Massachusetts Home Buyer Guide

Massachusetts Real Estate Market Had Fewest Single-family Home Sales in 2011 Since 1990. Q4 Sales Increase.

2012-01-24T18:23:36-05:00

Single-family home sales in Massachusetts declined 5 percent in December, putting an end to five previous months of year-over-year sales gains, and a fitting end to a year in which the lowest number of single-family homes were sold since 1990, The Warren Group, publisher of Banker & Tradesman, reported January 24, 2012.

Single-family home sales in Massachusetts dropped to 3,380 last month, down from 3,558 in December 2010. In all of 2011, single-family home sales across Massachusetts decreased almost 6 percent to 38,994, down from 41,389 home sales in 2010. This is the fewest amount of annual single-family home sales recorded in Massachusetts since 1990, when there were 35,819 sales.

Despite the year-over-year decline, fourth quarter home sales were up. A total of 9,991 sales were recorded in the fourth quarter 2011, up from 9,461 during the same period in 2010. The first quarter 2011 was the worst quarter of the year, posting just 6,643 sales. June was the strongest month of the year, when 4,349 single-family properties traded hands.

The median sale price of single-family homes in Massachusetts dropped 4.2 percent in December to $267,250, down from $279,000 in December 2010, the lowest median sales price recorded since February's $252,250 price mark. Median home prices have remained below $300,000 since August. Prices in the fourth quarter dropped to $270,000, compared to $285,000 during the fourth quarter 2010.

The median price for single-family homes dropped more than 3 percent to $286,000 in 2011, down from $295,000 in 2010.

A total of 1,492 single-family home sales were of bank-owned properties or about 3.8 percent of all single-family sales in 2011. That's down from 2010, when bank-owned properties accounted for 6.45 percent of all single-family home sales in Massachusetts.

Condominium sales also declined in 2011, dropping 16.2 percent to 15,122 from 18,048 in all of 2010. Condo sales in 2011 were the fewest number in Massachusetts since 1995, when there were 14,919 condo sales.

Condo sales also decreased in December, falling 15.75 percent to 1,327 from 1,575 in December 2010. Fourth quarter condo sales also dropped, falling more than 7 percent to 3,639 from 3,929 during the same period in 2010.

The median condo price in December dropped almost 2 percent to $255,000 from $260,000 in December 2010. The year-to-date median condo price rose almost 2 percent to $270,000 from $265,000 in 2010. Median prices dropped in the fourth quarter to $255,000 from $260,000 a year earlier.

A total of 533 condominium sales were of bank-owned properties or 3.5 percent of all condominium sales in 2011. That's down from 2010, when bank-owned condo sales represented 5.6 percent of all condo sales.

Tips For Preventing And Removing Mold

2012-01-24T09:30:00-05:00

The following eHow video provides some quick tips on preventing and removing mold in your home. The video is one minute and 57 seconds long.

Obviously, you should call a professional for more serious mold problems.

Five Quick Tips After You Move In To Your New Home

2012-01-23T09:30:00-05:00

There is more to moving into your new home than just unpacking

So you moved into your new home. Packed boxes sit on your floors and furniture has yet to find its proper place. While unpacking and arranging the rooms within your new home are typically the focus of the move-in process, there are several other equally as important tasks that should be carried out before you settle in.

Change the locks
Although you were given the keys to your home at closing, there is no telling how many copies are out there. The past owners likely gave keys to family and possibly to friends or a neighbor. Changing locks is relatively easy and not very expensive.

Re-program the garage door opener
Same as changing your locks, you never know if there is another garage door opener out there. Most garage door openers have reset buttons that will change the code used to open your door. If you do not have the original manual with instructions, give the manufacturer a call for help or download the manual from the Internet. If there is a keypad mounted by the door, make sure to also change that password.

Install new batteries in smoke and carbon monoxide detectors
In Massachusetts, the local fire department has tested on behalf of the seller the smoke and carbon monoxide detectors in your home before the closing; however, it doesn't hurt to replace the batteries.

Change the furnace filter
Many furnace manufacturers recommend filters being replaced once a month during the heating season. Not all heating systems have filters, but those that do should be replace per manufacturer's instructions. While some of the high-end filters don’t require so much attention, it is still a good idea to check the filter each month, and it is always a good idea to change the filter when moving into a new place. Who knows how long it’s been since the past owners changed the filter. A good home inspecter probably showed you how to change the filter, or as least located it for you, during the home inspection.

