Suburban Condo Prices Up!

Condo prices are way up in Massachusetts are not just in Boston!  Click to link to a recent article in the Boston Globe.

Deer Hedge Run Maynard

Prices are also up over last year in many of suburban towns west of Boston.    

Here are median prices for some of the towns for the past 6 months:

Maynard: $257,000; up 3.4%
Concord: $367,500; up 4.7%
Wayland: $610,000;
Sudbury: $620,000; up 4.8%
Acton: $277,200; up 7%
Stow: $382,000; 7.4%

Active Adult Townhouses, Sudbury MA

Check out condominiums for sale at www.marilynmessenger.com.
and be sure to check out "Is Condo Living for You?" 

----------------------------------------------------------
About the author: Marilyn Messenger, a Certified Residential Specialist, Accredited Buyer Representative, and broker associated with Andrew Mitchell and Company in Concord has been selling condominiums for 21 years.

Having served on the Board of Trustees at Deer Hedge Run, she understands HOAs (homeowner associations) and the ins-and-out of condominium living. Contact Marilyn at 508-596-3501 for information about condominiums that may fit your needs. If you're thinking about selling; low inventory makes this a good time!

Home Buying: 2 Ways to Buy a House

There are 2 ways to buy a house:

1.        On your own/unrepresented
2.      With a buyer agent/broker on your side to represent your interests throughout the buying process.

Unrepresented/on your own: You look at public websites like Zillow, Trulia, or Realtor.com that collect listings from a number of sources and post them online with descriptions, photos, etc.

When you find a house that you like the looks of, you contact the agent shown on the listing. That agent is the listing agent; the person who is legally bound to get the most money and best terms for the seller. The listing agent will be happy to show you the house, ask you questions about your finances and other personal information to make sure you are a qualified buyer, and write an offer for you.

The listing agent’s job is to “sell” the house, not to help you make good decisions! The listing agent is not allowed to give you advice. Everything you say will be used to help get the best deal for the seller.

You will be on your own without a professional to help you with these and other tasks:

•        Search for properties.
•         Decide how much to offer using public information that is often incorrect and/or not complete.
•         Decide about contingency dates.
•        Review and understand all of the forms and disclosures.
•         Manage the negotiations.
•              Find an experienced home inspect.
•              Decide how to handle any home inspection issues that come up.
•       Manage additional negotiations that may result from inspection issues.
•        Find an attorney, mortgage broker, insurance agent.
•        Deal with possible appraisal issues.
•       Monitor contingency dates to make sure you don’t jeopardize your deposit. 
•             Remember to request extensions if needed.
•       Verify information that may include zoning or conservation issues/restrictions, permits for work done, Title V/septic information
•        Keep all parties are informed.
•         Make sure you have everything ready for closing.
•       And handle anything else that may come up throughout the buying process.
•       Repeat the process if your first deal doesn't work out.

Or, you can have your own buyer agent/broker to work on your behalf to represent your interests and get you the best price and terms. Your agent will help with the following and more...

•       Explain the home-buying process and be there for you from beginning to end to guide you every step way through closing.
•       Provide you with all of the information you need so that you understand your housing options in the current, local market.
•       Provide a market analysis to help you decide on the offer price.
•       Recommend area professionals, i.e. a home inspector, real estate attorney, mortgage and insurance representatives to help you.
•       Attend the home inspection with you and any follow-up inspections that may result.
•       Help you address any issues from the home inspection and,
•       Renegotiate inspection issues on your behalf.'
•             Preview listings for you and sort out the ones that fit your criteria to save you time and make the process more efficient.
•             Direct you to the right parties to verify information about zoning, conservation, Title V, etc.
•       Track all of the paperwork.
•             Keep all parties in the loop; communications are key to success.
•       Make sure deadlines are met.
•        Help protect your deposits.
•       Accompany you to the final walk-through.
•       Negotiate any last minute issues from the walk-through
•       Prepare you for closing.
•      Attend the closing.

