The Boston2.com Real Estate Blog

Prices Dropping in Cambridge MA?

What Happened to Cambridge?!?

I keep a pretty close tab on market stats which helps me catch trends generally faster than most. 

But that quickly changed when I had a potential seller client that I spoke to last year reach out. They were thinking that this Spring market made sense to move forward with the sale of their condo. So I pulled the data and reran an analysis and almost fell off my chair. 

What happened to the Cambridge market? Has it spread to Boston? 

Oh, Real quick. My name is Jeff Chubb and I am a retired investment banker turned real estate agent that has sold more than a 1,000 homes. If you have real estate questions, then know that I am here to help. 

The year over year stats for Cambridge are shocking. It’s left me scratching my head with what is to become. 

Year to date in 2024, there have been 102 Cambridge Condos sold for an average sales price of $1,082,477 and a median price of $919,000. 

Compare this to the same time period in 2023. There were 107 Cambridge Condos sold for an average sales price of $1,211,732 and a median price of $975,000. 

So that means that sales are down by 4.7 percent. Okay. Who cares?

But the average price is down by 10.7%.

The median price is down 5.7%. 

Big difference. And in this case, I think it makes sense to believe the median pricing over the average pricing data… Even with the big sample size of data!

The reason is that in 2023, there have been 25 properties sold for $1.5 million or more. That number swells to 52 condos when you factor in sales that were $1 million or more. ...

REALTORS - Add A Zero to Your Income...

Add a Zero to Your Income by doing this one thing!

This one killed me. Because it was so stupid and I couldn’t believe I wasn’t doing this my entire career in Real Estate. 

And the worst part is that even after all of those years and all of the transactions… I didn’t even think about it. I stole the idea when I was visiting a friend and learning about his operation. 

I immediately started to think about all the buyer clients that I had lost over the years because quite frankly… I was doing a crappy job working with them. 

Millions of dollars in lost fees. And it could have been so painfully easy to retain them... 

Real quick, hey it’s Jeff Chubb. I am a recovering RE/MAX, then eXp Agent that now is partnered with REAL. If you have any questions about my experiences, then know I am an open book and ready to help… All confidentially of course. And if you like the content, then I appreciate you slamming that like button right down there and considering subscribing!

Okay, so what is it? What is this painfully stupid idea?

It’s texting your clients house options that you have scrubbed. 

I know what you are thinking… DUH. But it’s the system that you need to put in place to ensure that you are consistent that makes the difference. 

Consistency is key in pretty much everything in life. But you can see the difference it makes in this business very quickly!

So here is the system. You most likely have a CRM that is sending your clients properties....

BEST ways for Seller Real Estate Lead Generation

Best Seller Lead Sources

Working with seller’s has generally always been sexier than buyers, but with this new lawsuit… The attractiveness of working with sellers has gone up ten fold! I personally have done a 100% pivot in my new client lead generation to seller leads. But keep in mind that I have a 30,000 person database and am very strong with buyer SEO rankings. 

In other words, I am not suggesting for others to necessarily go 100% all in. 

So what are the best seller lead generation sources? I am also going to talk about a must do in order to get a positive Return on Investment with these lead sources towards the end.

By the way, seller’s are tricky. They aren’t like buyers who are a lot more up front with their intention of making a move. For the most part, seller’s like lurking in the shadows. They like staying uncommitted and will tell you that they have no intention of moving to only have their house on the market three weeks later. 

Real quick, hey it’s Jeff Chubb. I am a recovering RE/MAX, then eXp Agent that now is partnered with REAL. If you have any questions about my experiences, then know I am an open book and ready to help… All confidentially of course. And if you like the content, then I appreciate you slamming that like button right down there and considering subscribing!

Okay, so let’s talk about lead sources. 

The BEST seller lead sources are not surprisingly, the ones that cost the most. 

I have found that the best seller lead generation sources are Radio and Television....

Are Luxury Real Estate Agents in Trouble?

Is being a luxury agent a good thing? Or because of these upcoming changes… Are there some headwinds on the horizon and it may actually be a… bad thing. 

For years, agents that operate in the luxury market have been looked up to. Almost idolized. Heck, there are a bunch of HGTV Luxury Real Estate shows… Real Estate agents… TV Shows! Ha. 

I mean the big paychecks just make other agents drool… And some agents hate… And the general public as well... 

So does this new economic climate spell a doom and gloom scenario for some agents. 

I think the answer is yes… With a big asterisk. Let’s get into this. 

Real quick, hey it’s Jeff Chubb. I am a recovering RE/MAX, then eXp Agent that now is partnered with REAL. If you have any questions about my experiences, then know I am an open book and ready to help… All confidentially of course. And if you like the content, then I appreciate you slamming that like button right down there and considering subscribing!

So will the VERY HARD to earn gravy train continue? Let’s dissect this a little. 

It’s the new world of a decoupled fee. Now imagine you are a Ten Million Dollar buyer. You are obviously a highly educated successful business person. Would you stroke a $250,000 to $300,000 check in order to have an agent represent you?

I don’t see it. But I also don’t operate in the luxury market. I was talking with a luxury agent and he said that yes they will. And that’s my asterisk that we will get back to in a couple of moments. 

So that’s the ten million dollar buyer. Maybe that’s the ultra luxury agent? Maybe the ultra luxury...