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Friday, July 18, 2014

Sudbury Real Estate: Luxury Homes Still Selling



Clients' New Home - Sudbury $1,080,000
Lots of happy luxury home buyers and sellers in Sudbury this year. Year-to-date through 7/15, were 14 closed sales for over $1,000,000. Overall, there were a total of 105 single-family houses sold in Sudbury; the median sale price was $686,000 and the average was $718,551. There were 123 sold during the same period in 2013; the median sale price was $680,000 and the average was $714,937.

Currently, there are eleven luxury properties with sales pending and  with an accepted offer waiting for contingencies to clear. There were 19 luxury homes sold during the same period last year.

Homes for Sale in Sudbury: There are currently 71 single-family homes for sale in Sudbury with prices ranging from $315,000 to $3,295,000. The price range with the most opportunities continues to be luxury homes that are priced from $1,000,000 to $1,499,999 - there are 17 currently for sale.

Summer is a great time to buy a home in Sudbury and if you act quickly, you can still move into your new house in time for the start of the school year. Click here to see houses for sale in Sudbury and other towns in Middlesex County. If you are thinking about selling your house in Sudbury, it’s never too soon to start planning your move – click to request a homeevaluation or call 508-596-3501 to talk with your Sudbury area specialist. 

Happy Home Owners in Sudbury!
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About the author: Marilyn Messenger has been representing home buyers and seller in Sudbury, Wayland, Maynard, Stow, and the towns west of Boston since 1993. She is a Certified Residential Specialist (CRS), an Accredited Buyer Representative (ABR), and a licensed real estate broker associated with Andrew Mitchell and Company in Concord. She is the top recommended broker on Trulia in Sudbury, Wayland, Stow, and Maynard. She has the skills and experience to achieve her clients' goals. You can reach Marilyn at 508-596-3501 or visit www.marilynmessenger.com to learn more.




Friday, June 20, 2014

Home Improvements - Permits Save Money and Stress!



Summer is home improvement time. Whether you're doing some renovating or adding an addition or deck, make sure the contractor pulls a permit and that the inspector from the town signs off after the work is done. It's very easy to find out if one is needed; towns have the information about permits on their web sites or you can call the building inspector. Most people don't think about it. They assume that their contractor will take care of everything and especially because most include the cost of a permit in their quote.

Unfortunately, contractors often do not follow through with applying for the permit(s) and scheduling the inspection after. Whether it's a lack of time, or someone just forgets to do their job, the bottom line is that permits are important for your protection, protection of the town, and the protection of future owners.

When you sell your house, if a home inspector sees a problem and there is no permit on file, even though it's not your fault, it raises suspicion that will ultimately cost you; buyers will question what else is wrong or missing and start looking for reasons to reduce the price! This has happened to many of my clients who paid top dollar to reputable contractors who never followed through on the permit.

Advice to homeowners and sellers: ask the contractor when the inspector from the town will be coming by to sign off on the work done. If they can't answer, make sure you follow up with the contractor. Or, you can call the inspector yourself then you know it will be done. It will save you money and stress. Enjoy your new home improvements!

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About the author: Marilyn Messenger, CRS has been representing buyers and sellers west of Boston for 20 years. Having attended 100s of home inspections, she knows first-hand how important building permits are to the home buying and selling process. You can reach Marilyn at 508-596-3501 or visit www.MarilynMessenger.com for buyer and seller information, free home searches, and market conditions reports for Wayland, Sudbury, and the towns west of Boston.

Monday, June 09, 2014

Sudbury Real Estate Market Update - Sale Prices Up in May!

Sudbury MA - Sale Pending
Overall, the Sudbury market is similar to many of the desirable suburbs that are commutable
distances from Boston, Cambridge, and Waltham.

There are fewer single-family homes for sale that last year at this time. The number of closed sales both in May and year-to-date through May 31 is also less than in 2013 for the same time periods. Median sale prices are for closed sales were higher higher, and the luxury properties market is thriving again as is the 55+ condominium market.

Lower supply meant to increased competition among buyers and it was not unusual to see houses have accepted offers within a day or two; many receiving multiple offers/bidding wars. I am starting to see some closed sales with sale prices above asking. Keep in mind, it generally takes about 60 days to close from the time of an offer; the buying decisions for these houses were made a couple of months ago at the peak of the Spring market.

As busy as the market has been, there were still very single-family home sellers who had to reduce their list prices because their houses were not selling.

Here is the link to more details on my Trulia blog. Contact me at 508-596-3501 to discuss how the market effects your decision to buy or sell a house in Sudbury. Search for homes or request a market valuation for your home at www.marilynmesenger.com.



Tuesday, May 27, 2014

Record Improvements Now

Register-250.jpgThere is a significant difference in how the money you spend on your home is treated for income tax purposes.  Repairs to maintain your home’s condition are not deductible unlike rental property owners who can deduct repairs as an operating expense.

On the other hand, capital improvements to a home will increase the basis and affect the gain when you sell which may save taxes.
Additions to a home or other improvements that have a useful life of more than one year may be considered an increase to basis or cost of the home.  Other increases to basis may include special assessments for local improvements like sidewalks or streets and amounts spent after a casualty loss to restore damage that was not covered by insurance.

Unlike repairs, improvements add to the value of a home, prolong its useful life or adapt it to new uses.

You can read more about improvements and see examples beginning on the bottom of page 8 of IRS Publication 523.  For a form to keep track of money you spend, print this Improvement Register.

Tuesday, May 20, 2014

Cut Your Housing Costs in Half

50% off (small).pngSerious shoppers wait for a 50% off sale to make the decision because of the bargain factor.  Renters who are serious about lowering their monthly cost of housing should consider buying with today’s low mortgage rates.  For an example, let’s assume a person buys a $200,000 home with 3.5% down payment on a 4.5% FHA mortgage for 30 years.

The total house payment would be approximately $1,508 per month.  However, once you consider the equity build-up due to normal amortization, a monthly appreciation estimated at 2% annually for this example, the tax savings and paying maintenance that a tenant wouldn’t be required to do, the net cost of housing is $772 a month.  This is almost half of the full mortgage payment.
If this person was paying $1,750 a month for rent, it would cost him almost $978 more to rent than to own. In the first year alone, it would accumulate to over $11,000 which is more than the down payment required of $7,000.

Owning a home is the largest investment that most people make and the down payment of $7,000 to purchase this home would grow to $58,837 in equity by estimating a 2% appreciation and normal amortization.

To check out what your real housing costs might look like, go to Rent vs. Own or contact your real estate professional.

Rent vs Own - InTouch.png
Contact Marilyn Messenger for additional information about how a buyer agent/broker can help you manage the home buying process. Visit www.marilynmessenger.com to search for homes and find market reports for Wayland, Sudbury, Maynard, Stow, and Concord MA.

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