     Always work on your behalf to represent your best interest.
-----------------------------------------

"Marilyn recently helped us purchase our first home and we couldn't have been happier with her patience, wisdom, and guidance. We found Marilyn to be extremely knowledgeable of the local market and she kept the process stress free by answering calls, texts, and e-mails at all hours. We were thrilled with Marilyn and highly recommend her to all prospective home buyers without reservation."

Elisabeth and Conor

“I contacted Marilyn when I wanted to move to the area. She was able to quickly provide me with appropriate listings for my needs and see me through to the purchase. Marilyn is terrific, knows her business and this area!” 

Bonnie P.

More...

Messenger has been practicing buyer agency in Wayland, Sudbury, Maynard, Stow, and the towns west of Boston since 1993. She is an Accredited Buyer Representative (ABR) and a member of the Real Estate Buyer Agency Council. Contact Marilyn

A Lower Payment is Your Choice

94% of purchasers last year opted for a fixed-rate mortgage at some of the lowest rates in home buying history.  Yet, some of them will pay more in interest than necessary based on the time they’ll own the home.

If a person only plans to be in the home a few years, the adjustable-rate can offer significant savings.
Not only is the interest rate on the adjustable-rate lower than the fixed in the initial period, amortization on a lower interest rate amortizes faster than a higher interest rate.

In the example shown below, a $200,000 mortgage for 30 years is compared using a 4.25% fixed-rate to a 3.25% 5/1 FHA adjustable rate.  The first five years of the ARM generates a $113.47 a month savings which accumulates to $6,808.20.  In addition, due to faster amortization on lower interest rate loans, the unpaid balance at the end of five years will be $3,001 lower on the ARM for a total savings of $9,801.

Assuming the adjustable-rate mortgage was to escalate the maximum allowed at each period, the breakeven would occur in 8 years and 6 months. If a person were to sell the home prior to this point, the ARM would provide a lower cost of housing for the homeowner.

For some people, the uncertainty of how the interest rate may change is not acceptable.  On the other hand, for the risk tolerant individual who may be more confident in financial matters or who may know when they’ll be moving next, the ARM can be a smart choice.

To make projections using your individual numbers, see the Adjustable Rate Comparison.

While you can do some basic calculations to help you decide it is always best to talk with an experienced loan officer to review actual rates and mortgage options since not all variable rate mortgages work the same way. If you would like a recommendation for a loan officer/mortgage representative who can help you purchase a home in Wayland, Sudbury, Concord or any of the towns west of Boston, contact me anytime. There are lots of online mortgage options, however, working with a lender who knows the local market can make the process go a lot more smoothly for you.

Homes for Sale

Get Your Offer Accepted

As the market shifts from a buyer's market, it's good to know how to improve your chances to have the seller accept your offer.

Once you decide on a home, don't waste time; write an offer and submit it as soon as possible.

Competing with another buyer happens more frequently than you'd expect. Multiple offers are a seller's advantage but here are some tips to level the playing field:

• Realistic offer - don't give the impression you're trying to "steal" the property. Ask your agent for comparable sales that can justify your offer.
• Pre-approval letter - this satisfies seller's biggest concern that an unqualified buyer will unnecessarily take the home off the market and the seller will lose other opportunities.
• More earnest money - it shows you're serious and makes the seller feel like the contract will actually close.
• Minimize contingencies - from a seller's standpoint, each contingency is one more reason why the sale won't go through. They feel the home is "off the market" and they're in limbo.
• Shorten inspection period - your buyer agent can help you set a reasonable date but let the seller know you're willing to close prior to that if possible.
• Write a personal letter to the seller telling them why you want their home - this can be the emotional connection to the seller that makes the difference in you getting the home.

A seller wants to feel confident that the offer they accept will actually close so they can plan for their next move. Following tips like these can definitely affect negotiations and help put together an offer that is more likely to be accepted.

Note: The number of homes for sale in Wayland, Sudbury, Maynard and the towns west of Boston is the lowest it's been in years. Click here to stay updated about new listings and price changes. Contact me to start planning your move.

Wayland Real Estate Report -Active Early Spring Market!