Replace the toilet seats
Maybe you won’t be bothered by using the current toilet seat, but most people prefer to purchase new ones. Enough said.

U.S. Housing Starts Decline December 2011

2012-01-21T12:37:50-05:00

U.S. housing starts declined 4.1 percent in December 2011, the Commerce Department reported, but analysts said the figure was "distorted by seasonal and year-end adjustments," Yahoo! News reported January 19, 2012.

There were 657,000 housing starts in December, down from 685,000 in November. The number of housing That was 7.8 percent above the level of December 2010, the Commerce Department said.

Construction starts of buildings with five or more units dropped 27.8 percent to a 164,000-unit rate, the biggest drop since February 2011.

Tempering the overall decline, single family housinf starts increased 4.5 percent to a 470,000-unit rate.

Permits fell 0.1 percent to an annual rate of 679,000 units.

Massachusetts Single-family and Condominium Home Sales Up, Median Price Down November 2011

2011-12-27T08:21:42-05:00

Both single-family and condominium home sales in Massachusetts increased in November compared to November 2010; however, median prices declined compared to the same period last year, The Massachusetts Association of REALTORS® (MAR) reported December 21, 2011.

Single-family homes sales jumped 13.15 percent in November, the fifth straight month of year-over-year increases. On a month-to-month basis, home sales were up 1.83 percent compared October.

The median selling price for single-family homes in November was $284,500, a decrease of 3.9 percent compared to $295,950 in November 2010. On a month-to-month basis, the November median selling price went up 3.83 percent from October.

November saw condominium sales increase 6.51 percent compared to the same time last year. On a month-to-month basis, Massachusetts condominium sales were up 2.43 percent.

Condo median selling prices in November declined 6.47 percent from November 2010. The median price went from $270,510 in November 2010 to $253,000 in November 2011. On a month-to-month basis, the median selling price of a condominium in Massachusetts was down 0.78 percent from an October median of $255,000.

Ayer, Massachusetts Single-family Home Sales, Median Prices Up October 2011

2011-12-21T12:23:19-05:00

The October real estate market looked good in Ayer, Massachusetts.

The median price and sales of single-family homes in Ayer, MA increased in October 2011, according to data compiled from MLS Property Information Network, Inc, a local multiple listing service.

The median price of single-family homes increased 9.5 percent in October 2011 compared to the previous year, a difference of $36,995. Single-family home sales in Ayer rose 100 percent in October 2011, a difference of two sales compared to the previous year.

Condominium sales in Ayer, MA were flat, with one sale in both October 2010 and October 2011.

There was one multi-family home sold in October 2011, up from zero sales in the previous October.

Ayer, Massachusetts Real Estate Market Report

Sales / Median Price

Single-family Homes:
October 2010 – 2 / $387,450
October 2011 – 4 / $424,445

Condominiums:
October 2010 – 1 / $185,000
October 2011 – 1 / $62,000

Multi-family Homes:
October 2010 – 0 / $0
October 2011 – 1 / $101,000

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Find an exclusive buyer agent that services Ayer, Massachusetts

NAR Revises Down 2007-11 Home Sales Data

2011-12-18T19:45:00-05:00

In what can only be described as a shocking announcement, the National Association of Realtors (NAR) reported last month that it overstated about 3.5 million home sales in the United States from 2007 through last month.

NAR revised down its sales from 2007 through October 2011 more than 14 percent, from 24.8 million to nearly 21.3 million. The trade group said that among the reasons/excuses for the lower figures were changes in the way the Census Bureau collects data, population shifts and some sales being counted twice.

The sharp revisions could cast doubt (or further doubt depending on your opinion) on future sales numbers from NAR.

NAR said it trusts its new figures, which were checked by government agencies and CoreLogic, the California-based real estate data firm that first opposed issues with NAR's numbers earlier this year. The new figures show that sales fell in three of the past four years since the national housing market began to drop in 2006. Declining prices and record-low mortgage rates haven't been enough to boost sales.

The NAR numbers are important to economists and large corporations interested in the national economy; however, NAR housing numbers are not very relevant to an individual home buyer. An exclusive buyer agent can provide market data for specific cities and towns and even neighborhoods. That specific data is much more relevant.

