New Construction - Common Misconceptions

Everyone Loves New Construction!

Builder confidence is up! New single-family homes and condominiums are finally being built again and what’s better than having everything shiny and new, built with state-of-the art materials, energy efficient systems and appliances, and everything to fit the way you live, work, and play?

Given the choice, a lot of home buyers would prefer to purchase a new home than a house that someone else has lived in; especially buyers who don’t have the time, interest, or money for repairing or renovating a house that someone has lived in.

Whether you are a first-time buyer, moving-up, down-sizing/right-sizing, or someone who has bought and sold multiple times, if you have not purchased new construction before or you did it along time ago, you may have some misconceptions about buying new construction. Here are a few common misconceptions about new construction.

Expectations
The biggest misconception about new construction is that because it’s new, it will be perfect! New houses are built by people and we all know that people are never perfect. A new house can have defects just like a resale. While home buyers expect and even look for things to be wrong with an older house that has been lived in, they don’t expect any issues in new house. Realistic expectations are important when buying any house so remember, there is no such thing as perfect!

Selections and Upgrades
One of the most fun things about buying a new home is that you get to pick out flooring, cabinets, counter-tops, appliances, tile, fixtures, etc. and have everything color-coordinated, up-to-date and just the way you want it. With so many choices it’s easy to get carried away with making selections that are so trendy that you may grow tired of them in a short-time. And, it’s also easy to pay for extra for upgrades that you may not need and that really don’t add value.

While it’s nice to have everything done at the same time by the builder, sometimes waiting and getting things done later on your own can be a better and more cost effective choice. If you decide to buy upgrades, buy for own enjoyment and don’t expect that you will get your money back when you sell. What you sell for will depend on the market at the time and as soon as you move-in, your new home becomes used! Buy what you like, don’t over-personalize and don’t do anything because you think it will be a money-maker later especially if you are buying in a large development of similar homes.

Home Inspections
A lot of people have the misconception that they don’t need to do a home inspection when buying new construction because everything is new, under warranty, and you’ll do a final walk-through and prepare a punch-list of items that the builder will fix.

Having a home inspection is just as important for a new house as for a resale. Remember, new is not perfect and there may be items that weren’t installed or not connected properly, etc. A walk-through is not the same as a thorough inspection by a professional home inspector. Buying a home is a big investment; don’t be “penny-wise and pound foolish.” Also, make sure you know exactly what items are under warranty and for how long!

Non-Negotiable
That builders/developers don’t negotiate is another misconception about buying new construction. This is something that home buyers are led to believe by the on-site salesperson who represents the builder, and while most buyers would never accept that premise if they were buying a resale property, for some reason they believe it about new builds.

Builders are like every other seller and whether or not they will negotiate depends on a number of variables – the market, the size of the development, how far along the project is, how qualified you are, which items you want to negotiate about – price, terms, features, etc. Like every other seller, some builders are easier and friendlier and more financially stable than others; some are good business people and know when it pays to be flexible and others just dig in.

On-Site Sales
Another great thing about about buying new construction is that builders make it so easy to buy by building sales models and having an on-site agent/salesperson to help you.

The most important misconception that buyers have about new construction is that they cannot have or don't need a buyer agent/broker on their side. While the majority of home-buyers know that it makes sense to have their own buyer agent represent them and they want a professional whose fiduciary responsibility is to work on their behalf to get them the best deal, help them understand their options in the local market, help them do their due diligence, and negotiate on their behalf when they are buying a resale, many still think that when buying a new home it's OK to go directly to the on-site agent/salesperson and do whatever that seller's agent tells them to.

Unfortunately, too many buyers don't even think about getting their own representation until they've already been to the site, talked with the on-site seller's rep, given up a lot of personal and financial information, and decided to buy. And by then, it's too late!

Yes, you can have your own buyer agent and buying a new house does not take away your right to representation. The majority of new homes are listed on MLS (multiple listing service) just like resale listings, and the listings include an offer of cooperation and compensation to buyer agents. The builder will pay your agent's fee out of the proceeds of the sale, the same as any other seller!

BUT, some new construction seller agents will often include a note on the MLS that buyers do not see that stipulates "buyer agent MUST be present at the first showing." There's the catch! They know that buyers drive around and will often stop at a model home "just to look" and the next thing they decide to buy. On-site agents do not want buyers to have a buyer agent on their side; the seller's agent want to control the buying so they can maximize profits for the builder (and themselves!) I have had buyers tell me that they were told that they could not have a buyer agent because they came to the site without their agent.

Take away
If you already have an agreement with a buyer agent to represent you, make sure you do not go to any new construction sites without your agent.

If you are thinking about buying new construction and do not have a buyer agent, get one before you visit any new construction sites and before you talk with anyone on-site. That way when you decide to buy, you will have a agent on your side! By the way, make sure your agent knows the area and has experience as a buyer agent for new construction.

