Real Estate Information Archive

The Warren Group, publisher of Banker & Tradesman just released their data on Massachusetts single family home sales.  Their report shows that the four year trend of sliding sales seems to finally be reversed with home sales now up by 3% from 2008 to 2009.

Most Realtors will acknowledge that the Massachusetts market peak was during 2005 when prices were almost 20% higher than the current 2009 sales data.

According to the (MLSPIN) Multiple Listing Service, there are currently 104 total single family homes, including new construction, for sale in Franklin.  During the past 30 days, sales were posted within 3% of a seller's asking price.  Also the data shows that sellers averaged a 4.5% price change from their original price.

The key seems to be pricing right from the start.  This has allowed many sellers to capture the current wave of buyers, and in some cases, start a bidding war for offers...

Wouldn't it be nice to have buyers fighting over you and your home?

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.