Aug. 9, 2013

How Many Days Before my Real Estate Closing Should I Do My Walkthrough?

How Many Days Before my Real Estate Closing Should I Do My Final Walk Through?

Well, usually you CAN schedule it as early as you like. But there are issues with this. Let's discuss the things a Final Walkthrough is supposed to take care of, and see how an early Walk through addresses them.

Final Walk Through Objectives for a Real Estate Closing

In most cases, the P & S (or governing contract) has language that states that the home must be delivered in the condition it was when purchased - minus wear and tear, which hopefully in your closing period was minimal - and minus all the personal belongings of the seller and tenants. We are looking then, for the following:

1) Has the property been vacated? Is everyone gone?

2) Has the property been emptied? Is everything gone that is supposed to be gone?

3) Have things been taken that were promised? If the Fridge was included, and it's gone, that's a problem.

4) Is anything broken that wasn't broken before? Appliances, windows, and other items should get a cursory check. We also check for leaks that suddenly showed up, and damage from snow and other storms.

5) Were Home Inspection conditions Fixed? We'll collect receipts at closing, but these items should be inspected as much as possible. Sometimes that's not possible, but we try.

6) Is the property clean? It probably won't be so clean you can eat off the kitchen floor, but "broom clean" is the agreed upon standard.

The problems when going early for the Final Walkthough

As you can see, checking early means that we may not be able to check off items 1, 2, 3, 4, and 6 although most items in 5 should be done. Most sellers, you see, move out the day before closing, in order to minimize the number of days they are living out of a suitcase. So they are still living there the day before, usually with lots of boxes that obscure your view of things that might be broken. In real estate, there's no "neutral zone". The house is either the Sellers (and they enjoy full use of it) or the buyers (who is generally entitled to full use of it the moment it goes on record). To complicate matters further, since they haven't moved their stuff out you are just guessing as to what they are going to take. So guess what? Even if you go early, you will likely have to go back and do the check all over again just before close.

Of course, you may be lucky, and the sellers may move out early. Some leave weeks before or are gone before the property is purchased. This greatly increases final walkthrough flexibility, although it is a good idea to do a check just before closing anyway, to check to make sure #4 is OK. Houses can - and have - been damaged literally hours before closing, so the closer you can check to close, the safer you will be.

Highest Home Prices in Metrowest - a relative look at housing expense in this Area

Highest Home Prices in Metrowest

Any regular reader of this blog knows that I feel that in aggregate, $/sq foot is a much better metric to look at home expense than the more commonly used metric, median sales price. Median sales prices move around too much, and can hide more useful trends, especially in small towns with limited data sets.

One of the promises is that $/sq foot will be more consistent from chart to chart, so let's see if that holds up.

Here's the new chart:

And here's the old chart:

Notes about the data in the new Home Prices

The top five town in the new chart are: Medfield, Natick, Sudbury, Southborough and Hopkinton. The top six in the old chart are Natick, Medfield, Sudbury, Southborough, Westborough and Hopkinton. That's consistent. The prices, of course, reflect the rising prices across the area, but it should be noted that the relative prices have stayed basically constant. This is as it should be. When the market is good, a rising tide lifts all boats - although not all at exactly the same time frame.

Looking at the bottom 5, we see the same consistency. 3 of the bottom 5 are the same: Clinton, Charlton, Worcester. So that is a check in the "yes" column also.

If you want to read more about how to use this data, please look at the Q & A I did here, when I posted last years data.

Worcester, MA - Home Sales and Real Estate Market Report (August, 2013)

Homes For Sale in Worcester Market Report

Pressure continues on the home prices in Worcester, as it posts a new record for the HSI (117) and for such a large section of inventory, that is certainly notable in and of itself. We also see prices continue to rise - to $118 a square foot - with over 33% of the homes for sale not closed yet, so that will likely continue to climb. Worcester joins the towns and cities that see prices up 10% or more over the last 18 months, and with the number on homes for sale less than half what they were in July 2011, things are likely to continue.