Ask a Question       Search for Homes

Single Family Homes: Spring market has started early in Wayland and home buyers are recognizing that this is a great time to buy. Although there are 84 single family homes for sale in Wayland compared with 57 last year at this time, 14 already have accepted offers that are being shown for backup offers only. Pending sales are also high for this early in the season; there are currently 22 single family home with sales pending.

Prices for single family properties in Wayland range from $244,900 to $14,900,000. The median price is $779,000; lower than last year when it was $826,500. The average list price is $1,152,814 only a few dollars less than last year. The average list price for properties with offers accepted is $753,407 and $674,559 for sales pending. Offers accepted are the most recent activity.

Closed Sales: There have been 23 closed sales in January and February 2012, up substantially from 9 for the first 2 months of 2011 however, sale prices are similar. The median sale price was $470,000, the average was $503,739. The median sale prices for January and February 2011 was $466,000; the average was $504,800. The average time on the market was 181 days, 20 days longer than last year.
The average sale price to the original list price ratio was 89%. The average sale price to adjusted list price ratio was 93%, proving that asking a higher price does not yield a higher sale price.

Condominiums/Townhouses: There are 33 condominiums/townhouses for sale in Wayland; last year there were 30. However, as with single family homes, many of the active listings already have accepted offers. List prices range for townhouses in Wayland range from $299,900 for a 1 bedroom townhouse to $1,100,000 for a 3200+ square foot luxury unit at “The Meadows.”

New construction townhomes are selling especially well in Wayland. There are 3 one-level garden style age restricted condos for sale ranging from $299,000 to $340,000. There were 7 condominiums sold in Jan/Feb in Wayland, only one more than last year. The median and average sale prices were both higher than last year.

Luxury Homes: As in most towns in the area, the luxury homes market in Wayland still has the best opportunities for buyers. There 26 properties listed in Wayland for over $1 million. Some of these properties have been on the market for a year or more so there are deals to be made!
 

Data source: MLSPIN (Multiple Listing Service Property Information Network.

Visit http://www.MarilynMessenger.com for the latest market reports for Wayland, Sudbury, Maynard, Stow, and Acton Massachusetts. "Like" our real estate and community page on Facebook - http://www.facebook.com/livingwestofboston.

Benefits of Written Agreement for Buyers



Happy Homeowners in Sudbury

Ask a question     Search for Homes

Most consumers know that if they want to “hire” a real estate broker/agent to sell their home and represent their interests, they are going to sign a contract. Realtors® are not allowed to list a property without one. The contract clearly spells out the terms of the agreement including length of time, compensation, who the agent represents and each party’s responsibility.

While buyer agency is not a new concept - it has been legal in MA for almost two decades and a few years ago the law that governs agent-consumer relationships was updated to further ensure consumer protection - many buyers and some agents still don’t understand the benefits of a written Buyer Agency Agreement/contract.

Buyers often call me to ask for help finding a home and many tell me they have had disappointing experiences with "their buyer agent." When I ask if they had a contract with the agent, they answer is almost always “no”.  Well, of course they are disappointed! How did the agent know what the buyer expected? And were the buyer(s)' expectations realistic?

The benefit of a contract is that both the buyer and the agent know what to expect and that each is accountable. The buyer knows which geographic areas the agent covers, they know how the agent is going to be compensated, and that the agent is legally obligated to act in their behalf.

Buying a home is a process that takes time, effort and tenacity; it's a long way from finding a house that suits your needs to getting to the closing table. Successful negotiations are based on trust, confidentiality, and mutual respect. Buyers, you are entitled to have a qualified buyer agent on your side to ensure you get the representation you deserve and a written agreement is the first step.

While any agent can call themselves a buyer's agent, an ABR, Accredited Buyer's Representative, has additional training and is a member of the Real Estate Buyer Agency Council, the network that provides ongoing education and resources for representing buyers.

Before you start looking for a house find a qualified buyer broker/agent who will listen to you and respect your needs; one who knows the market in the area, knows how to negotiate, has a network of resources - lenders, home inspectors, attorneys, movers, etc.; and who will educate you so you can make the best decisions about your new home. Real estate is about relationships, so make sure you have your own agent who knows and cares about your well-being.

