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April 9, 2017

Real Estate Sales for Framingham, MA - Home Sales and Real Estate Market Report (2017)

 

March

The Framingham Homes For Sale Market Report

A first glance at the pricing data looks the same as many before it.  Buyers willing to pay higher prices, and sellers staying in advance of that demand.  It's been remarkably consistent. 

Can’t see the chart? You can find it Here .

However, when we look at the data underlying the pricing trend, things are a little more complicated.  Inventory is at all time lows, which we've seen a lot, but it's been so low that even transactions are way down.  Transactions haven't been this low since 2014.   The rising HSI says there's plenty of pressure on prices, but it's hard to say if transactions are falling or just constrained due to home inventory.  

What should potential home buyers do in Framingham ?

Yikes.  Hope for more inventory, because there is very little, and what little there is will get a lot of outsized attention.  Unlike some other towns recently reviewed, Framingham sellers are staying close to where prices have seen success.  Or said another way, there are fewer sellers reaching for over the moon prices. 

Find Your Next Home or Check out the Competition!

What should future home sellers do in Framingham ?

Ride the wave!  Get your home in top sale condition for a fast sale and top prices - prices which are rising almost everyday.

Framingham Homes For Sale and Sold Market Statistics - MLS Data

  • The Framingham “Home Seller Index” (HSI): 330 Last Report:313
  • There are 46 homes actively listed as For Sale for Home Buyers.
  • In the last 6 months, there have been 340 houses sold, and 187 homes sold in the last 3 months in Framingham.
  • The Average number of Days on Market was 28 days for recently SOLD homes.
  • There is an Average Market Time of 87 days of the Framingham homes For Sale (currently for sale).
  • The amount that was paid by Home buyers in Dollars per Square Foot averaged $223 (vs. $224 in the last report)
  • Current home sellers are looking for $ 231 /sq. foot
  • There was an Average Sold Price of $432,083 .
  • Framingham , MA, has 2 properties advertised as lender owned or foreclosure (typically foreclosure) .
  • There are 1 properties advertised as a short-sale is going to be needed by the lender.

All raw data are for Single Family Houses and based on data in MLS. Matt’s HSI is proprietary*, and is designed to offer town-by-town information, instead of large scale trends. *That means you won’t find it anywhere else. Take that, Case-Schilling!.

Other Posts You Might Enjoy

About Matt Heisler

Matt Heisler is a real-estate professional and owner of this website. He has been selling homes in MA for buyers and sellers for over 20 years. He is an expert in foreclosure purchases, short-sale purchases, short-sale sales, buy and hold investing, fix and flip investing, and of course traditional residential home sales. He is happy to take questions as they pertain to real estate on Title V, Radon, Termites, Sump Pumps, Roofs, Foundations, Wells, Septic Systems, Cash-Flow, Staging, and a host of other housing issues. As a Vanderbilt University alumnus, he is proud to serve his local community.

*All information is posted in good faith and is assumed to be reliable, but may rely on third party information sources.

Posted in Framingham, MA
no comments yet
April 7, 2017

Real Estate Sales for Charlton, MA - Home Sales and Real Estate Market Report (2017)

 

September

The Charlton Homes For Sale Market Report

The Charlton home market is looking better and better, as the deep values there are finding buyers.  With a price point near $150 a sq foot - where many towns are twice that - is a great value and buyers are finding it. Sellers have been cutting prices to take advantage. 

Charlton real estate statistics

Can’t see the chart? You can find it Here .

What should potential home buyers do in Charlton ?

Home buyers should move fast and pay prices- cause they are headed up.  Look at the HSI (red) as it moves straight up.  Then look at the number of active properties for sale.  It's falling like a stone.  That means buyers are moving in faster than the inventory can come on - and that means competition, and that means higher prices.  Buy while you can, Charlton is going on a run.

Charlton home sale data

Find Your Next Home or Check out the Competition!

What should future home sellers do in Charlton ?

Watch your price range!  Things are headed up, and competitive bids are possible if your home is ready.  Make sure it's ready!  Popular young houses will get plenty of traffic. 

