MetroWest Real Estate Market Update for August 14, 2011

Real estate in MetroWest is continuing to sell at a slightly reduced pace from last year, but still at a good rate. The median sales for almost all towns have dropped a bit, which suggests that the lower to middle-end of every market is showing the most promise. It's my opinion based on the data shown below that we're skidding along the bottom of the price curve and while prices are not going up they're also not steadily dropping. The abundance of similar, comparable sales is helping Realtors and their Sellers to set pricing that is supported by the current market conditions.

Price changes are more common in the upper end of the markets than in the middle and lower end, which suggest that those who "Have to Sell" are more willing to price their property aggressively to be seen as a good value by today's buyers.

Condition seems to be as important as price these days, with homes coming to the market in "Move-In" condition getting snapped-up and "fixer-uppers" taking longer to find the right buyer. Also a lot of "downsizers" are putting their homes on the market, increasing the inventory of larger homes and putting pressure on the inventory of smaller homes.

Uncertainty in the mortgage markets and the elimination of the "conforming-plus" loans in September seem to be driving a small spurt in activity.
Interest rates are still very low, making the purchase/rent equation almost a wash. The recent mortgages I've seen are tending to be "Income-based" rather than "Equity-based", so buyers with solid employment are in a great position to find a wonderful home for a good value in today's market.

If you're thinking of Selling or Buying, give me a call at (978) 580-1069. I'll be glad to help you.
Best Regards,
Mike

For Condominiums, the market has been very strong for new construction and new communities. Re-Sales of existing condos are weak because the price difference between new and existing is almost non-existent.

The monthly condominium fee is having a big effect on re-sales as the new construction is often subsidized by the developer and all the systems and facilities are brand new so the likelihood of special assessments for replacements and upgrades is very low.

Surprizingly in Weston the sale of very, very high-end condos had a slight uptick this month, suggesting that builders there may have found a great niche for their products.

Further out from Boston the lower end of the market seems to be moving along at a good clip, suggesting that buyers are out there shopping for good values.

Interest rates are still very low, making the purchase/rent equation almost a wash. So renters with solid employment are in a great position to purchase a wonderful condo for a good value in today's market.


If you're thinking of Selling or Buying, give me a call at (978) 580-1069. I'll be glad to help you.

Best Regards,
Mike

Garden Ornaments of New England

Over the years I've shown thousands of homes. One day I saw an unusual garden ornament so I got my trusty camera and took a picture. This started a collection of wonderful, whimsical photos. Here are some of them:

I hope you Enjoy!!
Mike