Note: The chart above updates automatically with each new real estate market post, so make sure the comments you are reading line up with the time the post was published.

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

Rising prices in Worcester will put pressure on all surrounding towns. That means we will continue to see prices raising in most of the other towns in this report, as things in the middle get squeezed between the two metropolitan areas.

Find Your Next Home or Check out the Competition!

Show Me Worcester, MA Homes for Sale
Sign me up for Automated E-mail Alerts of New Listings in Worcester!
Show Me More Worcester Homes Sale Reports

I'll be looking at Worcester for when this current cycle has topped out, but there's no sign of that in this report.

Worcester Houses For Sale and Sold Market Statistics - Raw MLS Data

Worcester “Home Seller Index” (HSI):117 Last Report: 115
There are 337 homes listed as For Sale in Worcester.

Home Buyers are finding less selection-

and higher home prices

In Worcester
There have been 704 houses sold in the last 6 months, and 503 homes sold in the last 3 months.
The Average number of Days on Market was 111 days for just SOLD homes.
There is an Average Market Time of 132 days of the homes For Sale (currently for sale).
The amount that was paid in Dollars per Square Foot averaged $118 (vs. $112 )
There was an Average Sold Price of $185519 for sold homes.
Worcester ,MA, has 11 properties (vs. 13 in the last report) advertised as lender owned/foreclosure (typically foreclosure) .
Worcester has 32 properties (vs. 29) advertised as a short-sale is going to be needed by lender .

*All statistics are for Single Family Houses and based on data in MLS. Note, there will be a some what artificial jump in the rankings as the active status flag is being phased out. (this is a good thing, but will screw up my data sets).

Westborough, MA - Home Sales and Real Estate Market Report (August, 2013)

Homes For Sale in Westborough Market Report

Could Westborough be the best value town in Metrowest? It Might be. Let's see why.

Note: The chart above updates automatically with each new real estate market post, so make sure the comments you are reading line up with the time the post was published.

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

The Chart looks pretty consistent to the other reports. Low number of homes for sale. Record for the HSI. Very short days on market (90). Lots of new home sellers.

Find Your Next Home or Check out the Competition!

But the pricing data has stayed flat this summer. Now, I'll grant you, what's left isn't that cheap - it's advertised at $209/ sq foot, a big rise from $185, so prices are likely to go up, and sales are likely to slow. That's a big number to absorb, and buyers will need to get frustrated from lack of options before chasing some of those homes. But with most of the neighboring towns already up significantly, recent Westborough buyers have been getting good deals done.

Westborough Houses For Sale and Sold Market Statistics - Raw MLS Data

Westborough “Home Seller Index” (HSI): 112 Last Report: 89

There are 58 homes listed as For Sale in Westborough.
There have been 112 houses sold in the last 6 months, and 86 homes sold in the last 3 months.
The Average number of Days on Market was 82 days for just SOLD homes.
There is an Average Market Time of 123 days of the homes For Sale (currently for sale).
The amount that was paid in Dollars per Square Foot averaged $185 (vs. $183)
There was an Average Sold Price of $$462,364 for sold homes.
Westborough, MA, has 2 properties (vs. 1 in the last report) advertised as lender owned/foreclosure (typically foreclosure) .
Westborough has 2 properties (vs. 3) advertised as a short-sale is going to be needed by lender .

*All statistics are for Single Family Houses and based on data in MLS. Note, there will be a some what artificial jump in the rankings as the active status flag is being phased out. (this is a good thing, but will screw up my data sets).

Upton, MA - Home Sales and Real Estate Market Report (July, 2013)

Homes For Sale in Upton, MA Market Report

With the Upton report, we are back on track with the tight markets for Home Buyers, and the Rising Prices for Home Sellers.

Note: The chart above updates automatically with each new real estate market post, so make sure the comments you are reading line up with the time the post was published.

