Metrowest Foreclosure Updates
July 7th, 2010 Categories: Ashland, Framingham, Holliston, Hopkinton, Local Communities, Market Conditions, Natick, Real Estate, Southborough
Today I received a news release from RealtyTrac, which is the leading online source for foreclosure properties. The report made me question how the specific Metrowest Massachusetts marketplace is doing in regards to foreclosures. This post will report on the following questions you may have:
- Are there a bunch of foreclosures driving down home values in our area?
- How much of a discount can I get if I buy one of these foreclosure properties?
- Is the market getting worse or better out there?
Foreclosures in Massachusetts
RealtyTrac reports that Massachusetts is one of the top 5 states in % of foreclosure sales for the 1st quarter of 2010. (June 30th – Not really sure why it took so long to issue these stats??) As alarming as this sounds, let’s look a bit closer…
Number of foreclosure sales were 2,111 in quarter 1, which is 42% of all sales! Sounds bad, right?
How does this compare to other states they reported on? It works out to .9% of Total foreclosures in the United States.
Still digging a bit deeper, I checked MLS data for number of sales in MA for the 1st quarter. MLS reports 6628 total single family home sales, which works out to 32% of all single family home sales are foreclosure sales. Since they report 2,111 were ALL sales, let’s add condos and multifamilies to that number… now it is over 11,000 sales, or about 19% of all sales.
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Holliston Market Report 1st Qtr 2010
April 15th, 2010 Categories: Holliston, Market Conditions, Real Estate
The Holliston real estate market is in trouble.
There’s nothing to sell!!
Compared to 2009, the number of available listings fell 15%. In 2009 there were 67 listings, today there are only 56.
The Big Picture:
The Warren Group reported on the February real estate market for all of Massachusetts:
- Single Family Median Prices jumped 8.4% vs. Feb 2009
- Single Family# of sales climbed 13.5% vs. Feb 2009
- Year to Date Median Prices are up 9.8%
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Metrowest Homes Open House Weekend
April 9th, 2010 Categories: Events in Community, Market Conditions, Real Estate
There is a big push this weekend to show off houses and condos in the area. Open Houses will be Everywhere!
This Sunday, April 11th, it is forecasted to rain, so go check them out. As part of a national push by Realtor associations, 35 states have agreed to increase open house availablity on this weekend.
As of Friday, there are 27 open houses planned in Ashland, 27 in Holliston, 64 in Framingham, 77 in Natick, 28 in Hopkinton, and 66 in Franklin, to name a few.
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Real Estate Internet Traffic
April 3rd, 2010 Categories: Market Conditions, Real Estate
National real estate web sites are constantly attempting to get new visitors. All of them seem to tout themselves as #1.
Click here for report on National Website Traffic.
Realtor.com has been on the scene for a long time and has consistantly reported more traffic than all other sites. Here is a report out that lists the top websites dealing with real estate. Are you listed there?
Being a home seller in today’s marketplace requires you to be found on most of these.
Because the MLS data is shared with almost all of these sites, just by getting your home listed on MLS will cause it to be found on most of them.
Do you get added exposure on these sites when you list with your agent? This includes additional pictures, attaching a virtual tour, links to your listing agent, floor plans, etc.
Ed Daniels of Remax Executive can be found at www.MAhome.com, which just misses the number 1 spot of 7 M unique visitors per month!
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Your Home Will NOT Be in the Paper
April 3rd, 2010 Categories: Market Conditions, Real Estate
You just put your home on the market for sale. Excitement builds, the sign is in the yard. Everyone is asking about the price and wishing you the best of luck!
You are still frantic getting ready for the first open house. Looking over the Massachusetts homes for sale on MLS has been a pasttime of yours for at least a month.
Boy, you are practically famous… your home is there in the real estate section of the local paper. Thousands of readers are going to be viewing your beautiful home!
Sorry, Reality here!
The majority of Serious buyers are NOT looking in the real estate section of the newspaper.
Want to hear the top 3 people looking at the real estate section:
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Home sellers
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Real Estate Agents
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Moms of home sellers
If you are serious about hearing where the Home Buyers are coming from, there is one main source to turn to. The National Association of Realtors conducts a survey each year and compiles the results in a Profile of Home Buyers and Sellers. Over 9,000 buyers and sellers of the past year responded to the survey.
The results of this survey:
3% of home buyers used newspapers and buying guides as their first step taken in the buying process.
47% of buyers researched on-line for homes or home buying information.
In response to additional questions about what information sources were used in their home buying search:
90% Internet
87% Real Estate Agent
59% Yard Sign
46% Open House
40% Print Newspaper advertisement
So, as a smart businessman, when I am given the job of marketing your home for sale, where do you think I invest all my time and energy? Getting a home in the best possible position on the internet and with the local Realtor community is my main focus!
Great pictures, virtual tours, staging of a property, Featured internet exposure, and broker tours are the ticket to selling a home!
Of course it is nice to see your home in the newspapers, but unfortunately, it is not even close to being as important as presented well on the internet!
Ed Daniels of Remax Executive Realty can be reached at 508-341-7880 or Ed@MAhome.com. The MAhome Team works with buyers and sellers of real estate in the Metrowest region of Boston, Masschusetts.
