Real Estate Information Archive

The state of Massachusetts holds the honorary title of "Highest Rate of College Graduation in the Country" according to the National Center for Higher Education Management Systems.

They report that 68% of Massachusetts students earn their bachelor's degree in 6 years or less.  Other states with the highest graduation rates include Delaware, Pennsylvania, Rhode Island, and Maryland  whereas Alaska had the lowest graduation rate at only 22.4%.

On a related note, within a week or two, Franklin, Massachusetts as well as Boston residents will get to experience the onslaught of masses of college students returning to classes.  Remember that Franklin, MA is home to Dean College.  We love being a college town but just need patience when the streets are clogged with students unloading all their stuff!

Did you know the best chance for selling your Franklin, MA property is within the first seven weeks?

It's true.

Studies show that the longer a property stays on the market, the less the seller will net upon the sale. It is very important to price your property at a competitive market value at the signing of your listing contract. The market is so competitive that even over-pricing by a few thousand dollars could mean that your house will not sell.

An Overpriced Home:
· Minimizes offers
· Lowers agents response
· Limits qualified buyers
· Lowers showings
· Lowers prospects
· Limits financing
· Wastes advertising dollars
· Nets less for the seller

When you are ready, contact me today for a personal market value analysis of your home. No hassles or obligation - just honest advice on how to get top dollar for your home!

Since the topic of conversation with Franklin, MA and Boston area agents has recently centered on the lack of available housing inventory for prospective buyers, I decided to take an informal survey of the situation.

I individually asked ten Franklin Realtors how many buyers they had who would likely purchase a home priced between $250,000 and $450,000 on or before April 30^th, 2010.  I chose April 30^th since move-up or first time buyers looking to take advantage of the homebuyer tax credit must have a signed contract on a home by this date.  The agents did not know any explanation other than I was gathering information for a future blog post.  The data I collected cannot be viewed as statistically significant but rather just a small snapshot of the current Franklin, MA market conditions.

The respondents indicated the following:

• Six agents expect five buyers will buy
• One agent expects three buyers
• One agent expects eight buyers
• Two agents expects four buyers

This was very interesting to consider that potentially a total of 20 buyers –connected to ten different Realtors-- are expected to purchase a home during the next three months.  The harsh reality is that currently there are only 57 homes for sale in the entire town in every price range.  This group was only a fraction of the buyer agents who will likely have prospective buyers for Franklin homes over the next three months.  Most every full-time agent has distinct memories of the endless bidding wars during 2009 in which some buyers were not able to find a home as they attempted to meet the (then) November 30^th, 2009 deadline.

Buyers need homes to purchase now.   Sellers, despite it still being a buyer’s market, can rest assured that the low inventory of homes means a likely higher selling price for their home.  The time it takes to sell a home may also be reduced as buyers feel the pressure to find the best home as soon as they can. Homes do need to properly appraise with the bank agreeing with the selling price but valuations may begin to rise.

It really is a good time to sell or buy a home! 

Please give me a call or email if you need more data or have questions about this information…

The city of Chicago recently made news with their award-winning after school programs  meant to keep kids busy with learning and fun during the often long and otherwise lonely after school hours.  Long term studies found that involved kids were more likely to have better grades, go on to graduate and were generally more successful than their non-involved counterparts. 

While news outlets focus on city school systems, it seems noteworthy that our own small town of Franklin, MA offers many impressive after school learning and enrichment programs for both middle and high school students.  Many residents and newcomers have expressed surprise at the extensive selection of offerings.

Did you know that Franklin youth can:

*enjoy weekly afternoon/evening Ski Club at Wachusett Mountain

*create an art-related community project to benefit the citizens of Franklin through Art Club

*organize and run fundraisers like a coat drive through the Communiteen Club

*get caught up on homework with friends at the Homework Club

*mountain bike in the Franklin State Forest with the Adventure Club

*tweak computer skills with friends at Computer Club

*build a rocket ship at Lego Club

*participate in ultimate Frisbee or weight training at Fitness Club

*learn about theater or film production at Drama Club

*play music in the Rock Band Club

*expand awareness of disabilities and make new friends through Best Buddies Club

*learn healthy choices, have fun and take risks without drugs or alcohol through Proud to Be Club

*defend a point of view through Mock Trial Club

These are only a fraction of the groups and clubs for Franklin youth.  There are also extensive sports offerings as well and many youth take advantage of a little of everything.  No longer does a teen have to sit at home bored after school when there are so many other options available.

As a Franklin, Massachusetts homeowner you may be dreading the day of your home inspection since the inspector is usually thought of as the bad guy who will likely scare off the prospective buyers.

On the contrary, the inspection is really meant to educate the prospective buyer on homeownership and to advise of any serious structural, mechanical or other defects to the property.   The inspection is conducted by a generalist in the various components of the home and it is recommended to seek out a specialist for further guidance if needed.  For example, if there are signs of mold in the attic it is recommended that a mold expert be consulted--a buyer really should not make final purchasing decisions based on a generalist's recommendations.

Some of the most common serious findings over the years seem to fall under a few categories which a homeowner can often take a few steps to minimize.  They tend to be as follows:

• the roof--a seller should check for loose or missing shingles
• the chimney--check for exterior cracks and get these repaired
• the heating system--get this serviced regularly and keep invoices/hang tags
• drainage--be sure that water drains from gutters/downspouts out and away from the property so it cannot collect back into basement
• check pipes under kitchen and bath sinks for any leaks
• check basement for any water stains or dampness issues
• check electrical box at exterior for signs of cracked putty where wiring enters
• elevated radon levels--a radon mitigation system will resolve this

Many homeowners opt to pay for a pre-sale inspection prior to listing their home.  This is a great idea since it really is a small amount of money, usually under $400, for a checklist to work from in preparation for listing the home.

