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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Nordstrom is Having a Sale… on Condos!
September 11th, 2009 Categories: Featured Listings, Market Conditions, Natick, Real Estate
Natick has one-of-a-kind luxury condos that are going on the auction block next month. The Nouvelle at Natick is a 215 unit project that is connected with the mall. About 20% of the units are going to be auctioned October 4th.
The developers are in trouble. They built this development just as the economy was going into a tailspin. They have sold or put under contract only a total of 37 condos. Ouch!
Using town records, I was only able to verify 18 sold units, and selling prices ranged from $369900 to $1.2 million. The following are the units being auctioned:
- 1 Bedroom & 1 BR + Study $160K-$210K
796-1078 sq ft units
- 2 Bedroom & 2 BR + Study $220K-$315K
1068-1591 sq ft units
- 3 Bedroom (only 1 unit auctioned) $350,000
1774 sq ft
- Penthouse (2 units) $375K-$475K
1596-2110 sq ft units
The marketing department has tried everything to entice the local Realtor community to sell these units. Incentives for months of condo fees or mortgage payments have not worked to bring in sales. These prices have just been too high for such a unique housing option in Metrowest.
You will need a deposit of $10,000 on auction day, and I would highly recommend doing all your homework about unit locations, pricing, and mortgage financing. If you are an investor you likely will need 20-25% down payment to get your financing.
These very unique Metrowest condo options were never a good investment to consider, until now. Feel free to contact me for all details of the process and the property options. The developer will pay the commission of your Buyer Agent when bidding on these units, so take advantage of this guidance.
“We Live Where You Live” Ed Daniels of Remax Executive Realty can help you with this auction process and perhaps get you a great investment. He can be reached at 508-341-7880.| Discussion: No Comments »
The Mortgage Rate Mountain
September 9th, 2009 Categories: Market Conditions, Mortgage Updates, Real Estate
Just a quick post:
This is a graph of mortgage rates over the course of the past 40 years.
Fielding calls about interest rates and client’s worry about where they are heading, I lose perspective about these numbers.
People, you can’t get much better than this… don’t worry about an eighth of a percent, lock it in!
Ed Daniels, of Re/max Executive Realty, can be reached at 508-341-7880. He is an 11 year veteran of the real estate market in Metrowest Boston, and has great mortgage broker contacts to answer all your specific questions.
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Signs of Life for Real Estate Market
May 26th, 2009 Categories: Market Conditions, Real Estate
The April numbers for the Massachusetts Association of Realtors are IN and I like what I am seeing! It is starting to reflect the conditions that my team is seeing on the street. We are busy, and clients are seeing multiple offers and strong seller negotiations.
If you are shopping right now, buy or forever hold your peace.
Single family homes:
Median Prices and Number of Sales have climbed since February. Read the rest of this entry »
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6 Top Mortgage Programs Available Today
April 13th, 2009 Categories: Market Conditions, Real Estate
It is a historic time in the mortgage business over the past 18 months. The lending landscape has gone thru so many changes and tweaks over this time it made me ask:
What types of mortgages are still available today?
Michael Dunsky, of Mortgage Master in Walpole MA, sent over a terrific summary of the programs and their main features. Here they are: Read the rest of this entry »
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Big Gov’t At It Again – Solving the Foreclosure Issue All Wrong!
April 4th, 2009 Categories: Market Conditions, Real Estate
The City of Boston has managed to come up with another waste of taxpayers money. Mayor Tom Menino has recently announced $4 Million in funds are newly available for taking care of foreclosure filled Boston neighborhoods. These funds come from the “Housing and Economic Recovery Act of 2008″ that you and I will be paying for years to come.
The amount of funds is too small to make any noticable effect on these neighborhoods.
The 51 page Application Package describes the 15 documents that an interested party would have to submit. Some are simple affidavits, but most are huge undertakings, Read the rest of this entry »
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