Home Bidding Wars are Back?
April 2nd, 2009 Categories: Market Conditions, Real Estate
Current events and local news coverage has not been presenting a very rosy picture out there for the housing market. Economic news is overwhelmed with negative results.
So, Why am I dealing with multiple offers?
- A Hopkinton foreclosure home currently has fifteen, yes 15, offers on it! My Buyer had to offer over asking price just to have a chance at it!
- My Milford estate sale listing is Under Agreement with only 17 days on market.
- A listing I have on Fisher Street in Medway had 3 offers on it and is awaiting Bank Approval on the “short sale”.
Here is an April 1st article about some national experiences like this: Read the rest of this entry »
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Radon Gas: Linking To the Facts
April 1st, 2009 Categories: Real Estate
Learning that there is Radon Gas at elevated levels in your home, or the home you are buying, is never a good thing. It gets worse because most people are not very knowledgeable about what Radon is!
This post collects data from several sources to make you an educated consumer.
First and foremost, radon gas is naturally occurring and is in the air all around us. When found to be at excessive levels, there are methods and companies out there to guarantee a solution to the issue. So take a deep breath and read on (ha-ha)…
What is Radon?
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Strength in the Ashland Housing Market
March 3rd, 2009 Categories: Ashland, Market Conditions, Real Estate
Ashland Massachusetts is a community that is tucked away in the shadows of the larger Town of Framingham, but some people have noticed it!
The housing market is reflecting overall declines of 12% in median prices, but Ashland is holding up very well.
The median prices in single family homes for the town is $419750, for the 12 months ending 3/1/09. The median price for the 12 months prior to this was $423750.
This is an overall decline in median price of 1%!
The inventory of available homes in Ashland is quite low. There are only 47 single family homes on market. This is a decline of 23% from a year ago.
The single family homes on market have been available for an average of 176 days, or almost 6 months.
The real estate industry uses a term called “consumption rate” to describe whether we are in a Buyer’s Market or a Seller’s Market. Read the rest of this entry »
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Tarot Cards for the Massachusetts Economy
March 2nd, 2009 Categories: Market Conditions, Real Estate
There is an awful lot of data out there on the state of the market. Many of these articles give projections of how long this recession will last, and others how a buyer/investor could take advantage of this housing crisis. One of the best sources I have found is the Greater Boston Housing Report Card.
In October 2008, The Center for Urban and Regional Policy at Northeastern University put together this report card. Here are my summary of some interesting sections:
Building permits are an indicator that new homes are not being added to the marketplace. This results in Read the rest of this entry »
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National Dec Housing Numbers
January 27th, 2009 Categories: Market Conditions, Real Estate
All real estate is local. National numbers are important to the country, but your local town holds the numbers that you really care about as a homeowner. CNNMoney.com posted an article with December sales and median price results nationally.
Here is the national summary:
Annual number of sales in 2008 was 4.91 million units.
This rate in 2007 was 5.65 million units
The rate in 1997 was 4.37 million units.
In the Northeast specifically, the sales pace in December was 720,000 units, down 14.3% from December 2007.
Median existing home price was $175,400.
Median price in Dec 2007 was $207,000, which is a 15.3% drop.
The report states that home prices were pushed lower by the high volume of distressed sales, which accounted for 45% of December transactions.
Take a look at the local numbers that we report on www.Metrowesthome.com for a better feel for numbers critical to you. We are seeing very low inventory right now and something has to break, either more inventory or it is going to put upward pressure on pricing.
Ed and Doriane Daniels are part of The MAhome Team, a Metrowest Boston real estate group ready to answer any questions or concerns regarding our local market. They can be reached at 508-341-7880.| Discussion: No Comments »
January Your Only Month to Deal with Property Taxes
January 12th, 2009 Categories: Holliston, Real Estate
Once you recover from the Holiday season and the calendar changes, you now have only the month of January to do any official complaining about your property tax bill. Filing an Abatement with your town Assessor’s Office is the process you will need to go thru in order to dispute your home valuation.
Most town deadlines is the month of January. Therefore, the time to educate yourself on the process and collect all the necessary information is limited.
From my perspective, I have seen too many people (including myself) attempt to go thru the process of abatement, and it usually is unsuccessful. Before you attempt it, learn all you can about the way the individual towns evaluate property values and then attempt to collect factual data to support your case. Unless you have solid data, you don’t have a chance.
For an example of the frustrations of this process, a recent Boston Globe update on Holliston tax rates and assessments said the town is evaluated at 95% of market values but the Town Website FAQ’s describe the town as being evaluated at 100% of market values. Which is it??
Even with 10 years as a Realtor, and experience with going thru the process, there is no textbook on how to be successful. Frankly, they denied my applications without any reason, just a denial letter. I personally feel the town needs to clearly give a reason for the denials and why the data does not qualify to reduce a taxpayers tax bill.
Almost all towns in our Metrowest area evaluates property values based upon 95-100% market values.
Even though residential property values have declined in Holliston, the town had to raise the tax rate in order to pay the town’s bills. In years of increasing property values (ie. 1998-2004), the property tax rate should have dropped to stay at steady spending levels. Unfortunately new ways to spend tax rolls seems to find its way into the budgets.
