Concord MA Area Real Estate News

Open House in Harvard 6/26, 2:00-4:00, Custom home with Views! $675,000

2011-06-26T10:06:00.000-04:00

Million dollar views! Expertly sited & designed by an architect, this
passive solar home will surprise you! Spectacular cook’s kitchen, w/ double ovens,gas range, Subzero refrigerator. Two story stone fireplace, exquisite master suite, luxurious bath, with soaking tub and sauna. Finished lower level offers media/guest or inlaw potential. Views from every window, sits on 6 + acres, fenced for dogs, professionally designed gardens. Enjoy top schools, town Pond, natural setting & convenience to major routes.

More details and photos at: http://harvardviews.com

Verrill Farm Strawberry Festival - Saturday June 25

2011-06-21T08:19:00.002-04:00

Where: Verrill Farm, 11 Wheeler Rd # A, Concord, MA 01742
Date: June 25, 2011
Time: 11:00am–3:00pm

Entertainment
■Live music by Ben Rudnick & Friends
■Tanglewood Maroinettes - The Fairy Circus - 40 minute shows at 11:30am & 1 pm
■Giddy Up Ponies
■Hayrides

Strawberry Dessert Recipe Contest
Judges are looking for your signature strawberry dessert examples include cake, pie, cobbler, crisp, torte, pudding, ice cream....

2 categories: Baked and Non Baked
2 groups: Adults & Children

11-1 pm: bring your entry & a copy of your recipe
Please attach a card to your serving dish with your name & phone #.

1:15-1:30 pm: judging

Contest judged by members of the Culinary Guild of New England. Prizes awarded in each category & group

River Solstice

2011-06-21T08:14:00.002-04:00

Where: The Old Manse, 269 Monument St, Concord, MA 01742
Date: June 21, 2011
Time: 6:30pm–10:00pm

Celebrate the Summer Solstice along the Concord River

Welcome the arrival of summer at the annual River Solstice celebration on Tuesday, June 21

The evening begins at 6:30 p.m. with a picnic at the Old Manse, 269 Monument Street in Concord. Bring food, drink and a blanket to enjoy an incomparable view and musical offerings by Snow Crow and Voices for the Earth chorus.

At 8 p.m. accompanied by the chorus, canoes and kayaks launch from the Old Manse for an illuminated flotilla to confluence of the Assabet and Sudbury Rivers at Egg Rock. Bring along a candle lantern to attach to your boat. You can paddle to the picnic or launch your boat at the Old Manse dock. The South Bridge Boat House (978-371-2465) is offering a special solstice rental rate.

For those who want to participate without getting wet, the best flotilla viewing spot is from the Lowell Road Bridge just outside Concord Center

The celebration continues at the nearby Old Calf Pasture with a drum and dance fire circle led by Earth Drum Council.

For more information go to www.emersonumbrella.org or www.oars3rivers.org. River Solstice is sponsored by MusketaquidArts and Environment; OARS for the Assabet, Sudbury and Concord rivers; and the Old Manse - The Trustees of Reservations in cooperation with the Town of Concord.

Features: Free, Open to All, Outdoor

Real Estate Market Update - May 2011

2011-06-16T20:39:00.000-04:00

Although this spring feels somewhat slower than last year with the tax credit, in reality, it is about the same. The chart below shows the number of sales and under agreements Jan-May, for the composite of the local towns going back to 2000. It is amazing to see how many more homes sold in 2000 and 2002. Ah, I guess those were the good old days! At least the local real estate market appears to be steady which is not true in other parts of the country. (Towns included, Acton, Bedford, Boxborough, Carlisle, Concord, Maynard, Stow & Sudbury)

Source: mlspin.com

Riverfest

2011-06-10T19:51:00.000-04:00

Where: Old North Bridge, Monument St & Great Meadows Rd, Concord, MA 01742 (and elsewhere in Concord)
Date: June 11, 2011

Riverfest hosts over 30 events in 11 towns in metrowest. From Lowell to Framingham there are a variety of events, all free to the public. Paddles, walks, music, poetry, book readings and art exhibits. As well as boat trips, birding trips, rubber ducky races, fishing lessons and more. Riverfest is a celebration of the Sudbury, Assabet and Concord Wild and Scenic Rivers.

