OK, OK, I know it's been a while

This summer has been very busy for me and I know that shouldn't be an excuse, but it is. And I have back burnered the blog for long enough.

So, July has been relatively quiet on the buyer side of things as many have been on vacation. We have been super busy with rentals we have listed some more properties including a new development in Harrison Point. A beautiful, newly-constructed development with a pool!

I'll blog about that in a few days. But first, I need to comment on the status of the Dorchester condo market. In my personal opinion, it stinks!

There still are quite a few units on the market, but there is very little to get excited about. Then there are the dogs: Units that aren't bad and in decent areas, but the owners just can't seem to get the price right and the foreclosures/short sales that nobody wants.

This bodes well for sellers of decent units that have the ability to price it right to start.

Here are some stats that I find very interesting:
On May 3rd there were 349 units on the market with a average market time of 130 days.
Today, August 3rd there are only 283 units with an average market time of 120 days.
I think sellers that can are holdin'em. The Kenny Rogers song definitely applies in this market.

From quickly looking, this is the lowest inventory we've had in the past year, couple that with buyers are back from vacation, it is making it a bit more competitive in making/accepting offers end of things. On the flip side, once the offer is in and accepted, financing it is becoming an exercise in futility. It is getting harder and harder to close deals because of financing.

My best advice is to work with a mortgage professional and real estate agent who know the right questions to ask, before you get in too deep in a sale and find out you can't close.