NAR: U.S. Home Sales Up October 2011

2011-12-01T18:15:00-05:00

Existing-home sales increased in October while the number of homes on the market continued to decline, the National Association of Realtors® reported November 21, 2011.

Total existing-home sales, which are completed transactions that include single-family, townhomes, condominiums and co-ops, rose 1.4 percent in October from September, and sales were up 13.5 percent compared to October 2010. The national median existing-home price for all housing types was $162,500 in October, which is 4.7 percent below October 2010.

Newton, MA Home Prices Fall September 2011

2011-12-01T09:45:00-05:00

Newton, Massachusetts single-family home prices decreased in September 2011 while sales increased, according to data compiled using MLS Property Information Network, Inc, a local multiple listing service.

The median price of single-family homes declined 8.3 percent in September 2011 compared to the previous year, a difference of $66,250. Single-family home sales in Newton, MA rose 15 percent in September 2011, a difference of six sales compared to September 2010.

Condominium sales increased 5.9 percent in September 2011, a difference of just one sale compared to September 2010. Unlike single-family homes, condo prices in Newton spiked in September. The median price of condos increased 38.8 percent in September 2011, a difference of $147,500 compared to September of the previous year.

Multi-family home sales decreased 83.3 percent in September 2011, a difference of five sales compared to September 2010.The median price of multi-family homes rose 46.9 percent in September 2011, an increase of $239,500 compared to the same period last year.

Newton, Massachusetts Real Estate Market Report

                            Sales / Median Price

Single family Houses:
September 2010 – 40 / $801,250
September 2011 – 46 / 735,000

Condominiums:
September 2010 – 17 / $380,000
September 2011 – 18 / $527,500

Multi family Houses:
September 2010 – 6 / $510,500
September 2011 – 1 / $750,000

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U.S. Mortgage Applications Decline

2011-11-30T15:45:00-05:00

Mortgage applications decreased 11.7 percent on a seasonally adjusted basis from one week earlier, the Mortgage Bankers Association (MBA) reported November 30, 2011. The Weekly Mortgage Applications Survey included an adjustment to account for the Thanksgiving holiday.

The Refinance Index decreased 15.3 percent while the Purchase Index decreased only 0.8 percent from the previous week.

The four-week, moving average for the seasonally adjusted index was down 3.29 percent. The four-week, moving average was up 2.37 percent for the seasonally adjusted Purchase Index, while the Refinance Index was down 4.92 percent.

Haverhill, Massachusetts Median Single-family Home Prices Up, Single-family Home Sales Jump September 2011

2011-11-30T14:02:18-05:00

The median price and sales of single-family homes in Haverhill, Massachusetts increased in September 2011, according to data compiled using MLS Property Information Network, Inc, a local multiple listing service.

The median price of single-family homes increased 7.6 percent in September 2011 compared to the previous year, a difference of $17,050. Despite the increase in prices, single-family home sales in Haverhill, MA spiked 93.8 percent in September 2011, a difference of 15 sales compared to the same month a year earlier.

Condominium sales decreased 5 percent in September 2011, a difference of only one sale compared to September 2010. The median price of condos fell 12.9 percent in September 2011, a difference of $22,950 compared to September of the previous year.

The median price of multi-family homes increased 17.9 percent in September 2011 compared to the previous year, a difference of $25,000. Multi-family home sales in Haverhill, MA rose 9.1 percent in September 2011, a difference of only one sale compared to September 2010.

Haverhill, Massachusetts Real Estate Market Report

Sales / Median Price

Single-family Homes:
September 2010 – 16 / $222,950
September 2011 – 31 / $240,000

Condominiums:
September 2010 – 20 / $177,960
September 2011 – 19 / $155,000

Multi-family Homes:
September 2010 – 11 / $140,000
September 2011 – 12 / $165,000

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U.S. Home Prices Decline 3.6% September 2011

2011-11-30T09:33:18-05:00

U.S. home prices decreased 0.6 percent in September from August and were down 3.6 percent on a year-over-year basis, according to Standard & Poor's Case-Shiller home price index of 20 leading U.S. cities, USA Today reported Tuesday November 29, 2011.

Metro Boston Area home prices declined 0.8 percent from August and 1.2 percent from September 2010.

