The more things change …

In this market, the more things change, the more they seem to stay the same, which continues to be great news for sellers

BY SCOTT PICKERING

Since the start of 2000, the world has changed, then changed again. The economy has been clanging along like a dryer full of forks. Interest rates are skyrocketing toward their highest levels this century. And every industry, including schools, restaurants and retailers, essentially has a “Help Wanted” sign permanently affixed to its front door.

In other words, turmoil is commonplace, and normal is never quite the same.

Nonetheless, there are constants, and the local real estate market is one of them. Driven by historically low inventory and indelible appeal, this region and its miles of coastlines, alluring neighborhoods and high quality of life remain hot, hot, hot.

One real estate team has been living this new reality for almost three years now, but is still amazed as they watch it play out. Lindsay Mitchell, of the Kirk Schryver Team at Compass, recently helped bring three homes to market in Barrington. She and colleague Elizabeth Kirk listed 5 New Hampshire Ave., located in what’s known as the “Roberta Plat” neighborhood. It’s an area of small Colonials, Capes and ranches on 10,000- to 20,000-square-foot lots between the middle school and the East Bay Bike Path. They pre-hyped the listing, held two days of open houses and showings, welcomed more than 100 potential buyers, received more than a dozen offers and sold the property for more than the asking price of $459,000.

Mitchell and team experienced the same at 26 Old River Road, a smallish Cape located not far from the Wampanoag Trail. They listed it, hosted nearly 100 buyers in three days, received multiple offers and closed it for more than the asking price of $589,000.

A method to the madness

Though the simple forces of supply and demand (there’s very little supply and a fierce level of demand) are driving much of the current market, the Realtors also have a method to create this madness. There’s a science behind what they do.

“We bring a very thoughtful strategy,” Mitchell said. “We do a lot to build interest from the buyers.”

Their tactics include “Coming Soon” signs; social media teasers; direct contact with buyers’ agents they know have clients at various price points; and pre-inspections. The latter has become standard operating procedure for the team.

“We do pre-inspections, so the buyers know what they’re getting,” said co-team leader Lisa Schryver. “It’s part of our strategy … We want people to know exactly what they’re getting, and as a result people trust our listings.”

Mitchell elaborated on how they often go beyond the pre-listing inspection to actually improving or fixing things before the property hits the market. “We try to resolve anything we can, so it’s a clean inspection,” Mitchell said.

Ready for the spotlight

Mitchell is also the staging specialist on the team, which is a critical part of the strategy. “We do a considerable amount of staging,” she said. “We stage every property.” The amount can vary from property to property. It could include a few pieces brought into the home, re-painting walls, refinishing floors, or even major repairs, if necessary. For most properties, it will take weeks. For some, the pre-listing work can last months.

Mitchell worked with the owners of the 5 New Hampshire property on a list of repairs and improvements. They did everything recommended by the team, and the results speak for themselves.

“I know the amount that they invested pre-sale, and they’re getting more than a 10-time return on that investment,” she said.

Still going strong Mitchell, Schryver and the rest of the team watch the market with a wary eye, especially while reading dire headlines about markets elsewhere, but they still see great things here at home.

“We saw things let up a little bit last summer, but right after the holidays, we went right back into the spring market,” Mitchell said.

“We’re still seeing so many buyers, especially here in Barrington,” said Schryver. “People want to live in Barrington. If it’s priced right, it’s going to sell.”

Just like it has for the past three years.