Will Home Sales Surge this Winter?

Home Sales About To Surge? We May See a Winter Like Never Before.

Home Sales About To Surge? We May See a Winter Like Never Before. | MyKCM

Like most industries, residential real estate has a seasonality to it. For example, toy stores sell more toys in October, November, and December than they do in any other three-month span throughout the year. More cars are sold in the U.S. during the second quarter (April, May, and June) than in any other quarter of the year.

Real estate is very similar. The number of homes sold in the spring is almost always much greater than at any other time of the year. It’s even labeled as the spring buying season. Historically, the number of buyers and listings for sale significantly increase in the spring and remains strong throughout the summer. Once fall sets in, the number of buyers and sellers typically drops off.

Last year, however, that seasonality didn’t happen. The outbreak of the virus and subsequent slowing of the economy limited sales during the spring market. These sales were pushed back later in the year, and last fall and winter saw a dramatic increase in home sales over previous years. The only thing that held the market back was the extremely limited supply of homes for sale.

What About This Winter?

Some experts thought we’d return to the industry’s normal seasonality this winter with both the number of purchasers and houses available for sale falling off. However, data now shows that neither of those situations will likely occur. Buyer demand is still extremely strong, and it appears we may soon see a somewhat uncharacteristic increase in the number of homes coming to the market.

Buyer Demand Remains Strong
Home Sales About To Surge? We May See a Winter Like Never Before. | MyKCM

The latest Showing Index from ShowingTime, which tracks the average number of monthly showings on available homes, indicates buyer activity was slightly lower than at the same time last year but much higher than any of the three previous years (see chart below):A report from realtor.com confirms buying activity remains strong in the existing home sales market:

“New housing data shows 2021’s feverish home sales pace broke a yearly record in October, . . . with last month marking the eighth straight month of buyers snatching up homes more quickly than the fastest pace in previous years. . . .”

Buyer activity for newly constructed homes is also very strong. Ali Wolf, Chief Economist for Zondarecently reported that Stuart Miller, the Executive Chairman of Lennar, one of the nation’s largest home builders, said this about demand:

“There is still a great deal of demand at our sales centers with people lining up and not enough supply.”

The only question heading into this winter is whether the number of listings available could come close to meeting this buyer demand. We may have just received the answer to that question.

Sellers Are About To List – Right Now

Instead of waiting for the normal spring buying market, new research indicates that homeowners thinking about selling are about to put their homes on the market this winter.

Speaking to the release of a report on this recent research, George Ratiu, Manager of Economic Research for realtor.com, said:

“The pandemic has delayed plans for many Americans, and homeowners looking to move on to the next stage of life are no exception. Recent survey data suggests the majority of prospective sellers are actively preparing to enter the market this winter.

Here are some highlights in the report:

Of homeowners planning to enter the market in the next year:

  • 65% – Have just listed (19%) or plan to list this winter
  • 93% – Have already taken steps toward listing their home, including working with an agent (28%)
  • 36% – Have researched the value of their home and others in their neighborhood
  • 36% – Have started making repairs or decluttering

The report also discusses the reasons sellers want to move:

  • 33% – Have realized they want different home features
  • 37% – Say their home no longer meets their family’s needs
  • 32% – Want to move closer to friends and family
  • 23% – Are looking for a home office

Data shows buyer demand remains unusually strong going into this winter. Research indicates the supply of inventory is about to increase. This could be a winter real estate market like never before.

Bottom Line

If you’re thinking of buying or selling, now is the time to have a heart-to-heart conversation with a real estate professional in your market, as things are about to change in an unexpected way.



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Jennifer McMorran, Realtor, SRES
New Construction & First Time Home Buyer Specialist
MA, RI, and Cape Cod & Islands Licensed Real Estate Sales Associate
New Homes Team Kensington Real Estate Brokerage
508-930-5259
Jen.McMorran@gmail.com
www.jenmcmorran.realtor
real people. real estate. 


Winter Home Sales expected to surge.

No Wave of Foreclosures this Time

Why a Wave of Foreclosures Is Not on the Way

With forbearance plans coming to an end, many are concerned the housing market will experience a wave of foreclosures similar to what happened after the housing bubble 15 years ago. Here are a few reasons why that won’t happen.