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

Upton easily sets a record for HSI at 122, a very solid showing, but the proof is in the prices and they are up $12/ square foot. With just 32 homes left on the market, Upton home sellers won't be feeling a lot of pressure to cut prices, so even with the sharp rise, it may hold through the fall. It will certainly be interesting to see how it all shakes out.

Upton, MA Houses For Sale and Sold Market Statistics - Raw MLS Data

Upton, MA “Home Seller Index” (HSI):122 Last Report: 78
There are 32 homes listed as For Sale in Upton, MA.
There have been 73 houses sold in the last 6 months, and 58 homes sold in the last 3 months.
The Average number of Days on Market was 113 days for just SOLD homes.
There is an Average Market Time of 127 days of the homes For Sale (currently for sale).

Find Your Next Home or Check out the Competition!

Sign me up for Automated E-mail Alerts of New Listings in UPTON!
Show Me Upton, MA Homes for Sale
Did you Google an Old Report? Get the latest here!
Reach me to be your UPTON MA Realtor

The amount that was paid in Dollars per Square Foot averaged $164 (vs. $152 )
There was an Average Sold Price of $381,883 for sold homes.
Upton, MA, has 0 properties (vs. 2 in the last report) advertised as lender owned/foreclosure (typically foreclosure) .
Upton, MA has 0 properties advertised as a short-sale is going to be needed by lender .

*All statistics are for Single Family Houses and based on data in MLS. Note, there will be a some what artificial jump in the rankings as the active status flag is being phased out. (this is a good thing, but will screw up my data sets).

Hottest Towns in Metrowest,MA - July 2013 Update

Want to know where the action is in the Housing Market? Here's your guide

OK, here's the latest in my series about where the buyers are spending their time and money. Remember, this is a chart about where the imbalance between sellers and buyers is greatest - and worst. Towns at the bottom will have more choices, and less pressure on prices, which is good for buyers. Towns at the top are the most competitive, and in this market the best properties are selling in hours in these towns.

Here's the chart

Natick remains the best town for Home for Sale,

with the most outsized demand.

If you compare the last chart in this series, here's what we see.

1) The numbers are WAY UP. If you've been out there as a buyer, you know things are a little insane (OK, maybe they were a lot insane), and you can see that as the AVERAGE across all the towns is up about 50 points. Now some of that is due to the MLS changing how they were tracking properties, but a lot of that is reality. The average in this report is 128, last time it was about 80 something. Incredibly, these numbers are likely understated, as three of the laggards are reports I haven't updated yet (Westborough, Upton, and Sutton). They will likely go up sharply too.

2) Prices are up. Forget about last year's prices, they are long gone. Many towns are out of deals, and the remaining home sellers that are still left haven't been around very long (so they won't be cutting prices), and prices are up sharply over last year in most towns. This is great news for sellers - but the forecast for buyers will remain difficult until these HSI numbers start to come down significantly.

3) Records are shattered. I never thought with my scoring system I'd ever see a town with 150 HSI. But 5 towns broke that mark, - Framingham and Natick shattered it - and three others were in the 140's. That's almost half the group in uncharted territory. Here's the good news for buyers: It can't stay that way for long.

4) Big moves: Holliston, Southborough and Shrewsbury made some big moves, as buyers frustrated with a lack of housing options in Natick, Framingham, Hopkinton and Sudbury pushed West.

Sudbury, MA - Home Sales and Real Estate Market Report (July, 2013)

Homes For Sale in Sudbury Market Report

Here we have another chart for Sudbury. And it looks good for sellers. In fact, the HSI has hit a record for Sudbury, at 123, beating handily the next highest market at just over 100. The crazy thing is, at 123, Sudbury is actually one of the softer markets I'm covering.

Note: The chart above updates automatically with each new real estate market post, so make sure the comments you are reading line up with the time the post was published.

Prices are up - but not by the same amount as other towns. Hey, wait a second, am I saying that prices in Sudbury aren't moving up as fast as the other towns? Yes, that's what I'm saying. In fact, Sudbury prices already made their move. They are up similar to other towns - they are up 7% or so in 18 months - but they are trailing the prices increases in many other towns we've seen this spring.

