Home Buying and Selling: Who Works For You?

More often than you’d expect, homeowners refer to the person they bought their insurance from as their agent. It sounds reasonable but it’s definitely not accurate. That person is the agent of the insurance company and they legally represent the company, not the customer. Even an independent agent who can place a policy with different companies is still an agent of the company.

A mortgage officer, in most cases is an employee and represents the company. And the same is true for a title or escrow officer. It’s important to understand the actual relationship to know what you can expect from them. Any business person who wants to stay in business must treat their customers fairly and with a high degree of service. As a customer, you should be able to reasonably expect honesty and accountability. The difference is that employees owe their loyalty to their employer and agents owe their loyalty to their principal.

An agent owes more than just honesty and accountability. The principal can expect complete disclosure, obedience, loyalty, reasonable skill and care and confidentiality from their agent. This advocacy is very beneficial during the buying or selling process to coordinate all aspects of the transaction. The agent can bring valuable experience to your side of the transaction to provide confidence that your best interests are being represented from start to finish.

Most states have a recognized procedure for the real estate professional to create a formal relationship between themselves and a buyer or seller. This requires a fiduciary/statutory responsibility that places the principals’ interests above the agent’s own personal interests.

In Massachusetts real estate brokers and salespeople/agents are required to provide consumers the Massachusetts Mandatory Licensee-Consumer Relationship Disclosure form at the first personal meeting with you to discuss a specific property. The form explains the types of agency an agent can provide. Although, this has been mandatory for years, many buyers who have looked at properties with other agents often tell me they have never seen the form! Consumers have a right to know who an agent represents.


Additionally, while a home seller is required to sign a written agreement in order to list their home for sale with a REALTOR (member of the National Association of Realtors), it is also in a buyer's best interest to have a written agreement with an agent who is going to represent them as a buyer agent. It clarifies expectations so there are no surprises or misunderstanding about responsibilities and makes for a less stressful transaction. More about buyer agency...
 -------------------------------------------

 About the author: Marilyn Messenger  is a local broker associated with Andrew Mitchell and Company, Concord. She has been representing buyers and sellers in Concord, Wayland, Sudbury, Maynard, and the towns west of Boston since 1993. She is a Certified Residential Specialist (less than 4% of Realtors have achieved the CRS® designation), an Accredited Buyer Representative and is an active member of the Real Estate Buyer Agency Council. Messenger is also a Certified Luxury Homes Marketing Specialist and a Million Dollar Guild Member. Visit www.MarilynMessenger.com.  

Concord MA - Housing Prices Through the Roof!

Housing prices in Concord MA are through the roof! Here's what's going on in residential real estate

in Concord:

 

July Closed Sales (Single-family homes): There were 23 closed single-family home sales during July in Concord compared with 28 in July 2012. The median sale price was $815,000, up 9.6%% from $743,500 in July 2012.

Keep in mind that it takes approximately 30 to 60 days to close a sale. The buying decisions for properties that closed in July were made in April and May at the peak of the Spring market. Summer is a different market.

Year-to-date (through 7/31): Sales and prices for the first seven months of 2013 are both up over the same period last year in Concord. There have been 133 homes sold; up 14.7%. The median price of $911,725 is up 20.3% from last year. The average time on the market for Y-T-D 2013 is 93 days; 8.8% less than in 2012.

New listings in July: fewer single-family homes that came on the market in Concord during July than July 2012 – 13; 19 in July 2012. Of the 13, 5 are fully active; 2 have an accepted offer with contingencies waiting to clear, 5 are under agreement, and one of the listings has already closed.

Current: As in most places, there are fewer homes on the market than last year at this time (9/1); there are 55 single-family homes for sale compared with 80 on 9/1/2012. List prices range from $549,000 to $5,500,000. The median list price is $1,468,000; approx. 50% higher than at the peak in 2004. Last year the median list price for a single-family home was $1,048,000. See the listings at www.marilynmessenger.com

Luxury home buyers have the most opportunities in Concord. The price range with the most choices in Concord is $1,499,999 to $1,999,999– there are 11 properties for sale. The average time on the market for these properties is 96 days.