Features: Families, Free, Kids, Open to All, Outdoor, Seniors, Teens
Website: http://WWW.SUDBURY-ASSABET-CONCORD.ORG
Phone: 617-223-5225
Price: free

Carlisle Country Garden Tour

2011-06-10T19:45:00.002-04:00

Where: 27 School St, Carlisle, MA 01741
Date: June 10, 2011 / June 11, 2011
Time: 10:00am–4:00pm
Next on: Tomorrow, June 11, 2011

The Carlisle Garden Club will feature eight private gardens on its 9th country garden tour on Friday June 10th and Saturday June 11th from 10:00 am – 4:00 pm. The Country Gardens Tour will showcase stunning formal gardens, charming rustic gardens, enchanted woodland gardens and one spectacular water vista.

Tickets can be purchased in advanced at for $15 per person ($10 for seniors) at Ferns Country Store, New England Nurseries in Bedford, Chelmsford Agway or online at www.carlislegardenclub.org. On the day of the tour, tickets will be $20 per person and available at the First Religious Society in the town center.

During the two days of the tour, the Carlisle Garden Club will also be hosting a plant sale featuring hearty perennials from the gardens of garden club members and colorful annuals. The plant sale will take place at the First Religious Society from 10:00am – 4:00 PM on both days.

This event is a major fundraiser for the garden club. Proceeds are used for town beautification projects, scholarships for high school students and civic programs.

Look for future announcements on speakers and events. For directions visit us on-line at carlislegardenclub.org and click on events.

Features: Open to All, Volunteer
Website: http://www.carlislegardenclub.org

Absorption Rates - June 2010 vs. 2011

2011-06-06T17:20:00.000-04:00

The real estate market this spring has been unpredictable. In March, there seemed to be a lot of pent up demand and lack of inventory. The unusually snowy winter caused a delay in sellers getting their houses on the market. There were a lot of homes going under agreement but now it seems that listings are out pacing the number of buyers making offers. So, I decided to compare the inventory and absorption rate to this time last year and most towns have more inventory/and or fewer sales than a year ago. The tax credit helped drive sales last year so this is not too surprising. The towns that are selling slightly better than last year are Concord, Harvard, Sudbury, Stow, and Lancaster.

Under 4 months=seller's market, 5-7 mos. = balanced market
over 7 months = buyer's market

If you have any questions, or want more information, please contact me.
source:mlspin.com

24 acre farm in Harvard! Gorgeous land!

2011-05-23T13:26:00.001-04:00

42 Old Mill Road Harvard MA

Market Activity Update

2011-04-22T15:13:00.000-04:00

Houses are selling despite the multiple holidays this week! I took a look at the number of new single family houses listed in the last 7 days as well as accepted offers and under agreements. Under agreements usually mean that most contingencies have been met.

We also like to look at the Absorption Rates in each town, which measures the Supply vs. Demand. Under 4 months = seller's market, 4-7 mos. = balanced market and over 7 months = buyer's market

As you can see, Acton and Concord are experiencing a balanced market but Sudbury is still experiencing more of a buyer's market. This confirms what I have been seeing. If you would like more info, please contact me!

New Listing in Boxborough! OH Sunday 2-4

2011-04-14T07:21:00.001-04:00

Acton Real Estate Review - 2011

2011-03-28T09:42:00.000-04:00

The spring market is taking off now that we are no longer buried in snow. I looked at Acton's trends and in the last two weeks, 7 new listings of single family homes have come on the market and 8 have gone under agreement or have accepted offers. This is a very good sign! Buyers seem to be ready to buy. It's due to the market being somewhat stable in the surrounding towns with highly rated school systems and a concern that interest rates will rise. One thing I will say to buyers in a market such as this, make an offer if you like it, because houses are selling quickly when they are priced right and in good condition!

Here is a look at the last few years:

source: mlspin

As always, feel free to contact me if you have questions or would like more analysis about a town. Meanwhile, enjoy the bright sunshine!

QR Codes

2011-02-28T20:30:00.000-05:00

The real estate industry has been hit with a new bit of technology called a QR Code. QR stands for Quick Response and it is merely a bar code that can be scanned with an iphone or smartphone to disseminate information, quickly. We are being told that this is the best thing since sliced bread and we can put a QR code on our signs, business cards, and marketing materials. Imagine standing in front of a house for sale and scanning a barcode with your phone from the sign to download the brochure on the spot...