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About the author: Marilyn Messenger is a licensed broker, Certified Residential Specialist, and Accredited Buyer Representative, associated with Andrew Mitchell and Company in Concord MA. She has been representing new construction home-buyers in Sudbury, Wayland, Maynard, Stow, and the towns west of Boston since 1993. Her clients have purchased new single-family homes, luxury properties and condominiums from both local and national builders. Her experience experience on a local Planning Board, Zoning Board, and board member of an HOA has been especially helpful to her new construction clients. Visit www.marilynmessenger.com for more.

Condominiums – Easy Living, Parking, Pets, and Pools

Had Enough?

It's been a tough winter and a lot of homeowners, especially empty-nesters have had enough and are ready to consider condominium living. Empty-nesters have a variety of choices since most of the communities that have been built and that are currently under construction are "active adult" communities that cater to the over 55 home-owner. You not only get an easier lifestyle but also the opportunity for the features you don't have in your current home.

Condominiums are also attractive to first time home buyers. They tend to offer more appropriate living space than 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 condominium at any stage of life may be a good option for you. For the most part, exterior maintenance is taken care of by the homeowner association so you don't have to be concerned about exterior painting, landscaping, snow plowing, roof replacement, etc. - the benefits of home ownership without a lot of the work!

A condominium is a form of home-ownership that can include a variety of home-styles including attached townhouses, detached single-family homes, apartment-style, duplex, or one floor in a multifamily house. Whatever the style of condominium, there will be a Homeowner Association that will govern the according to the master deed and rules and regulations of the entity.

Most homeowner associations (HOAs) 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, pets, and swimming pools seem to be the biggest issues but there may also be rules holiday decorations, gardening, decks, facility usage; bicycle and baby carriage storage, rental restrictions - some communities do not allow any rentals.

Unit-owners are most often responsible for windows and doors and you may be required to take care of some outdoor areas including landscaping, deck maintenance and snow clearing of exclusive use areas – those are areas that are part of the common property but are considered to be part of a unit. Inside the unit, homeowners are responsible for plumbing, electrical, etc. unless these items service more than one condominium unit. While there is certainly less maintenance than living in a single-family home, it is not like living in an apartment where you call the landlord if something goes wrong.

If you are financing your purchase with a mortgage, your lender will review the budget and send a questionnaire asking about the financial condition of the development - i.e. number of owner occupied units, if there are any pending lawsuits, special assessments. 

As the buyer, it is really important for you to read the rules and understand what your responsibilities will be – the ads for “maintenance free” may not be 100% accurate. 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. 

Living in a condominium is a great lifestyle 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 of Trustees, and won't mind trading some personal freedoms in return for convenience.

Once you accept the condominium rules and understand your responsibilities you can move forward and enjoy the lifestyle that's right for you! Check out condominiums for sale.

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Marilyn Messenger has been representing condominium (including new construction) sellers and buyers in Sudbury and the nearby towns west of Boston for 21 years. She served on the Board of Trustees at Deer HedgeRun in Maynard for 2 years and understands how Homeowner Associations function.  MORE...

Suburban Condo Prices Up!

Condo prices are way up in Massachusetts are not just in Boston!  Click to link to a recent article in the Boston Globe.

Deer Hedge Run Maynard

Prices are also up over last year in many of suburban towns west of Boston.    

Here are median prices for some of the towns for the past 6 months:

Maynard: $257,000; up 3.4%
Concord: $367,500; up 4.7%
Wayland: $610,000;
Sudbury: $620,000; up 4.8%
Acton: $277,200; up 7%
Stow: $382,000; 7.4%

Active Adult Townhouses, Sudbury MA

Check out condominiums for sale at www.marilynmessenger.com.
and be sure to check out "Is Condo Living for You?" 

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About the author: Marilyn Messenger, a Certified Residential Specialist, Accredited Buyer Representative, and broker associated with Andrew Mitchell and Company in Concord has been selling condominiums for 21 years.

Having served on the Board of Trustees at Deer Hedge Run, she understands HOAs (homeowner associations) and the ins-and-out of condominium living. Contact Marilyn at 508-596-3501 for information about condominiums that may fit your needs. If you're thinking about selling; low inventory makes this a good time!

Sudbury Real Estate Update - Home Prices Up Again!

July Closed Sales: There were 33 closed single-family home sales during July in Sudbury

compared with 26 in July 2012. The median sale price was $745,000 was up 5.7% from $705,000 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): Prices for the first seven months of 2013 are up over the same period last year in Sudbury. The median price of $686,000 is up 6.8%% from last year. There were 146 homes sold; only one less than last year. The average time on the market for Y-T-D 2013 is 103 days; 30.3% less than in 2012.

