Time for a Condo?

Time for a Condo?

Owning a home can be a lot of work especially when you live in Massachusetts! Anyone who lived here during the winter of 2015 remembers the seemingly never-ending snow storm after snow storm! With a foot in some places last week and blizzard warnings for the next two days, here we go again! After the snow is done, there's fixing the roof, repairing the siding, landscaping - there's always something...

First-time buyers at Oak Ridge, Maynard

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. 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. You won’t mind trading some personal freedoms in return for convenience, right?

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

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 or rental 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.

"Active Adults" at their detached townhouse in Hudson

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!

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About the author: Marilyn Messenger, a licensed real estate broker, Certified Residential Specialist (CRS) and an Accredited Buyer Representative (ABR) associated with Andrew Mitchell in Concord, has sold dozens of condominiums and townhouses (new and resale units) in Sudbury, Wayland, Maynard, Concord, 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. Search for homes at www.MarilynMessenger.com 

Single-family condo at 9 Ingham Lane Concord - Sold for $895,100

Under Contract - Deer Hedge Run Townhouse Maynard

   

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May Median Home Sale Prices - Wayland, Sudbury, Maynard, Concord & Stow MA

 

Contrary to national and Massachusetts housing reports of surging prices in May 2013, median prices for closed sales of single-family homes in Sudbury, and Stow MA were actually lower than they were in May 2012. However, the number of homes sold was higher in Wayland and Stow; in Sudbury there was only one less closed sale.

Concord and Maynard reported substantially higher median prices than in May 2012. The median sale price in Concord was $816,500 up from $649,900 in May 2012. The median sale price in Maynard for May 2013 was $292,500, up from $212,250 which was the lowest in several years.

As in most places, the number of single-family homes for sale in Wayland, Sudbury, Maynard, Stow, and Concord is lower than it was last year and houses that are price correctly are selling very quickly, sometimes within a day or 2 with multiple offers for higher than asking price; while others are selling for asking price, and there are still some that are selling for less than asking.

Buyers need to be prepared to step up and move quickly and having the right* buyer agent/broker on your side can make a big difference for you. (*not all agents who call themselves a buyer agent are trained to represent your interests in the current market. Encouraging buyers to pay over asking and waiving contingencies may not be the best advice in every situation. Work with a broker who knows the ins and outs of the market you are in.)

Even with the hot market, price is still important and we are still seeing price adjustments and homes with expired listing contracts.

See the full market reports for Wayland, Sudbury, Concord, Maynard, and Stow at www.marilynmessenger.com or contact Marilyn 508-596-3501 for answers to your home buying and selling questions.

Connect with Marilyn Messenger on Google+

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.