I first downloaded a free app on my iphone. Then if you search on line to generate QR code, there are free sites. I created one for my cell phone number:

You can scan this in and hit call and my phone will ring. (not sure how much faster this is than typing my number out: 978-621-4370?

Then I created one for my website, concordcountryproperties.com:

Check it out. This is very slick. So, if you see these square black and white boxes in the paper or magazines, you will know what they are. Only time will tell if this takes off!

Pent up Demand

2011-02-14T08:53:00.000-05:00

I held an open house in Acton yesterday and it was probably the biggest attendance I have ever seen in 19 years! There were over 25 families that came through indicating that the buyers are very ready to find a nice house. The house was priced well at $475,000, 4 BR Colonial with many updates! So, the spring market has begun despite all this snow!

New Listing! 3BR+ Passive Solar on 6 acres in Groton, MA, $499,000

2011-02-04T12:43:00.000-05:00

For Sale: 3BR/2+1BA Single Family House in Groton, MA, $499,000

Concord Real Estate Review

2011-02-04T08:05:00.000-05:00

I recently looked at single family sales in Concord, MA over the last 4 years. Sales in Concord were still rising in 2006 & 2007 so the correction hit later there than in the surrounding towns. It appears that 2009 was the low point for Concord. Sales increased in 2010 although the median price was lower. That just indicates that there are more homes in lower price ranges selling now. I looked at the # of sales in the high end $2,000,000+. In 2007, there were 14; in 2008 there were 13; in 2009 there were 4; in 2010 there were 6 high end sales.

I am happy to report that sales are now trending in the right direction!

Source: mlspin

2010 - A great year!

2011-01-13T16:05:00.000-05:00

Insights into the Real Estate market 2010-2011

2010-12-12T10:15:00.000-05:00

2010 has been an interesting year for real estate in the Concord area. The year started off with a bang, driven by the tax credits which expired April 30. Although most of my clients were not eligible for the credit, the program propelled the majority of sales to happen by June 30. Median prices started to rise for the first time since the recession, indicating we had hit bottom. Not surprisingly, the market went dormant for a few months after that. Now, since Thanksgiving, we are seeing more buying activity again! Yea! (I have to admit, I was getting a little nervous) Typically sales are slow between Thanksgiving and Christmas. One of the things I love about my job, is that it is not predictable... Every day is a different adventure!

So, what's next? There has never been a better time to buy with prices at the bottom and interest rates at an all time low. I personally would like to start investing in some properties, so that some day, I can retire! No one has a crystal ball, but there are deals to be had and opportunity to build personal wealth. I recently went to a class and the speaker gave an example of a friend buying a home in Arizona, for $60,000. He put $12,000 down and rented it for $1200/month. He is netting over $500/month with a $12,000 investment. Pretty nice return on investment! No, we probably won't find a deal like this in Acton or Concord, but who says you have to invest in your town? It's all about thinking "outside the box" sometimes.

I am organizing monthly investor seminars to start in January 2011 and I will post dates when they are finalized.

In the meantime, enjoy the holidays!

Ginette

Open House Sunday! 12/5 from 12-2, Pristine horse property for $549,000

2010-12-03T14:02:00.000-05:00

For Sale: 4BR/2+1BA Single Family House in Uxbridge, MA, $549,000

Just Listed!

2010-10-28T12:52:00.000-04:00

Riverfront Farm in Concord, MA - Offered for the first time! $8,500,000

More details at: http://concordhorsefarm.com

462 Hill Road Boxboro - Video

2010-10-12T09:47:00.000-04:00

This gorgeous house on 3+ acres is now $699,000!

http://www.youtube.com/watch?v=Znh5h4G7kDE

Local Market Update

2010-10-03T09:08:00.000-04:00

Fall in New England usually brings a flurry of activity in the real estate market before the arrival of winter and the holidays. It feels slower than usual after a very busy spring. I decided to check the absorption rate which measures the supply versus demand and here is a chart for the local towns:

Under 4 months=seller's market, 5-7 mos. = balanced market
over 7 months = buyer's market

Inventory has crept up a little as sales have slowed. Historically low interest rates and low prices, should be driving buyers into the market. Median prices in some of the towns have risen since the spring so I feel locally we have probably hit bottom. Reports from the media are usually national and there are still areas of the country that are falling. Pricing and condition continue to be critical in terms of getting your property sold. Buyers scrutinize market data and want to make sure they are getting a good deal.

