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Being Green is really paying off now!

The gimmick tool on Zillow is what they call a Zestimate.  The computer uses public data to evaluate every single home and gives the consumer a Market Value, which they term a Zestimate.  Since the consumers mention this number often, we as Realtors need to be aware of it.

Zillow discloses how accurate their Zestimates are compared to selling prices, and they break this down to the geographic regions.  Bravo Zillow!

How close are Zestimates to actual Selling Prices in MA?

In all of Massachusetts, there are 2.2 Million homes posted on the site, and 2.1 Million have Zestimates.  Here is how close the Zestimates were to the properties that were on the market & sold:

Within 5% of Actual Selling Price       38.4%

Within 10% of Actual Selling Price     62.7%

Within 20% of Actual Selling Price     80%

Median Error is 7%, which means that half the Zestimates are within 7% of the selling price and half are off by more than 7%.

To people who are selling their homes out there… this is not a weather forecast where being wrong on pricing will mean you get your hair wet.  Using a Zestimate rather than the skills of a professional local Realtor to evaluate your home’s value is a bad gamble.

These margins of error are too great to use Zillow’s Zestimate as anything but a fun conversation piece of info at a cocktail party.  When ready to list a home or go purchase a home around the Metrowest Boston area, call on The MAhome Team of Realty Executives to get you a free market evaluation on the home’s value.

Ed and Doriane Daniels, the MAhome Team of Realty Executives, can be reached at 508-341-7880 for any questions about the housing market for Metrowest Massachusetts.  As full time Realtors in Massachusetts, they have worked with almost 200 buyers and sellers of local homes.

This home is situated in a private setting, with a circular driveway flanked by tall trees.  The rear yard rolls down to a large swath of woods, with no rear neighbor in sight.

Inside, the traditional colonial home displays beautiful hardwood flooring that welcomes you straight into the renovated kitchen.  

The stainless appliances in this home are all included in the sale!  Lots of maple cabinetry creates a bright work area on the granite countertops.

Here are some quick bullets on other highlights:

•     Central Air
•     Highly Efficient Replacement Windows
•     Fireplaced Family Room
•     Dining Room
•     4 Bedrooms
•     Finished Basement
•     Replacement Windows

The basement room is a wonderfully usable space, with a full bank of windows and a wood stove.  It is a large open space and is versitile enough to be a playroom, entertainment room, or office area. 

This 4 Bedroom, 2 1/2 Bathroom home is offered for $479,900. 

The Realtor community is hearing from the in-house staff often, letting us know that they are “almost completely sold out“.

(90% sold was stated in last email from them)

I have put together some information on the 1st quarter sales that I gathered from MLSpin, the Massachusetts MLS service.

In the 1st quarter there were:

8 sales ranging from $369,900 to $599,900. 

(Avg. of $438,275)

Unit N345  1 BR, 2BA + study with 1244 sf of living area   $369,900

Unit T922  2 BR, 2BA with 1330 sf of living area              $399,900

Unit S609  2 BR, 2BA with 1382 sf of living area              $413,900

Unit T736  2 BR, 2BA + study with 1472 sf of living area   $419,900

Unit N243  2 BR, 2BA + study with 1545 sf of living area   $424,900

Unit N251  2 BR, 2BA + study with 1658 sf of living area   $430,900

Unit N543  2 BR, 2BA + study with 1545 sf of living area   $446,900

Unit N741  3 BR, 2BA with 1720 sf of living area                $599,900

Note:  N = North, S = South, T = Terrace (floors 6-9)

For comparison for this same time period in 2010, Nouvelle had sold 16 units in this quarter. 

Average price in 2010′s 1st quarter was $455,856.

Is Framingham selling more or less homes these days?

Less.  In 2010, there were 429 single family sales in town.  This is a 3% decline from 2009 sales of 442.  Going back to 2008, the 469 sales results in a drop of 9%.

Is Framingham having an increase in Selling Prices?

Yes, in 2010, Framingham increased the median selling price from $300,000 (in 2009) to $305,500.  This is a 1.8% increase.  For anyone who wishes to use the less pertinent Average Selling Prices, they were flat – $322,000 in ’10 vs. $321,227 in ’09.

Are homes selling faster or slower when they come to market?

The Days on Market numbers have dropped consistantly over the past few years.  In 2010, the average time on market was 93 days, vs. 106 in 2009 and 118 in 2008.  Therefore, homes are selling faster!

Considering the differences in the housing stock of North and South sides of Framingham, is one side doing “better” than the other?

In some respects of the single family housing market, the South side (01702 zip code) has done fine, but overall the North side 01701 zip code shows more strength.  The Average Selling Price has gone up 1.4% from 2009 to 2010 in South Framingham, but the North side decreased 1/2%. 

On the flip side, North homes sell faster (79 Days on Market) compared to the South side marketing time of 122 Days.  There are also more than 2 times the number of Sold listings on the North side.