Click here and check out "I am an ABR" on Facebook at Living West of Boston and get the latest real estate news and community information about about Wayland, Sudbury, Maynard, Stow and the beautiful towns west of Boston.

Sudbury MA Market Conditions - 2007 - 2011 Year End, December & Current

Sudbury MA - Market Conditions Report - January 2012

Median: 2011 sale prices were - 4.97% from peak in 2007; and up 4.16% from low in 2009.

Average: 2011 sale prices were -7.92% from peak in 2007; and up 5% from low in 2009.

Find a Home - Complete MLS Listings     Ask a Question

Current – there are 95 single family homes for sale in Sudbury compared with 88 last year at this time. List prices range from $229,900 to $3,199,900. The median price is $799,000; the average is $944,924 – both lower than last year.

Closed Sales – the charts above shows a year to year comparison from 2007 to 2011. There were 181 single family homes sold in Sudbury during 2011; the median price for the year was $625,000; the average was $684,804.

December sale prices were similar; the median was $623,500; the average was $677,079, however the number of homes sold dropped substantially – 12 compared with 25 during December 2010.

Buyers pay attention to the data when deciding what they will pay. Sellers also need to adjust their expectation based on market data. More inventory means more competition and buyers will not make offers on homes they think are not priced correctly.

Condos/Townhouses: Anyone interested in moving to a condominium should do it this year as the number for sale has decreased substantially from last year at this time; there are only 11 units on the market compared with 25 last year and list prices are also higher; prices range from $495,500 to $695,000. The majority of condos/townhouses in Sudbury are new construction and as the developments get closer to completion, the supply is limited and prices will most likely continue to rise.

Data Source: MLSPIN (Multiple Listing Service Property Information Network.)

"Like" us on Facebook at Living West of Boston for real estate news and information about Sudbury, Wayland, Maynard, Stow, and the towns west of Boston.

Wayland Market Report - Fewer Single Family Sales in 2011; Condo Sales Improve!

Single Family Homes: Good news for people who would like to live in Wayland. Inventory is up and the median list price is less than last year. There are 76 single family homes for sale in Wayland; 20 more than last year at this time.

List prices for single family homes in Wayland range from $179,900 to $18,800,000. At $627,000 the median list price is lower than last year at this time when it was $809,450. The average is $1,396,905, higher than last year when it was $1,099,993. Of the 76 single family homes for sale, 11 already have accepted offers and are being shown until contingencies clear. There are 13 properties with sales pending.

Closed Sales 2011 vs. 2010:
2011 – 123 closed sales
Median sale price - $560,000; average sale price - $616,096
Average time on market – 123 days

2010 – 133 closed sales
Median sale price - $565,000; average sale price - $629,815
Average time on market – 140 days
4^th Quarter Sales:
2011 – 18 closed sales
Median sale price – $555,750; average sale price - $580,906
Average time on market – 144 days

2010 – 29 closed sales
Median sale price - $548,000; average sale price - $652,164
Average time on the market – 157 days

December sales:
2011 – 7 sold; exactly the same number as 2010.

2011 Median price - $720,000; average price - $716,786
Average time on the market – 195 days

2010 Median price - $726,000; average price - $555,929
Average time on market – 114 days.

Condominiums/Townhouses: Condominium and townhouse sales improved dramatically in Wayland in 2011.

There were 41 closed sales compared with only 25 in 2010. The median sale price was higher at $559,000; in 2010 it was $585,319. And it took less time to sell; average time on the market in 2011 was 144 days; in 2010 it was 319 days.

There are currently 29 condo/townhouses for sale in Wayland including new construction at DeColores Drive near Commonwealth Road, Wayland Commons off Route 27, and The Field at Mainstone. Prices including resale and new units range from $329,900 to $1,100,000.

Luxury Homes Market: As in most towns in the area, the luxury homes market in Wayland still has the best opportunities for buyers. There 23 luxury homes for sale. Some of these properties have been on the market for several months; the average time on the market is 213 days. Winter is a great time to get a deal!