Charlton Homes For Sale and Sold Market Statistics - MLS Data

  • The Charlton  “Home Seller Index” (HSI): 183 Last Report:170
  • There are 30 homes actively listed as For Sale for Home Buyers.
  • In Charlton there have been 107 houses sold in the last 6 months, and 65 homes sold in the last 3 months.
  • The Average number of Days on Market was 50 days for recently SOLD homes In Charlton.
  • Homes for sale have been sitting for an average of 98 days homes For Sale (currently for sale).
  • The amount that was paid by Home buyers in Dollars per Sq. Ft. averaged $156 (vs. $145 in the last report)
  • Current home sellers are looking for $ 169 /sq foot
  • There was an Average Sold Price of $310,472 .
  • Charlton , MA, has 3 properties advertised as lender owned or foreclosure (typically foreclosure) .
  • There are 0 properties advertised as a short-sale is going to be needed by the lender.

All raw data are for Single Family Houses and based on data in MLS. Matt’s HSI is proprietary*, and is designed to offer town-by-town information, instead of large scale trends. *That means you won’t find it anywhere else. Take that, Case-Schilling!.

March

The Charlton Homes For Sale Market Report

Here's a chart that home sellers have been waiting for.  A big spike in demand, that has really put pressure on home inventories.  They are at an all time low since we've been tracking, here on the blog.

Can’t see the chart? You can find it Here .

And home sellers have noticed!  They are consistently coming on higher, and have been moving up - even though buyers have managed to pick off the more motivated sellers.  Currently, home sellers are too far away from where buyers want to be, but I'll bet home buyers will close some of that gap this spring. 

What should potential home buyers do in Charlton ?

There are choices, but do your home work!  Past sales are at lower levels than many homes for sale are looking for.

Find Your Next Home or Check out the Competition!

What should future home sellers do in Charlton ?

Home sellers should price a little less a less aggressively than the ones currently on the market.  They are too far ahead of the buyers to sell - leaving an opportunity for a well priced home.  Things are better than they have been in years, and the lower prices in Charlton are headed northward.

Charlton Homes For Sale and Sold Market Statistics - MLS Data

      • The Charlton “Home Seller Index” (HSI): 170 Last Report:132
      • There are 28 homes actively listed as For Sale for Home Buyers.
      • In the last 6 months, there have been 104 houses sold, and 60 homes sold in the last 3 months in Charlton.
      • The Average number of Days on Market was 71 days for recently SOLD homes.
      • There is an Average Market Time of 138 days of the Charlton homes For Sale (currently for sale).
      • The amount that was paid by Home buyers in Dollars per Square Foot averaged $145 (vs. $154 in the last report)
      • Current home sellers are looking for $182 /sq foot
      • There was an Average Sold Price of $296,580 .
      • Charlton , MA, has 1 properties advertised as lender owned or foreclosure (typically foreclosure) .
      • There are 0 properties advertised as a short-sale is going to be needed by the lender.
      All raw data are for Single Family Houses and based on data in MLS. Matt’s HSI is proprietary*, and is designed to offer town-by-town information, instead of large scale trends. *That means you won’t find it anywhere else. Take that, Case-Schilling!.

Other Posts You Might Enjoy

About Matt Heisler

Matt Heisler is a real-estate professional and owner of this website. He has been selling homes in MA for buyers and sellers for over 20 years. He is an expert in foreclosure purchases, short-sale purchases, short-sale sales, buy and hold investing, fix and flip investing, and of course traditional residential home sales. He is happy to take questions as they pertain to real estate on Title V, Radon, Termites, Sump Pumps, Roofs, Foundations, Wells, Septic Systems, Cash-Flow, Staging, and a host of other housing issues. As a Vanderbilt University alumnus, he is proud to serve his local community.

*All information is posted in good faith and is assumed to be reliable, but may rely on third party information sources.

Posted in Charlton, MA
no comments yet
April 5, 2017

Real Estate Sales for Boylston, MA - Home Sales and Real Estate Market Report (2017)

March

The Boylston Homes For Sale Market Report

Boylston remains strong - as everywhere else too - getting through the soft point of the market with strong demand.  Boylston has a few more choices than many small towns, so is still reasonable. 