New listings in July: More single-family homes that came on the market in July 2013 than in July 2012; 22 new listings up from 14. Of the 22, 7 that are fully active; 2 have an accepted offer with contingencies waiting to clear, 11 are under agreement, one has already closed, and one of the listings has been withdrawn.

Current: As in most places, there are fewer homes on the market than last year at this time (8/28); there are 71 single-family homes for sale compared with 109 on 8/28/2012. List prices in Sudbury range from $327,000 for a 7 split-entry style house with 3 bedrooms and 1 bathroom to $2,775,000 for a luxury estate with 15 rooms, 5 bedrooms, 5 full bathrooms, 3 car garage, a media room and a swimming pool located at the end of a cul-de-sac at Liberty Estates in North Sudbury. See the listings at www.SudburyHomeSales.com

The current median list price in Sudbury is $904,900; last year on 8/28 the median list price in Sudbury was $750,000. As in Wayland, the price range with the most choices is one million to 1.499 million – there are 18 for sale. The average time on the market for these properties is 247 days; some of these sellers may be ready to make a deal and buyer, you have less competition - everything is on sale in August and September!

Condominiums (townhouses and garden-apartment style): There were 2 closed sales of condominiums in Sudbury during July; there was 1 in July 2012. The median sale price in July 2013 was $771,999, up 8% over July 2012. Year-to-date (as of 7/31/2013) condominium sales were up 75% from last year and the median sale price was .6% higher.

Current: there are 15 units for sale in Sudbury compared with 14 last year at this time. Prices range from $219,900 to $849,000; the median price is $719,900, up from $647,450. The majority of townhouses for sale in Sudbury are new construction. Tip for buyers: you are entitled to have your own buyer agent/broker represent you when you buy new construction, you do not have to go directly to the builder’s agent. In order to have a agent working on your behalf, you must have your agent accompany you to your first visit to the site even if it’s just drive through to look around. Call 508-596-3501 to find out more.

What's it mean to you? Price is the 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.

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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About the author: Marilyn Messenger has been representing home buyers and sellers in Sudbury and the towns west of Boston for 20 years. She combines personal attention with mobile technology, marketing and project management systems to maximize efficiency and minimize stress for her buyer and seller clients.

Messenger is a licensed real broker, Certified Residential Specialist (less that 4% or Realtors have achieved the CRS designation), and an Accredited Buyer Representative. She is also a member of the Institute for Luxury Homes Marketing and has served on several professional boards and committees. Connect with Marilyn Messenger on Google+

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.

Connect on Google+.

Acton (MA)Real Estate - Home Sales and Prices Up in May 2012

Single Family Homes: There are currently 94 single family homes for sale in Acton MA; last year there were 123 at this time. List prices range from $180,500 to $1,099,888. The median list price is $574,950 – 50K less than last year at this time; the average list price is $567,167, last year it was $573,517.

The Acton residential real estate market is very active. Of the 94 single family homes on the market, 25 already have offers accepted waiting for contingencies to clear, so the actual number of single family homes for sale is very low. Additionally, 35 single family homes went pending during May compared to 21 in May 2011.

May Closed Sales: Closed sales and sale prices for single-family homes in Acton were up substantially in May. There were 20 sold compared with just 8 during May 2011. The median sale price was $511,250; up from $432,000. The average was $518,320, up from $475,625. Based on the limited supply of homes on the market, buyers can expect competition and prices for homes increase. However, the market generally slows down during the summer so buyers who want to live in Acton should stay in the market and be prepared to step up if they find a home that suits their needs.

Year-to-date Sales: There were 55 single-family closed sales in Acton between January 1 and May 31 2012 up from 46 during the same period in 2011. The median sale price was $497,500, higher than May 2011 of $453,750. The May 2012 average price was $497,784; the average price in May 2011 was $521,014.

Condominiums and Townhouses: The supply of condominiums and townhouses in Acton has declined from last year at this time; there are 63 for sale compared with 76 last year. Prices range from $85,000 to $680,000. The median price is $289,800; last year it was $261,950. The average is $331,474; last year it was $268,625.

Acton has good selection of new construction attached and detached townhomes. Buyers can have their own buyer agent representing them but remember, the buyer agent must accompany the buyer to the site the first time they visit the site. If you’re interested in new construction, find a buyer agent first. While the agent on-site will be very friendly and helpful, remember, that person’s job is to act in the best interest of the builder, not you! A buyer agent who knows new construction and who knows how to negotiate can save you money.

Closed sales: Condominium sales are down from last year. There were 28 closed sales of condominiums and townhouses from 1/1 – 5/31/2012; there were 32 for the same period in 2011. The median price was $183,600; the average was $231,182; both lower than last year.

