Pricing is Key

Like all other real estate markets, pricing of your home is the most important key to getting it sold. The Seekonk real estate market is no different. Sure there are other factors such as the condition of your home and location but pricing is the key for a successful sale.

In the past month, according to MA MLS PIN, seven homes went under agreement. These homes all had one thing in common; they adjusted their price to the current real estate market.

Seekonk is also not without its share of Short Sale homes. Currently there are six homes on the market and unfortunately, more are on the way. Two Short Sale homes are currently under agreement and two have sold all in the last thirty days.

Let me back up just a bit. For those of you who don’t know what a Short Sale is, simply put, its when a seller owes more on their property than what it is worth in today’s market. We also call this a distress property and a home that is “under water”.

There are many reasons why this may happen. The seller may have bought or refinanced at the peak of the market and can no longer afford their current mortgage payments. They may have an adjusted mortgage rate that has triggered their payments out of reach. Or they might need to sell to relocate for a job transfer.

Whatever the reason, it’s a very sensitive and stressful time for the homeowner. If you find yourself in this situation, speak to a trusted Realtor to discuss your options.

Until next time.