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2009 Review of Massachusetts Housing
January 26th, 2010 Categories: Market Conditions, Real Estate
The Massachusetts Association of Realtors released the year end numbers for Massachusetts this morning.
Statewide the single family home sales increased 4.1% over 2008.
Single family median selling prices fell 6.8% compared to 2008, falling from $311,000 to $290,000.
MAR separates out these reports into “regions”. Metrowest area of Massachusetts falls within the region of Greater Boston. This region saw the following results:
- A 2.6% increase in sales over 2008
- Median prices declined 3.6% compared to 2008
- Median price is $434,000 in this region
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Holliston MA Market Review Jan 2010
January 13th, 2010 Categories: Holliston, Market Conditions, Real Estate
Would I be surprising you if I made the statement that it is a Seller’s Market in Holliston MA right now? The Median Sales Prices have remained steady compared to the year earlier, which should be considered a WIN for homeowners in this economy.
Here is a quick bullet of Holliston’s Marketplace:
- Average selling time over the past year has been 122 days on market.
- Median price is $350,000 over the past 12 months. Same as previous year.
- There are currently 36 Active single family homes on market.
- Holliston has 3.2 months of inventory currently – Under 4 months is considered a Seller’s Market
- Sellers are getting 95% of Listing Price over the past year. 91% of Original Asking Price.
Just so that I am not coming across those readers that think I am a typical Realtor reporting only the “positive” stats, I have reported Median prices as opposed to Average prices. This is because Average prices create a higher weight to the higher end priced homes and Median prices do not.
That being said, the average prices for the past 12 months were $388882, down from the 12 months previous of $396328. This results in a 2% decline in average prices in Holliston.
I have a buyer currently looking to spend up to mid $500K in Holliston, Medway or Hopkinton. I just mailed a postcard to 400 Holliston households asking them if they were considering a move. In 12 years as a Realtor, I can say I have never done this before.
I believe this type of low inventory will result in upward price pressure for Holliston housing stock in 2010.
Ed Daniels of Remax Executive Realty is on the MAHome Team serving Metrowest Boston. Contact him at 508-341-7880 with any questions about Holliston’s real estate market.| Discussion: No Comments »
No Housing Bubble for MA
November 25th, 2009 Categories: Market Conditions, Real Estate
I was reviewing the Massachusetts Association of Realtors latest housing data that was posted and came across a nugget. It was a historical graph for single family home sales. It shows 18 years of sales data in the month of October.
OK, the MAR reported 3,828 sales of single family homes in October state wide.
This number of sales is very close to the same number in 2005 and about 17% more sales than last year.
Were 2001 and 2002 good years for home sales? This 2009 number is stronger than both of those years!
I read about all the naysayers out there about the housing market (just look at comments on Boston.com real estate articles) but the stats above provide perspective.
Sellers don’t fell as good these days to hear that their property has fallen in value over the past few years, but the fact is that the strength of the housing market is there. Whether this is because of buyers taking advantage of tax credits, distressed properties, or pent up demand, the fact is that houses are still selling.
Ed Daniels is part of The MA Home Team servicing the Metrowest Boston area. Under Re/Max Executive Realty, he has been a full time Realtor for over 11 years. Contact him at 508-341-7880 for any questions you may have with the local market.
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New Tax Credits for Buyers Explained
November 9th, 2009 Categories: Market Conditions, Real Estate
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NEW Home Buying Tax Credit for ALL
October 29th, 2009 Categories: Market Conditions, Real Estate
Home buyers have been anxiously awaiting word on an extension of the very popular First Time Home Buyer $8000 tax credit.
MarketWatch is reporting this morning that the Senate has struck a deal to expand on this program.
Many Realtors are seeing this tax credit as the main motivation of home sales this year. In 2008 there was a “tax credit” that was really a no interest loan to First Time Buyers. This year that was changed to a real tax credit of $8000 for these buyers.
The report is that today’s agreed upon credit would extend to ANY buyer who has lived in their home for 5 consecutive years, as well as the First Time Home Buyer.
Here is the report from MarketWatch:
By Robert Schroeder, MarketWatch
WASHINGTON (MarketWatch) — Senators have struck a deal to extend a popular tax credit for home buyers beyond those buying their first house, Senate Majority Leader Harry Reid’s office said Wednesday.
Legislators also have agreed to extend the tax credit through the end of April, according to a Reuters report.
An $8,000 credit for first-time home buyers is set to expire at the end of November. Under a compromise reached by senators, the credit would be expanded to those who have lived in their home for five consecutive years, a Reid spokeswoman said.
The credit for repeat buyers would be $6,500.
The credit reportedly would be available for individuals making up to $125,000 a year and couples earning up to $225,000 per year, up from the current income limits of $75,000 and $150,000, respectively. Reid wants to attach the tax-credit measure to a bill that would extend unemployment benefits.
All the buyers rushing to get into that home by the November 30th deadline are breathing a sigh of relief. I believe the additional feature for people who already own their homes is going to certainly help home sales in the mid-priced price points.Ed Daniels of Re/max Executive Realty is a Holliston native and full time Realtor. Contact him for more details on this brand new tax credit at 508-341-7880 or Ed@MAhome.com.
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