It might come as a surprise but a whopping 72 percent of surveyed homeowners nationwide are satisfied with owning a home. The other 28 percent, not so. They say they’re dissatisfied
and that’s likely due to the devaluation of their homes.
But surprisingly, of those who were satisfied with owning a home, only 24 percent said it was because of home appreciation. The majority, 76 percent, had many other reasons they were happy to own their own home including the one that proves the American Dream is alive and well: pride of homeownership. Following closely behind were the freedom to control their home improvements and upgrades. All this according to HomeGain’s 2012 National Home Ownership Satisfaction Survey.
Of those who were unsatisfied with owning their home, 63 percent blamed depreciation as the root of their dissatisfaction. However, the cost of owning a home, such as paying for property taxes, homeowner’s association fees, upkeep, and routine repairs, also sucked the joy out of homeownership and led this group of 37 percent to be unhappy about homeownership.
On the bright side, most – three out of four – are very happy with homeownership even in spite of such rocky real estate times where declines in home values have crippled some homeowners severely.
The survey polled homeowners all across the country. So you might be wondering is there a connection between where you live and how satisfied you are with owning a home?
The highest percentage of satisfied homeowners comes from the Northeast where there is 77-percent satisfaction, according to HomeGain. Pulling in at a close second is the Southeast at 73 percent satisfaction. The West and Midwest were at 71 percent and 68 percent, respectively.
Those who purchased their homes within a timeframe of the past three to eight years were the least satisfied. If they bought more than eight years ago, they tended to be more satisfied.
The Multiple Listing Service (MLSPIN) data for Franklin, Massachusetts helps explain the phenomenon of the last 8 years. There were 76 homes sold during the fourth quarter of 2004 with an average sales price of $477,200 and only 57 days on the market. During the same 4th quarter period of 2011, there were only 52 homes sold with an average sales price of $330,000 and 92 days on the market. Fortunately the Franklin, MA real estate market appears to be stabilizing. Things won’t start a rapid appreciation over night but the worst times seem to be behind us.
If you are wondering what your home is worth in this changing real estate market, give me a call at 508-369-5131 for a no-obligation market analysis. I’ll show you, within about $10,000, what your home will sell for…
Statistics show that the best opportunity to sell your Franklin, MA home is often within the first few weeks of putting it on the market. This can be good news, or bad, depending on your motivation. 
Some homes sell right away, while others sit on the market for months without a single offer.
To maximize your selling opportunity, it is important that your home be priced right. What is the right price? Many factors will determine your home’s best asking price. Our current Franklin real estate market has a lot to do with it. Using sound judgment, research, and experience, a good agent can help you determine the right price for your home. She/he will help you evaluate your location, the recent sold data, current market trends, and your home’s special features that set it apart from the competition.
“What’s wrong with pricing my home a little high?” Price your home too high and most buyers won’t even bother looking at it. Over priced homes tend to sell the competition first. This scares away many qualified buyers simply because they can go elsewhere and get more house for the money. As the house sits on the market, people will shy away from it thinking there must be something wrong with the home.
Should I under-price my home? Price it too low and you could lose thousands of dollars. There are times when you will attract multiple bidders making multiple offers, but this is only recommended when you need a faster-than-average sale.
In most circumstances, pricing your home correctly from the very beginning will net you the best results in both time and money. To find out your home’s perfect selling price, call me at 508-369-5131 for a No Obligation Market Analysis. I will take the guesswork out of the entire process and suggest an accurate market price for your home. It has never been easier!
What does the “highest and best offer” mean anyway? Is this just a scam? Why can’t the seller just focus on one offer at a time?
These are common questions especially with first time buyers. I had a recent situation in which my buyer clients were looking at homes in a very desirable town of Franklin– just west of Boston. It just so happens that this town was ranked as one of the top small towns out of hundreds around the country by a prominent magazine. Of course, there was great competition amongst buyers to have the privilege of owning there so prices reflected this and multiple offers were unfortunately quite common.
When my buyers wanted to submit an offer on a home on its first day on the market, we were told there were many offers being submitted. The listing agent asked for my buyers’ “best and final offer” (same as highest and best). This was extremely frustrating for my clients to hear and they felt that it was unjust–they expressed their belief that everyone should have multiple chances to purchase. I explained that given the competition, this method is the only FAIR way to determine the best buyer for the home. They would have one chance to give their highest number bid on the home. Needless to say, they refused to give their highest bid and did not get the home.
There is no doubt about the fact that this can be very stressful on buyers who do not want to overbid. (The chance of overbidding is kept in check due to the bank’s appraisal must reflect the accurate value of the home–accurate appraisals were not necessarily the norm a few years ago.) The unfortunate reality is that there are presently not enough available homes on the Franklin, MA real estate market so it can be competitive for each good home a buyer pursues. During the spring market, the inventory will increase so maybe there will be less competition amongst buyers however indicators point to higher interest rates and maybe higher prices.
If you need tips on buying with less stress, give me a call at 508-369-5131 or email: franklinmahomes@comcast.net.
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Kathy Stankard
Direct: 508-369-5131
Fax: 508-590-0477
franklinmahomes@comcast.net
franklinmahomes.com
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