Newton real estate is in high demand and in analyzing the market for Newton houses; you find almost across the board, the market is favoring sellers. Inventory of houses on market in Newton is just meeting demand or falling shy of it in some price ranges.
The price range with most pressure is the $800,000-$899,999 price range in Newton, with only one month of inventory. Houses in this price range are sitting the least time on the market at only 51 days.
Alternatively, luxury Newton homes priced $3,000,000-$3,999,999 have 16 months of supply. This means the sellers can expect their house to sell in 16 months, even if their home is the best of the lot.
What does this mean to you if you are selling your house in Newton?
First, you can use this information to set expectations on roughly how long it will take to sell your home. The months of supply tell you if you have a lot or little competition in relation to the demand in recent months. Many people thing the average days on market is the best indication for how long it will take for a home to sell. But average days on market don’t always go hand in hand with months of supply.
Second, if you plan to price your home near the top or bottom of a price range, it may make sense to price higher or lower just a bit. For example, if you plan to price your Newton home just over $900,000, it may be worth to price your home at $899,999 where you’ll have less competition and more buyers.
No matter where your home is priced, and regardless of competition, there is a guaranteed way to a quicker and easier home sale. To beat the competition you must offer the best value in the price range. This doesn’t mean you should have the biggest, newest, prettiest house, but the one offering the most solutions for buyers for every dollar they spend.
Next, the house needs to be marketed correctly, online exposure being the single most important element of property marketing. Regardless of the low inventory and high demand, to attract a better buyer faster who’d pay top dollar for your home, your house must stand out in the crowd of 152 Newton houses.
A home priced correctly and marketed properly, should be the first one sold in the price range, within the period of months of supply. Newton houses may be a hot commodity in most price ranges, but there are still houses lingering on market for months without an offer. Don’t be the home seller of such a house.