Can’t see the chart? You can find it Here .

The buyer's price action says it all; after a big run up, and relatively small leveling off, sellers are quickly back up to peak prices from last year.  Interestingly, the average time a home has been on the market is only 40 days - so these sellers won't tire soon and cut prices very quickly.  They are ahead of the buyers, so it'll be interesting to see if the buyers blink again - or move on to greener pastures. 

 

What should potential home buyers do in Boylston ?

You have some choices here, but be wary: Sellers are, on balance, far ahead of last years closing prices. 

Find Your Next Home or Check out the Competition!

What should future home sellers do in Boylston ?

Home sellers will see great demand, but I'd be careful of getting too optimistic.  We've seen plenty of examples where the buyers will only move so far, so fast, and this is asking a lot. 

Boylston Homes For Sale and Sold Market Statistics - MLS Data

  • The Boylston “Home Seller Index” (HSI): 122 Last Report:113
  • There are 26 homes actively listed as For Sale for Home Buyers.
  • In the last 6 months, there have been 48 houses sold, and 27 homes sold in the last 3 months in Boylston.
  • The Average number of Days on Market was 86 days for recently SOLD homes.
  • There is an Average Market Time of 48 days of the Boylston homes For Sale (currently for sale).
  • The amount that was paid by Home buyers in Dollars per Square Foot averaged $192 (vs. $194 in the last report)
  • Current home sellers are looking for $ 224 /sq foot
  • There was an Average Sold Price of $488,050.
  • Boylston , MA, has 0 properties advertised as lender owned or foreclosure (typically foreclosure) .
  • There are 0 properties advertised as a short-sale is going to be needed by the lender.

All raw data are for Single Family Houses and based on data in MLS. Matt’s HSI is proprietary*, and is designed to offer town-by-town information, instead of large scale trends. *That means you won’t find it anywhere else. Take that, Case-Schilling!.

Don’t Go Just Yet! More Information for you…

About Matt Heisler

Matt Heisler is a real-estate professional and owner of this website. He has been selling homes in MA for buyers and sellers for over 20 years. He is an expert in foreclosure purchases, short-sale purchases, short-sale sales, buy and hold investing, fix and flip investing, and of course traditional residential home sales. He is happy to take questions as they pertain to real estate on Title V, Radon, Termites, Sump Pumps, Roofs, Foundations, Wells, Septic Systems, Cash-Flow, Staging, and a host of other housing issues. As a Vanderbilt University alumnus, he is proud to serve his local community.

*All information is posted in good faith and is assumed to be reliable, but may rely on third party information sources.

Posted in Boylston, MA
no comments yet
April 1, 2017

Real Estate Sales for Berlin, MA - Home Sales and Real Estate Market Report (March, 2017)

The Berlin Homes For Sale Market Report

OK, we go from one town where the data doesn't make sense, to a similar town (quite a bit smaller), but behaving in a rational fashion.  As before, nothing for sale - and sky high Home Selling Index.  However....

Can’t see the chart? You can find it Here .

Here we see that the sellers have responded by pushing up asking prices. And they should!  But probably not quite this much.  

 

What should potential home buyers do in Berlin ?

Be patient!  With so little on the market, things can only get better. 

Find Your Next Home or Check out the Competition!

What should future home sellers do in Berlin ?

There's a good opportunity for home sellers, with much of the market priced to high.  Many prices ranges have no inventory. 

Berlin Homes For Sale and Sold Market Statistics - MLS Data

  • The Berlin “Home Seller Index” (HSI): 359 Last Report:205 
  • There are 3 homes actively listed as For Sale for Home Buyers.
  • In the last 6 months, there have been 28 houses sold, and 19 homes sold in the last 3 months in Berlin.
  • The Average number of Days on Market was 42 days for recently SOLD homes.
  • There is an Average Market Time of 66 days of the Berlin homes For Sale (currently for sale).
  • The amount that was paid by Home buyers in Dollars per Square Foot averaged 176 (vs.$169 in the last report)
  • Current home sellers are looking for $ 259 /sq. foot
  • There was an Average Sold Price of $394,849 .
  • Berlin , MA, has 0 properties advertised as lender owned or foreclosure (typically foreclosure) .
  • There are 0 properties advertised as a short-sale is going to be needed by the lender.

