Home Selling in East Boston>Question Details

Chris, Both Buyer and Seller in East Boston, Boston,...

Is it good time to sell new single family home in East Boston?

Asked by Chris, East Boston, Boston, MA Wed May 28, 2008

New single family home around 2500 sq.ft with 4 bedroom and 2.5 bath; granite counter top, granite floors all 3 levels with floor heating, central heat/air. Whirlpool tub, steam shower in master bath.

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Chris, this really depends on your personal goals, motivations and needs. Inventory is low, but prices are still not where they were when you bought. Does that matter to you? Are you buying something else and therefor also buying lower?

I would talk to a local agent and see if the time is right for you.
0 votes Thank Flag Link Sat Mar 2, 2013
Thanks Sarah; yes planning to buy or build new home; BTW so far not in underwater; like you said may should start talking to local agent. This home is designed and built by me (though thru general contractor).

Flag Mon Mar 4, 2013
Back again after 5 years; would like to know, is this good time to sell 6 year old single family home in East Boston?
Just curious...
0 votes Thank Flag Link Fri Mar 1, 2013
tough Q. when did you buy. Are you under water on the Mortgage? you may need a broker at this point and not FSBO.
0 votes Thank Flag Link Mon Mar 7, 2011
Not enough information to really help you- Sounds beautiful - If you're moving up, it's a great time to sell - because that 15% drop other realtors have talked about will hit the house you're moving up to - so you'll net a proft...
If you're moving elsewhere, it could be in your favor but you have to ask if there are other reasons for this move, lifestyle changes, need to be in a certain school district, quality of life concerns, in which case, you should make the move. I'm a Metrowest agent but grew up in East Boston and know it well. In fact I have family and friends who still live there. I know it's still a close knit community and many of the friends I grew up with still live there. I was in California (Taluka Lake) earlier this month and the family who I visited talked about wanting to buy (a second home) in East Boston so their kids could benefit from the colleges in this area and they could be closer to their family. So there are buyers out there for sure - I may know of one (although they were looking for a multi so they could rent out one of the levels). I do have many good realtor contacts in the area if you need one, just let me know.
Good luck with your decision.
0 votes Thank Flag Link Thu May 29, 2008
National averages are good to keep in mind but do not hang your hat on those when making a buying or selling decision (unless of course you are a national investor). Real Estate is hyper-local so stay focused on numbers in the direct and surrounding areas.

Good luck!
Web Reference: http://www.territoryre.com/
0 votes Thank Flag Link Wed May 28, 2008
There's about 6 months of inventory sitting on the market. This is not great, but actually below the national average so selling is definitely possible.

Case-schiller index says prices have dropped about 15% nationally over the last year. So, keep that in mind when looking at comparables. And get a good real estate agent!
0 votes Thank Flag Link Wed May 28, 2008
In the last year 39 single families have sold in East Boston and the average days on market was 155 days. The Sale Price to Original Price ratio was 83% which means that properties are being discounted 17% off original listing price, which is a pretty large discount compared to other areas of Boston. The average sale price is $263,097.

I calculated the absorption rate for East Boston and currently there are 6 months worth of single family inventory on the market which isn't too bad. The price range you are planning to sell in will also have an affect on the sale. For instance the majority of properties that sold in the last year were in the $200,000-$250,000 price range.

Overall it seems like an ok time to sell a single family in East Boston. Your focus should be pricing. Make sure you are very realistic and don't price it too high since properties are being discounted so much. The more aggressive you price it the lower your chances of having your property sit on the market long.

I hope that helps! Good luck!
0 votes Thank Flag Link Wed May 28, 2008
Eastie is hot right now. One of the last essentially untapped neighborhoods of Boston. Sounds like the place is really nice. It all boils down to if what you need to get out of it is in line with what the true market value of the home is. If you get a few market analysis and/or appraisals and you can happily live with the LOWEST of the numbers you are hearing, I'd say it's a good time to sell. If you really need to max out your equity, pay very close attention to the closed comparable sales in your neighborhood. That will give you a pretty good sense of what yours will most likely sell for. This is not the market to be pricing aggressively high, even in Eastie. Price to sell. Price based on reality. If you can swing that, I'd say go for it.

AND if you are buying back into this market, remember: you will make up for any pain you feel on the sell side with your buy side. Good luck!

0 votes Thank Flag Link Wed May 28, 2008
Thanks; how is market in Eastie now? Is it good time to sell / buy?
Flag Tue Aug 12, 2014
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