Condominiums (townhouses and garden-apartment style): There were 6 closed sales of condominiums in Concord during July; there were 4 in July 2012. The median sale price in July 2013 was $595,000; up 56.2% from July 2012. Year-to-date (through 7/31), the median condominium sale price was $590,000 up 25.9% from the same period last year.

Current: there are 12 units for sale in Concord; 3 already have accepted offers with contingencies. Prices range from $299,000 for a 2 bedroom, one bath garden apartment-style to $949,900 for a 4 bedroom, multiple bath luxury townhome at South Meadow Ridge.What's it mean to you? People who are serious about buying a home in Concord are prepared and acting quickly, especially any who’ve already missed out on a house they wanted. Being prepared is more important than ever, however, it is still important to think things through and not to make costly mistakes like waiving the home inspection or offering more than you can comfortably afford. Contact me if you want an experienced buyer agent/broker to navigate you through the process. My clients have been able to get the house they want without over-paying.

For people who own a home and are not planning to move anytime soon, higher sale prices make this a good time to do some updating, or to use some of your equity to purchase a vacation home or income property. Prices are going up everywhere so why wait? Homes for sale in Massachusetts.
--------------------------------------------
About the author: Marilyn Messenger is a Certified Residential Specialist and Accredited Buyer Representative and Broker associate with Andrew Mitchell and Company in Concord MA. She has been providing home buying and selling services for 20 years in Wayland, Sudbury, Maynard, Stow and the towns west of Boston. Visit www.marilynmessenger.com to search for homes and get the latest market information.

Luxury Homes Market Update

The Keeping Current Matters blog recently published a post titled “Luxury Market Surges” that includes an InfoGraphic (based on data from the National Association of Realtors and the Wall Street Journal) showing that the number of homes sold for $1 million-plus year-to-date has increased substantially over 2011. Varying by region, the overall increase for million dollar-plus homes nationally was 44.1 percent. For homes sold with a mortgage, the increase for $1 million+ homes was 28%; compared with 8.5% for homes sold for under $1M.

Luxury home sales in the Northeast increased 27.6 percent. Sales in the towns west of Boston certainly helped fuel the increase in the Northeast. Year-to-date, sales of luxury homes in Weston increased by 50 percent -- 87 up from 58; in Wayland there have been 23 sales this year up from 13 in 2011 – a 77 percent increase! Sales in Concord were up from 38 in 2011 to 55 in 2012, an increase of 45 percent. The number of estate home sales in Sudbury remained steady with 23 sold, one more than for the same period in 2011.

The median price for the luxury market in Weston, Wayland, Sudbury and Concord also increased. While there are still lots of excellent opportunities for move-up buyers and people who are moving to the area, the number for sale continues to decrease, so list prices have also increased from last year. Click here to see what homes are for sale. Request additional information or ask a question. 

About the author: Marilyn Messenger is licensed real estate broker with Andrew Mitchell and Company in Concord MA. She has been selling luxury properties in the towns west of Boston since 1993. As member of the Institute for Luxury Homes Marketing; a Certified Residential Specialist, and Accredited Buyer Representative, Marilyn has the knowledge and experience to provide the efficient and cost effective services her clients expect. Visit www.marilynmessenger.com for more information. 

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.

Wayland Real Estate Market - Good News for Buyers; Fewer Sales; Lower Prices

Custom Cape - List Price: $830,000

Single Family Homes: Current list prices for single family homes in Wayland range from $124,900 to $18,800,000. At $618,950 the median list price is lower than last year at this time when it was $629,450. The average is $1,077,036, higher than last year when it was $930,526.

The number of single family homes on the market is up slightly from last year; there are 98 compared with 94. The price range with the most homes available is $500,000 to $599,000; there are 18, so good choices for buyers. Inventory levels and time on the market are very similar to last year at this time however, both vary by price range. Of the 98 single family homes for sale, 11 already have accepted offers and are being shown until contingencies clear. The number of single family homes sold in July was down from July 2010 – 11 vs. 17. However, the median and average sale prices were higher. The median sale price in July 2011 was $615,000; the average was $636,545. Last July the median was $470,000; the average was $599,994. Currently there are 13 homes with sales pending.

