Real Estate Information Archive

1. Be a Pre-Approved Buyer: A pre-approved buyer always has the advantage in an offer situation. Becoming pre-approved is very easy: you complete your loan application with a credit check prior to beginning your home search process. Pre-approval means that you have actually been approved for the purchase by a lender, which gives you the edge in home purchase negotiating.

2. Beat The Competition to The Best New Listings: The search process can be both fun and trying. You will notice that some homes sell very fast and others hang around for long periods of time. The best homes at the best prices sell fast. Keeping on top of this is essential. Connect with a professional Real Estate agent that knows the market and keeps you updated.

3. Do The Research: Make yourself a "home value expert." Investigate the areas and price ranges for the kind of home you are looking for. Get a good idea of the price ranges these homes sell for and how long the market time is for them. Your agent is a great asset here.

4. Have Your Offer Presented in Person: Your agent represents you and your best interests. To adequately do this, make sure that your home offer is presented by them directly to the seller. The personal touch will give you the edge. Your agent also might pick up critical information during this meeting.

5. Prove That You Are a Serious Buyer: The best way to accomplish this is with strong earnest money. This might mean that you put 5% or more down to get the sellers attention.

6. Don't Go Crazy: Even in a hot market, be cool and calculated with your decisions. A knowledgeable agent can really help you here. Your home purchase may be your single largest investment. It is important to make sure that you get the best deal possible. Overpaying now will make it harder to get your value back when you sell.

7. Keep Your Offer Simple and Clean: Make sure that your contract to purchase is simple, clean and not bogged down with unnecessary contingencies, especially repairs. Keep the time frames of repairs and responses to a minimum. The cleaner your offer, the more interested the seller will become. This may help you purchase the property at the best price.

8. Don't Wing It Alone: What you need most in today's complex marketplace is an experienced and professional real estate agent who represents your interests only. No matter how heated the competition or the negotiations, a professional agent will represent your best interests, keep you from paying too much and help you maximize your investment.

Are you looking for an agent to represent you and your best interests? You, the home buyer, pay nothing for a professional agent. Their fees are paid for by the seller.  Click here or call 508-369-5131 to find out how I can help you find the most house for the best price.

The January data for Franklin, Massachusetts is available and despite the cold weather, homes are selling.  The Multiple Listing Service reveals the following:

• it is taking 107 days for homes to go under contract
• 5 homes went under contract during the month of January
• the average list price was $381,820
• the average sales price was $369,596
• 10 homes closed during the month
• homes are selling within an average of 2% of their last price reduction but averaging 10% from their original asking price

I have attempted to show some of the more outstanding properties that are currently on the market through these Best Buy lists.  These homes may or may not be my listings, rather they are, in my opinion only, the best choices for the money...

Here is this week's home...

This pristine 3 bedroom, 2.5 bath Colonial is in a neighborhood location at 12 Symmes Road, Franklin.  It features a 2 car garage, has some hardwood floors and many updates.  It shows nicely for $369,900.

  If you would like to view this or other metro west of Boston homes, please email me at franklinmahomes@comcast.net or give a call at 508-369-5131.

Will real estate come to a grinding halt?  Will buyers just hunker down for the winter and hope that homes come on the market at a lower price in the spring?  Will real estate markets nationally crash due to a lack of ready, willing and able buyers?  Will sellers wait until spring to list their homes since they hear that no buyers are looking anyway?

These are some of the sentiments shared by local Franklin, Massachusetts Realtors.  It does appear that the government will extend the deadline but will not make that known until the final days.  Associate editor of US News and World Report, Luke Mullins, in his The Home Front blog expresses his belief that the administration want to keep health care reform as a current focus then will turn its attention in late November to extending the tax credit deadline for first-time buyers.

If you are curious about the value of your home or need buying advice, please  email me at franklinmahomes@comcast.net.

Jerry Howard, president and chief executive officer for the National Association of Home Builders, just released his views on the current state of the economy and interestiingly it echoes much of what the Franklin, Massachusetts area Realtors have found.  (Howard has spent 25 years in the housing industry as lobbyist, real estate lawyer and tax counsel.)

Howard believes that first-time homebuyers show that housing is worth pursuing and that the tax credit plan so far can be viewed as a successful experiment that the government should seriously consider extending into 2010.  In the metrowest of Boston area, this has been one of the busiest summers any local Realtor can recall as first time buyers have flocked to find their perfect starter home.  The promise of tax credit money seems to have been the impetus for this flurry of activity during an otherwise quiet time of the year. 

Howard states this historically this is one of the best times to buy a home but qualifies it this way: "a prospective home buyer who is currently employed and your own financial conditions are stable, this is the best possible time to buy. Inventories are at a point where you'll be in a better position to negotiate with the seller. Sellers are in a position where they really want to unload their inventory, and interest rates are still at almost record lows. So if you're in a position, personally, to buy and of the mind-set to buy, this is absolutely the time."

If you need help as you are getting ready to buy a home, give me a call or email me with your questions at 508-369-5131 or franklinmahomes@comcast.net.

Analysts at last week's National Association of Home Builders' Conference predicted that the bottom of the housing decline is near.  Although Mark Zendi, chief economist for Moody's Economy.com was reluctant to specify a date, most experts agreed that by late 2009 or early 2010 we should see the government's efforts to stabilize the market pay off.