If you would like more detailed information, don't hesitate to get in touch.

Local Market Update

2010-09-02T08:00:00.000-04:00

You have got to love the media. They recently reported the largest drop in sales in history for the month July. This was a result of June sales being higher than normal due to the tax credit coming to an end. This does not mean real estate sales are bottoming out. Looking at one month is merely a snap shot in time and it rarely has any relevance to what is actually going on. Trends over time do show us more about the overall market.

SO, I have pulled data for some of the local towns comparing the number of single family home sales year to date through August in 2010 and 2009. I am happy to report that all the towns have seen more sales this year.

Here is a chart showing % increase in sales over last year:

source:mlspin

Open House 7/11- 1:00-3:00 4BR/2+1BA Single Family House in Boxborough, MA, $749,000

2010-07-10T17:59:00.000-04:00

For Sale: 4BR/2+1BA Single Family House in Boxborough, MA, $749,000

30-year mortgages near record low - The Boston Globe

2010-06-12T09:34:00.000-04:00

30-year mortgages near record low - The Boston Globe

Open House Sunday, June 13, 1:00-3:00-Best Deal at Huckins Farm! 3BR/2+1BA Condo in Bedford, MA, $549,000

2010-06-12T09:02:00.000-04:00

For Sale: 3BR/2+1BA Condo in Bedford, MA, $549,000

Open House, 6/6, 2:30-4:30, 33 acre farm in Groton, MA, $1,925,000

2010-06-05T15:57:00.000-04:00

For Sale: 4BR/5+1BA Single Family House in Groton, MA, $1,925,000

Open House 6/6, 12-2, 4BR/2+1BA Single Family House in Boxborough, MA, $789,000

2010-06-05T15:25:00.000-04:00

For Sale: 4BR/2+1BA Single Family House in Boxborough, MA, $789,000

Local home sales surge by double-digit percentages - Daily Business Update - The Boston Globe

2010-05-25T07:38:00.001-04:00

Local home sales surge by double-digit percentages - Daily Business Update - The Boston Globe

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Supply vs. Demand - Where do we stand?

2010-05-04T08:18:00.000-04:00

As is typical in New England, more houses come on the market in the Spring. In order to measure the activity level, we look at how many houses are selling on a monthly basis to determine the absorption rate and # of months' supply currently being offered. A supply of 4 months or less denotes a Sellers market, 5-7 months means it's a balanced market and over 7 months supply is a buyer's market.

The chart below shows how our local towns are doing as of May 4, 2010:

Source: mlspin.com, single family homes

2010-04-19T20:39:00.000-04:00

Affordability

Affordability remains at record levels, supported by the lowest mortgage rates in decades, low home prices, and the first-time home buyer tax credit. The home price-to-income ratio continues to remain well below the historical average of 25 percent. The ratio now stands at 14.2 percent.

Sources: National Association of Realtors, Freddie Mac

Government Action

Mortgage Relief for Unemployed
Attempting to overhaul its foreclosure prevention program, the Obama administration took noteworthy steps to help the unemployed stay current on their mortgage through tough times.

While the trouble in the housing market stemmed originally started with loose lending practices, high unemployment and underwater homeowners are now the major factors contributing to foreclosure.

The program will now:

•Require lenders to “slash” payments for the unemployed for 3-6 months. In some cases, payments could be deferred entirely.
•Cut payments to at least 31 percent of previous income, about the same amount that unemployment insurance pays.
•Become effective over the next 6 months.
•Not require new taxpayer funds. The program has only used a
small portion of its $75 billion allocation.

Helping Underwater Homeowners

Underwater borrowers are one of the major driving forces behind foreclosure. It’s estimated that one in four homeowners owes more than their home is worth. Economists categorize these borrowers as “high risk” because they can’t sell or refinance.