All raw data are for Single Family Houses and based on data in MLS. Matt’s HSI is proprietary*, and is designed to offer town-by-town information, instead of large scale trends. *That means you won’t find it anywhere else. Take that, Case-Schilling!.

Don’t Go Just Yet! More Information for you…

About Matt Heisler

Matt Heisler is a real-estate professional and owner of this website. He has been selling homes in MA for buyers and sellers for over 20 years. He is an expert in foreclosure purchases, short-sale purchases, short-sale sales, buy and hold investing, fix and flip investing, and of course traditional residential home sales. He is happy to take questions as they pertain to real estate on Title V, Radon, Termites, Sump Pumps, Roofs, Foundations, Wells, Septic Systems, Cash-Flow, Staging, and a host of other housing issues. As a Vanderbilt University alumnus, he is proud to serve his local community.

*All information is posted in good faith and is assumed to be reliable, but may rely on third party information sources.

Posted in Berlin, MA
no comments yet
March 31, 2017

Real Estate Sales for Ashland, MA - Home Sales and Real Estate Market Report (March, 2017)

The Ashland Homes For Sale Market Report

Sometimes, when I do these reports, I see things that don't make a lot of sense.  Here's what the Home Selling Index is doing in Ashland.  It's at a new record, almost at 360!!  Which is nuts.  This is because there's only 11 houses for sale in Ashland right now, while 114 have sold in the last 6 months.

Can’t see the chart? You can find it Here .

So, you'd expect prices to be going up, right?  Right.  Well, they aren't:

Yes, you read that right, sale prices AND seller asking prices are both down in the last report.  THAT MAKES NO SENSE.  Sure, I guess, you could argue that there aren't enough "for sale" homes to really measure that number.  (I'd buy that).  But how do you explain falling prices over the last 114 sales?  With no inventory?  Not sure I can explain that.

What should potential home buyers do in Ashland ?

Hmm.  Expect competition?  There's nothing to buy, and what comes on is going to be mobbed.  Be ready for quick decisions and competitive offers.

 

Find Your Next Home or Check out the Competition!

What should future home sellers do in Ashland ?

Home sellers: What are you waiting for?  Get out there!  Before everyone else does.  Need to list in a week?  Don't be shy about giving me a call.

Ashland Homes For Sale and Sold Market Statistics - MLS Data

  • The Ashland “Home Seller Index” (HSI): 389 Last Report:254
  • There are 11 homes actively listed as For Sale for Home Buyers.
  • In the last 6 months, there have been 114 houses sold, and 62 homes sold in the last 3 months in Ashland.
  • The Average number of Days on Market was 39 days for recently SOLD homes.
  • There is an Average Market Time of 48 days of the Ashland homes For Sale (currently for sale).
  • The amount that was paid by Home buyers in Dollars per Square Foot averaged $223 (vs.$226 in the last report)
  • Current home sellers are looking for $218 /sq. foot
  • There was an Average Sold Price of $448,987.
  • Ashland , MA, has 1 properties advertised as lender owned or foreclosure (typically foreclosure) .
  • There are 1 properties advertised as a short-sale is going to be needed by the lender.

All raw data are for Single Family Houses and based on data in MLS. Matt’s HSI is proprietary*, and is designed to offer town-by-town information, instead of large scale trends. *That means you won’t find it anywhere else. Take that, Case-Schilling!.

Don’t Go Just Yet! More Information for you…

About Matt Heisler

Matt Heisler is a real-estate professional and owner of this website. He has been selling homes in MA for buyers and sellers for over 20 years. He is an expert in foreclosure purchases, short-sale purchases, short-sale sales, buy and hold investing, fix and flip investing, and of course traditional residential home sales. He is happy to take questions as they pertain to real estate on Title V, Radon, Termites, Sump Pumps, Roofs, Foundations, Wells, Septic Systems, Cash-Flow, Staging, and a host of other housing issues. As a Vanderbilt University alumnus, he is proud to serve his local community.

