There is no doubt tat our nation is in the midst of a very serious economic crises that in 2008 extended to our regional economy as well as our local housing market. As a result, last year was one of the most challenging in recent memory. Everyone was impacted in some way as this was certainly an apprehensive time for those buying and selling property. Both buyers and sellers encountered a whole host of new challenges ranging from getting accurate appraisals to dealing with new requirements from lenders. In light of all this, our Realtors really made the difference. They helped overcome obstacles. They gave some great advice and showed a lot of compassion and understanding to their customers and clients alike. Most importantly, they were a calm and trusted voice of reason in every transaction. Our Realtors experience and knowledge of our local marketplace really paid off for our clients. In this current real estate market, accurate pricing, effective marketing and experienced representation, are critical in order to succeed. Now more than ever, choosing the right Realtor makes all the difference. In Lynnfield, the average sales price for a home fell by 12% in 2008. During that time, the total number of homes sold declined by 29%. Particularly impacted, were the number of homes sales over $600K, which dropped by 54%. With this in mind, Northrup Realtors were involved in the sale of 1 of every 2 homes sold in Lynnfield in 2008 (42 of 84). Remarkably, Northrup's Realtors also participated in the sale of 80% of the homes sold over $600K (20 to 25).
In Peabody, the average sales price for a home fell by 9% in 2008. During that time the total number of homes sold in Peabody declined by 5%. Looking forward we are hopeful that 2009 will be a better year. Interest rates are down to historic lows. We are working with a number of strong buyers anxiously awaiting the right home in order to take advantage of these favorable rates. At the same time we are experiencing a shortage of inventory in a number of key price ranges. In these current market conditions, we have found that a home priced reasonably still sells fairly quickly. Since 1952, in good times and bad, Northrup Associates has been the name that people trust. Now more than ever, if you are thinking of buying or selling a home give us a call so we can put our experience and expertise to work for you. (Article Courtesy of Peabody&Lynnfield Weekly News-March 5, 2009)