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worried sell…, Both Buyer and Seller in Dorchester, MA

Will the market in Dorchester get better any time soon? Should I see now or wait?

Asked by worried seller, Dorchester, MA Sun Nov 16, 2008

I own a single family home in the Pope's Hill area of Dorchseter. It's a 5 room, 2 bedrm, 1 1/2 bath home. Right now it seems we may not even be able to get what we owe on it if we decided to sell. Is the market in our area expected to get better or worse? We know we want to move out of the city and can get a lot for our money right now. I'm just not sure if it's best to wait so we don't end up in the whole if we sell this house now.

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The problem with Dorchester right now is the heavy concentration of foreclosed and bank owned properties for sale there. See more details about that here: http://tinyurl.com/5urnmw That is a real drag on the market to pulling prices down. Those foreclosures must work their way off the market in order to get some price stabilization in Dorchester. How long that will take is anyone's guess, but it certainly won't be in the immediate short term. However, depending on what you paid, what your situation is, the exact location and condition of your property, etc there may be a buyer for your house at a price that works for you. In the past six months there have been 95 single family homes sold in Dorchester, and there are currently only 85 single families on the market. Not exactly the definition of a "dead market" as much as the media may portray otherwise sometimes. As long as you price accurately and present your home in the best light (ie. stage it), you can create a good outcome. Depending on your financial situation that may or may not make sense at this time, but here's one example of another client.....I sold a 2 family house in Lower Mills a couple months ago very quickly and for a good price. The key was that it was priced right plus the sellers took a few weeks thoroughly preparing the house for sale (cleaning, de-cluttering, some painting) so we got multiple offers in under a week. There were some financing problems so the original buyer could not perform, but since we had plenty of interest we got a backup buyer who did buy the house. The sellers got to move out to the suburbs where they got a great deal on a larger house for their family. Whether you'd be in the same boat, i don't know, but I'd be happy to give you a full assessment of your situation. Just shoot me an email!
1 vote Thank Flag Link Mon Nov 17, 2008
Yikes Michael and Thaddeus - this is an OLD post....it e-mail notified me that a new answer was posted. November of 2008...
0 votes Thank Flag Link Thu Oct 21, 2010
Unless you have a great deal of time to wait, then I would say that working to effectively market your house now will probably be a good idea. With prices being affected by foreclosure related properties for the foreseeable future, there shouldn't be a huge change in your area.

Also, every property is different, and for one reason or another, any given property may not sell right away. This means that your property may possibly be on the market during any market influxes that occur in the near future....and that gets back to the point of your ability to wait it out long enough for a real difference to occur.

Good luck in any case...
0 votes Thank Flag Link Thu Oct 21, 2010
If you must sell, don't chase the market--Sell now or you'll be out priced forever. Good Luck
0 votes Thank Flag Link Mon Nov 24, 2008
Being able to buy something now that you probably couldn't in a higher market is probably the only GOOD thing in today's market. Have you thought about becoming a landlord and renting your Dorchester property? It's a hugely popular commuter location and has a great rental market.

If you are in great shape financially and can get a monthly rent close to your monthly expenses of your home (mortgage, taxes, insurance) I'd say rent it. It's an excellent way to preserve the money you've put into your house and would not see if you sold it today, plus grow your future equity. To get a mortgage for your new home, your lender will want to see a signed lease - so you'll have get your tenant before you can make an offer otherwise.

If you do this be sure you screen your tenants carefully - hire a realtor to list your rental (fees vary, typically equal to one month's rent) who will do the screening/credit check for you.

Good luck in whatever you decide!
0 votes Thank Flag Link Mon Nov 24, 2008
Hello W.S.- Wait until when? There is no consensus as to when the RE market will start to climb again. If you assume the Spring of 2009, that might be wishful thinking. So how long do you want to wait to move out of the city?
As you know, it is all relative if you are also buying at the same time as selling.
I've just put together a list of 10 practical homeselling tips. If you'd like a free copy, please contact me at your convenience. Thanks and Good Luck,

Ken L.
0 votes Thank Flag Link Sun Nov 23, 2008
Michael
Excellent answer. Along with statistics. Sellers have to know the bad news as well as the good.
0 votes Thank Flag Link Thu Nov 20, 2008
If you can wait then wait. The market will take a couple years to correct itself however it may get slightly better by next spring. The economic crisis is not going away and that directly effects each individual town respectively. At the very least try and hold out until the spring market (post inauguration and holidays). If you can't wait be prepared to price your home aggressively and be patient.
0 votes Thank Flag Link Sun Nov 16, 2008
It will take a bit of time before it gets better, it will be gradual. We are in a buyers market so you may not get the value you would have a couple of years ago for your home. However, on the other hand, you will not be paying as much for the house you buy on the buying end. The best way to help you determine what you can get for your house now is to get a CMA and compare it to what you owe (and other expenses) and see where you come out at the end. I'd be happy to send you one, a CMA, as I am very familiar with Dorchester, I live in Quincy/Dorchester line myself. You can contact me directly at century21ma@yahoo.com if you like.

Wayne
Century21
Web Reference: http://www.WENREALTY.com
0 votes Thank Flag Link Sun Nov 16, 2008
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