*All information is posted in good faith and is assumed to be reliable, but may rely on third party information sources.

Posted in Ashland, MA
no comments yet
March 29, 2017

Real Estate Condo Sales for Ashland, MA (Feb, 2016)

 

Condos For Sale in Ashland Market Report

Rising prices for condos in Ashland has softened the market, but what a run it has been.  Note, the following graphic shows that current sellers aren't exactly shy about where they are listed, as they are far ahead of the buyers, who have pushed prices up steadily over the last three years about 15%. 

Can’t see the chart? You can find it Here .

What should active condo buyers do in Ashland?

Be patient!  Motivated sellers will likely list more in line with current sale prices.  Many units currently available are overpriced based on past sales.  But many sellers are going to buy a home this spring, and their units will be listed shortly afterward. Homes for sale inventories are already rising, they may rise further. 

What should potential condo sellers do in Ashland?

Don't ask for prices you can't get - the home buyers don't seem to be interested in paying them.  Despite the prices moving up, it has had the affect of softening the market.  It's still, very, very good-  but you can't reach too far price wise, or you'll sit around. With the average seller asking $50/sq foot more than current sale prices, don't make their mistake!

Ashland Recent Condos For Sale and Sold Market Statistics - Raw MLS Data

  • Ashland ‘s “Condo Seller Index” (CSI):216 Last Report:322
  • There are 27 homes listed as For Sale.
  • There have been 96 houses sold in the last 6 months, and 55 homes sold in the last 3 months in Ashland .
  • The Average number of Days on Market was 30 days for just SOLD homes.
  • There is an Average Market Time of 137 days of the Ashland homes For Sale (currently for sale).
  • The amount that was paid in Dollars per Square Foot averaged $199 (vs. $187 )
  • Current sellers are looking for 249 $/sq foot
  • There was an Average Sold Price of $358,092 for sold homes.
  • Ashland, MA, has 1 properties advertised as lender owned or foreclosure (typically foreclosure) .
  • There are 0 properties advertised as a short-sale is going to be needed by the lender.

 

*All statistics are for Single Family Houses and based on data in MLS. Matt’s HSI is proprietary, and is designed to offer town-by-town information, instead of large scale trends. (That means you won’t find it anywhere else. Take that, Case-Schilling!).

Don’t Go Just Yet! More Information for you…

About Matt Heisler

Matt Heisler is a real-estate professional and owner of this website. He has been selling homes in MA for buyers and sellers for over 20 years. He is an expert in foreclosure purchases, short-sale purchases, short-sale sales, buy and hold investing, fix and flip investing, and of course traditional residential home sales. He is happy to take questions as they pertain to real estate on Title V, Radon, Termites, Sump Pumps, Roofs, Foundations, Wells, Septic Systems, Cash-Flow, Staging, and a host of other housing issues. As a Vanderbilt University alumnus, he is proud to serve his local community.

*All information is posted in good faith and is assumed to be reliable, but may rely on third party information sources.

Posted in Ashland, MA
no comments yet
March 28, 2017

Real Estate Sales for Worcester, MA - Home Sales and Real Estate Market Report (March, 2017)

The Worcester Homes For Sale Market Report

Regular readers know that the most important report I do is probably Worcester.  Far away from the euphoria of the 128 beltloop, we can see what's happening in large, diverse city with a lot of choices for home buyers.  Or, used to have a lot of choices!  That's not really the case anymore.  Prices are holding steady, but sellers are the most optimistic ever.  

Can’t see the chart? You can find it Here .

What should potential home buyers do in Worcester?

Home buyers should move fast on any potential properties.  There are still choices, but the competition is especially fierce, and with the number of homes for sale at a record low, isn't going to get any better.   Prices look to be headed up this spring for sure.

Find Your Next Home or Check out the Competition!

What should future home sellers do in Worcester?

Home sellers will find strong demand in almost all areas.  Homes are still selling faster than they can be put on the market, pressure continues to build on home buyers.  The rules are still the same - get your home ready for sale - but you will find plenty of traffic, and homes in good condition will gets out sized attention.

