Well, it has been a tough year for real estate. The last three or four years had been huge in the Harvard market and prices rose higher than ever. Now we are experiencing what I would frankly say is a "wicked hangover". But what is next? Honestly, no one is quite sure. The Federal Reserve seems focused on keeping rates right where they are, so will that eventually bring more buyers?
At our office, I watch the historical market data carefully. There is so much information available and it is critical when it comes to pricing. As people say all the time, "everything is cyclical". So where are we in the cycle? We are stalled. Issues of affordability, lack of actual home equity, and uncertainty created by negative press have all stopped buyers in their tracks.
At this point however, I do feel strongly that the spring market will be busy. And what I have seen in 2006 is that price sells. But, what else sells? Location and condition. It is really simple, so be realistic about what you have and play to your strengths. Furthermore, unless you have got a priceless gem be ready for either some aggressive pricing or aggressive negotiating!