Click here to search complete MLS listings with addresses and maps; news and information and market reports for Wayland, Sudbury and the towns west of Boston. Visit and “like” www.facebook.com/livingwestofboston for the latest real estate news and community information. Data source: MLSPIN (Multiple Listing Service Property Information Network.

Wayland Real Estate Report - Third Quarter Home Sales Up!

Sold in 6 Days!
Average time on market 126 Days!

Single Family Homes: Current list prices for single family homes in Wayland range from $94,900 to $18,800,000. At $629,000 the median list price is lower than last year at this time when it was $719,000. The average is $1,068,555, higher than last year when it was $946,248. The number of single family homes on the market is up approximately 11% from last year; there are 101 compared with 91. $500,000 to $599,000 is still the price range with the most homes; there are 15 homes for sale, so good opportunities for buyers.
Of the 101 single family homes for sale, 13 already have accepted offers and are being shown until contingencies clear. There are 8 properties with sales pending.

Closed Sales: There were 14 closed sales of single family homes in Wayland during September 2011; up from 10 during September 2011. Median and average sale prices were also up; the median sale price was $699,500, the average was $665,643. The median and average during September 2010 was $568,250; the average was $609,350. 

Third quarter sales were also up in Wayland; there were 44 closed sales; last year there were 40. The median sale price was $633,740, the average was $662,052. The median sale price for third quarter 2010 was $502,113 and the average was $612,657. 

Condominiums/Townhouses: Sales of condominiums and townhouses during September and the third quarter improved substantially over 2010. There were 7 sales in September 2011, up from 2 the previous year although prices were about the same – the median sale price was $449,800; the average was $549,757. There were 12 units sold during third quarter 2011, up from only 8 for the same period in 2010.

There are currently 40 condo/townhouses for sale in Wayland; 15 are new construction at DeColores Drive near Commonwealth Road, Wayland Commons off Route 27, and The Field at Mainstone. Prices including resale and new units range from $289,900 to $1,100,000.

Luxury Market: As in most towns in the area, the luxury homes market in Wayland still has the best opportunities for buyers. There 26 luxury homes available, some have been on the market for several months. Fall is a great time to get a deal!


Click here to search complete MLS listings with addresses and maps; news and information and market reports for Sudbury, Stow, Maynard, and Weston.  Or search on Facebook - "like" www.facebook.com/livingwestofboston for the latest real estate news and community information.

Data source: MLSPIN (Multiple Listing Service Property Information Network.

10 Edgewood Road Hudson-Room for the whole Family- In Law/Guest Suite - $485,000

Check out the interactive floor plan and video. Ask a question or schedule a showing.

Mini-resort! Maximum enjoyment for the whole family in this expanded Gambrel home beautifully sited on a .75 acre lot at the end of a cul de sac. 11 rooms include 4 bedrooms - 3 upstairs and one on the first floor currently being used for an exercise room, plus a suite w/a 5th bedroom, bath, kitchen & living area that's perfect for in-law, guests, workplace, or hobbies.

The flat backyard has an in-ground pool with a cabana bar, deck, bath, and outdoor outdoor shower. The updated eat-in granite/stainless kitchen & dining room open to a large ski lodge style great  for entertaining or relaxing by the fire. Florida room, spacious loft/game room would be an awesome artist studio; flexible, multipurpose spaces throughout. Hardwood and pine floors, skylights, vaulted ceilings, recessed lighting, first floor laundry, lots of parking, and more!

Everything for the way you live, work, and play!

Location: Hudson MA is conveniently located approximately 30 miles west of Boston and approximately 16.5 miles northeast of Worcester. It is bordered by Bolton and Stow on the north, Marlborough on the south, Sudbury on the east, and Berlin on the west. Easy access to Routes 290, 495, and 117. '

More details and photo at http://www.10edgewood.com

 

Is Condo Living Right For You? Read the Rules Before You Buy!

