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Housing market cools, sellers retool




`` Price reduced'' is a sign that's appearing with increasing frequency in front of homes for sale in Attleboro and across Massachusetts because of a cooling real estate market that's extending the time many homes are on the market.

But sellers and real estate brokers are fighting back by offering extras like warranty plans and closing cost assistance.

They are also `` staging'' homes to make them look more attractive to choosy buyers.

The number of single-family homes sold in Massachusetts during the second quarter slumped by about 13 percent in Southeastern Massachu setts, compared with the same period last year, as inventories of homes awaiting sale grew by 27 per cent.

The median selling price of a home statewide dropped 1.3 percent, according to the Massachu setts Association of Realtors. Meanwhile, the average time a home was on the market in Massachusetts rose to 120 days, up from 95 days over the course of a year.

North Attleboro real estate broker Ed Pariseau said that while homes are in some cases taking longer to sell, the current sales cycle represents more a return to normalcy in real estate than an actual slump.

`` It appears we're returning to what used to be a normal waiting time before the boom of the past few years,'' Pariseau said.

The local broker said there are plenty of prospective buyers in the market, but many are acting with greater deliberation because of economic concerns.

Pariseau said not all price reductions are necessarily a reaction by impatient sellers whose houses are staying on the market longer. Some cuts may constitute more of a correction to asking prices that may have been over optimistic, he said.

`` In this market, sellers have to look very, very hard at what their property will be competing with to make sure that it's priced right,'' he said.

Michelle Hogan, an agent with Coldwell Banker who represents properties in the Attleboro area, said sellers should experience few problems if they set a realistic value on their home.

`` As long as it's priced right, it's going to sell,'' she said.

While single family home prices have cooled statewide, price tags have actually continued to increase in Southeastern Massachusetts, with the median selling price increasing to $288,400, up from $279,900 a year ago, an increase of 3 percent.

Pariseau said that with an increasingly competitive market, some sellers have become more aggressive by offering incentives such as warranty protection and assistance with closing costs. Some are going so far as to bring in consultants to `` stage'' their property, or prepare it for showing to customers.

But the local agent said sellers can increase their chances of selling rapidly by observing some common sense rules:

Make sure the house's yard and exterior are well-groomed for maximum `` curb appeal'' when a prospective buyer drives up.

Inside, eliminate clutter such as excess furniture and thin out unneeded garments to make rooms and closets look roomier and more appealing.

If renovating to make the property attractive for sale, go with paint over wallpaper, and stick with neutral colors.

`` You want to appeal to the largest possible audience,'' Pariseau said.

Pay attention to ambiance. Keep shades and curtains open to let in maximum light and put on as many lights as possible. Odors can be a turnoff, so make sure your house contains only fresh aromas.

 


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