Dear Neighbor,
When you’ve outgrown your current place and you’re looking to move to a home that provides all the space and amenities you need, you want to ensure you’re maximizing your returns. However, you already have so much on your plate, add managing a move and preparing to sell, and things look less than appealing.
For most of us, our homes are the most significant asset we’ll ever own—so, of course, you want to understand this asset and the market. As you consider selling, you deserve insight and guidance from an expert in your local market. Here are the top things to know about the Concord real estate market right now:
Here’s a review of the top things to know about the Concord real estate market comparing February 2023 to February 2022:
Inventory Is Down, and Demand Is Leveling Out
Early winter tends to be a quiet time in the market; this February, 7 homes were sold compared to 8 last year. The sale-to-list percentage (how close the actual sale price was to the original list price) dipped to 97% in February, down from 111% at the same time in 2022. The 13% decrease in the sale-to-list ratio indicates that there are fewer bidding wars that were responsible for driving the sale price well over the listing price. To capitalize on your investment, you want to work with a real estate expert who understands how to price and market your home strategically so you get maximum return.
Median Sale Price is Trending Down
Perhaps unsurprisingly, given the decrease in sale-to-list ratio, the batch of homes sold in February 2023 sold at a lower price than those in 2022. The median sale price fell to $1M from $1.3M in February 2022. Average days to offer increased significantly, indicating a shift to a more “normal” paced market – with 66 days this February as opposed to the 23 days in February 2022. Understanding the nuances of these stats is critical when you are selling your largest financial asset—and that’s precisely why you deserve a strategic marketing plan.
A Pocket of Opportunity
Despite the doom and gloom of National Headlines, our local market is still active. With the right strategic plan, pricing, and positioning for your property and goals, we can attract maximum offers and sell your home for the best possible price in the fewest days on the market. I imagine when mortgage rates dip under 6%, we’ll see more buyers who’ve been holding off jumping into the market.
As a homeowner, what does this mean for you?
If you’re considering selling in the next 12 months, now is the time to start preparing for market.
When I work with my clients, I take a holistic, 360-degree approach. This means understanding your exact needs—and only then, applying the right strategies to get you the maximum price with the fewest days on market.
As a Concord resident that’s highly passionate about our area and with a strong background in marketing (at companies like Facebook and Yahoo!), I implement proven strategies designed to attract qualified buyers. This way, we can get you the highest price for your home with the fewest days on market.
If you are thinking about selling your home in the next 12 months, call me today for your Strategic Marketing Consultation → 978-734-HOME
We will cover your goals and my unique approach to getting you the highest possible price in the fewest days on market.
Call today → 978-734-HOME
Jamie Patterson
License # 9578512
COMPASS
Concord Market Highlights
| Single-Family Home Stats | Feb 2022 vs. Feb 2023 | Analysis |
| Median Sale Price | ↓ Down 13% | Average sale price is now at $1M, down 13% from $1.3M in 2022. When you price correctly from day one, you can maximize offers and ultimately sell for the highest possible price as quickly as possible. |
| Average Days To Offer | ^ Up 187%
(a difference of 43 days) |
Average days to offer increased to 66 this February compared to 23 during the same time period in 2022. As demand has decreased, this further demonstrates the need for a precise strategy with pricing and marketing to ensure your home sells for top dollar in only a few days on market. |
| Sale-to-List Price Ratio |
↓ Down 13%
|
While a few Concord homes are still selling over asking, sellers who overpriced their homes now face the reality that it will take even longer to sell and go through even more price reductions. When you start with an expert strategy, you can sell for the highest possible price in the fewest days on market possible. |
| Price per Square Foot |
↓ Down 20% |
The price per square foot is now $436/sq. ft. compared to $543/sq.ft in February 2022. To maximize your results, it’s imperative to have a proven strategy and expert guidance from the beginning. |
Source: ©2023 MLS Property Information Network, Inc.
Looking Ahead
Here’s what we’ll be watching over the coming months:
- Mortgage Rate Stabilization
Economists are expecting interest rates to hover around 6%, but the general consensus is that there shouldn’t be more wild increases anytime soon. This is excellent news for buyers and homeowners that are thinking about selling. You’ll want to be strategic with your marketing to attract high-quality buyers and sell your home fast.
- Concord Middle School Tax Impacts
Tax increases across the country have many homeowners wondering what their real estate markets will look like in the near future. Close to home, we have the Concord Middle School tax increases. This is no light issue for some of the homeowners here who might struggle to pay. No one knows how this may affect inventory as yet, but regardless, it’s important to be strategic as a seller in any market.
- What to Expect When Selling Your Home
The market is constantly evolving. You deserve to sell your home for the highest possible price, no matter what. The right marketing strategy, accurate pricing, and skilled negotiation make the winning difference when you’re ready to embark on one of the most meaningful transactions of your lifetime.
If you are thinking about selling your home in the next 12 months, call me today for your Strategic Marketing Consultation → 978-734-HOME
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