“There are no exceptions to the rule that everybody likes to be an exception to the rule.” Charles Osgood


Prices for condominiums and townhouses have dropped significantly over the past couple of years and buyers are starting to find the Wayland, Sudbury, Maynard, and the towns west of Boston very attractive. Condominium living is exactly the right lifestyle for a lot of people. If you are a first time home buyer, you can generally get more living space for the same price as a single-family home, developments tend to be newer, and some offer amenities such as swimming pools, tennis courts, fitness centers. If you’re just too busy or not interested in working around the house, owning a condo may be for you; the exterior maintenance is taken care of by the homeowner association so you don’t have to be concerned about painting, landscaping, snow plowing, roof replacement, etc. – the benefits of home ownership without the work!

A lot of empty nesters also like the idea of simplifying and having someone else take care of things, especially after this past winter! Wouldn’t it be nice to just lock the door and go somewhere warm next winter without having to worry about anything? Sounds perfect if you’re someone who wants easy living; doesn’t mind having close neighbors; is ok with letting other people make decisions for you or is willing to volunteer to be on the Homeowners Association Board, and won’t mind trading some personal freedoms in return for convenience.

Buyers know that condominiums/homeowner associations have rules that govern the community and offers to purchase a condominium should include a contingency that says the offer is subject to satisfactory review/acceptance of all documents… Most HOA (Home Owner association) rules are pretty standard, and your attorney can tell you which ones you can expect to find in most places, however, communities can and do amend the rules over the years so rules can vary. Parking and pets seem to be the biggest issues but there may also be rules holiday decorations, gardening, decks, facility usage; bicycle and baby carriage storage, any selling restrictions – these days many developments will not allow investors … Some associations dictate what vendors you can use to replace the windows – yes, units owners are often responsible for windows, doors; know what you will be responsible for.

The lender will review the budget and send a questionnaire asking about the overall well being of the development – i.e. number of owner occupied units, if there are any pending lawsuits, special assessments; but as the buyer, it is really important for YOU to read the rules. Only you can know if you’ll be comfortable living by the rules that govern the condo development you’ll be sharing; and the best time to do that is before you make an offer. Once you accept the condominium rules (or not) you can move forward and enjoy the lifestyle that’s right for you!

About the author: Marilyn Messenger, CRS has sold dozens of condominiums and townhouses (new and resale units) in Sudbury, Wayland, Maynard, and the towns west of Boston since 1993. As a condominium/townhouse owner and former Board of Trustees Member of a 155 unit complex, she knows how first-hand about buying and selling condominiums and about condo living. Ask Marilyn at 508-596-3501 or marilynmessenger@realtor.com.

Spring Market in Wayland - More Sales; Lower Prices

Welcome to the Real Estate Market Conditions report for Wayland MA for May 2011.

List prices for single family homes in Wayland range from $219,000 to $24,500,000. The median price is $732,000; the average is $732,000 - both higher than last year at this time but lower than last month. Although the number of homes for sale has increased to 98 from 79 last month, there are still fewer single-family homes than last year at this time when there were 105. Lower inventory is generally good for sellers since there is less competition. However, proper pricing is still crucial since buyers are still looking for a good deal.

Of the 98 single family homes for sale, 18 already have accepted offers and are being shown until contingencies clear. The average time on the market is 139 days; last year the average was 175 days. Some of the recently accepted offers happened within a just a few days and properties that are perceived as good values have had multiple offers. The message to buyers is: be prepared if you are serious. Additionally, there are 16 properties with sales pending.

The number of closed sales was up in April – there were 11 compared to 6 in March and 8 during April 2011. However, the median sale price of $424,500 and average sale price of $504,545 was less than in March when the median was $482,000 and the average was $509,500; and substantially less than April 2010 when the median price was $625,000 and the average was $617,201. As a result many sellers are adjusting their list prices according and during the past month there have been prices adjustments in Wayland. The average adjustment was -3.76%.

As in most towns in the area, the luxury homes market still has the best opportunities for buyers. There 29 luxury homes available with only 2 offers accepted, so the choice is yours! Click here to check out the latest Luxury Housing report published by RE/MAX New England on May 3.

Visit http://www.marilynmessenger.com/ to search complete MLS listings with addresses and maps; news and information and market reports for Sudbury, Stow, Maynard, and Weston MA. Facebook users, you can search without leaving FB at www.facebook.com/livingwestofboston and let us know what you think about Wayland.