Worcester Homes For Sale and Sold Market Statistics - MLS Data

  • The Worcester “Home Seller Index” (HSI): 185 Last Report: 157
  • There are 161 homes actively listed as For Sale for Home Buyers.
  • In the last 6 months, there have been 755 houses sold, and 411 homes sold in the last 3 months in Worcester.
  • The Average number of Days on Market was 44 days for recently SOLD homes.
  • There is an Average Market Time of 96 days of the Worcester homes For Sale (currently for sale).
  • The amount that was paid by Home buyers in Dollars per Square Foot averaged $142 ($143 vs. in the last report)
  • Current home sellers are looking for $150 /sq. foot
  • There was an Average Sold Price of $218,705 .
  • Worcester, MA, has X properties advertised as lender owned or foreclosure (typically foreclosure) .
  • There are x properties advertised as a short-sale is going to be needed by the lender.

All raw data are for Single Family Houses and based on data in MLS. Matt’s HSI is proprietary*, and is designed to offer town-by-town information, instead of large scale trends. *That means you won’t find it anywhere else. Take that, Case-Schilling!.

Don’t Go Just Yet! More Information for you…

About Matt Heisler

Matt Heisler is a real-estate professional and owner of this website. He has been selling homes in MA for buyers and sellers for over 20 years. He is an expert in foreclosure purchases, short-sale purchases, short-sale sales, buy and hold investing, fix and flip investing, and of course traditional residential home sales. He is happy to take questions as they pertain to real estate on Title V, Radon, Termites, Sump Pumps, Roofs, Foundations, Wells, Septic Systems, Cash-Flow, Staging, and a host of other housing issues. As a Vanderbilt University alumnus, he is proud to serve his local community.

*All information is posted in good faith and is assumed to be reliable, but may rely on third party information sources.

Posted in Worcester, MA
no comments yet
March 26, 2017

Real Estate Sales for Westborough, MA - Home Sales and Real Estate Market Report (March, 2017)

The Westborough Homes For Sale Market Report

Westborough homes for sale have dropped again to their low levels.  This time though, the lack of inventory has resulted in a sharp uptick in prices, (see second chart).  On the surface, It doesn't look like the market is all that better, but a sharp rise in prices has the effect of cooling the market off, so the pressure evens out.

Can’t see the chart? You can find it Here .

What should potential home buyers do in Westborough?

Home buyers will find slim pickings.  The homes that are popular are going very fast. The homes that require the most work, or are the most overpriced, will sit around.  Currently, the active properties are at almost six months on the market, showing that buyers aren't chasing everything.  The well priced stuff is selling much faster, and many items are getting bid up.

Find Your Next Home or Check out the Competition!

What should future home sellers do in Westborough?

Home sellers aren't asking crazy prices, but they have steadily been moving up.  Pricing is the highest since we've been tracking - over $230/ sq foot vs. $175 at the lows - and looks poised to grind higher.  Only inventory will slow things down, and there haven't been a lot of signs that we are going to get swamped with homes for sale. 

Westborough Homes For Sale and Sold Market Statistics - MLS Data

  • The Westborough “Home Seller Index” (HSI): 137 Last Report:122
  • There are 21 homes actively listed as For Sale for Home Buyers.
  • In the last 6 months, there have been 81 houses sold, and 40 homes sold in the last 3 months in Westborough.
  • The Average number of Days on Market was 40 days for recently SOLD homes.
  • There is an Average Market Time of 174 days of the Westborough homes For Sale (currently for sale).
  • The amount that was paid by Home buyers in Dollars per Square Foot averaged $234 (vs. $215 in the last report)
  • Current home sellers are looking for $239 /sq. foot
  • There was an Average Sold Price of $562,243 .
  • Westborough, MA, has 0 properties advertised as lender owned or foreclosure (typically foreclosure) .
  • There are 1 properties advertised as a short-sale is going to be needed by the lender.

All raw data are for Single Family Houses and based on data in MLS. Matt’s HSI is proprietary*, and is designed to offer town-by-town information, instead of large scale trends. *That means you won’t find it anywhere else. Take that, Case-Schilling!.