There are fewer homeowners in trouble this time.

After the last housing crash, about 9.3 million households lost their homes to a foreclosure, short sale, or because they simply gave it back to the bank.

Why a Wave of Foreclosures Is Not on the Way | MyKCM

As stay-at-home orders were issued early last year, the fear was the pandemic would impact the housing industry in a similar way. Many projected up to 30% of all mortgage holders would enter the forbearance program. In reality, only 8.5% actually did, and that number is now down to 2.2%.

As of last Friday, the total number of mortgages still in forbearance stood at  1,221,000. That’s far fewer than the 9.3 million households that lost their homes just over a decade ago.

Most of the mortgages in forbearance have enough equity to sell their homes

Due to rapidly rising home prices over the last two years, of the 1.22 million homeowners currently in forbearance, 93% have at least 10% equity in their homes. This 10% equity is important because it enables homeowners to sell their homes and pay the related expenses instead of facing the hit on their credit that a foreclosure or short sale would create.

The remaining 7% might not have the option to sell, but if the entire 7% of those 1.22 million homes went into foreclosure, that would total about 85,400 mortgages. To give that number context, here are the annual foreclosure numbers for the three years leading up to the pandemic:

  • 2017: 314,220
  • 2018: 279,040
  • 2019: 277,520

The probable number of foreclosures coming out of the forbearance program is nowhere near the number of foreclosures that impacted the housing crash 15 years ago. It’s actually less than one-third of any of the three years prior to the pandemic.

The current market can absorb listings coming to the market

Why a Wave of Foreclosures Is Not on the Way | MyKCM

When foreclosures hit the market back in 2008, there was an oversupply of houses for sale. It’s exactly the opposite today. In 2008, there was over a nine-month supply of listings on the market. Today, that number is less than a three-month supply. Here’s a graph showing the difference between the two markets.

Bottom Line

The data indicates why Ivy Zelman, founder of the major housing market analytical firm Zelman and Associates, was on point when she stated:

“The likelihood of us having a foreclosure crisis again is about zero percent.”

It is my true pleasure to  work hard for my clients and your referrals throughout Massachusetts, Rhode Island, and Cape Cod.  Please let me know what questions you may have and how I can be of the best assistance to you.

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Jennifer McMorran, Realtor, SRES
New Construction & First Time Home Buyer Specialist
MA, RI, and Cape Cod & Islands Licensed Real Estate Sales Associate
New Homes Team Kensington Real Estate Brokerage
508-930-5259
Jen.McMorran@gmail.com
www.jenmcmorran.realtor
real people. real estate. 


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Appraisals and Inspections – What you need to know

Knowledge Is Power When It Comes to Appraisals and Inspections

Buyers in today’s market often have questions about the importance of getting a home appraisal and an inspection. That’s because high buyer demand and low housing supply are driving intense competition and leading some buyers to consider waiving those contingencies to stand out in the crowded market.

But is that the best move? Buying a home is one of the most important transactions in your lifetime, and it’s critical to keep your best interests in mind. Here’s a breakdown of what to expect from the appraisal and the inspection, and why each one can potentially save you a lot of time, money, and headaches down the road.

Home Appraisal

The home appraisal is a critical step for securing a mortgage on your home. As Home Light explains:

Knowledge Is Power When It Comes to Appraisals and Inspections | MyKCM

“. . . lenders typically require an appraisal to ensure that your loan-to-value ratio falls within their underwriting guidelines. Mortgages are secured loans where the lender uses your home as collateral in case you default on the agreed-upon payments.”

Put simply: when you apply for a mortgage, an unbiased appraisal – typically required by your lender – is the best way to verify the value of the home. That appraisal ensures the lender doesn’t loan you more than what the home is worth.

When buyers are competing like they are today, bidding wars and market conditions can push prices up. A buyer’s contract price may end up higher than the value of the home – this is known as an appraisal gap. In today’s market, it’s common for the seller to ask the buyer to make up the difference when an appraisal gap occurs. That means, as a buyer, you may need to be prepared to bring extra money to the table if you really want the home.