Data source: MLSPIN (Multiple Listing Service Property Information Network.

Wayland Open House Sunday 4/17 - 12:30 to 2:30

163 Cochituate Road, Wayland - $469,000

Imagine how much you'll love living in this updated Cape in Wayland with everything for your comfort & convenience! 1806 square feet on 3 levels. All 3 bedrooms upstairs, 2 full baths, maple/stainless kitchen, fireplaces in the living room & family room, finished lower level. Central air-conditioning, replacement windows, lots of closets, neutral color palette.New money saving/easy care Prodigy siding & new GEOTECK composite deck. Lots of room to play in the flat yard abutting trees. Great commuter location to Waltham, Cambridge, Boston; handy to Mass Pike. 1-yr. home warranty. Come see!

Call 508-596-3501 or email: marilynmessenger@realtor.com
Visit: http://www.marilynmessenger.com/ for the latest market information and real estate news in Wayland, Sudbury, Maynard, Stow and Weston; and complete MLS home searches

Listing broker: Marilyn Messenger, RE/MAX Landmark Realtors, Wayland

       

RE/MAX Agents Outperform the Competition

With so many real estate agents out there, how is a buyer or seller to know who will do the best job for them? Listen to what Margaret Kelly, CEO of RE/MAX says and contact me if you need help in Sudbury, Wayland, Maynard, Stow or west of Boston.

Buyer Agency - Written Agreements Benefit Buyers

Most consumers know that if they want to have a real estate broker/agent sell their home and represent their interests, they must sign a contract. The listing contract clearly spells out the terms of the agreement including length of time, compensation and each party’s responsibility.


While buyer agency is not a new concept – it has been legal in MA for more than a decade and a half and a few years ago the law that governs agency relationships was updated to further ensure consumer protection, many buyers and some agents still don’t understand the benefits of a written Buyer Agency Agreement/contract.

Buyers often call me to ask for help finding a home and many tell me they have had disappointing experiences with "their buyer agent." When I ask if they had a contract with the agent, the answer is almost always the same: "we didn't have anything in writing..."  Well, of course they are disappointed; how did the agent know what the buyer expect from each other? And were the buyer's expectations realistic?

The benefit of a contract is that both the buyer and the agent know what to expect and that each is accountable for what they say and do. The buyer knows which geographic areas the agent covers, they know how the agent is going to be compensated, and that the agent is legally obligated to act in the buyer’s best interest.

Buying a home is a process not an event - there is a lot more involved than finding a picture on the internet or going to open houses to "look." Successful negotiations are based on trust, confidentiality, and mutual respect. Buyers, you are entitled to have a qualified broker/agent on your side to ensure you get the representation you deserve and a written agreement is the first step.

While any agent can call themselves a buyer's agent, an ABR, Accredited Buyer's Representative has additional training and is part of a network that continues to provide education and new tools for representing buyers.

Before you start looking for a house find a qualified buyer agent/broker who will listen to you and respect your needs; one who knows the market in the area, knows how to negotiate, has a network of resources - lenders, home inspectors, attorneys, movers, etc.; and who will educate you so you can make the best decisions about your new home. Real estate is about relationships so make sure you have an agent who knows and cares about your well-being.

About the author: Marilyn Messenger is licensed broker, Certified Residential Specialist (CRS), and an Accredited Buyers Representative (ABR) associated with Andrew Mitchell and Company, Concord MA. She has been representing buyers and sellers in Wayland, Sudbury, Maynard, Stow, and the towns west of Boston since 1993. Visit http://www.marilynmessenger.com/ to search MLS and get the latest informaton about real estate and buying a home.

Wayland MA Housing Market - March Off to a Busy Start!

Welcome to the Real Estate Market Conditions report for Wayland MA for March 2011.