Find Your Next Home or Check out the Competition!

Sign me up for Automated E-mail Alerts of New Listings in SUDBURY!
Show Me Sudbury, MA Homes for Sale
Is this an Old Report? Get Updated and Click Here

How is this possible? It is a very common misconception that the "better" towns move up faster or more than the "other" towns. It's not true; in real estate, a rising tide lifts all boats. Now it doesn't raise them all at the same time - there are laggards and front runners. Sudbury is often a front runner, and it was last year. But now the value is to be found elsewhere, so Sudbury is lagging while the others catch up. That's how it works people! If you're switching towns, ideally you want to be selling when your town is peaking and the town your moving to is lagging - and there are always laggards. Natick for example, has been a huge front runner - and I've been warning buyers that the chance for a stall or even a decline in that market is highly likely. Northborough is a laggard - the prices there are too low relative to what you get.

Sudbury Houses For Sale and Sold Market Statistics - Raw MLS Data

Sudbury “Home Seller Index” (HSI):123 Last Report:88
There are 82 homes listed as For Sale in Sudbury .

Sudbury Prices are Up, but Home Buyers

will find they Are not Exploding.
There have been 173 houses sold in the last 6 months, and 129 homes sold in the last 3 months.
The Average number of Days on Market was 96 days for just SOLD homes.
There is an Average Market Time of 134 days of the homes For Sale (currently for sale).
The amount that was paid in Dollars per Square Foot averaged $231 (vs. $229 )
There was an Average Sold Price of $726,570 for sold homes.
Sudbury ,MA, has 1 properties (vs. 0 in the last report) advertised as lender owned/foreclosure (typically foreclosure) .
Sudbury has 0 properties (vs. 0) advertised as a short-sale is going to be needed by lender .

*All statistics are for Single Family Houses and based on data in MLS. Note, there will be a some what artificial jump in the rankings as the active status flag is being phased out. (this is a good thing, but will screw up my data sets).

Southborough, MA - Home Sales and Real Estate Market Report (July, 2013)

Homes For Sale in Southborough Market Report

OK, on to Southborough. As William Shakespeare may have said, "Et tu, Southborough?". Yes, et tu.

We see the current trends in Southborough. Rising prices, as measured by the $/ sq foot metric, an lack of homes for sale on the market (only 35), and lots of property snapped up. What's left, hasn't been around very long, as the average listing has been on just 82 days - showing most sellers are not going to be giving substantial price reductions in the near term. And while I'm at it, I would like to point out that my data is in direct opposition to some calculations done by the Metrowest Daily News, who indicated that prices in Southborough have been falling. That, of course is the conclusion when looking at median sales prices, which readers of this blog know can be very misleading - especially in small towns. Pretty sure the buyers out there will agree with me, though.

Note: The chart above updates automatically with each new real estate market post, so make sure the comments you are reading line up with the time the post was published.

With an HSI that break through 140, Southborough sets a record for itself, shattering the previous high of 108. There is some evidence that things are "less crazy" but the buyers market, by and large, is long gone in Southborough. Prices were around $186 a square foot just 18 months ago - which works out to 11% rise in prices in 18 months. Take that, stock market.

Search for Your Next Home or Check out the Competition!

Sign me up for Automated E-mail Alerts of New Listings in SOUTHBOROUGH!
Show Me Southborough, MA Homes for Sale
Is this an Old Southborough Report? Click here for the latest!
Reach me to be your SOUTHBOROUGH MA Realtor

It's probably time to start talking about the interest rate outlook though, which hasn't been discussed much as the rates have been so compelling they needed little introduction. Rising rates will - eventually - put a damper on these home price increases, but for now, even the significant rise that we've seen in the last month will do little other than slow the rising tide. Rates are still in the low 4's for most people, and that is still a huge plus when buying a house. Now if they get to 5%, that's another story, but I don't think we're going to see that for a while...…

Southborough Houses For Sale and Sold Market Statistics - Raw MLS Data

Southborough “Home Seller Index” (HSI):143 Last Report: 91

There are 35 homes listed as For Sale in Southborough.
There have been 97 houses sold in the last 6 months, and 70 homes sold in the last 3 months.