Home Inspection

Like the appraisal, the inspection is important because it gives an impartial evaluation of the home. While the appraisal determines the current value of the home, the inspection determines the current condition of the home. As the American Society of Home Inspectors puts it:

“Home inspections are the opportunity to discover major defects that were not apparent at a buyer’s showing. . . . Your home inspection is to help you make an informed decision about the house, including its condition.”

If there are any concerns during the inspection – an aging roof, a malfunctioning HVAC system, or any other questionable items – you have the option to discuss and negotiate any potential issues with the seller. Your real estate advisor can help you navigate this process and negotiate what, if any, repairs need to be made before the sale is finalized.

Keep in mind – home inspections are critical because they can shed light on challenges you may face as the new homeowner. Without an inspection, serious, sometimes costly issues could come as a surprise later on.

Bottom Line

Both the appraisal and the inspection are important steps in the homebuying process. They protect your best interests as a buyer by providing unbiased information about the home’s value and condition. Let’s connect so you have an expert guiding you throughout the entire process.

It is my true pleasure to  work hard for my clients and your referrals throughout Massachusetts, Rhode Island, and Cape Cod.  Please let me know what questions you may have and how I can be of the best assistance to you.

Jennifer McMorran, Realtor, SRES
New Construction & First Time Home Buyer Specialist
MA, RI, and Cape Cod & Islands Licensed Real Estate Sales Associate
New Homes Team Kensington Real Estate Brokerage
508-930-5259
Jen.McMorran@gmail.com
www.jenmcmorran.realtor
real people. real estate. 


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What Buyers and Sellers Need to Know about the Appraisal Gap

It’s economy 101 – when supply is low and demand is high, prices naturally rise. That is the simple principle that accounts for today’s housing market. Home prices are appreciating at near-historic rates, and that’s creating some challenges when it comes to home appraisals.

In recent months, it’s become increasingly common for an appraisal to come in below the contract price on the house. Shawn Telford, Chief Appraiser for CoreLogic, explains it like this:

What Buyers and Sellers Need To Know About the Appraisal Gap | MyKCM

Recently, we observed buyers paying prices above listing price and higher than the market data available to appraisers can support. This difference is known as ‘the appraisal gap . . . ’”

Why does an appraisal gap happen?

Basically, with the heightened buyer demand, purchasers are often willing to pay over asking to secure the home of their dreams. If you’ve ever toured a house you’ve fallen in love with, you understand. Once you start to picture yourself and your furniture in the rooms, you want to do everything you can to land the property, including putting in a high offer to try to beat out other would-be buyers.

When the appraiser comes in, they look at things a bit more objectively. Their job is to assess the inherent value of the home, so they’re going to study the facts. Dustin Harris, Appraiser Coach, drives this point home:

It’s important for everyone to understand that the appraiser’s job in the end is to remain that unbiased third party, to truly tell the client what that home is worth in the current market, regardless of what decisions have been made on the price side of things.”

In simple terms, while homebuyers may be willing to pay more, appraisers are there to assess the market value of the home. Their goal is to make sure the lender isn’t loaning more money than the home is worth. It’s objective, rather than emotional.

In a highly competitive market like today’s, having a discrepancy between the two numbers isn’t unusual. Here’s a look at the increasing rate of appraisal gaps, according to data from  CoreLogic (see graph below):

What Buyers and Sellers Need To Know About the Appraisal Gap | MyKCM

What does this mean for you?

Ultimately, knowledge is power. The best thing you can do is understand appraisal gaps may impact your transaction if you’re buying or selling. If you do encounter an appraisal below your contract price, know that in today’s sellers’ market, the most common approach is for the seller to ask the buyer to make up the difference in price. Buyers, be prepared to bring extra money to the table if you really want the home.

Above all else, lean on your real estate agent. Whether you’re a buyer or seller, your trusted advisor is your ally if you come up against an appraisal gap. We’ll help you understand your options and handle any additional negotiations that need to happen.

Bottom Line

In today’s real estate market, it’s important to stay informed on the latest trends. Let’s connect so you have an ally to help you navigate an appraisal gap to get the best possible outcome.

