Columbus Day Sales in Full Swing - Houses Too!

Yes, retail stores are starting their holiday sales on Columbus Day! Too soon? Well, maybe, but not for homeowners who want to sell their houses and homebuyers who want move before the holidays or at least before the winter...who wants to be moving in the snow and ice?

Serious sellers who are putting their houses on the market now need to make sure they are pricing their homes realistically and those who have been on the market for a while and over estimated what buyers would be willing to pay need to reduce their prices; and many are doing that. We're seeing price reductions everyday in towns where you may not expect it - Concord, Weston, Newton, Arlington, Wayland, etc.. Luxury home buyers have some especially good opportunities right now. If you are planning to buy a house and want to be in for the holidays or soon after, Columbus Day is the day to get going!

Unlike shopping for clothing, electronics, mattresses, or even a car where you can get same day
pickup or take possession within a couple of days, it takes time to close on a house. If you're selling you need to get the house ready and your agent needs time to market the property in order to secure the right buyer. If you are buying, you need to contract with a buyer agent, decide on a property, do your due diligence, have your home inspection, have your attorney review documents and have your mortgage approved and cleared to close.

 The timeline from offer acceptance to closing on a home is generally 45 to 60 days. Some lenders can get everything done in 30 days if all of your paperwork is in order and the appraisal can be completed quickly, but that is too stressful for most buyers and most offer 45 to 60 days. Even cash deals can take a couple of weeks - title searches and paperwork still need to be completed by attorneys, etc.

The Fall real estate market is in process and if you want to be home for the holidays, take a page from retailers and start now. Oh and about those great retail sales, it's a good idea to hold off on your purchases and not run up debt on your credit cards. Lenders don't like to see a lot of new debt when they are reviewing your eligibility for a mortgage. They'll be plenty of bargains, especially on home-goods, after the holidays... and you'll have a great time filling your new home! Check out homes for sale and contact me if you'd like to be home for the holidays - https://www.marilynmessenger.com

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About Marilyn - https://www.marilynmessenger.com/recommendations-for-marilyn-messenger

Price Reductions in a Hot Market

Everyone knows the real estate market is hot, right? Low inventory, multiple offers, homes selling at

prices thousands and sometimes tens of thousands of dollars over asking...all good for home sellers! There's never been a better time to sell! Ask the price you want, put a few photos on the Internet, have an open house and voila, SOLD!

With all the hype, it's easy for a seller to over-estimate what buyers will pay and they are surprised to find out that even in the hottest market, an incorrectly/over-priced house will not meet market expectations and it will languish, become stale and buyers pass it by instead of making an offer. Or else if someone does make an offer it may be so much lower that the seller gets upset and refuses to negotiate.

A lot of home sellers are reluctant to acknowledge that their house is not priced correctly. After all, who likes to admit that they made a mistake or that the value of their home just isn't as much as they thought or wanted? So instead they try offering a credit, advertise that they will fix or replace something, take new photos, and insist that their real estate agent provide the "special marketing" to find the one buyer who will be willing to overpay. They will do anything other than what they know they need to do to fix the problem - change the price!

The reality is that sooner or later home sellers who really want to sell (motivation matters), will come around to the fact if they want to sell, they must reduce the price. But who would have thought that is be happening in Concord and Sudbury, two of the most desirable towns west of Boston? Well, it is! In Concord there have been 87 price reductions during the past 12 months and 22 during the month of May - as of 5/18. In Sudbury, there have been 75 price reductions Y-T-D and 36 month-to-date in May. And, it's happening in other places too! Pricing matters in any market, in any location!

Price reductions may not be what sellers want, but getting the house sold is the goal and reducing the price increases the opportunity to get a house listing in front of the right audience, stimulate interest and accomplish the intended goal. 

And of course for buyers, seeing a price reduction might mean you can finally go after the house you've been waiting for! Keep in mind though, if you've been hoping for a price reduction on a particular house, chances are someone else has too. You still need to be prepared to step up and with the right help an experienced buyer broker to negotiate on your behalf, you can make it happen!
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Find your next home at www.marilynmessenger.com - and don't forget to sign up for daily updates so you don't miss out on any new listings and price reductions.

The Golden Rule for Home Buyers

Buying a home is an emotional experience that can bring out the best and sometimes the worst in people. Even people who are generally considerate sometimes forget how to behave when they are looking for a house. After-all it’s not something people do every day, it’s a big purchase and it’s at least a little scary for most people.
 
When there’s more than one person involved they may not agree, the kids are cranky from driving around, and everyone is concerned about making the right decision. All of these stress factors can cause people to act in ways they never would otherwise.

