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Welcome to your constantly updated resource for news and views on the Brookline Real Estate market. Here you will find commentary and statistics to explain the daily changes in the Brookline specific housing market.

Whether you're looking for an estate in Cottage Farm, a condo in Brookline Village or are just stopping by please feel free to read along and comment at will. If you are interested in speaking about renting an apartment, buyer representation or listing your home please feel free to contact me.

Wednesday, October 31, 2007

I know what you're saying, but what do you mean?

There is so much talk these days about the real estate market, pricing changes and trends, and all things related to our most precious investment. What does it mean? What numbers should we pay attention to and what should we not worry about?

Statement 1: "The real estate market has dropped close to 20% nationally."

Response: There are areas of the country that are being hit very hard right now. Some of the largest losses are in Florida and California.

Statement 2: "The media has story after story about how bad the market is, how can it possibly be good?"

Response: Compared to the 3rd quarter of last year, our total number of condominiums sold increased 15.6%. The median prices increased 3.0%. The average days on market is down two days and the total inventory remaining on the market is down 18.9%. The single family sales numbers are far and away better than the condos. Please contact me if you want the full breakdown.

Comment: So, what does this mean?

Response: Buyers and sellers need to take a good hard look at the numbers. Right now we are in "stand-off" mode. Buyers are going to properties and saying "I'm not going to pay that price because the market is down." It is critical for buyers to take a good look at property simply for how it fits the lifestyle they want and then have their buyer's agent negotiate the proper price for it. Sellers, you need to make sure you are absolutely attuned to the sensitivity of the market right now and take your best shot pricing your property from the start. Long gone are the days of "we'll try this price for a few weeks and if it doesn't sell....." Price your property to sell immediately. The worst thing that can happen is people get into a bidding war over it. Doesn't sound so bad now, does it?

We'll wait to see what numbers October brings us tomorrow, but for now Happy Halloween and take a deep breath. The sky is not falling.


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The views expressed on these pages are the opinion of the author and any public contributors. They do not substitute for the advice of a legal or financial professional. These opinions are not representative of any firm or business. Please always consult an attorney, financial professional or sign a contract with a Buyer Agent or Seller's Agent for specific advice.