Nationally, third-quarter home prices were at early 2003 levels, S&P reported.

Economists expect further price declines this year and perhaps next year because of the amount of delinguent home loans that might end up being foreclosed on and anemic job growth.

Official Toys For Tots Drop-off Location at Buyers Brokers Only, LLC on Merrimack Street in Downtown Haverhill, MA

2011-11-28T10:45:00-05:00

Buyers Brokers Only, LLC will be collecting unwrapped toys this holiday season for the annual U.S. Marine Corps Reserve Toys for Tots program. Toys can be dropped off at Buyers Brokers Only's Haverhill office located at 200 Merrimack Street, Suite 301, Monday through Friday from 8:00 a.m. to 12 p.m. and 1 p.m. to 4:30 p.m. Toys will be collected until Monday December 19, 2011.

The mission of the U.S. Marine Corps Reserve Toys for Tots Program is to collect new, unwrapped toys during October, November and December each year and distribute those toys as Christmas gifts to needy children in the community in which the campaign is conducted. The national effort is administered locally, and is funded and supported by the Marine Toys for Tots Foundation, a not-for-profit public charity. The success of the program heavily relies on community involvement and volunteer support.

Buyers Brokers Only, LLC is extremely happy to play a small part in the Toys for Tots program again this year. Any school of local organization that collects toys and needs the toys picked up can contact Rich Rosa (rrosa@buyersbrokersonly.com or 978-835-5906) at Buyers Brokers Only by December 12, 2011 to schedule a pick up. Buyers Brokers Only will then make arrangements with the local Toys for Tots Program to pick up the toys.

Quincy, MA Single-family Home Prices Decline September 2011

2011-11-26T11:15:00-05:00

The median price of single-family homes in Quincy, Massachusetts decreased in September 2011 while sales increased, according to data compiled using MLS Property Information Network, Inc, a local multiple listing service.

The median price of single-family homes fell 13.7 percent in September 2011 compared to the previous year, a difference of $48,000. The reduction in median prices apparently got the attention of home buyers. Single-family home sales in Quincy, MA jumped 91.7 percent in September 2011, a difference of 11 sales compared to September 2010.

Condominium sales increased 166.6 percent in September 2011, a difference of 20 sales compared to September 2010.The median price of condos in Quincy increased 15.1 percent in September 2011, a difference of $28,500 compared to the previous year.

Multi-family home sales in Quincy decreased 37.5 percent in September 2011, a difference of three sales compared to September 2010.The median price of multi-family homes dropped 3.1 percent in September 2011, a difference of $12,250 compared to the same period the previous year.

Quincy, Massachusetts Real Estate Market Report

                             Sales / Median Price

Single-family Homes:
September 2010 – 25 / $350,000
September 2011 – 36 / $302,000

Condominiums:
September 2010 – 12 / $189,000
September 2011 – 32 / $217,500

Multi-family Homes:
September 2010 – 8 / $392,250
September 2011 – 5 / $380,000

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Lowell, MA Home Prices, Sales Increase August 2011

2011-11-25T09:45:00-05:00

The median price and sales of single-family homes in Lowell, Massachusetts increased in August 2011, according to data compiled using MLS Property Information Network, Inc, a local multiple listing service.

The median price of single-family homes increased 24.6 percent in August 2011 compared to the previous year, a difference of $42,750. Single-family home sales in Lowell, MA jumped 46.9 percent in August 2011, a difference of 15 sales compared to August 2010.

Condominium sales decreased 21.7 percent in August 2011, a difference of five sales compared to August 2010. The median price of condos in Lowell fell 12.1 percent in August 2011, a difference of $14,550 compared to August of the previous year.

Sales of multi-family homes decreased 64.3 percent in August 2011, a difference of nine sales compared to August 2010. The median price of multi-family homes fell 4.6 percent in August 2011, a difference of $8,000 compared to August of the previous year.

Lowell, Massachusetts Real Estate Market Report

Sales / Median Price

Single-family Homes:
August 2010 – 32 / $173,500
August 2011 – 47 / $216,250

Condominiums:
August 2010 – 23 / $120,000
August 2011 – 18 / $105,450

Multi-family Homes:
August 2010 – 14 / $172,500
August 2011 – 5 / $164,500

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