Mott & Chace’s Taylor Talks How to Compete in a Red Hot Real Estate Market
Thursday, February 18, 2021
Nelson Taylor of Mott & Chace’s Blackstone Team says he has never seen a real estate market like this.
The combination of lack of inventory, low interest rates and out-of-state buyers is pushing real estate prices up and up said Taylor on GoLocal LIVE on Wednesday.
“I’ve been in the business for 20 years and know people who've been in the business longer than I have and nobody has seen it as this hot of a seller's market -- since anyone can remember,” said Taylor.
GET THE LATEST BREAKING NEWS HERE -- SIGN UP FOR GOLOCAL FREE DAILY EBLAST“We are talking about the moment properties come on the market there are 30 to 50 people interested in seeing the property, showings over a two-day period, multiple offers. Sometimes 10 to 20 offers on one property price is going 10, 20 percent even higher over the asking price and just to compete buyers -- that probably should not be removing contingencies -- are removing contingencies like inspections and financing,” added Taylor.
The year ended with a median sales price of single-family homes in December of $325,000, a 14% gain over December 2019.
For Taylor and his team that is a major player on Providence’s East Side. The prices continue to fly upward.
The median selling price for a home on the East Side is now $671,000 — up nearly 14% and houses are on the market less than 30 days.
“We have got an 80 almost 82% decrease in inventory from this time last year, so you can imagine with the lack of inventory and certainly the low rates is a part of this story — you know 2.5 interest rate is is almost free money — and the number of buyers out there -- I mean the competition is unbelievable,” said Taylor.
Taylor says buyers need to be willing to “fall in love” with 4-5 houses before they can expect to secure the house they want.
In addition, he says for sellers, they may get premium pricing on they way out, but need to have a plan for where they are going.
Taylor says he doesn’t see an end to this market in the short-term.
“You know, prices say for a $550,000 house, you know it's not unheard of for that sales price to be $75,000 over the asking,” said Taylor.
Learn more about Taylor and his team HERE.
Mott & Chace Sotheby's International Realty is a paid content partner of GoLocal and appears weekly on GoLocal LIVE.