Here are some things to keep in mind to help you through the process:

1. When you contact a real estate agent or call an office be prepared to give some basic information – name, address, phone number, and if you are pre-approved for a mortgage.

 

2. If you are not pre-approved for a mortgage, don’t be offended if an agent won’t show you a house. Instead, ask who you can contact to get pre-approved. It’s a waste of everyone’s time and agents have a responsibility to show homes only to qualified buyers. If you’re not ready to get pre-approved, then you’re not ready to look at houses!

3. If you go to an open house be prepared to sign-in and give correct information. If you are under contract with a buyer agent make sure you write that on the sign-in sheet. If you don’t want the agent at house to contact you just write please do not contact next to your information. Refusing to sign-in is rude and sets a tone of distrust – what if you really like the house? You’ve already gotten off on the wrong foot. Giving false information is never OK. Remember, you’re in someone’s home!

4. Houses are shown by appointment, so plan ahead. If someone is living there, they need some notice to pick up and get out – very few people can keep their house ready for visitors with a moment’s notice – can you? Even new construction is shown by appointment – there might be workers at the house, etc.

5. Real estate agents and home sellers have schedules. It is not realistic to call an agent or an office from in front of a house and expect an agent come right out to meet you.

Imagine calling your accountant, hair-dresser, plumber, mechanic, financial planner, or anyone else and expecting on the spot service!

6. Set up a meeting with an agent so you can talk about your needs and get to know each other. Buying a home is a big investment and can take several months – don’t you owe it to yourself to invest an house upfront?

7. Buying a home involves the whole family, so it’s OK to bring the kids (although, you will certainly be able to focus better without them…) If you bring them, make sure they understand that they are visiting someone’s home. Keep them by your side at all times, especially in new construction where things are unfinished and may be dangerous. It’s for their safety and for the safety of the homeowners’ possessions – wouldn’t you feel awful if they broke something? And please don’t let them play with the home-owners’ kids toys – they wouldn’t want anyone playing with their things.

8. Treat the house with respect. Of course, you need to look in closets and cabinets, etc. but dresser drawers, medicine cabinets, personal belongings are off limits. Never sit on someone’s bed or use the master bath – sellers know they give up some privacy when their homes are on the market but again, put yourself in their shoes!'

9. Relationships are about trust and mutual respect - loyalty matters. If you are under contract with a real estate agent, always contact that agent when you need information. People can get impatient sometimes or they don’t want to “bother” their agent so they start calling offices or listing agents demanding information or pretending that they are going to be clients.

Call your agent – he/she will call you back. If your agent doesn’t return calls and give you the information you need then find another agent. If you can’t stop yourself from calling an office or listing agent directly, make sure that you disclose that you are working with an agent right away and that you would appreciate some information.

10. The Golden Rule – as with everything else, if you treat people (real estate agents) and property the way you want to be treated, the home-buying process will be efficient, and the transaction will be a lot easier. If you’re not sure what the protocol is, just ask – we’re here to help.

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Marilyn Messenger, a Certified Residential Specialist and an Accredited Buyer Representative (ABR®) and associated with Andrew Mitchell & Company, has been representing buyers and sellers in Sudbury, Maynard, Wayland, Stow, Acton, and west of Boston MA since 1993. See what clients say.

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Concord MA - Median Home Prices Up for 2017

Concord MA - Single-family Median Prices - 5 years

As in most towns and cities in Massachusetts and throughout the U.S, the residential real estate market in Concord is setting new records for median home prices!

Here is the latest market data for Concord:

Homes for Sale 7/7/2017: There are 88 single-family properties for sale in Concord; last year at the same time there were 97. List prices on in Concord range from $483,880 to $8,950,000; the median list price is $1,477,450. The median list price last year in Concord was $1,398,000. Luxury home buyers have a variety of options in Concord and with the time on the market in excess of 6 months in many cases, some of these home sellers may be ready to negotiate.  See all of the properties for sale in Concord.



Condominiums for Sale: Concord offers a variety of condo styles including garden-apartment, townhouses, new construction, duplexes, and detached single-family homes; some are age restricted for seniors over 55. There are currently 9 condominiums units for sale in Concord; last year at this time there were 16. Prices ranges for condominiums in Concord range from $318,000 to $$1,099,000; the median list price is $465,000, last year it was $874,500.

Pending Sales: There are currently 52 single-family homes with sales pending and three that have accepted offers and are being shown until contingencies are met.

June Closed Sales: There were 20 closed sales in June 2017, down from 33 in June 2016. Not surprising, the median sale price of $1,399,475 was higher than in June 2016 when it was $1,249,900.



