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Why Can't I Find a Home to Purchase?

by Eric Glassoff

Why can’t I find a home to purchase within my price range?

Why are there so few homes listed on the market than there was a year ago?

Over the last few months, I’ve been asked this question a number of times. The answer is a difficult one. Many variables are contributing to the near record low inventory of homes for sale. Here are just a few:

1. In some areas fewer foreclosures are available. There are less distressed properties available for investors.

2. Many of the homes that would normally be available for buyers are being used as investment property, because the rents being paid are better than the banks interest rates.      

3. Constructions levels of new homes are at an all-time 50 year low.  There are not enough new homes being built to meet the demands of the buyers.

4. Many buyers who want to trade up cannot find homes that meet their needs or their budget, due to an escalation of asking prices.

5. In some areas there are still a lot of foreclosures, which are not a good fit for first time home buyers or buyers who are wanting to trade up.

The good news is:

1. Many experts are speculating that there will be an increase in new home construction taking place in the second half of the year, continuing on into the next year. Increased inventory of new homes will entice people to make a trade up purchase; allowing them to feel more comfortable about putting their home up for sale.

2. Low inventory pushes prices to rise. Many of the homes that had depreciated are now worth more, enticing their owners to sell.

Since the landscape of the real estate market is always changing, contact me so that I can give you the most up-to-date information on buying and selling property in Brookline, the Back Bay, Newton and the greater Boston area.      

If you’re in the mood to do a little re-modeling, painting or upgrading at your home, you may want to make sure these renovations are adding to the value of your home.  If you are taking on these projects because you are getting ready to sell your home, that’s even more reason to make sure you are making changes that will increase your home’s value. Many times, homeowners make improvements to their residence without knowing the implications to its real-estate value. In other words—they may be busting the bank to “improve” their home without seeing any improvements in its selling price. By following these simple guidelines, you can assure that you are making smart home-improvements that will show when it’s time to sell.

The Kitchen

Functionality, space and aesthetics are the key selling points when it comes to the heart of your home. With a small budget you can upgrade the lights, cabinet door knobs and sink fixtures. Larger budgets, upgrade the cabinets by re- finishing, re-painting or replacing the doors on the cabinets. 

 

Upgrade the look of your Appliances

Buyers love to see matching appliances. It makes for a clean and cohesive look, giving your kitchen a feeling of order and symmetry. You can purchase new panels for most appliances— but before you purchase anything, take a look at the back of your appliance panels, they are usually black. If this is the color you’re looking for it won’t cost you a trip to the store.

 

Increase your Storage 

Most homes, especially older ones, never seem to have enough closets—or space within the closets—for storage. Look into purchasing a closet storage system, or go online to find companies that will help you customize your closet storage. Home Improvement retailers also carry many different types of home organizing systems for all budgets.  Most of these sites and stores have storage tips that will leave your home looking more open and organized: a memorable feature for potential home buyers.

 

Thinking of updating your home before you put it on the market? If you reside in the greater Boston area, Newton, Brookline or the Back Bay, contact me to discuss your options. I want to make sure you have all the information to make the best decisions on how to improve the value of your home.      

Eric Glassoff

Greater Boston Real Estate Expert

 

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Contact Information

Photo of Eric Glassoff Realtor®, MBA ABR, ASP, SRES, e-PRO, Real Estate
Eric Glassoff Realtor®, MBA ABR, ASP, SRES, e-PRO,
Coldwell Banker
1375 Beacon Street
Brookline MA 02446
Direct: (617) 233-6210
Office: (617) 731-2447
Fax: Fax: (617) 431-5010

Testimonials

I was a first time home buyer looking a place in Brookline, and Newton area for a quite well, and tiredly had worked with several agents in 2008-2009.  I decided to find a place myself, and it happened that I found that sales agent Eric Glassoff had lots of the hot units in Brookline for sale.  So why not work with him as buyer agent then?After I started to work with him, I was so impressed with his professional knowledge, ability to educate clients, working efficiency, honesty, loyalty, and the capability to make a deal happen in the best interest of his client.  After I looked at 2-3 properties, I happily bought a dream home at Newton.  I strongly recommend Eric to any home buyers, as his excellence in business as well as his loyalty to his clients will bring you satisfaction in purchasing your dream home.  "Susan Zhang"... Read More