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Top suburbs, tumbling prices

Posted by Scott Van Voorhis December 6, 2013 05:40 AM

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If you are looking for a deal on a house, better get moving then. The next month or two is probably going to be your best chance for the next year.

Why? Well the holiday season is here. And, as I recently noted here, sellers still looking for buyers at this time of year are more likely to cut prices and move on, having struck out in the fall or summer.

Just think about it. If you are trying to sell your house between Thanksgiving and Christmas, you clearly aren't messing around or fishing for your fantasy price. That is unless your idea of fun is having home buyers pop up on your doorstep the day after Christmas.

In fact, you can buy a home at a significant discount in some of the most coveted suburbs out there, with a growing number of sellers in some of the nicest towns slashing prices by 5 percent or more as we head into December. Sometimes a lot more.

Bill Wendel over at the Real Estate Cafe has put together some incredible numbers showing a flurry of holiday season price cutting taking place right now in Burlington, Bedford, Carlisle, Lexington, Westford and Winchester.

Roughly 8 percent of the homes that have been put under agreement - meaning a purchase and sales contract has been inked but the sale hasn't  formally closed yet - have seen substantial price cuts of 5 percent or more. That includes the seller of one Winchester manse who slashed his asking price by 15 percent, down to $1.7 million, and a Westford seller who snagged a buyer for his now $709,000 home after shaving off $76,000, according to MLS numbers examined by Wendel.

But in a sign of holiday season price slashing, the freshest sales out there - those awaiting home inspections or the signing of a purchase and sales agreement - are sporting even deeper discounts.

The median listing price of these homes has dropped by 10 percent, to $630,000, according to Wendel. Roughly a third of 33 homes in this category - classified as "contingent" by MLS - have seen their owners reduce their asking prices by anywhere from 5 to more than 18 percent.

Burlington and Lexington are leading the way, with sellers of six homes in these upscale suburbs having cut prices by anywhere from $40,000 to more than $100,000.

One Lexington seller knocked just over $101,000 off his asking price, bringing the total down to somewhat below $650,000, Wendel reports.

But for generosity, nothing beats the Burlington seller who knocked $100,000 off, lowering the price to just under $450,000.

That's an 18.2 percent price dive.

Happy holidays!
This blog is not written or edited by Boston.com or the Boston Globe.
The author is solely responsible for the content.

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About boston real estate now
Scott Van Voorhis is a freelance writer who specializes in real estate and business issues.

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