Summer Surprises! What Really Happened in Real Estate...

More Sales and More Price Changes in Sudbury

There were lots of headlines and news stories during the summer about fewer homes sales and higher prices.

While that is true for most places, all real estate is local and you may be surprised that Y-T-D through 7/31, there were actually more sales and either flat or lower sale prices in some of the towns west of Boston. The other data that is not reported are price reductions; even in the hot seller's market, there were price reductions. Reading headlines can be misleading and there were home-sellers who thought they could list their houses for whatever price they wanted and after a while on the market realized that correct pricing matters in any market. 

Check out what happened in the Sudbury, Wayland, Concord, Maynard, and Stow markets and also see the latest report for luxury properties in the Greater Boston area.

Contact me anytime if you are interested in information about other towns or specific properties.

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Summer Mark-Downs in August - Appliances, Furniture, Clothing...And Houses Too!

August is mark-down time! ! Appliances, home furnishings, back to school items, clothing, gas grills, air conditioners...just about everything goes on sale in August making it a great time to get the deal you've been waiting for and that may include the dream home you've had your eye on but thought the price was a too high for you to make an offer.

Sure, the housing market is still hot and there are some bidding wars happening and buyers need to be prepared to step up, but as hot as the market may be, things are slowing down. August is always the time of year when we see price reductions. Sellers who were overly optimistic when they priced their houses finally recognize that they may not sell for the amount they wanted and are ready adjust their expectations. They know that they've missed out on the buyers who needed to be in for the start of the school year and if they are serious about moving, they will do what is necessary.

Back in May, I wrote a post entitled  "Price Reductions in a Hot Market" that talked about the fact that price reductions were happening and some of the reasons why. Many of those houses have sold but others still have not. There were sellers who held off adjusting their prices and waited until July and going into August are ready to make a deal! And by the way, you may be surprised to hear that these reductions are happening in towns you never thought you would see them in - Concord, Sudbury, Wayland, Weston, and even Newton!

Concord - 87 price reductions during the 12 months ending 7-30-2018

Sudbury - 127 Price Reductions during 12 months ending 7-30-2018

So whether you were one of the many buyers who lost out to higher bids in the Spring or just starting to look and wondering if you'll be able to get an offer accepted, this is the time! Remember though, markets change continuously and come mid-September, they'll be a whole new group of buyers competing again. If you want to take advantage of August sale month, visit www.MarilynMessenger.com where you can see homes for sale and contact me to talk about which sellers might be ready to make a deal!

Wayland Housing Market Update - What's It Mean to You?

Happy First-time Homeowners in Wayland!

June Closed Sales: There were 18 closed single-family home sales during June in Wayland compared with 23 in June 2012. Sale prices ranged from $390,000 to $1,220; the median sale price was $669,500, up from $507,000. The average sale price was $731,972, also up from June 2012 when it was $594,000.

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

New listings in June: the number of single-family homes that came on the market in Wayland during June was almost the same as in June 2012 – 23; 22 in June 2012. Of the 23, there are only 9 that are fully active. 2 have accepted offers with contingencies waiting to clear, 10 are under agreement, 3 have already closed, and one of the listings has expired.

Current: As in most places, there are fewer homes on the market than last year at this time (8/1); there are 64 single-family homes for sale compared with 79 on 9/1/2012. List prices range from $219,900 for a 5 room house with 2 bedrooms and 2 bathroom to $11,800,000 luxury estate with 28 rooms including with a guest house, and barn on 11+ acres surrounded by conservation land. See the listings at www.WaylandHomeSales.com

The current median list price in Wayland is $822.000; last year on 8/1 the median list price in Wayland was $735,500. As in Sudbury, the price range with the most choices is one million to 1.499 million – there are 13 for sale. The average time on the market for these properties is 140 days; some of these sellers may be ready to make a deal and buyer, you have less competition - everything is on sale in August!

Condominiums (townhouses and garden-apartment style): There were 4 closed sales of condominiums in Wayland during June; there were 10 in June 2012. Sale prices were higher this year. The median sale price in June 2013 was $500,000 up from $456,250 in June 2012.

Current: there are 16 units for sale in Wayland compared with 34 last year at this time. List prices range from $279,900 for 3 bedrooms, 1 bath half-duplex, to $1,199,000 for a 3 bedroom, 3.5 bath luxury townhome at The Field. The median price for a condominium in Wayland is $662,450 up from $665,000 on 8/1/2012.

What's it mean to you?Price is key even in a hot market. Homes sellers who price their houses correctly are getting offers, multiple offers in some cases, and are selling quickly, sometimes for over asking; while those who were overly optimistic and went on the market too high are taking longer and they are reducing their prices. There were 23 price changes on 21 properties in Wayland during June. The average change was -4.26%.

People who are serious about buying 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 mean more equity in your property. Maybe you've been trying to refinance or take out an equity line to do some updates but your house wouldn't appraise. Mortgage interest rates are still historically low and this may be your window of opportunity. This is also a good time to consider a vacation home or income property. Prices are going up everywhere so why wait?

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Want to know more, call Marilyn at 508-596-3501.

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"Then followed that beautiful season...filled was the air with a dreamy and magical light; and the landscape Lay as if new-created in all the freshness of childhood." Henry Wadsworth Longfellow

Sudbury is located approximately 20 miles west of Boston. Visitors and residents enjoy this picture pretty New England town's rich history, natural beautify and quality of life.

Thinking about moving to Sudbury? Visit http://www.marilynmessenger.com/ to learn more about Sudbury, view all the homes on the market in Sudbury and the nearby towns of Wayland, Maynard, Stow, Acton, and find information to help plan your next move.