Real Estate Information Archive

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.

I just read in The Boston Globe online that Massachusetts gas prices have dropped by two cents since last week and the decline has been for six consecutive weeks overall.  I have to ask whether this is really newsworthy or to be expected since six weeks ago was still the summer season when gas tends to be more costly.  I also wonder if I am one of the few who do not pay attention to the gas prices unless they are around $4.00 per gallon--yes I have a very fuel-efficient vehicle but are gas prices actually significant these days given all the other things we are focused on?

As this chart illustrates, the Boston area is in the top 10 regions to have experienced significant price reductions over the past 4 months according to statistics compiled by Trulia.com.  The Northeast is home to 5 of the 10 states with the highest percentage of price reductions. 

“Interest in real estate typically wanes at the end of the year, which means that sellers who didn’t aggressively price their homes may find themselves making difficult decisions to reduce their prices or delay the sale until interest piques again in January,” said Pete Flint, Trulia co-founder and CEO. 

A quick look at the local Greater Boston MLS, MLSPIN, shows that the Franklin, Massachusetts area experienced a -4.39% price reduction or -$20,039.64 from June 1st, 2009 until October 1st, 2009.

It appears to be more and more apparent that aggressive pricing and great marketing exposure are key in selling homes today.

If you or someone you know is struggling with a home sale, I would be happy to provide insight into marketing/pricing to get the home sold quickly.

This chart represents the Franklin under contract single family homes for the past 30 days.

Local dog owners have known that they had to be creative when trying to give their beloved four-legged friends some "off-leash" time to run freely.  We have enjoyed the wooded hiking trails for our puppy but the town is finally considering establishing a designated dog park area at one of the town's current fields/parks.

A town dog park is part of the five-year plan in the 2008 Open Space Recreation Plan created by the Public Land Use Committee as something on the wish list of Franklin residents, said Ryan Jette, Recreation Director.

The best spot for the park, Jette said, would be at Dacey Field off Lincoln Street, behind the playground and set back into the woods.

"The good part about putting one there is that particular park has a lot of land out back, ball fields, playing fields and nice walking trails," Jette said. "There could be a nice linkage between the dog park and the walking trail."

It may take awhile before this park is available so we will find other interesting places to play but it is nice to know a dog park may soon be available.

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.

1. They don't ask enough questions of their lender and miss out on the best deal.
2. They don't act quickly enough to make a decision and someone else buys the house.
3. They buy too close to or over their budget--possibly not considering maintenance, decorating costs, improvements, etc.
4. They don't find the right real estate professional who is willing to help you through the homebuying process.
5. They buy on their own thinking they will save money but end up paying more due to lack of professional guidance.
6. They don't do enough to make their offer look good to a seller.
7. They don't think about resale before they buy.  The average first-time buyer only stays in a home for four years.

Source:  www.realestatechecklists.com

Give me a call if you are just starting your search and need advice.  You can reach me at 508-369-5131 or check out my website franklinmahomes.com for great buying tips...

Well it is time to look back 6 months to assess what exactly has transpired in the local Franklin, MA real estate market.  The media had reported that prices were beginning to level out in the town and even the Feds are telling us the recession is over however the recent data does not seem to reflect this.

The Multiple Listing Service (MLSPIN) data shows a 5.33% price drop for homes on the market over the last 6 months.  There are currently 88 homes for sale in the town of Franklin averaging 96 days on the market.  Of the homes that sold during the same 6 month period, there were 168 homes with an average sale price of $427,494.  The average time it took these homes to close was 95 days.  Interestingly, these properties averaged a sales price 5% price their original price.

Please email franklinmahomes@comcast.net or call 508-369-5131 if you have any questions about this data or your home's value.

By now, most people have heard the term "short sale" and understand that the sellers owe more on their home than the home is actually worth.  The question is whether to take the leap to purchase one of these properties.

In the greater Franklin, Massachusetts area real estate had not been as hard-hit as some western Mass. suburbs so there are relatively few short sales but they are still out there.  It has been my experience that some banks are taking 9-12 MONTHS to process the loans on these properties while other banks are closing within 4-5 weeks, NOT MONTHS. 

If you are a flexible buyer who can close on a home whenever the bank decides and you do not object to possible delays, I would say a short sale could be worth the headaches and uncertainty.  I would first check with the seller's lender to determine the likely timeframe to reach a closing before recommending my buyers go after a short sale.  Some of the other possible problems include the utilities being shut off which make a home inspection difficult.  If the seller has run out of money and may be unemployed, chances are they are not choosing to pay their other bills especially if they have moved out.

It is unfortunate that although the government is attempting to solve the housing crisis that some of the larger banks do not seem to have the staffing in place to clear all of these short sales through the system. 

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.