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Real Estate Market Update

Eric Wei

Eric is a passionate and genuine individual that strongly believes that building and maintaining relationships is the absolute key to success...

Eric is a passionate and genuine individual that strongly believes that building and maintaining relationships is the absolute key to success...

Feb 16 5 minutes read

The #s Don't Always Tell the Whole Story 

 

Randal:
Sometimes numbers don't tell the whole story. Stay tuned.

Randal:
Welcome back to Stay Focused, Focus Real Estate's weekly video series. I'm here today with Eric Wei. We talk a lot about numbers, don't we?

Eric:
A lot.

Randal:
Really talking about working with our clients to help make the best decisions for them, really revolves around not a feeling, but really what the numbers are saying.

Randal:
So what I'd really like to talk to you about is what the numbers are saying, right? So, what the numbers in the Boston area look like on paper and then what the activity is looking like and what is going on in the market today. Because basically what we're doing by looking at these kinds of numbers, right Eric?

Eric:
Right.

Randal:
Is that we're looking at the past. This is six months worth of data. The fall is always slow and kind of quiet, and it was indeed again in 2020, and what that activity is looking like today. Tell us a little bit about how many people you had 21R Union.

Eric:
21R Union, latest listing, we had 70 parties through. So just a crazy amount of activity in the three days, in terms of the open houses that we had there. And so, like you're saying Randal, the numbers are sort of lag indicators, but what we're seeing currently in the market right now, it's just a lot of buyers.

Randal:
More importantly, you had 70 people through, but where they just walking by, walking their dog, stopping in because they were cycling through?

Eric:
No. These were all people that were seriously interested.

Randal:
And how many offers did you get?

Eric:
We ended up getting six offers.

Randal:
So six offers.

Eric:
Yes.

Randal:
Okay. So that's an interesting number for us to be tracking here.

Eric:
Sure.

Randal:
10% of the people that came to the... Nine to 10% of the people that attended the open houses placed an offer.

Eric:
Right.

Randal:
Okay. We have that information. We're also hearing anecdotal information just through everybody else in the office. They're telling us that working with their buyers, they're in multiple offer situations all the time, listings are selling very quickly. These numbers here, are just suggesting that days on market are up. Prices are down. All of that sounds very negative, but what's happening on the street is different.

Randal:
We're talking with Nathan Hartseil from Main Street Mortgages. He was telling me that just a property that he is lending on, they couldn't appraise it cause there's just no comps because prices are rising so quickly. We also heard stories from him as well, cause he has so much communication, with so many other agents, that one agent more or less, shut down an open house and told everybody that was standing in line outside waiting to get in, for social distancing, that unless they have cash, maybe they shouldn't even bother waiting because they had three offers in hand that were cash.

Eric:
That's crazy.

Randal:
So, you know, that's what's happening today in the market. So as a seller, what does that mean to you? Right. As a seller, what does that mean to you? It's definitely a seller's market that we're experiencing again this year. Inventory is still at record lows. Interest rates are still record law. Okay. As a buyer, what does that mean to you? It's not going to be easy, right?

Eric:
Not at all. Yeah. We're going to have to be very competitive and so there's definitely ways that you can structure a competitive offer, but you're going to have to get crafty in these times.

Randal:
Yeah. So just wanting to give you a little heads up, a little market update. We can run numbers for you all day long and kind of dissect exactly what you're looking for in the market, or exactly what you're looking to sell, to help you come up with a competitive strategy to get to your goals, but let us know how we can help you.

Randal:
Thank you for watching everybody. Thank you for your assistance, Eric.

Eric:
You're welcome.

Randal:
And let us know where we can help and until next time stay tuned and...

Randal:
When you're shooting with me, you have to do this a lot.

Eric:
I get it. You got to bounce.

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