Check out the latest reports as of 6-30-2017 from MLSPIN: including data year-over-year, and five year comparisons for single-family homes. Please contact me for additional information about condominiums. Remember, every home and every client is different so it is important to understand the similarities and differences when you are planning to sell, buy or both.|
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Want to know more? Call me at 508-596-3501 or
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Click here for the latest market reports for Sudbury, Wayland, Maynard, and Stow.

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About the author: Marilyn Messenger is Certified Residential Specialist, Accredited Buyer Representative, a Certified Luxury Homes Marketing Specialist and Million Dollar Guild member associated with Andrew Mitchell and Company in Concord MA. She has been representing buyers and sellers in the towns west of Boston since 1993. Click here to see what her clients say.

Hot Housing News in Sudbury!

Hot Housing Market!

When we hear the media reports about cold weather and low inventory being the reasons for slow home sales in March, they are clearly not talking about the Sudbury real estate market where record-breaking snow and cold did not deter buyers and sellers!

Here are the facts about Sudbury housing market:

• 43 single-family homes came on the market in March compared with just twenty-five during March 2014. Although, overall inventory levels continued to be similar to last year.
• The number of houses with pending sales was almost double - 33 sales pending up from 17 during the previous March.
• There 12 closed sales - twice the number in March 2014; reflecting the buying decisions that were made during the previous couple of months.
• Current inventory for single-family house for sale in Sudbury on 4/6/2014 is exactly the same as on 4/6/2014.
• The price-range with the most opportunities is one-million to $1,499,999; there are 19, last year there were 18. 
• Time on the market for houses current for sale is 122 days compared with 183 days last year at this time. Days on market vary by price range and some sellers may be ready to make a deal to get moving.
• Median prices for sold, pending, and current listing are all higher than last year.
• Current list prices in Sudbury range from $360,000 to $2,499,999; the median list price is $962,000.
• The median sold price in March 2015 was $769,000; up from $699,000 in March 2014.

With it's country charm, top-rated schools, a variety of classic and updated housing styles, open space, shopping, places for casual and fine dining, rich history, and recreation for all ages, Sudbury continues to attract buyers who are looking for a quality town in a convenient location.

See all of the houses for sale at www.marilynmessenger.com or call 508-596-3501 for additional information about buying and selling houses in Sudbury and the towns west of Boston.

Home Improvements - Permits Save You 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.

Lower Anxieties/Improve Marketability

One of the anxiety highpoints during the sale of a home is waiting for the buyer’s home inspection report.  Most sellers willingly disclose what they know about their home to any potential buyers.  The concern stems from the inspector finding something that they’re totally unaware of and that it will either cost them a lot of money to correct or the buyer will simply use it to void the contract.

If the inspection does reveal some unknown problem with the home, it’s probably as big a surprise to the buyer who is not as emotionally or financially invested as the seller.  It is human nature to fear what you don’t understand and when a report identifies defects, they may simply opt-out of the home.

The solution to the situation may be for the seller to have the home inspected prior to putting it on the market.  There is still a risk of becoming surprised by an unknown defect which at that point, would have to be disclosed to potential buyers or repaired by the seller.  The advantage is that it creates a baseline to compare discrepancies that may arise when a future buyer has the home inspected.

If the seller’s inspection report is made available during the marketing process, it could give buyers a sense of confidence about the home even though they may still choose to have the home checked by their own inspector.

The cost of the inspection, possibly $500, keeps some sellers from taking this initiative when selling their home.  In an effort to minimize their expenses, they forego getting valuable, disinterested 3rd party advice that could help sell their home.  On a $175,000 home, the fee for the inspection will probably be less than 3/10 of one percent of the sales price.

Another option to the seller to increase marketability of the property and bolster buyer confidence in the home would be to offer a home protection plan.  Generally, the seller doesn’t incur cost for this coverage until the home is sold and there may even be some coverage for the seller during the listing period.  The benefit to the buyer is avoiding unanticipated expenses for specific items that are covered during their first year of ownership.

Contact me for recommendations of home inspectors or home protection plans.
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Thinking about buying or selling a home? View homes for sale and see the latest market condition reports for Wayland, Sudbury, Concord, Stow, and Maynard at www.marilynmessenger.com.

Sudbury MA Real Estate - Housing Market Stong in Q1!

Watch the slide show for Q1 data

The housing market in Sudbury made a strong comeback in the first quarter of 2013. The number of homes sold and the median price was back to peak, while the number of new listings that came on the market was historically low.

Price It Right: Homes sellers who price their houses correctly are getting offers (multiple offers in some cases) quickly; while those who were overly optomistic and went on the market too high are taking longer and we are seeing price reductions every day.

