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.

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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