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The Hedingham housing market continues to be sluggish compared
to previous years, following the trends in the Triangle and
national housing markets. Hedingham has had 52 houses sell over
the past 3 months, with an average selling price of $142,678 and
average days on market of 50 days, beating the Raleigh average
of 71 days on market presently.
Smaller single family homes win the “Most Appreciation Award”
for the past quarter. Recent sales of 8 in comparison with last
year’s 34 reflects the slow down in the market and average days
on the market has increased from last year’s, but the most
significant note is how many house are selling.
Larger single family homes have completely flat lined on
appreciation, with sales down, very poor performance this
quarter for them. Days on market is very poor at this time.
Townhomes previously winning the “Fewest Days On Market Award”
have now slowed again. Townhome owners are sitting tight with
about half as many homes going on the market than at this same
time last year. The average price per square foot value has
dropped sharply now gaining only 1% appreciation from last year.
We have 9 homes heading to the closing table presently, with 52
still for sale moving into the traditionally slow holiday and
end of year market.
My strong recommendation is to wait until the first possible
recovery period for selling your home, “The Spring Market”. You
can prepare your house now for sale in that possibly better
market. If you must sell, choose a price that makes sense in
this market, overpricing will just leave your house sitting
around collecting cobwebs. Other options include rent with
option to buy or lease purchase option programs that we offer at
Sensational Realty. Property rental in this market makes a lot
of sense if you must change your living location at this time,
but can not suffer the loss in investment return.
As always, feel free to contact me for your specific personal
home value analysis, or property management needs. This is free
with no obligation for my Hedingham neighbors, friends and
clients.
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