Don’t Go Just Yet! More Information for you…

About Matt Heisler

Matt Heisler is a real-estate professional and owner of this website. He has been selling homes in MA for buyers and sellers for over 20 years. He is an expert in foreclosure purchases, short-sale purchases, short-sale sales, buy and hold investing, fix and flip investing, and of course traditional residential home sales. He is happy to take questions as they pertain to real estate on Title V, Radon, Termites, Sump Pumps, Roofs, Foundations, Wells, Septic Systems, Cash-Flow, Staging, and a host of other housing issues. As a Vanderbilt University alumnus, he is proud to serve his local community.

*All information is posted in good faith and is assumed to be reliable, but may rely on third party information sources.

Posted in Westborough, MA
no comments yet
Feb. 20, 2017

When Should I drop Contingencies in my Home Purchase Offer

It's a Competitive Marketplace - Is dropping a Contingency a Way Get My Home Offer Accepted?

In a competitive market, buyers are always looking for an edge.  It's not uncommon for the most popular properties to have multiple offers, with 2-5 bidders.  That's great for the seller, but as a buyer, not so much.  If a buyer loses out on a couple of bids, they start getting more aggressive, typically, and try various things to "sweeten" their deal.  Of course, you can always improve your offer by bidding more, and that is a straightforward way to do it.  However, there are other ways that don't involve increase your offer price, and here we look at a couple of them.

There are two contingencies in most offers.  The first is the home inspection contingency, and the second is the Contingencies can save you a few penniesmortgage contingency.  Let's review both, at a basic level.  Remember, this applies mostly to Massachusetts, and I'm not an attorney, so this isn't to be construed as legal advice.  Instead, remember to loop in your attorney before doing either of these, and think about them AHEAD of time - these should not be spur of the moment decisions.

Home Inspection Contingency

The home inspection contingency protects the buyer from homes with significant, undisclosed issues that will require funds to fix. After you have an inspection, if you and the seller can't agree on how the deficiencies will be fixed, than the buyer has a chance to terminate the transaction, and everyone starts over again.  

Mortgage Contingency

The mortgage contingency is a bit more complicated, as it has more components to it.  But basically, it says that if the bank says you are not going to get a loan, you're entitled to all your deposit money back. There are generally time constraints, and in practice, the banks are seemingly in no hurry to give you a "yes/no" today, which would make it easier for everyone, but instead tend to talk about "maybe" and "probably" and "almost".  (For more on bank commitment letters, read here.) But at the end of the day, the clause is used to protect the buyer from the whims of the banking industry, and to make sure they will get the loan, before they fully commit to buying the house.

Dropping a Home Inspection Contingency

Dropping a home inspection contingency is the easier of the two, but there are certainly good ways and bad ways to do it.  First, you can usually drop the contingency, without dropping the inspection entirely.  So you still get to have an inspection! Which is good, and you should do that. If the house really is a mess, and the inspection reveals it to be so, you can often re-negotiate - contingency or not - and the worst case in this situation means you are out your initial deposit, which is usually $1000.  Now a $1000 stings, but it's better than committing to a home that has an extra $20,000 in expenses you weren't counting on.  The best part about dropping this contingency is that the sellers are likely to value it at much more than $1000, so it can be worth the risk.  For example, let's say that you are the seller.  You have two offers, and they are identical, except one is $2000 less, and doesn't have a home inspection clause. Which do you take?  Most people would take the one without the home inspection contingency, but it's not a slam dunk (it depends a lot on what the seller thinks they will find or not). The perceived safety of the deals lets the seller value them more highly, but they shouldn't go crazy with it.  After all, the buyer can simply forfeit the $1000 and end the transaction, so there isn't much security here.