It is my true pleasure to  work hard for my clients and your referrals throughout Massachusetts, Rhode Island, and Cape Cod.  Please let me know what questions you may have and how I can be of the best assistance to you.

Jennifer McMorran, Realtor, SRES
New Construction & First Time Home Buyer Specialist
MA, RI, and Cape Cod & Islands Licensed Real Estate Sales Associate
New Homes Team Kensington Real Estate Brokerage
508-930-5259
Jen.McMorran@gmail.com
www.jenmcmorran.realtor
real people. real estate. 


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Serving clients throughout Massachusetts, Rhode Island, and Cape Cod & the Islands.

How Smart Is It to Buy a Home Today?

Whether you’re buying your first home or selling your current house, if your needs are changing and you think it could be time for a move, the decision can definitely feel complicated (and overwhelming).. You need to take personal and professional considerations into account, and only you can judge what impact those factors should have on your desire to move.

However, there’s one category that does provide a simple answer. When deciding to buy now or wait until next year, the financial aspect of the purchase is easy to evaluate. You just need to ask yourself two questions:

  1. Do I think home values will be higher a year from now?
  2. Do I think mortgage rates will be higher a year from now?
How Smart Is It to Buy a Home Today? | MyKCM

From a purely financial standpoint, if the answer is ‘yes’ to either question, you should strongly consider buying now. If the answer to both questions is ‘yes,’ you should definitely buy now.

Nobody can guarantee what home values or mortgage rates will be by the end of this year. The experts, however, seem certain the answer to both questions above is a resounding ‘yes.’ Mortgage rates are expected to rise and home values are expected to appreciate rather nicely.

What does this mean to you?

Let’s look at how waiting would impact your financial situation. Here are the assumptions made for this example:

  • The experts are right – mortgage rates will be 3.18% at the end of the year
  • The experts are right – home values will appreciate by 5.9%
  • You want to buy a home valued at $350,000 today
  • You decide on a 10% down payment
How Smart Is It to Buy a Home Today? | MyKCM

Here’s the financial impact of waiting:

  • You pay an extra $20,650 for the house
  • You need an additional $2,065 for a down payment
  • You pay an extra $116/month in your mortgage payment ($1,392 additional per year)
  • You don’t gain the $20,650 increase in wealth through equity build-up

Bottom Line

There are many things to consider when buying a home. However, when simplifying to a purely financial question, if you find a home that meets your needs, buying now makes much more sense than buying next year. Please reach feel free to reach out by e-mail jen.mcmorran@gmail.com, call/text 508-930-5259, or message me below. I am always happy to be a resource to you or anyone you may know that may be in need of some experienced real estate guidance. Hope all is well!!

It is my true pleasure to  work hard for my clients and your referrals throughout Massachusetts, Rhode Island, and Cape Cod.  Please let me know what questions you may have and how I can be of the best assistance to you.

Jennifer McMorran, Realtor, SRES
New Construction & First Time Home Buyer Specialist
MA, RI, and Cape Cod & Islands Licensed Real Estate Sales Associate
New Homes Team Kensington Real Estate Brokerage
508-930-5259
Jen.McMorran@gmail.com
www.jenmcmorran.realtor
real people. real estate. 

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Serving clients throughout Massachusetts, Rhode Island, and Cape Cod & the Islands.

Boston – Attleboro – Providence – Cape Cod … and the Communities in between.

Why (and How) to Price a Home Right!

Why It’s Important to Price Your House Right Today

Even in today’s sellers’ market, setting the right price for your house is one of the most valuable things you can do. According to the U.S. Economic Outlook by the National Association of Realtors (NAR), existing home prices nationwide are forecasted to increase by 4.5% in 2021. This means experts anticipate home values will continue climbing next year. Danielle Hale, Chief Economist for realtor.com, notes:

“We expect price gains to ease somewhat in 2021 and end 5.7% above 2020 levels, decelerating steadily through the spring and summer, and then gradually reaccelerating toward the end of the year.”

