Thoughts on the current state of the real estate market on Massachusetts’ north shore from RE/MAX Advantage real estate agents

"I think there is more buyer inquiry in January 2007 than there was in January 2006. It seems as though sellers are beginning to adjust to a declined market in regards to pricing of new inventory. There is still an abundance of inventory on the market. Homes which have been on the market for 6 months or longer are now competing with new to the market properties. I think it is a more level playing field for buyers and sellers. It is still a great time to be a buyer and sellers must adjust to market changes in regards to price."

Margaret Belmonte
Web Site: www.margaretbelmonte.com
Email: margaret@margaretbelmonte.com
Phone: 978-927-2737

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"Based on the inventory currently on the market now, which is over 5,000 more homes as compared to last year at this time and with anticipation of an increase in property coming on the market for spring, I see no change in the direction of prices in our declining market. If interest rates go up, the price decline will be even deeper.

I see no change in this price direction until our inventory does a drastic decline and I see no signs of this happening in the near future. Therefore, pricing in this market is all important."

Pat Fenton
Web Site: www.patfenton.com
Email: pat@patfenton.com
Phone: 978-524-8717

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"Here is the latest on the streets of Beverly, MA as it pertains to single family housing with a price range between 260 and 460. The new year sparked a ton of interest with potential buyers looking to purchase a home in 2007. Potential buyers have increased dramatically with over 40 people at some of our open houses in a 2 hour window. This is positive for sellers, however the buyers can be patient and will make sure they are getting the best deal possible. Sellers need to do the extras on the home while preparing it to sell, otherwise the house will not achieve its full value or worse will not receive any offer.

The market appears to be stabilizing with inventory not being as large as it has been in the past. 2007 is a good year for buyers as many sellers understand the market has come down and are willing to still sell their property. Many buyers are still cautious and are constantly watching the market as well as keeping up with the latest trends in housing. 2007 should be slightly better than 2006 based upon the number of potential buyers looking so early in 2007. It appears that we may have a productive spring market if sellers listen to professional real estate agents and not listen to their friend who sold their house two years ago and received a large sum of money. Like the great Kenny Rogers sings about, 'You got to know when to hold ‘em and know when to fold ‘em.'"

Mike Cotraro
Web Site: www.teamcotraro.com
Email: cotraro@teamcotraro.com
Phone: 978-882-4425

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"A positive change in the perception of our current Cape Ann market can be gauged by comparing the number of under agreement (UAG) properties now vs. the same time last year. It's what I like to call 'the pipeline.' I'm happy to say that in Gloucester, the number of UAG single families is up from 2 to 20 (+900%), condos from 5 to 14 (+180%) and multis from 0 to 3 (+300%).

Buyers last year were afraid to buy because many were worried about a 'bubble': 'if I buy it today, it might be worth substantially less in the very near future.' According to the current number of under agreement properties, those fears have all but disappeared and, once again, real estate is going 'under agreement' and selling. And, as most of us in the trenches said, 'There is no bubble. The market will correct, but not drastically.'"

Kenny MacCarthy
Web Site: www.kennymaccarthy.com
Email: kenny@kennymaccarthy.com
Phone: 978-758-0983