong Field Real Estate

Sunday, July 13, 2014

75 Walnut St 302, Peabody, MA

75 Walnut St 302 Peabody, MA 01960

New listing just posted: http://tour.circlepix.com/home/A4A67J

Description: Spacious 2 BR, 2 BA with easy access to 128, Salem Depot T station, supermarket and more! The unit is well kept and features an open kitchen with dishwasher, central air, ceiling fans, washer/dryer and plenty of storage. The bedrooms are large with ample closet space. Nice hardwood floors throughout. This building provides secured access, with security cameras; elevator access available. This rental comes with 2 assigned parking spots, 1 covered. Tenant(s) subject to credit and background checks. Absolutely NO pets, NO smoking. NO exceptions! Schedule a showing today and make this lovely condo your next home!




Home Information:

Beds: 2

Baths: 2.00

Sqft: 963

Price: $1600

MLS #: 71712720

Saturday, July 12, 2014

Rental- Spacious and Well Kept 2 Bedroom, 2 Bathroom Condo in Manchester, MA

807 Summer St 3 Manchester, MA 01944

New listing video just posted:

http://video.circlepix.com/G2UW6C/619/2263

Description: This is a spacious and 2 BR unit on the Magnolia/Manchester line you will not want to pass on! The unit is very well kept, freshly painted, featuring stainless steel appliances and nice hardwood floors. Laundry in unit. The condo gets great light exposure, boasts 2 full baths with standing showers and 1 half bath. Exclusive patio for your enjoyment this summer! Take advantage of a large shared backyard, grill and bocce areas. Parking for 2 cars (first come, first serve). This is a fantastic location that is only a few steps from restaurants, supermarket, Commuter rail and the beach! Get to Boston in less than 40mn on the T and wake up to the smell of the ocean from the condo. Landlord lives next door and is looking for responsible tenant(s); NO smoking, pets negotiable. This is a commuter's dream come true! If you've been looking to start North Shore living, look no further! Schedule a showing today before it's gone!




Home Information:

Beds: 2

Baths: 2.00

Sqft: 1100

Price: $2000

MLS #: 71694240

Friday, July 11, 2014

2 Bedroom Home in Wenham For Sale with Great Views of Pleasant Pond

20 Longfellow Rd Wenham, MA 01984

New listing video just posted:

http://video.circlepix.com/GFZRAH/619/2263

Description: Very seldom do you come across a home in this price range in Wenham. Like being on vacation year round with great views of Pleasant Pond. Beautiful perennial gardens surround this great home with a fireplace living room, screen porch over looking the pond, large newer windows allows plenty of light and one and a half baths. Pleasant pond is stocked with fish from the Mass Dept of Wildlife. Enjoy canoeing, fishing and swimming steps from your door.

See Full Description and Photos on This Property 



Home Information:

Beds: 2

Baths: 1.00

Sqft: 1136

Price: $294900

MLS #: 71688089