Real Estate - Gridlock and Bridges

As someone who relates just about everything to real estate, reading the headlines about the gridlock that happened on GW Bridge last fall got me thinking about how many people are "gridlocked" out of the current housing market and how they need a bridge!

As the media continues to report about higher housing prices and bidding wars, they sometimes neglect to mention how few houses there are for sale. You can see the latest market updates for Concord, Wayland, Sudbury, Maynard, and Stow at www.marilynmessenger.com.

Why is inventory so low? It easy to blame the weather, but we always have winter in MA, so why else? More money: people think if they wait they'll sell for more money. While that may be true, they will also pay more when they buy their next home, and if interest rates go up they will end up with less money in the end.  

Another reason is "gridlock." Most homeowners who would like to move need to sell their current home before they can buy another place to live. Because there are so few houses for sale they are afraid and that if they sell they may not have anywhere to go. So they wait for more houses to come on the market; with so many people waiting, we up end with gridlock.  

A bridge loan might be the solution to get people moving because it enables them to buy a new home without having to sell first! 

   

Here is a flyer from one of my loan officer friends with an example of how a bridge loan would work. If you think it might fit your needs, check it out. Call all me anytime at 508-596-3501 to learn more about the home buying and selling process or click here to request a home valuation report. 

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About the author: Marilyn Messenger has been selling real estate in Wayland, Sudbury, Concord, Maynard, Stow and the towns west of Boston for the past 20 years. As a Certified Residential Specialist and Accredited Buyer Representative/Agent, she has a proven track record of providing efficient and cost effective solutions to help her clients save money, time, and stress during the home buying and selling process. Visit www.marilynmessenger.com or call 508-596-3501 to talk about planning your next move.

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.
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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.

The Rules

The profit potential in single family homes for investment has been a consistently good long-term investment. They offer investors the opportunity of high loan-to-value mortgages at fixed interest rates for 30 years on appreciating assets, tax advantages and reasonable control that other investments don’t offer.
Last year, Warren Buffett said that if he had a way of buying a couple hundred thousand single-family homes, he would load up on them. Blackstone group L.P. (BX) has now purchased over 30,000 homes and American Homes 4 Rent (AMH) has more than 19,000 for rental purposes.
Individual investors actually have an advantage over the institutional investor but if they are not familiar with rental real estate, some basic rules could be very helpful.

1. Invest now to get more in the future.
   Whether it is time, effort or money, the prudent investor is willing to forego immediate gratification for something more at a later date.
2. Real estate is an IDEAL investment.
   IDEAL is an acronym that stands for income, depreciation, equity build-up, appreciation and leverage. 
3. Invest in single family homes in predominantly owner-occupied neighborhoods at or below average price range.
   This strategy should involve homes that will increase in value, rent well and appeal to an owner-occupant in the future who will pay a higher price than an investor.
4. Location, location, location.
   The same homes in different areas will not behave the same. You can improve the condition, modify the terms or adjust the price but the location can’t be changed.
5. Understand your strategy – buy and sell, buy and hold or buy, rent and hold.
   These three distinct strategies involve big differences in acquisition, management and taxation.
6. Know where your profit is coming from before you invest.
   The four contributors to profit are cash flow, appreciation, amortization and tax savings. They don’t contribute equally or the same in all investments.
7. Profit starts with purchase.
   Buying the property below market value builds profit into the investment initially.
8. Risk is directly proportionate to the reward involved.
   An investment that has a high degree of upside also will have considerable downside possible.
9. Avoid functional obsolescence unless you have a plan before you buy.
   The lack of usefulness or desirability of a home that exists when you buy it will still be there when you sell it. Unless it can be cured, it will affect future profit.
10. Good property + good tenant + good management = great investment.
    These are three solid components for a successful investment.
11. Problems left unresolved have a tendency to get worse.
    It is generally cheaper in time or money to fix a problem earlier rather than later.

If you’d like more information about the opportunities in our market, contact me.
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About the author: Marilyn Messenger, a broker associate with Andrew Mitchell and Company, Concord has been representing buyers and sellers in Wayland, Sudbury, Maynard, Stow and the towns west of Boston for 20 years. She is an area expert and combines personal service with cutting-edge technology and negotiating systems to maximize results and minimize stress throughout the home-buying and/or selling process. Visit: www.marilynmesenger.com to see homes for sale.
Connect with Marilyn Messenger on Google+

Wayland Real Estate Report -Active Early Spring Market!