The government is taking the following steps to address underwater borrowers:

1.Principal Reduction. Lenders will be asked to reduce the principal loan balance if it is 15 percent or greater than what the home is worth. This will only be available to borrowers who are current on their mortgage payments and they will need to stay current to “earn” the full reduction over three years.
2.FHA Refinancing. The Federal Housing Administration (FHA) offers refinancing alternatives for borrowers who are underwater and offering incentives for lenders who reduce the principal on primary mortgages by at least 10 percent.
3.Second Mortgages. The government will double the incentive amount paid to lenders who help modify second mortgages. Half of all troubled homeowners have second mortgages, which have been an obstacle in providing modifications.
4.Short Sales. Incentives to lenders who help troubled borrowers that don’t qualify for the program, most commonly a short sale, have been increased.
Source: The Washington Post

Topics For Buyers & Sellers

Energy Efficient Tax Tips
Three Things You Need to Know About Home Improvements to Help Slash Energy Bills and 2010 Taxes

1.Simple qualifying improvements include increasing insulation or insulating items such as door and windows, roofing, skylights, etc. These qualify for a 30 percent credit on the cost of the item, not installation, up to a maximum credit cap of $1,500.
2.Certain big-ticket items have no maximum credit cap. The credit is still 30 percent of the cost of the item. These items include furnace, air conditioning, tankless water heater, heat pump, geothermal system, solar or wind installation.
3.It’s a tax credit, not a deduction. That means it reduces the actual taxes you owe, not your taxable income. Use IRS Form 5695, and hang onto receipts and product labels.

Don’t forget to check your state and local area for additional incentives.

For more info on the federal tax credit, check out: EnergyStar.gov and NAHB.org/efficiencytaxcredit.

1st Quarter Sales-Acton and Concord

2010-04-09T16:14:00.000-04:00

I am very happy to report that the real estate maket in the Acton/Concord area is stable and trending up. There seems to be pent up demand among buyers who have been waiting for the market to stabilize. Inventory has been low as Sellers have also been waiting; not wanting to sell at the bottom of the market. In Acton, houses have been going under agreement in just a few days with multiple bids!

The Concord market is somewhat slower than Acton because the average sales price is much higher. Sales here are better than this time last year though and should continue to rise as the spring progresses. As demand goes up so will prices, so anyone looking to buy should act soon!

New Listing - Horse farm on Acton/Concord line!

2010-03-17T08:30:00.000-04:00

Interactive map: Town-by-town home values in Massachusetts - Boston.com

2010-03-10T08:11:00.001-05:00

Interactive map: Town-by-town home values in Massachusetts - Boston.com

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Open House today from 1:00-3:00!

2010-03-07T10:34:00.001-05:00

New Listing in Boxborough! Restored Antique on 3.4 acres!

2010-02-16T06:53:00.000-05:00

January Update for Concord, MA

2010-01-13T08:06:00.000-05:00

Acton and Concord real estate sales are stable and Acton only has a 1-2 month supply as inventory is relatively low. More houses will be coming on the market in the next several weeks. The spring market starts in January!

Mortgage Rates – Inching Up

Mortgage rates have begun to inch back up as government support runs its course and interest rates rise. On December 24, the average 30-year fixed-rate mortgage was 5.05 percent, the first time it has gone above 5 percent since the end of October. According to Amy Crews Cutts, deputy chief economist at Freddie Mac, “Extraordinary resources have been put into keeping the rates down and supporting the mortgage market, and it’s hard to imagine that the rates can go much lower than they are.”

Affordability – Best since 1970s

Affordability continues to be at a record level thanks to unprecedented interest rates, low home prices, as well as the first-time buyer tax credit. So far this year, the home price-to-income ratio has fallen well below the historical average of 25 percent. The ratio now stands at 15 percent.

Sources: National Association of Realtors, Freddie Mac

Cost vs. Value Report: 2008: REALTOR® Magazine

2009-12-24T08:51:00.000-05:00

Cost vs. Value Report: 2008: REALTOR® Magazine

Local home sales soar in Nov., reports say - Daily Business Update - The Boston Globe

2009-12-22T20:43:00.001-05:00

Local home sales soar in Nov., reports say - Daily Business Update - The Boston Globe

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Great Price for 4 BR Colonial in Boxborough!

2009-12-21T12:19:00.000-05:00

SEASON'S GREETINGS!!

2009-12-14T11:04:00.000-05:00

Properties are going under agreement during this holiday season!! This is typically a slower time but there is nothing typical about 2009. Mortgage rates continue to stay low and inventory is lower than this time last year. The buyers are still looking to take advantage of the extended tax credit and are out and about. Prices may have hit bottom especially in the towns with strong school systems.
The spring market starts right after the holidays, so if you are planning a move, call soon!