Knock, Knock Home Sellers.

Home Buyers are here.
The Average number of Days on Market was 108 days for just SOLD homes.
There is an Average Market Time of 82 days of the homes For Sale (currently for sale).
The amount that was paid in Dollars per Square Foot averaged $207 (vs. $203 )
There was an Average Sold Price of $548032 for sold homes.
Southborough ,MA, has 0 properties advertised as lender owned/foreclosure (typically foreclosure) .
Southborough has 0 properties advertised as a short-sale is going to be needed by lender .

Follow Matt's board Southborough-Real-Estate on Pinterest.

*All statistics are for Single Family Houses and based on data in MLS. Note, there will be a some what artificial jump in the rankings as the active status flag is being phased out. (this is a good thing, but will screw up my data sets).

Shrewsbury, MA - Home Sales and Real Estate Market Report (July, 2013)

Homes For Sale in Shrewsbury Market Report

I remember the days, back in the doldrums, when Shrewsbury had over 400 active listings. It's not on the chart, it was before I began blogging, but it wasn't that long ago. 2006 maybe? 2007?

Those days are long over. Take a look at the trend of the green line. Falling from a high of 212 (but before that much higher), all the way down to 97. No surprise this leads to a record HSI of 151. HOT.

Note: The chart above updates automatically with each new real estate market post, so make sure the comments you are reading line up with the time the post was published.

But as we've seen elsewhere, the falling number of homes for sale is not stopping buyers - they are buying what remains, with over 200 sales in the past three months, they have been busy, busy. As expected, the demand imbalance has lead to rising prices, as we have seen else where across the spectrum of towns that I cover.

Find Your Next Home or Check out the Competition!

Sign me up for Automated E-mail Alerts of New Listings in SHREWSBURY!
Show Me Shrewsbury, MA Homes for Sale
Is this an Old Report? Get the updated one here!
Reach me to be your SHREWSBURY MA Realtor

No foreclosures on the market in Shrewsbury, and the short-sales are dwindling, as the housing stock fills up with less distressed buyers. Prices are up, but not as sharply as in some towns, but with an imbalance like the current one, we will see prices continue to move higher.

Shrewsbury Houses For Sale and Sold Market Statistics - Raw MLS Data

Shrewsbury “Home Seller Index” (HSI):151 Last Report: 84
There are 97 homes listed as For Sale in Shrewsbury.
There have been 277 houses sold in the last 6 months, and 212 homes sold in the last 3 months.

The home sale market is HOT in Shrewsbury.
The Average number of Days on Market was 88 days for just SOLD homes.
There is an Average Market Time of 131 days of the homes For Sale (currently for sale).
The amount that was paid in Dollars per Square Foot averaged $177 (vs. $169 )
There was an Average Sold Price of $419,010 for sold homes.
Shrewsbury ,MA, has 0 properties (vs. 1 in the last report) advertised as lender owned/foreclosure (typically foreclosure) .
Shrewsbury has 3 properties (vs. 7) advertised as a short-sale is going to be needed by lender .

*All statistics are for Single Family Houses and based on data in MLS. Note, there will be a some what artificial jump in the rankings as the active status flag is being phased out. (this is a good thing, but will screw up my data sets).

Northborough, MA - Home Sales and Real Estate Market Report (July, 2013)

Homes For Sale in Northborough Market Report

The Northborough chart looks like many others - declining inventory, rising seller clout. The HSI is 120+, but that doesn't come close to matching other towns. And the kicker: prices are stagnant. I think Northborough is the ONLY town where prices are flat since December of 2011. What gives?

Note: The chart above updates automatically with each new real estate market post, so make sure the comments you are reading line up with the time the post was published.

Beats me. Northborough has great schools, great shopping, a tax rate headed down, and great prices. Why wouldn't you be looking in Northborough? Northborough and Southborough share

Find Your Next Home or Check out the Competition!