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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.

Sudbury (MA) Real Estate 3/1/201 - Spring Comes Early to Sudbury!

Mild weather, low interest rates, pent up demand, lower prices... the spring residential real estate market has started early in Sudbury.  Although the number of single family homes for sale is substantially higher than last year at this time 114 up from 82, 32 of the active listings already have accepted offers! Additionally there are 17 properties with sales pending. The average time on the market for active listings is 178 days compared with 249 last year; however, as with inventory, time on market varies by price range.

Current list prices in Sudbury range from $229,900 for a 3 bedroom, 1 bath bank-owned home; up to $3,199,999 for a property located in the Wayside Inn area, described in MLS as “a palatial mansion” on 10+ acres that includes a museum with room for 70 cars. Both median and average prices in Sudbury are lower than they were last year. The median list is $777,000, last year it was $872,500; the average is $905,436, last year it was $1,057,914. There have been 30 price reductions on 27 single family homes since the first of the year.

Although the overall market is active for this time of year, for the luxury home sellers, no so much. There are 33 properties listed for over $1,000,000 in Sudbury, many of which have been on the market for over a year and some for as long as 2 years or more. In addition to the high number of luxury properties available, foreclosures and short sales* in Sudbury and as well as in Wayland, Weston have reduced values and provided excellent opportunities, especially for cash buyers.

Year to date (as of 2/29) there have been 16 closed sales in Sudbury, up from 12 last year. As with current listings, median and average sale prices were lower than last year. The median sale price was $475,000; the average was $616,000. The average sale price to original list price ratio was 89%; the average sale price to final list price ratio as 96%. These ratios are important because many sellers assume that they will get less money if they ask less when actually the opposite is true. Price is based on supply and demand; properties that are priced correctly attract more buyers, therefore increasing demand and increasing the price.

The condominium/townhouse market, which consists of mostly new construction in Sudbury, is also very active. However, unlike the single family market, the number of units for sale is substantially less than last year, only 12 compared with 26; and of the 12, 4 already have accepted offers. So it’s no surprise that list prices are up. The median list for a condominium in Sudbury is $634,500 and the average is $624,116.  

Check out what's for sale in the Sudbury area at www.MarilynMessenger.com.

* A short sale can be an alternative to foreclosure for a distressed homeowner. If you or someone you know needs help, Contact Marilyn for a confidential chat.

Marilyn Messenger is Short Sale certified and a member of the Luxury Homes Marketing Institute with a successful track record of closing short sales (only approx. 25% of short sales close, not every Realtor has the know-how and tanacity to get the job done.)

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.

Stow MA Real Estate Report - More Homes for Sale in Stow!

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Welcome to the Stow MA Real Estate Market Conditions Report for August 2011.

Good time for buyers who would like to live in Stow. Current inventory for single family homes is up from last year at this time - 61 for sale compared with 45. The median list price is $419,900; last year at this time the median list price $437,700. The average list price is $465,496, almost exactly the same as last year. Of the 61 active/unsold single-family home listings, 4 have offers accepted waiting for contingencies to clear.

There are 3 single family homes with sales pending. Closed sales for the year through 7/31 were higher than last year - 47 up from 36. Median and the average sale prices were also higher - the median sale price was $507,800; the average was $472,488. The 2010 median sale price for the same period was $446,250; the average was $450,278.

July 2011 sales were slightly lower than July 2010 - 7 compared with 9. Median and average sales prices were higher than July 2010 but a bit lower than the median and average prices for the first 7 months of 2011.

Looking for easy living? There are 11 condomiums available in Stow; 4 townhouse style and 7 detached single family style with prices ranging $329,900 to $489,000.

Want to see what's on the market in Stow? Click here for complete MLS Listings.

Visit us at www.facebook.com/livingwestofboston to get market updates and community information about Stow, Sudbury, Maynard, Wayland, and Weston.

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.

Sudbury (MA) Real Estate - Happy Buyers & Sellers in May!

Lots of happy home buyers in Sudbury this month! Whether it was low interest rates, lower prices, pent-up demand from lack of inventory, or people realizing that there may never be a better time to buy, people who want to live in Sudbury stepped up and decided to make offers that sellers were willing to accept. After a challenging winter, homeowners who wanted to sell were finally able to put their houses on the market and inventory levels are close to what they were last year at this time; of the 151 homes currently listed for sale, 40 came on the market during May. Thirty-one of the 151 properties have accepted offers and are being shown for back-up waiting for contingencies to clear. There are also 22 sales pending.