The spring housing market is starting to bloom in Wayland! The phone is ringing and sellers are preparing to put their homes on the market. Even with more snow than we’d like to see still around, 18 new listings for single family homes have come on the market since March 1 and 4 had accepted offers in just a few days! There are also 18 properties with sales pending and there are still a couple of weeks of March to go. So while the average time on the market for single family homes in Wayland is 223 days, the message to sellers is: if you price your home correctly it will sell quickly, but spring market is short window so don’t wait for the competition to go on the market.

With just 65 for single family homes for sale compared with 85 last year at this time, buyers are hungry for new opportunities. They are ready to buy and they are not waiting for Sunday open houses! Serious buyers are pre-approved and their buyer agents are setting up viewings right away. Low interest rates, a super convenient location with lots of open space, and sought-after schools - Wayland High School ranked #8 for 2010 out of 161 public high schools in Massachusetts (by Boston Magazine), Wayland is the town where people moving out from Cambridge and Boston want to be and they recognize a good value when they see one. Unlike many towns in the area, closed sales for February were up from last year and they were also up from the previous month.

List prices in Wayland range from $179,000 to $4,795,000; the median price is $799,000; the average is $1,128,858. While median and average prices are helpful information, the market value of any property depends on the supply and demand which can vary greatly for each price range. It is important to understand your specific market when determining the list price that will attract the highest number of buyers; or if you are a buyer trying to determine what you are willing to pay.

The condominium/townhouse market is also busy. After this winter, homeowners who said they would never live in a condo are calling to look at them; and as with single family homes there are fewer for sale, 22 compared with 29 last year at this time. Condos and townhouses are selling faster too; the average time on the market has dropped to 140 days from 259 days. There are 6 sales pending and 3 with accepted offers waiting for contingencies to clear. Prices range from $259,000 to $985,000 for luxury townhouses.

Visit www.marilynmessenger.com to search complete MLS listings with addresses and maps; news and information and market reports for Sudbury, Stow, Maynard, and Weston MA. Facebook users, you can search for homes without leaving FB at www.facebook.com/livingwestofboston and let us know what you think about Wayland.

Data source: MLSPIN (Multiple Listing Service Property Information Network.

Is This a Good Time to Sell Your House?

Recently I was chatting with a woman who was complaining about the cold saying that her friends and relatives in Florida keep telling her she should move there. Sounds like a good idea to a lot of us in Massachusetts as we look at the endless piles of snow… So I mentioned I’m a real estate broker and that my Realtor friends in Florida send me information about some fabulous opportunities especially in Naples and Fort Myers where she would be going. We talked about what a great house she could buy for so much less money than here :) and then she said: “but it’s such a bad time to sell, nothing is selling!”

Really? While hardly a day goes by without a headline about “the housing market”, as if there is one big market when really there no such thing; all real estate is local and whether houses are selling or not depends on supply and demand which varies greatly around the country. In New England it varies from town to town and within the town it can vary by price point. While the supply in places like Florida and Nevada is still high, right now the supply of homes for sale in the towns west of Boston is really low. Compared with last year at this time the number of single family homes for sale in Sudbury has dropped by 18%; 21% in Maynard; and 30% Wayland! Of course, no one can tell you exactly what the demand is, however, based on 2010 absorption rates and the increased number of calls from buyers since Thanksgiving, I would say buyers are hungry for new listings to come on the market.

Everyone wants to sell high and buy low! Well, if you’re selling in Massachusetts and moving to a state like Florida that still has a large supply of homes for sale you can actually to do that! When I explained that to her and told her about some recent single family home sales in town, she kind of got it but was still focused on selling for less than she could have a few years ago. I suggested that she think about where she wants to be rather than what could have been; and, more importantly that she could be with her family and not have to go through another winter like this.

Bottom line: whether it’s a good time to sell depends on you and where you want to go. Since most home sellers become buyers, selling is just a means to an end; one more step (albeit a big one!) in the buying process. If you are moving to a less expensive town or state, down-sizing within the same market, or even if you are looking to move up within the same town then it’s a good time to sell. Today’s low interest rates are another factor on your side. If you really are ready to make a move because that is what makes sense for your life, don’t let the naysayers deter you and don’t wait for everyone else to go on the market. Get the facts from a real estate professional and then you decide if it’s a good time to sell based on your market, not headlines!