With a diverse housing stock around the town of Framingham, there is a house for everyone.  Homeowners are still able to sell their homes in reasonable amounts of time, but during 2010 there was a noticable shortage of options for people who wished to move to another local home.   This is improving for Buyers, with 151 Active listings compared to 120 last year at this time.

If The MAhome Team can be of service in your desire to make a move, please don’t hesitiate to contact Ed Daniels at 508-341-7880.  Over 2010, Realty Executives – Boston West was the real estate firm that sold more homes in Framingham than any other.  Put the experience of our team, combined with the best real estate firm in Framingham, to work for you.

• 

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That explanation was pretty painless, huh?  Ok, I can give you more fine print than that!

The reason for this article is because there has been some recent changes to this law by Gov. Duval Patrick, and so it is an opportunity to explain this existing law and the new sections.

Here is the more technical explanation of the Homestead Law:

This declaration is a legal document filed at the registry of deeds that informs the public that the homeowner is asserting his/her rights to protect the equity in the home from subsequent creditors.

Upon filing a Declaration of Homestead, a person’s primary residence is protected against subsequent attachment, suit, or bankruptcy to the extent of five hundred thousand dollars ($500,000) of equity per residence, per family.

Now for the 2 major changes:

1.  Starting March 2011, every home has automatic protection of $125,000 even without filing with the courthouse.  The maximum coverage of $500,000 still requires a legal document to be recorded.

2.  When a person sells a home, this equity protection of the Homestead remains on the proceeds of the sale for a period of 1 year, or whenever the next home is purchased, whichever is sooner.

Go to the source article at The MAR Report (Massachusetts Assoc. of Realtors) for more details.

Many of our preferred closing attorneys consult with buyers prior to closing on their new home, but if they don’t mention it, please insist on this low cost protection.  For specific questions or to put a Homestead on your home, we recommend Tony Buono of Black & Buono.  Tony can be reached in Framingham at 508-879-0789 or www.BlackandBuono.com.

90 Johnson Drive is located in a beautiful neighborhood of homes known as Cedarbrook.  It is 14 years young.  We have heard that it has stood vacant for over a year.   The last buyer for the property was in mid 2007, for $784,000.

Holliston's 90 Johnson Drive

The previous listing had a floor plan done.  Take a look.

The auction process is a very difficult process to get through. The fact is that you will not get to inspect the property before you bid on it, or for that matter, even get to look inside!  You will need to show up within 30 days with cash to buy the home, so normal financing routes are not likely.

That is right: no guarantee of clear title, no keys at closing, no septic system inspection, and if there were people inside… they become your tenants at closing!  Not for the faint of heart!

Of course I am biased, but I would recommend hiring a professional Realtor to guide you through options and tell you about all the risks.

Johnson Drive is being auctioned at it’s Holliston location on Thursday, December 2nd.  The auction company is Commonwealth Auctions.  $15000 certified funds will get you a seat at the table and maybe a steal!

So lets just give you the facts and you tell me!

Single Family median home prices were UP for the 11th straight month in September.  This is compared to year-over-year months.

Single Family home sales in September fell 13.8% from September 2009 results.  This is the 3^rd  straight month of year-over-year declines.

Want a larger sampling of data to digest?  Let’s look at quarterly results:

Single Family median home prices rose 5% in the 3^rd  qtr compared to 2009′s 3^rd  qtr.

Single Family number of sales fell 20.7% last quarter, compared to the same quarter of 2009.

Conclusion (end of the facts): 

If you are a Buyer in this market you are in high demand, but don’t be late to get in the game because prices of the best homes are heading up.

If you are a Seller, it may take you longer to sell but if you are priced accurately, show great, and are reasonable in negotiations, you will be doing just fine (compared to last year).

Ed Daniels of Realty Executives –  Boston West can be reached at 508–341–7880.  His MAhome Team covers the Metrowest Boston region for both home buyers and sellers.

As with anything else, I have found that perspective is the first step to a response on this subject.

Well, I found a great bit of 2009 info from the US Census Bureau and the Tax Foundation:

The median property taxes paid on homes in Massachusetts was $3,511, which is the 6^th  highest in the country.

Now for some further perspective:

The median home value is $338,500, and the taxes are 1.04% of the home value.  This puts MA at a rank of 21^st  nationally.

The median income for homeowners in MA is $83,915, which makes the taxes 4.18% of our incomes.  This puts us at the 9^th  highest ranking in the country.

Ok, there you have it… They’re too high… but not the highest!

Who wins that honor??  1^st  in all categories listed above…

New Jersey!

Ed Daniels of Realty Executives –  Boston West is a homeowner in Holliston MA and paid $6,000 in property taxes this year!  Averages are fine, but thats enough to make me grumble.  If his MAhome Team can be of service he can be reached at 508–341–7880.