List prices for active/unsold listings range from $174,900 to $2,795,000. The median list price is 799,450 and the average is $915,477. The median list price at this time last year was $869,000 and the average was $1,013,727. There have been 34 price adjustments on 31 properties so far in May.

So far, there have been 12 closed sales in May and 2 more are anticipated to close by month’s end bringing the total number of closed sales to 14 compared to eight last May. The median sale price for the 12 that have closed in May is 645,000; the average is $716,433; will see how much that last 2 sales affect these prices. There were 8 closed sales during May of 2010; the median sale price was$695,500; the average was $798,500.

Check out http://www.marilynmessenger.com/ to find what’s available in Sudbury; get daily MLS updates; and the latest news and information about real estate market conditions in Sudbury, Wayland, Weston, Maynard and Stow MA. Seach for homes on Facebook at www.facebook.com/livingwestofBoston.

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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 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.

Wayland Home Sales Update - Fewer Homes on Market

Welcome to the Real Estate Market Conditions report for Wayland Massachusetts for February 2011.


The number of single family homes on the market in Wayland remains low at just 57 for sale; last year at this time there were 61. Current activity shows that 4 of the properties already have accepted offers and are being shown until contingencies clear. Additionally, there are 11 single family properties with sales pending.

List prices in Wayland range from $179,000 to $4,795,000. The median list price is $769,000; last year at this time it was $660,000. The average list price is $1,068,291 compared with $1,079,514 last year. The average time on the market for current listings is 242 days; last year it was 262.

There were 2 single family closed sales in Wayland during January; one sold for $544,900 and one sold for $1,135,000. There were 12 closed sales during January 2010; the median sale price was $515,000; the average was $532,283.

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 20 townhouse style condominiums with prices ranging from $399,000 to $985,000; last year there were 27 for sale. Of the 20 active listings there are 2 condominiums with offers accepted waiting for contingencies to clear. There are 7 townhouses with sales pending, up from 4 last month.

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 - "like" and search without leaving FB at www.facebook.com/livingwestofboston.

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.

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Market Reports for Weston, Wayland, Sudbury, Maynard, Stow

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Manners Matter - Home Buying Etiquette

It is often surprising how easy it is for people who are generally considerate and well-mannered to forget their manners when they are looking for a house. Sure, it’s not something people do every day; it’s a big purchase and at least a little scary for most people. Sometimes, 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 a few things to keep in mind as you begin the home buying process:

1. Information. Houses belong to someone even when they are on the market. Owners want know who is asking about their home - wouldn’t you? When you contact a real estate agent or call an office be prepared to give some basic information – name, address, phone number, and whether or not you are pre-approved for a mortgage.

2. Get pre-approved for a mortgage. Don’t be offended if an agent won’t show you a house if you are not pre-approved for a mortgage. Instead, ask who you can contact to get it done. Without a recent pre-approval, you run the risk of either falling in love with home you don’t quality to purchase or worse, you might miss out on your dream home because you thought it was out of your price range.

3. Open houses. Please 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 – we respect your request.

4. Plan ahead. Houses are shown by appointment. 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.

Also, 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 lawyer, dentist, hair-dresser, plumber, mechanic, financial planner, or anyone else expecting on the spot service!

6. Invest an hour. Set up a meeting with an agent at their office (or other convenient location) 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 hour upfront?

7. If you bring the kids. For their safety and the safety of the home and the owners belongings, keep your children by your side at all times, especially in new construction where things are unfinished and may be dangerous. And please don’t let them play with the home-owners’ kids toys - wouldn't you feel aweful if they broke something!

8. Respect property. Of course you need to look inside closets and cabinets, etc. Dresser drawers, medicine cabinets, and all personal belongings are off limits. But please don't 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 put yourself in their shoes!

9. Loyalty matters. If you are under contract with a real estate agent, always contact that agent when you need information. People can get really impatient sometimes or they don’t want to “bother” their agent so they start calling offices or listing agents demanding information or make an appointment 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. Golden Rule/Common Sense – as with everything else, treat others the way you would like to be treated and 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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