Housing gloom in state lifts a bit more - The Boston Globe

2009-11-01T14:48:00.001-05:00

Housing gloom in state lifts a bit more - The Boston Globe

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Median Sales Prices Vs.One Year Ago

2009-10-19T16:14:00.000-04:00

So, I decided to check out the difference from last year:

Median Sales Prices

2009-09-30T14:28:00.000-04:00

As the real estate market begins to stabilize, I decided to see where the median prices were in surrounding towns. The following chart shows the median sales price for single family homes, over the last year, as of September 30, 2009. Source: MLSPIN

Supply and Demand

2009-09-06T18:10:00.000-04:00

Supply is going down in a lot of towns which may point to a more balanced market.
Here are the absorption rates by town as of today September 6, 2009:

New York Times Article - In the Grip of Indecision

2009-08-15T19:17:00.000-04:00

This article rings true for a lot of my clients right now.
Click on link below:

http://www.nytimes.com/2009/08/16/realestate/16cov.html

Absorption Rates-Supply vs Demand

2009-07-04T16:22:00.000-04:00

So, what is an absortion rate? In real estate, it measures the supply vs. demand for the current housing market. We look at the number of houses that sold in the last 12 months and determine the average # sold per month. Then we calculate the number of month's supply currently on the market. In other words, how many months at the current rate, would it take to sell what is currently being offered.
In a Seller's Market there tends to be 4 or less month's supply, balanced market has 5-7 month's supply and over 7 month's supply in a buyer's market.

Here's what's happening in my world as of July 4, 2009

Harvard has one of the top school systems in the state and is an awesome town. So, why is there such a large supply of homes on the market there? Prices rose steeply in Harvard in the past several years and perhaps they need to come down some more.
Inventory in most towns is lower than two years ago but demand has slowed as well. Acton and Boxborough are experiencing a more balanced market as they have more affordable housing than Concord and Sudbury.
Absorption rates can also vary greatly within price ranges in a given town. You may have a house in Concord in the $900,000's and that absorption rate would be only 5 months, whereas a house in the 1,000,000-1,500,000 may have a lot more competition and thus a longer market time.

For more specific information, feel free to call or email me.

Cheers and Happy 4th of July!!!

Fabulous Home in Boxborough! New Price!

2009-06-20T19:16:00.000-04:00

Rates Rising and so are Sales!

2009-06-13T11:19:00.001-04:00

Mortgage rates are on the rise and so are pending sales! Since June 1st, in the last 12 days:

Accepted offers:
Acton 15 (48 total pending)
Concord 8 (36 total pending)

Boxborough has seen 4 accepted offers in the last 5 days! (9 total pending)

First time home buyers are driving the increase in sales but we are also starting to see the high end properties go under agreement as well.

source: mlspin.com

2009-05-13T19:15:00.000-04:00

Keller Williams Realty is rockin'!

April '08 to April '09 the New England Region is:

+12% in agent count for a total of 2,257
+10% in Listings Taken
+10% in Listing Volume
+11% in Listings Sold
+15% in Contracts Written
+10% in contracts Closed

It's a great feeling to be part of this team!

Spring Real Estate Update

2009-05-04T18:54:00.000-04:00

The market is buzzing as it should be with these prices and mortgage rates! The sales continue to vary by town and price range. The buyers are out in full force, knowing that things could turn soon. Acton sales are out pacing previous years while Concord is still lagging. This has a lot to do with price. The first time home buyers are buying and that will trickle up, allowing trade up buyers to buy and so forth.

If you have any questions, please ask! Email: ginette.brockway@verizon.net.

Cheers!

2009-04-09T08:37:00.000-04:00

MOVING ON! Well, the first quarter sales numbers are in and as usual, the results vary by town. Acton appears to be bouncing back while Concord is still experiencing fewer sales. This may be because the moderate priced areas are selling and the high-end buyers, most affected by the stock market, are still regrouping.

There is pent up demand as buyers have been waiting for the market to bottom out. It would seem that we are close to the bottom if we haven't already hit it. The buyers are out and I am very busy with buyer and seller appointments. People are moving on with their lives and taking advantage of the low prices coupled with low interest rates. This is probably the best time to buy that I will see in my lifetime!