Sign me up for Automated E-mail Alerts of New Listings in Northborough!
Show Me Northborough, MA Homes for Sale
Show Me Updated Real Estate Reports on Northborough Houses
Reach me to be your Northborough MA Realtor

the same high school, yet prices are 15% cheaper in Northborough. That's a deal, and no mistake. Heads up buyers- look to Northborough.

Northborough Houses For Sale and Sold Market Statistics - Raw MLS Data

Northborough “Home Seller Index” (HSI):120 Last Report: 91
There are 61 homes listed as For Sale in Northborough.

Home are selling in Northborough, but

buyers are keeping prices where

they are - and have been for 18 months.
There have been 129 houses sold in the last 6 months, and 89 homes sold in the last 3 months.
The Average number of Days on Market was 106 days for just SOLD homes.
There is an Average Market Time of 108 days of the homes For Sale (currently for sale).
The amount that was paid in Dollars per Square Foot averaged $177 (vs. $175 )
There was an Average Sold Price of $393,113 for sold homes.
Northborough, MA, has 1 properties advertised as lender owned/foreclosure (typically foreclosure) .
Northborough has 3 properties advertised as a short-sale is going to be needed by lender .

*All statistics are for Single Family Houses and based on data in MLS. Note, there will be a some what artificial jump in the rankings as the active status flag is being phased out. (this is a good thing, but will screw up my data sets).

General House Hunting Articles	Things about Housing Everyone Should Know
Good Towns for Buyers, Good Towns for Sellers	Home Buying, Step by Step
Common Housing Problems and What to Do	Financing
Common Expenses when Buying or Selling Homes	After You Move In
Remodeling Slideshows for Kitchens, Baths, and others!	Newsletters

Find Homes Fast!

General Index

How Many Days Before my Real Estate Closing Should I Do My Final Walk Through?

Final Walk Through Objectives for a Real Estate Closing

The problems when going early for the Final Walkthough

More Great Reads!

About Matt Heisler

Do Good Things Today! Matt Heisler

Highest Home Prices in Metrowest

Notes about the data in the new Home Prices

More Great Reads!

About Matt Heisler

Do Good Things Today! Matt Heisler

Homes For Sale in Worcester Market Report

Worcester Houses For Sale and Sold Market Statistics - Raw MLS Data

More Great Reads!

About Matt Heisler

Do Good Things Today! Matt Heisler

Homes For Sale in Westborough Market Report

Westborough Houses For Sale and Sold Market Statistics - Raw MLS Data

More Great Reads!

About Matt Heisler

Do Good Things Today! Matt Heisler

Homes For Sale in Upton, MA Market Report

Upton, MA Houses For Sale and Sold Market Statistics - Raw MLS Data

More Great Reads!

About Matt Heisler

Do Good Things Today! Matt Heisler

Want to know where the action is in the Housing Market? Here's your guide

More Great Reads!

About Matt Heisler

Do Good Things Today! Matt Heisler

Homes For Sale in Sudbury Market Report

Sudbury Houses For Sale and Sold Market Statistics - Raw MLS Data

More Great Reads!

About Matt Heisler

Do Good Things Today! Matt Heisler

Homes For Sale in Southborough Market Report

Southborough Houses For Sale and Sold Market Statistics - Raw MLS Data

More Great Reads!

About Matt Heisler

Do Good Things Today! Matt Heisler

Homes For Sale in Shrewsbury Market Report

Shrewsbury Houses For Sale and Sold Market Statistics - Raw MLS Data

More Great Reads!

About Matt Heisler

Do Good Things Today! Matt Heisler

Northborough, MA - Home Sales and Real Estate Market Report (July, 2013)

Homes For Sale in Northborough Market Report

Northborough Houses For Sale and Sold Market Statistics - Raw MLS Data

More Great Reads!

About Matt Heisler

Do Good Things Today! Matt Heisler

Categories

Recent Blog Posts

Sites We Follow