Why It’s Important to Price Your House Right Today | MyKCM

How to Price Your House

When it comes to setting the right price for your house, the goal is to increase visibility and drive more buyers your way. Instead of trying to win the negotiation with one buyer, you should price your house so that demand is maximized and more buyers want to take a look.

As a seller in today’s market, you might be thinking about pricing your house on the high end while so many of today’s buyers are searching harder than ever just to find a home to purchase. But here’s the thing – a high price tag does not mean you’re going to cash in big on the sale. It’s actually more likely to deter buyers.

Why It’s Important to Price Your House Right Today | MyKCM

Right now, even when there are so few houses for sale, your house is more likely to sit on the market longer or require a price drop that can send buyers running if it isn’t priced just right from the very beginning.It’s important to make sure your house is priced correctly by working with a trusted real estate professional throughout the process. When you price it competitively from the start, you won’t be negotiating with one buyer. Instead, you’ll likely have multiple buyers competing for the house, potentially increasing the final sale price.

The key is to make sure your house is priced to sell immediately. This way, it will be seen by the greatest number of buyers. More than one of them may be interested, and it will be more likely to sell at a competitive price.

Bottom Line

Let’s connect to price your house correctly from the start so you can maximize your exposure and your return.

It is my true pleasure to  work hard for my clients and your referrals throughout Massachusetts, Rhode Island, and Cape Cod.  Please let me know what questions you may have and how I can be of the best assistance to you.

Jen McMorran, Realtor

Jennifer McMorran, Realtor, SRES
New Construction & First Time Home Buyer Specialist
MA, RI, and Cape Cod & Islands Licensed Real Estate Sales Associate
New Homes Team Kensington Real Estate Brokerage
508-930-5259
Jen.McMorran@gmail.com
www.jenmcmorran.realtor
real people. real estate. 

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Serving clients throughout Massachusetts, Rhode Island, and Cape Cod & the Islands.

Boston – Attleboro – Providence – Cape Cod … and the Communities in between.

Home Values Projected to Keep Rising

Home Values Projected to Keep Rising | MyKCM

As we enter the final months of 2020 and continue to work through the challenges this year has brought, some of us wonder what impact continued economic uncertainty could have on home prices. Looking at the big picture, the rules of supply and demand will give us the clearest idea of what is to come.

Due to the undersupply of homes on the market today, there’s upward pressure on prices. Consider simple economics: when there is high demand for an item and a low supply of it, consumers are willing to pay more for that item. That’s what’s happening in today’s real estate market. The housing supply shortage is also resulting in bidding wars, which will also drive price points higher in the home sale process.

Home Values Projected to Keep Rising | MyKCM

There’s no evidence that buyer demand will wane. As a result, experts project price appreciation will continue over the next twelve months. Here’s a graph of the major forecasts released in the last 60 days:

I hear many foreclosures might be coming to the market soon. Won’t that drive prices down?

Some are concerned that homeowners who entered a mortgage forbearance plan might face foreclosure once their plan ends. However, when you analyze the data on those in forbearance, it’s clear the actual level of risk is quite low.

Ivy Zelman, CEO of Zelman & Associates and a highly-regarded expert in housing and housing-related industries, was very firm in a podcast last week:

“The likelihood of us having a foreclosure crisis again is about zero percent.”

With demand high, supply low, and little risk of a foreclosure crisis, home prices will continue to appreciate.

Note the same principle also apply if you are thinking about building a new home. New construction sales prices will continue to rise as the prices of lumber and materials continue to increase under the same circumstances of high demand and low supply.

Bottom Line

Though many thought home prices would depreciate in 2020 due to the economic slowdown from the coronavirus. We instead experienced quite the opposite – prices appreciated substantially. Over the next year, we will likely see home values continue to rise higher given the continued lack of inventory of homes for sale.

It is my true pleasure to  work hard for my clients and your referrals throughout Massachusetts, Rhode Island, and Cape Cod.  Please let me know what questions you may have and how I can be of the best assistance to you.

Jen McMorran, Realtor

Jennifer McMorran, Realtor, SRES
New Construction & First Time Home Buyer Specialist
MA, RI, and Cape Cod & Islands Licensed Real Estate Sales Associate
New Homes Team Kensington Real Estate Brokerage
508-930-5259
Jen.McMorran@gmail.com
www.jenmcmorran.realtor
real people. real estate. 