Here are the first Quarter Single Family Sales for the last 5 years:

2009-01-17T08:42:00.001-05:00

2008 is over and looking back, the actual numbers are not nearly as bad as other parts of the country. I analyzed the market going back 20 years to try and determine if we were going to see an increase in sales in 2009. If you look at the other downturns, the answer would be yes. There are different factors this time so it's really difficult to predict. One thing we know for sure is that these cycles happen and the real estate market will improve again, it always does. Low interest rates are sparking some activity now and people are tired of waiting and need to get on with their lives.

In terms of local towns, I am including data for Acton and Concord. If you are interested in others areas, let me know and I would be happy to chart those as well.

Median prices in Acton were level over last year according to MLS, Concord however experienced a 12% dip. This is less dramatic than the 2006-2007 trend which showed Acton prices down 11% and Concord down 19%.

Mortgage Rates Drop Again!

2008-12-18T09:06:00.000-05:00

Here are some examples for well qualified borrowers:

4.625% - 30 year fixed for a conventional 20% down purchase

5% - NO points NO closing cost refinance with 20% equity.

Update is from 1st Mariner Mortgage Dec. 17, 2008.

2008-11-30T20:20:00.000-05:00

Mortgage Rate Update: Nov. 24, 2008

Great News!

30 year fixed rates drop dramatically today to 5.375%!

Happy Thanksgiving!

2008-11-29T10:33:00.000-05:00

LOCAL MARKET UPDATE (as of Nov. 30, 2008)

WILD RIDE ! - The last two months have been crazy in the real esate world, to say the least. In October, most of us just helplessly watched the US economy tumble. Needless to say, buyers were waiting on the sidelines to see what would happen next, and sellers were either waiting or slashing their prices to get their properties sold. Showings picked up after the election and it is difficult to say what the holiday season will be like this year. It is typically slow, but with prices and interest rates being the lowest they have been all year, it is a great time to buy. It is impossible to time the bottom of the market because no one knows when it happens until after it is on it's way back up again.

The local market and most of Massachusetts had higher sales in October on a year to year basis. These are sales that were mostly written in August/September. November sales however are lower than last year because as the Wall Street crisis started to unfold, buyers went into a holding pattern. Prices have come down and properties are selling when they hit that perceived "bargain price".
Data from MLSPIN.

2008-09-28T18:43:00.000-04:00

A Tale of Two Towns-
Acton & Concord

Almost everyone I meet asks, “what is happening in the real estate market?” As I analyze local market activity and trends in an attempt to understand what is going on, the media makes broad generalizations based on national and regional data. The activity varies from town to town and this is exemplified by looking at the sales data in Acton and Concord. Both towns have great schools, they are next to each other, with Concord being slightly closer to Boston, yet they have very different stories to tell!
When Acton and other towns were starting to feel the slide in 2006 and 2007, Concord was still experiencing an increase in sales and higher prices. In 2004 & 2005 when Acton was booming, Concord had a dip in sales but prices continued to climb. What was interesting for me to see was that the actual number of sales peaked in 2002 in both towns but prices didn’t peak in Acton until 2005 and not until 2006 in Concord. In my mind the height of the market was 2005.
So, you can see if these two towns have had different sales figures, how difficult it is to answer the question, “how’s the market?”. It depends on what town and moment in time you are asking about! In general, this area is relatively stable because of the school systems. We are not immune to the slumping economy and mortgage crunch however. Many sellers are waiting to put their homes on the market, hoping for a better time. This could take a while, it is hard to predict. I sincerely thought we had hit bottom this spring, but again, it depends on what town you are looking at.

So what is the story in 2008? The first quarter was dismal in most towns. Sales in Acton picked up in the spring but Concord is now experiencing the downturn that hit Acton two years ago. If you look at where we were in August of 2007 compared to this year, Acton is down 4.6% and Concord is down 20%.

Median prices are actually up a little in Acton through
August and Concord, as expected, is down substantially. There are a lot of factors that will affect the market; The election, Fannie Mae & Freddie Mac being placed in
government conservatorship, unemployment , the stock market etc. I would expect more stabilization in the next few months.
In the meantime, if you have any questions or would like more information about your town or neighborhood, please get in touch and I would be happy to do research specific to your situation.
Ginette