Year-to-date through 7/31 there were 73 closed sales; last year there were 81. Along with fewer homes sold, both median and average prices were less. The 2011 median was $534,000; average was $600,785. The 2010 median was $567,105; the average was $624,027.Fewer sales and lower prices are good news for buyers; and sellers who are serious are adjusting their list prices according; there have been 41 price adjustments on 36 single family properties in Wayland since July 1. The average adjustment was -9.66%.

Condomiums/Townhouses: The condominium and townhouse market has improved over last year. Both the number of closed sales and the median sale price are up. Y-T-D through July 31, 2011 there were 21 condos/townhouses sold. The median sale price was $531,900; the average was $544,179. During the same period in 2010 there were 16 sold; the median price was $487,500; the average was higher at $663,525. The average in 2011 was $544,179. There are currently 26 for sale with prices ranging from $299,000 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 a year or longer; 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 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 Real Estate Market Report - 2010 Home Sales Up

Happy New Year and welcome to the first 2011 real estate market conditions report for Wayland MA.


Although, up from 50 last year at this time, the number of single family homes on the market in Wayland remains low at just 55 for sale. $900,000 to $999,999 is the price range with the highest increase in inventory - there are 8 homes for sale up from 3 last year at this time; so good opportunities for buyers in that range. Current activity shows that 2 of the properties already have accepted offers and are being shown until contingencies clear. Additionally, there are 10 single family properties with sales pending.

The average time on the market for current listings is 254 days; last year it was 299. However, buyers consider homes that have been on the market for more than six months either to be over-priced or stale or both; those who have been looking for a while are ready to jump on new offerings that are fresh and priced realistically. Anyone thinking about selling, this is a good time to get your house on the market while there is little competition.

List prices in Wayland range from $179,000 to $4,795,000. The median list price is $784,000; last year at this time it was $677,450. The average list price is $1,099,023 compared with $1,203,864 last year.

The number of single family homes sold in Wayland for all of 2010 was approximately 4% higher than in 2009. There were 133 compared to 129. Sale prices ranged from $135,000 to $3,910,000. Both median and average sale prices were also higher. The median was $565,000, up $30,000 from the 2009 median. The average was $629,815, up from $585,245 in 2009. Sales of luxury homes almost doubled in 2010 - there were 11 homes sold for over 1 million dollars compared with six in 2009. Luxury home buyers saw good values and made their move.

On a monthly basis, December sales were lower than last year; 7 compared to 12; the median sale prices was higher at $625,000; the average sale prices was $555,929, just under $4,000 less than the average in December 2009.

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.

For anyone looking for easy living, there are still excellent opportunities in Wayland, however, fewer than last year at this time. There are 23 condominiums, including duplex and townhouse styles with prices ranging from $399,000 to $985,000. Of the 23 active listings there are 2 condominiums with offers accepted waiting for contingencies to clear. There are 4 condos with sales pending. Closed sales of condominiums in Wayland were also up in 2010 - 25 compared to 21 in 2009; and both median and average sale prices were also up. The 2010 median price was $485,000; the average was $639,980.

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

Ask a question
Market Reports for Weston, Wayland, Sudbury, Maynard, Stow

Dream home finder - complete MLS listings

Weston Real Estate - Luxury Home Prices Drop!

Weston MA continues to offer lots of opportunities for luxury home buyers. The number of single family homes for sale in Weston is up from last year at this time; there are 71 homes available compared with 65 last year. Four of the homes for sale already have accepted offers with contingencies waiting to clear; and as there are 11 homes with sales pending.


Prices in Weston range from $599,000 to $24,500,000; At $1,695,000 the median list price in Weston is less than it was year at this time when it was $1,950,000; the average is $2,584,584; also lower than last year at this time when it was $2,683,872. The price range with the most homes for sale in Weston continues to be $1,000,000 to $1,499,000; there are 21 compared with 7 last year at this time.

There were 7 closed sales during December 2009; there were 4 in December 2008. The median sale price was $1,300,000, down from $1,342,4501 previous December; the average was $1,571,857, up from $1,230,075 during December 2008, and the average time it took to sell a house was up substantially - 348 days compared with 76 in December 2008.

There were 99 homes sold in Weston for the year 2009, only one more than during 2008. The median price was down by 5.8%; and the average dropped 10.6%.

To find out what homes are available in Weston call 508-596-3501 or search MLS listings, get daily listing updates, news and information at http://www.marilynmessenger.com/ 24/7.