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Serving clients throughout Massachusetts, Rhode Island, and Cape Cod & the Islands.

Boston – Attleboro – Providence – Cape Cod … and the Communities in between.

#1 Reason NOT to Wait to List your House for Sale

The #1 Reason Not to Wait to List Your House for Sale

The #1 Reason Not to Wait to List Your House for Sale | MyKCM

Many industries have been devastated by the economic shutdown caused by the COVID-19 virus.

Real estate is NOT one of them.

Mark Fleming, Chief Economist for First American, just reported:

“Since hitting a low point during the initial stages of the pandemic, the only major industry to display immunity to the economic impacts of the coronavirus is the housing market. Housing has experienced a strong V-shaped recovery and is now exceeding pre-pandemic levels.”

Buyer demand is still strong heading into the fall. ShowingTime, which tracks the average number of buyer showings on residential properties, just announced that buyer showings are up 61.9% compared to the same time last year. They went on to say:

“Normally, real estate activity begins to slow down in the late summer, but this year it peaked in July, August and into September.”

There Is One Big Challenge

Purchaser demand is so high, the market is running out of available homes for sale. Just last week, realtor.com reported:

“Since the beginning of the COVID pandemic in March, nearly 400,000 fewer homes have been listed compared to last year, leaving a gaping hole in the U.S. housing inventory.”

The #1 Reason Not to Wait to List Your House for Sale | MyKCM

The National Association of Realtors (NAR) revealed that, while home sales are skyrocketing, the inventory of existing homes for sale is dropping dramatically. Below is a graph of existing inventory (September numbers are not yet available):Homebuilders are increasing construction, but they cannot keep up with the high demand. Bill McBride, founder of the Calculated Risk blog, in discussing inventory of newly constructed houses, notes:

“The months of supply decreased to 3.3 months…This is the all-time record low months of supply.”

What does this mean for sellers?

Anyone thinking of putting their home on the market should not wait. A seller will always negotiate the best deal when demand is high and supply is limited. That’s exactly the situation in the real estate market today.

Next year, when the pandemic is hopefully behind us, there will be many more properties coming to the market. Don’t wait for that increase in competition in your neighborhood. Now is the time to sell.

It is my true pleasure to  work hard for my clients and your referrals throughout Massachusetts and Rhode Island.  Please let me know what questions you may have and how I can be of the best assistance to you.

Jen McMorran, Realtor

Jennifer McMorran, Realtor, SRES
New Construction & First Time Home Buyer Specialist
MA & RI Licensed Real Estate Sales Associate
New Homes Team Kensington Real Estate Brokerage
508-930-5259
Jen.McMorran@gmail.com
www.jenmcmorran.realtor
real people. real estate. 

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Serving clients throughout Massachusetts, Rhode Island, and Cape Cod & the Islands.

Boston – Attleboro – Providence and the communities in between.

Like New and Ready for You!

| Featured Listing |

1284 County Street, Unit 26
Attleboro, MA
Mill Stream Village

Offered at $359,900

DSC_0678Have you been searching for a newer, move-in condition, quality built Townhouse in an established Attleboro community with easy access to Rt 95 and two MBTA train stations?

Are you looking for a home that is tucked away in a prime Mill Stream Village location with private outdoor space, and an affordable condo fee?

Then look what just hit the market… 1284 County Street, Unit 16 in Attleboro offers all of that and more!

This 3 bedroom, 2.5 bath beautiful Townhome was built in 2009 by WB Construction, Attleboro’s premier builder, and 10 years later still shows like new!  Local homeowners and real estate agents all know WB Construction is a name you can trust when it comes to quality high-end new construction and Mill Stream Village is no exception.

You don’t want to miss out on this turn-key Townhouse with garage & full basement! The eat-in kitchen features stainless appliances and granite island with tons of storage. The spacious living room boasts hardwood floors, gas fireplace, and awesome light from the picture window overlooking the patio & green space. Upstairs the master suite features a spacious walk-in closet and private bath plus you’ll love the laundry, extra storage, two additional great sized bedrooms and main bath.