Although during the last two to four years consumers have focused more on remodeling than purchasing, Eric Belsky, executive director for Harvard's Joint Center for Housing Studies, predicts remodeling to fall by 12.3% as compared to one year ago.  In the Franklin, Massachusetts area, carpenters and builders have kept afloat mainly due to their remodeling job opportunities.  Decks, newer kitchens and baths as well as finished basements have probably been built in record numbers over the last few years.  Homeowners could make the most of their existing home without having to obtain a mortgage and move.

The economists point out that although the credit crisis will ease, those with poor credit or little savings will still have difficulty obtaining mortgage loans.  I may be wrong but I believe this is how it should be.  Homeownership should be entered into seriously and after many years of work and saving.  Sure, as a REALTOR maybe I am supposed to say that everyone should be able to buy when they choose but I see this an inevitably ending in financial disaster.

Well today definitely does not feel spring-like as the wind whips, the mercury is struggling to make it to 40 degrees and the intermittent cloud cover prevents the sun from really making a difference.  Sunday, however, was an entirely different type of day.  It was the kind of warm spring day where crowds were out house hunting at the multitude of open houses.  The kind of day where many people expressed a readiness, ability and eagerness to purchase despite the state of the economy. 

Lately, the local Franklin, Massachusetts real estate market really seems to be rebounding in many ways.  Sellers who have hesitated are indicating a readiness to get their homes on the market--I know of at least 4 sellers who will put their home up for sale within the next 2 months unless something unforeseen occurs in their lives.  Buyers are embracing the $8000 tax credit coupled with the low interest rates and are trying to make their choice of which home to buy.  The waiting game of 2008 appears to be a distant memory now.  Of course there are those who cannot sell since they do not have enough equity in their home to make any profit and there are the buyers who have not saved enough to qualify for the tighter loan restrictions.  It is reassuring, though, to consider that we may be back to a more stable, steady real estate market instead of one with either rapid appreciation or rapid decline.

So what does this all mean anyway?  It means that homes are selling faster than previously expected, usually around 4 months, if they are priced right.  The data also tells us some other interesting things:

• homes priced under $450,000 are the most sought after price range
• there are not enough homes for sale for buyers
• homes are selling relatively close to their asking price

If you would like to discuss the real estate market or have questions about these statistics please give me a call at 508-369-5131 or email me at franklinmahomes@comcast.net.

A review of the February 2009 Multiple Listing Service data shows that there are presently 108 single family homes on the market averaging 183 days on the market.  Remember that the days on market figure is somewhat deceiving since it includes new construction as well.  The largest number of homes for sale are in the 500,000-599,999 range in which there are 22 homes.  There are only 9 homes for sale in the 300-349K and 400-449K ranges so this is an area of greatest need.  Many buyers are looking to buy first time and second time homes in these price ranges and there are still not enough homes available for them to purchase, even though 108 available homes would seem like alot.  There were 10 properties sold this month with the average sales price at $360,950 and selling within an average of 4% from their original asking price. 

If you would like more data specific to your situation please call or email me.

It is harder to sell than ever before as buyers are more fussy and demanding than anytime in the last decade.  It is not impossible but takes an adjustment in our thinking.  Believing that a buyer will overlook the wallpaper and “let them just make an offer” is so 1990s.  The 2009 buyer will move on to the next home and cannot be bogged down with repairs.  They don’t have free time to spend on repairs and why should they when there are many, many homes to choose from.

A seller needs to keep the following in mind to achieve the fastest sale at the highest price:

Patience—A seller needs to listen when the listing agent reviews the last 6 months’ sales data which shows the average sales price and days on market it will take their home to sell.  If a faster sale is desired, the home must be listed below the average sales price.  No one wants to believe the numbers but this information is based on factual data.

Purge It—A seller needs to box up any personal items, books and clutter immediately.  You will be packing to move anyway so why not start removing unnecessary items for the best showing to a buyer now.

Package It—Think of your house as a package or present that a buyer cannot wait to open.  You will want to fix needed repairs, add a fresh coat of paint, install brighter light bulbs, and remove heavy drapes.  The brighter and lighter, the better for an optimal presentation.  Be sure each room has a defined purpose so a buyer can visualize themselves in each room.

Price It—The listing price is usually based on the last 6 months’ worth of sales but must also be reflective of the type of real estate market.  If the market is still declining, the list price must be adjusted to be slightly below the sales averages.  If this is not done, the seller will be forever chasing the market and perpetually dropping their price to keep up with the declining market conditions.

Promote It—The property needs to be promoted everywhere possible for maximum exposure since you can never predict where a buyer will come from.  This includes many top websites including Realtor.com, Re/MAX.com, Craigslist.com, Franklinmahomes.com, Boston.com and many others.  Of course, as many good photos and compelling descriptive text are key.  Print ads should be also used but less than online due to the reduced levels of print readership.  A listing agent should be spreading the word about the newly listed property to her multitude of buyer and agent contacts.  Weekly emails and phone calls can prompt buyers and agents who may not yet know about the listing.  The listing agent should also be getting feedback from the showings and keeping the seller informed of both positive and negative feedback.  Sometimes modifications may be needed based on buyer feedback.

If you need help getting your home sold, please call or email me.