The moral of the story, you can fight the tax man, but they usually win without explanation. If you have the stamina, get a Realtor to do an analysis of market values for the previous tax year, and get those forms into the Assessors Office prior to February.
Ed Daniels of Re/Max Executive Realty and The MAhome Team would be happy to provide interested readers with recent sold home statistics to help in the process of abatements. He can be reached at 508-341-7880 or Ed@MAhome.com.| Discussion: No Comments »
If you wait for the Robins, Spring will be Over.
October 28th, 2008 Categories: Ashland, Framingham, Holliston, Hopkinton, Market Conditions, Real Estate
I couldn’t keep from creating this blog title after reading it in a Warren Buffett Op Ed piece. It was in the New York Times Oct 17th. Now, I understand that everyone will critize the Realtor speaking positive about the real estate marketplace, but I am excited about this Low!
When is the “Low”?
You won’t know it until you see it in the rear view mirror.
Now don’t get me wrong, I am a real estate agent in a very down market. I am working harder and dealing with more emotions then I have in my 10 years. If I can manage scraping up a little cash, I will be putting it into equities and real estate NOW.
I worked an open house a few weeks ago, and at least 3/4 of the visitors were interested, but waiting for a bit longer for the market to fall further. This was a very real display of pent-up demand.
Another contridictory real world example is a client looking for a $800K home in Holliston but not having more than a handful of options in the past 3 months. Do I really need to direct mail a neighborhood to let them know I have a Buyer for them? That is not the real estate market that the Boston Globe is reporting about!
In scanning over the region’s 3rd Quarter real estate stats, the median prices are reporting grim news to homeowners:
Holliston down 13.6%
Hopkinton down 8.7%
Framingham down 7.2%
Ashland down 7%
Natick down 5.4%
In regards to the number of sales, the region has 12.8% fewer sales!
OK, where you are ready to jump out a window, I am now salivating! Yes, I do own a home, but I am not ready to move yet. Therefore, no sweat.
Take a deep breath Massachusetts, the sky has not fallen and it is time to start figuring out how to take advantage of this market, not how to escape it!
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Unique Tool to Sell a Home
October 17th, 2008 Categories: Featured Listings, Holliston, Real Estate
This past month I have decided to add a feature to a few of my listings – Floor Plans.
The floor plans give an internet consumer a better perspective. Combined with the virtual tour, the site allows the user to click on a particular location on the floor plan to stand in the room.
Click here for 80 Dalton Rd, Holliston tour
Click here for 82 Fisher St Medway tour
I feel that I have to be selective when using the tool, since the rooms have to be large enough to be highlighted. Doing a floorplan to show a small layout home means less visitors, not more!
This tool falls within the Presentation category. Success selling in this market requires the 3 P’s:
Pricing
Presentation
Patience
There is a report done every year to evaluate Buyers of real estate and determine how they are looking for homes. The statistics from this report tells me that internet presentation is the most efficient use of real estate exposure. Since over 90% of home buyers look to the internet to start the process, this is where your home needs to be.
For this and additional tools that I use in my marketing plan, please call and we can share them with you. A challenging real estate market requires experience and proven marketing ideas to get a home sold.
Ed Daniels is a Realtor with The MAhome Team of Re/Max Executive Realty. He can be reached at 508-341-7880.
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Rid Your Home of Asbestos
September 27th, 2008 Categories: Preferred Business, Real Estate
Asbestos is found in many area homes and some homeowners may not even know that they are living with it. Is it “dangerous”? The quick answer is that it depends on if it is being disturbed, or if it is intact.
Asbestos is classified as a “special waste” under MassDEP regulations. It requires special handling and transporting. Disposal can only be done in asbestos approved landfills.
What is Asbestos? It is a “naturally occuring, mostly fibrous material and may consist of any one of a number of silicates.” as stated by the MassDEP (whatever that means!) The physical properties make it resistant to heat, fire and many caustic chemicals. Since it also is a great insulator, it can be found many times as heating pipe and boiler insulation.
Why you need to get rid of it? Asbestos is known to cause lung cancer and a disease of the lungs called asbestosis. Many times it takes decades to see these resulting diseases show up.
From a Realtor perspective, removing the asbestos material (correctly) will cause nervous buyers from running for the hills when they discover you have it. Anytime buyers hear about a hazard or health concern, it is not good for your home’s value.
How do we have to removed? The best option is by finding a certified removal company. These companies are listed at this link: List of Asbestos Removal Companies
When you have great success with a firm, make sure to let us know so that we can add them to the Business Directory we use on this site.
The MAhome Team of Re/Max Executive Realty can be reached at 508-341-7880 with any further questions or to get real estate advice surrounding hazardous household situations.| Discussion: 1 Comment »
No Interest Loan of $7500 for Buyers
August 28th, 2008 Categories: Mortgage Updates, Real Estate
President Bush signed into law the “Housing and Economic Recovery Act of 2008“. This rescue plan for the housing market contains a tax credit of up to $7500 for buyers. Here are the details:
If you are a First Time Home Buyer who closes between April 9th, 2008 and July 1st, 2009, you may be eligible. First time home buyer is defined as someone who has not owned a home in the past 3 years.
The amount you can claim is the smaller of 10% of the purchase price or $7500.
This tax credit should be viewed by the consumer as an interest free loan, because unfortunately, Read the rest of this entry »
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