Dropping a Mortgage Contingency

There are some big differences between the two contingencies.  In Massachusetts, by the time the mortgage contingency comes in to play, the big deposit - often 5% - is in escrow, and is "in-play".  On a expensive house, we're talking $30,000 or more, so you need to be very careful with that money.  Usually, I tell folks they need to be 110% certain they will get a mortgage before dropping this clause. (being able to pay cash is a good way to be certain), and it is a high risk endeavor.  Things can happen! What if the primary earner gets fired during the transaction?  Losing your job and the deposit AND the house is going to be a bad month for sure. However, it is something that people do from time to time, and it will make a big difference in your offer.  How big a difference?  That depends a lot on what the other offers look like and the sellers situation.  Sellers who aren't stretched are more likely to take the safer offer, while sellers who need the every penny are likely to value the clause less.  Having said that, it's not usually worth $20,000 to anyone, so it's not likely to get you huge discounts.  Maybe it's worth 5-10K in most cases, and I would usually advise a buyer to go up the 5-10K and keep the clause. The risk/reward here often favors the clause vs. the additional purchase price. 

 

Don’t Go Just Yet! More Information for you…

About Matt Heisler

Matt Heisler is a real-estate professional and owner of this website. He has been selling homes in MA for buyers and sellers for over 20 years. He is an expert in foreclosure purchases, short-sale purchases, short-sale sales, buy and hold investing, fix and flip investing, and of course traditional residential home sales. He is happy to take questions as they pertain to real estate on Title V, Radon, Termites, Sump Pumps, Roofs, Foundations, Wells, Septic Systems, Cash-Flow, Staging, and a host of other housing issues. As a Vanderbilt University alumnus, he is proud to serve his local community.

*All information is posted in good faith and is assumed to be reliable, but may rely on third party information sources.

Posted in Home Buyer Hot Topics
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Feb. 17, 2017

Real Estate Sales for Upton, MA - Home Sales and Real Estate Market Report (February, 2017)

The Upton Homes For Sale Market Report

Upton is responding to the tighten market by commanding higher prices, up sharply over last year.  Sellers are staying out in front of it, but not too far.

Can’t see the chart? You can find it Here .

What should potential home buyers do in Upton?

Home buyers should be aggressive in Upton, the rising prices probably have some ways to go before the market is over heated.  In fact, the HSI is quite low in Upton, suggesting things aren't too competitive just yet. 

Find Your Next Home or Check out the Competition!

What should future home sellers do in Upton?

Home sellers should recognized that after some stagnation, home prices are moving up.  They are up 5-6% over last year, a big move, and one that I think can continue. 

Upton Homes For Sale and Sold Market Statistics - MLS Data

  • The Upton “Home Seller Index” (HSI): 134 Last Report:128
  • There are 23 homes actively listed as For Sale for Home Buyers.
  • In the last 6 months, there have been 67 houses sold, and 37 homes sold in the last 3 months in Upton.
  • The Average number of Days on Market was 56 days for recently SOLD homes.
  • There is an Average Market Time of 106 days of the Upton homes For Sale (currently for sale).
  • The amount that was paid by Home buyers in Dollars per Square Foot averaged $199 (vs. $196 in the last report)
  • Current home sellers are looking for $229 /sq foot
  • There was an Average Sold Price of $448,805 .
  • Upton, MA, has 1 properties advertised as lender owned or foreclosure (typically foreclosure) .
  • There are 1 properties advertised as a short-sale is going to be needed by the lender.

All raw data are for Single Family Houses and based on data in MLS. Matt’s HSI is proprietary*, and is designed to offer town-by-town information, instead of large scale trends. *That means you won’t find it anywhere else. Take that, Case-Schilling!.

Don’t Go Just Yet! More Information for you…

About Matt Heisler

Matt Heisler is a real-estate professional and owner of this website. He has been selling homes in MA for buyers and sellers for over 20 years. He is an expert in foreclosure purchases, short-sale purchases, short-sale sales, buy and hold investing, fix and flip investing, and of course traditional residential home sales. He is happy to take questions as they pertain to real estate on Title V, Radon, Termites, Sump Pumps, Roofs, Foundations, Wells, Septic Systems, Cash-Flow, Staging, and a host of other housing issues. As a Vanderbilt University alumnus, he is proud to serve his local community.

*All information is posted in good faith and is assumed to be reliable, but may rely on third party information sources.

Posted in Upton, Ma
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