If you need guidance as you prepare to list your home, give me a call or email and I would be happy to walk through the house and offer preparation tips for you.  I can be reached at 508-369-5131 or franklinmahomes@comcast.net.

• As of today, Franklin, Massachusetts has 94 single family homes available for sale--19 of which are new construction
• $497,967 is the average list price
• Average days on market is 119 days (with new construction excluded)
• 12 single family homes are under contract and waiting to close
• 69 single family homes have closed during the last 3 months
• 94% is the original list price to sales price ratio
• 98% is the final list price to sales price ratio

What does all of this data mean you may wonder?  From a prospective buyer standpoint this means that there are not many homes to choose from when looking to buy since the 94 homes are across all price points.  A first time buyer with $300,000 to spend will find their choices limited at this moment.  Realtors do have many folks who are expecting to list their homes within a few weeks so this low inventory situation is expected to change.

From a seller standpoint, there is minimal competition which translates into the perfect time to get a home on the market.  Sellers will have an easier time getting their price if the home is priced to sell right from the start.  Homes are selling within 2% of their final list price which illustrates the need to establish the correct price immediately.  Many buyers will be looking to secure a first home and claim the homebuyer tax credit money by closing during the spring of 2010.

It is difficult to predict the future with absolute certainty but generally Realtors are seeing that there will continue to be many more buyers than sellers this spring.  Also the likelihood of multiple offers is expected to increase as each month passes until the tax credit deadline whereby buyers must have a signed sales contract by April 30, 2010.

If you have questions about the real estate market or the tax credit guidelines, feel free to give me a call at 508-369-5131 or email me at franklinmahomes@comcast.net.

Team Kelly and The Colombo & Company Team both of RE/MAX Executive Realty in Franklin, MA have just joined forces to form Franklin's largest team--the Kelly & Colombo Group Realtors.

I am proud to be a part of our latest venture as we are a 10 person team of experienced Realtors who service the entire metro west of Boston area.  Through our team approach we are better able to service our clients as we pool our resources and complement each other's expertise.  While we typically handle our own individual sellers and buyers, our clients know that someone will always be available in the event of a vacation or emergency.

As a team, we are able to offer our clients a wealth of services that they may not otherwise receive when working with an agent with limited financial resources.  Our sellers benefit from extensive online exposure for their home listing including: Craigslist, Facebook, Realtor.com, Franklinmahomes.com, remaxexec.com, RE/MAX.com, Kellycolombogroup.com, Trulia, Zillow and Twitter.  We also are actively engaged in blogging about our listings on several sites including franklinmahomes.com/blog, franklinmahomesblog.com and others.  Blogging allows us to reach many more people with our listings than our traditional print advertising.  We do still utilize the print media through the Real Estate Guide, The Boston Globe and the local papers as well.

If you have any questions about the Franklin area real estate market, give us a call at 508-369-5131 or email franklinmahomes@comcast.net. 

If you are one of the many buyers that I speak with on a regular basis who is thinking about making a Franklin, MA home purchase in the next few months there are some things you will want to know and do now...

US News and World Report's real estate blogger, Luke Mullins, reminds us that 2010 will bring even stricter lending standards.  This does not necessarily mean you cannot get a loan, only that you may need to get more creative.  The ability to have 20% saved for a down payment will guarantee the best mortgage rates but alternatively keep in mind that the FHA option only requires 3.5% down.

Prospective buyers can take steps now to prepare for taking a home loan by first checking their credit at a free site such as annualcreditreport.com.  Mullins reminds us that a credit score of 730 or above will get you the best rates on a loan.

Another issue to bear in mind is that there will likely be bidding wars on Franklin, MA homes that are priced under $450,000.  There were bidding wars in this price range during the latter part of 2009 due to the limited inventory of homes and this is likely to continue. 

Buyers can give themselves an edge if they consider buying well before the masses are out looking in April and May when the landscapes are at their best.  The buyer who is actively looking at listings online then getting out with their buyer agent in December and January may have to dress for the elements but can typically avoid the competing buyers.  The closing date may be scheduled sooner or even months' later depending on what is agreed upon between buyer and seller but at least the bidding wars may be avoided.

If you need to speak with a Buyer Agent as you prepare to purchase a home, please give me a call at 508-369-5131 and I would be happy to help you plan.

My blog has moved to another platform and can be found at http://franklinmahomesblog.com

  I welcome your comments and thanks for reading!

The metro west of Boston area and towns like Franklin, Massachusetts hit its highest prices around May 2005 and we have been in a sometimes subtle and other times rapid decline ever since.  Although some buyers are still waiting for lower prices, it appears both home prices and interest rates may rise slightly.  The spring 2010 home prices will still be no where near the spring 2005 price levels.  Since interest rates were much higher four years ago 2010 will still be a good time to purchase a home.

Economic forecasters predict that 2010 will be the first year since 2005 for housing to contribute to the growth of the U.S. economy, according to a survey released by the National Association for Business Economics.

Home prices are expected to rise 2 percent next year, but forecasters don’t believe the increase in prices will discourage homebuyers.

More than 80 percent of economists surveyed by the NABE think the recession is over and recovery has begun, but they expect the expansion to be slow because unemployment persists.

If you are curious regarding what your home is worth in this changing market, give me a call and I will provide a market analysis of your home's current value.  You can reach me at 508-369-5131 or franklinmahomes@comcast.net.