Source: MLSPIN (Multiple Listing Service Property Information Network)

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 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 - Bright Spot in the Housing Market west of Boston

Sudbury MA is one of the brighter spots in the housing market these days as sales and recent prices have increased over last year. Currently, there are 156 single family homes for sale. Of the 156, 38 (approx. 24%) already have accepted offers, however, there are still many excellent opportunities for home ownership, especially for buyers looking for luxury properties. There are also 21 properties with sales pending. 
Despite the increase in recent sale prices, list prices in for single family homes in Sudbury are lower than last year at this time and range from $175,000 to $2,795,000. The median list price is $796,750 and the average list price is $912,003. Last year at this time list prices ranged from $199,000 to $3,195,000; the median price was $872,450 and the average was $1,008,617. Average time on the market is 153 days; last year it 171 days. As with the number of homes for sale, time on market varies by price range.

Between May 1 and June 15 there were 23 closed sales compared with 18 for the same period in 2010. The median sale price was$630,000 and the average was $699,728; both higher than last year when the median was 588,500 and the average was $647,333. While every house did not appreciate by the same amount, most sellers were happy to sell; and buyers who may have paid more than they may have last year where happy to beat the competition (yes, there were some bidding wars!) and were able to enjoy super low interest rates – a winning situation for all who wanted to move on!

For anyone looking for easy living, there are some excellent condominium/townhouse opportunities in Sudbury. Inventory is up and there have been substantial price reductions for some of the new construction for active adults.

Click here to search for homes in Sudbury and get daily MLS updates. Search for homes on Facebook at www.facebook.com/livingwestofBoston.

Get the latest market reports for Weston, Wayland, Sudbury, Maynard, and Stow at www.marilynmessenger.com.

Wayland Real Estate Market - Condo Market Active; Single Family Home Sales Flat

Here's what's going on in the Wayland real estate market:

Single Family Homes: Current list prices for single family homes in Wayland range from $138,990 to $21,750,000. The median price is $762,450; the average is $1,125,077; both higher than last year at this time when the median list price was $647,000; and the average was $987,074. After a slow start, the number of single family homes for sale has increased to 114 up from 98 last month. The average time on the market for current listings is 158 days. Inventory levels and time on the market are very similar to last year at this time however, both vary by price range.

Of the 114 single family homes for sale, 14 already have accepted offers and are being shown until contingencies clear; and there are 22 homes with sales pending.The number of closed sales was up a bit from last year in May – there were 14 compared with 12. The median sale price in Wayland during May was $567,000; the average was $665,179, both higher than last year but not significantly.

Year-to-date through 6/15 there were 50 closed sales; last year there were 46. Sale prices were also similar. Overall the market in Wayland remains pretty flat and as a result many sellers are adjusting their list prices according; there have been 60 price adjustments on 51 single family properties in Wayland since May 1. The average adjustment was -7.91%. 

Condomiums/Townhouses: The condominium and townhouse market in Wayland is more active than last year. There are 28 units for sale, only 2 less than last year; however, 5 of the 28 have accepted offers. There are 8 units with sales pending. The list average price per square foot for townhouses with sales pending is $250. 

Luxury Market: As in most towns in the area, the luxury homes market in Wayland still has the best opportunities for buyers. There 33 luxury homes available, some have been on the market for a year or longer, so the choice is yours!

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.

How's the Wayland Real Estate Market?

List prices for single family homes in Wayland range from $179,000 to $24,500,000. The median price is $749,900; the average is $1,288,770 – both higher than last year at this time. Although 22 homes came on the market in March and 26 more so far in April, the number for single-family homes available remains low in Wayland with only 87 for sale compared with 104 one year ago. Of the 87, 14 already have accepted offers and are being shown until contingencies clear. The average time on the market is 171 days, a few days lower than last year. Additionally, there are 20 properties with sales pending.


Lower supply is generally good for sellers as there is less competition. However many buyers are still influenced by the national news and continue to believe that if they wait they will find a better house for a lower price and are not taking today’s low interest rates into consideration. When interest rates go up, and eventually they will, a lower sale price could end up costing more on a monthly basis. Also, houses in Wayland are so different from one another even when they are in the same neighborhood, the pros and cons of each property stands must be analyzed individually.

As in most places, first quarter sales for single family homes were down in Wayland; there were 15 compared with 19 for the same period in 2010. The median sale price was $480,000 and the average sale price was $525,000; both up but not significantly from last year. There were 6 closed sales during March, exactly the same number as in March 2010, however 2011 median and average sale prices were lower than last year. The median sale price was $466,000 and the average was $506,000.

Of course, the actual buying decisions for first quarter were made in the previous months during a most challenging winter which may be why condominium sales were up during first quarter. There were 10 closed sales compared with just 3 for the same period in 2010. At $539,900, the median price was also up substantially from $405,000 in 2010. Currently, there are 26 condominiums and luxury townhouses for sale in Wayland, Prices range from $249,000 to $985,000. The average time on the market is 126 days compared with 224 days last year.

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 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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