The next lucky homeowner will enjoy a prime private location tucked away in the back of sought after Mill Stream Village and easy access to both Attleboro commuter rail stations, Rt 95, the New England Sports Village, Capron Park Zoo, Stone E Lea Golf Course, restaurants, shopping, and more!

Energy efficient gas heat, CAir, city water/sewer, beautiful landscaping, carefree condo living, and interest rates at all time lows – can it get any better?

Listed at $359,900, this unit won’t last long in today’s market!  Give a call 508-930-5259 with questions about this home or any of your real estate needs!!

It is my true pleasure to  work hard for my clients and your referrals throughout Massachusetts and Rhode Island.  Please let me know what questions you may have and how I can be of the best assistance to you.

Jen McMorran, Realtor Jennifer McMorran, Realtor, SRES
New Construction & First Time Home Buyer Specialist
MA & RI Licensed Real Estate Sales Associate
New Homes Team Kensington Real Estate Brokerage
508-930-5259
Jen.McMorran@gmail.com
www.jenmcmorran.realtor
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Serving clients throughout Massachusetts & Rhode Island. Boston – Attleboro – Providence and the communities in between.

Bidding Wars – Buyers be Ready!

Are you ready to enter on this real estate market?

I have been on the listing side and the buyers’ side of multiple offer situations countless times and believe me, neither are fun.   My recent listing at 53 Turnstone Dr in Attleboro had 40 showing requests in less than 24 hours of being on the market.  One day of showings produced 15 offers from ready and willing buyers by 11:00am the next morning.

It took hours to go through each offer individually as we evaluated the:

  • offer price
  • dates 
  • deposits
  • contingencies
  • personal letters to the seller
  • escalation clauses
  • and mortgage pre-approval and pre-qualification letters.

When sellers review offers, know that the highest offer price does not always “win”.   All of the terms of the offer and buyers’ qualifications must be considered both when writing up a contract as a buyer and when reviewing an offer contract as a seller.

Want to know the three best ways to position yourself as a strong, sought after buyer amidst a sea of buyers and very few listings?

 1. Work with a full-time, experienced, and respected agent who will have the knowledge and reputation to present an offer and “you” in a way that the sellers and sellers’ agent will take seriously.  You want the sellers’ side to feel confident that you are the right buyer.

Buyers need to be prepared

2.  Get pre-approved now!  Do not wait until you find a home to contact a mortgage officer.  Experienced listing agents know the difference between a pre-approval that has been vetted with buyer documentation and a pre-qualification letter that is just based on a phone conversation with a lender.  Good listing agents will always call mortgage officers to make sure the buyers are solid.  It is always in your best interest to use a full time, experienced, and respected mortgage officer and company as well.  Let me know if I can send you some names!!

3.  If you own a home and your home purchase is going to be contingent upon it selling, you need to list your home NOW.  In almost all cases, sellers will move your offer to the bottom of the pile as soon as they see a “contingent upon the sale of buyer’s house”.  Some will consider you if you have a signed P&S on your home, but some will still see that as a risk since they have to worry about you as a buyer and your buyer.  As a back up plan, it may be worth checking with your mortgage officer to see if could purchase your next home without selling your current one first.  If a down-payment is tied up in the equity of your current home, a cash-out refinance may be an option for you.  (FYI – a refinance must be completed before listing your current home or moving forward on a loan application for a new home.)  Best plan… contact your mortgage officer and a contact qualified experienced real estate agent. 

It is my true pleasure to  work hard for my clients and your referrals throughout Massachusetts and Rhode Island.  Please let me know what questions you may have and how I can be of the best assistance to you.

Jen McMorran, Realtor Jennifer McMorran, Realtor, SRES
New Construction & First Time Home Buyer Specialist
MA & RI Licensed Real Estate Sales Associate
New Homes Team Kensington Real Estate Brokerage
508-930-5259
Jen.McMorran@gmail.com
www.jenmcmorran.realtor
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Serving clients throughout Massachusetts & Rhode Island. Boston – Attleboro – Providence and the communities in between.