Be Prepared and Be Careful:  People who are serious about buying are acting quickly, especially those who may have missed out on a home 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.

As the spring season comes into bloom, there will be more houses coming on the market. Stay positive, learn from your experiences and have an experienced and knowledgeable buyer agent/broker on your side.
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Want to know more? Call me at 508-596-3501 or visit www.marilynmessenger.com for listings, real estate information and market reports for Wayland, Sudbury, Maynard, Stow, and Acton MA
 

Tips for Success in A Sellers' Market

By now you've heard it's a "sellers' market"! There are fewer homes for sale everywhere including Wayland, Sudbury, Concord, and the towns west of Boston. Sellers are getting multiple offers for their homes, some in just a few days, and we're seeing sale prices higher than asking again. All good, right? Of course, everyone has been waiting for the market to turn!

Well, maybe not everyone! Some of you who thought you would wait until the Spring to get moving are now finding yourselves in unchartered waters and it's a bit overwhelming.

Here are a few tips to you succeed:

1. Buyers and Sellers: Be prepared; get pre-approved for a mortgage before you look at houses. Sellers, you are most likely going to buy another home. Before you put your house up for sale, know what you can afford to buy.

2. Sellers - make sure you have a somewhere to stay in case you sell before you find a new home. Can you stay with relatives or friends? How about a short-term rental? That is going to be difficult to find in the suburbs, especially if you have children and or pets. Check out your options before you list your house.

3. Sellers - make sure your home looks its best, make all necessary repairs, and above all price it right! When the media tells you it's a "sellers' market" it's easy to think you don't have to fix things and that you should ask a higher price. Home buyers in any market expect your house to be updated and with all systems working, especially when they're paying higher prices. Even in a bidding war, they won't overpay! As busy as the market is, I'm still seeing price reductions and expired listings that did not sell.
houses.

4. Buyers - don't waive the mortgage contingency unless you're paying cash or are 100% your mortgage positive that your loan will be approved including the lender appraisal. If you're going to waive the home inspection make sure you really understand the condition of the house. Even if it means having to wait for another house; it's not worth losing your deposit or finding out after you move in that the house needs repairs you can't afford. Common sense should alway prevail.

5. Buyers and Sellers - Contract with an experienced and well-educated Realtor who understands how to negotiate the ins and outs of the current market and can make sure you have all the information you need to make the decisions that are right for you. In this faster-paced market, stress is high and every detail matters. Your agent needs to be there for you from beginning to end and every step in between to ensure the process ends in success!

More at www.marilynmessenger.com - easy home search, market reports for Wayland, Sudbury, Maynard, Stow, and Acton MA; expert advice from an experienced broker.

Sudbury MA - Home Sales and Prices Continue Upward!

Currently there are 161 single family homes for sale in Sudbury; last year at this time there were 157. Forty of the 161 active listings already have accepted offers and are being shown only for backup offers until contingencies have been fulfilled.
List prices in Sudbury range from $154,900 to $2,795,000. The good news for buyers, and for sellers who plan to either move up or down-size in Sudbury, is that median and average list prices are lower than last year at this time. The median is $729,900; the average is $859,179. The median last year at this time was $795,000; the average was $905,375.
Homes that are priced correctly are selling quickly however, there were also 37 price reductions on 33 properties during the past 3 months; the average change was -5.37%. This is important for homeowners who plan to sell to keep in mind when deciding on the list price.
Sales Pending: There were 33 single family properties that went pending in May, up from 25 in May 2011 and also up from 20 this past April. These pending sales will close in the next month or two and sale prices will be known upon closing.

Closed Sales May: There were 23 closed single family home sales in May, up from 14 in May 2011. The median sale price was up - $723,000 compared with $627,500 in May 2011. The average sale price was also up - $728,622; the average in May 2011 was $627,500.
Year-to-date Sales (1/1/2012 - 5/31/2012): Year to date sales and prices continue to increase over last year. There have been 74 closed sales in 2012, up from 48 for the same period in 2011. And sale prices are also up. The median sale price in Sudbury through 5/31 was $673,200; up from $568,500 for the same period in 2011.

Condominiums/Townhouses: – Closed sales of condos in Sudbury were also up in May and year-to-date over last year for the same period. There were 4 in May, up from 2 in May 2011, however, median sale prices were lower - $553,750 compared with $597,500 in May 2011. 

If you want to live in Sudbury, be prepared to step up when you find a house that fits your needs. Get pre-approved for a mortgage before you visit any houses so you know exactly what you can afford. Decide what the trade-offs are (location, size, and condition) and connect with an experienced buyer broker/agent who can navigate you through this busy market!

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