Real Estate Buzz at LongmeadowBiz

Plastic Fences Make Good Neighbors ?

noreply@blogger.com (Jim Moran, LongmeadowBiz) — Tue, 03 Nov 2009 21:51:00 +0000

As I drove through Longmeadow this past week I spotted the many signs of the fall season. In addition to all of the trees still ablaze with remnants of a spectacular season of fall colors, there are the many different methods that abound in Longmeadow for dealing with the leaves after they fall. Longmeadow for many years has not collected leaves at curbside so residents have had to make their own arrangements.

Bagging leaves on some streets is sometimes a contest to see who can bag the most leaves...

Some people rake the leaves to curbside (or into the street) and have them removed.....

I've always been a little bit frustrated that the leaves from my neighbors' trees and lawns blow onto my lawn (I have no maple trees but have a lot of maple leaves)....

Here is a possible solution that one Longmeadow homeowner is trying this year....

It will be interesting to see how effective adding a 3 ft plastic fence around the perimeter of your property is to reduce the volume of leaves.

Perhaps, next year this will become a new "sign" of fall in Longmeadow

Latest October 2009 Home Sales for Longmeadow

noreply@blogger.com (Jim Moran, LongmeadowBiz) — Tue, 03 Nov 2009 18:23:00 +0000

Shown below are a series of charts summarizing the latest single family home sales in Longmeadow, Massachusetts. These results include both MLS and FSBO transactions and are based upon public information obtained from the Hampden County Registrar of Deeds website.

As the peak selling months and 2009 draw to a close it appears that the number of Longmeadow homes sold in 2009 will be similar to 2008 but ~ 20-25% below the recent peak reached in 2007.

There was some good news as the median price seems to be holding significantly above the low reached earlier this year (~ $320,000 vs. $296,000 in February 2009).

Other highlights of the recent sales data include:

Median home prices in October ($320,000) are up ~8% from the February 2009 low ($296,000) but down 8.6% from the October 2007 peak ($350,000- see figure 2).
Home sales in the month of October were lower than one year ago (10 vs. 17) and 2009 YTD figures are relatively flat vs. 2008 (136 vs. 140, a 3% decrease- see figure 1).
A large percentage of homes continue to be sold at prices below the official assessment value continuing a trend that has been in place for greater than one year (see figure 3).
2009 YTD data suggest higher priced homes (>$400K) have been more difficult to sell with only 30 out of 136 homes sold were priced above $400,000.

Figure 1
[click chart to enlarge]

Figure 2
[click chart to enlarge]

Figure 3
[click chart to enlarge]

It does appear that a bottom may be forming for the Longmeadow real estate market (as well as the rest of the US). This combined with a recovery economy may lead to a more normally functioning real estate market in 2010.

Here is a link to the data for 2006-2009 Real Estate Transactions that were used to develop the above graphs.

Longmeadow FSBO
East Longmeadow FSBO
House for Rent at LongmeadowBiz
Vacation Rentals at LongmeadowBiz

LongmeadowBiz.com- Longmeadow's #1 Business and Community website

Western Mass Real Estate Stats

noreply@blogger.com (Sydney Hirsch, Re/Max Prestige) — Thu, 08 Oct 2009 15:53:00 +0000

Real estate stats are now in for August and are showing that single family home sales in Western Massachusetts rose 16.7 % in August, 2009, from 431 in August 2008, to 503, according to the Realtor Association of Pioneer Valley.

But the median price fell 5.5% from $210,000 to $198,500, continuing a pattern of strong sales and weak prices.

There were 5.9 months of supply on the market at the current rate of sale in August, compared to 7.8 months of supply a year ago. but the average home is spending longer on the market, 187 days as of 2 months ago, up from 168 days in August 2008, also according to statistics released by the Realtor Association.

Sydney Hirsch

Seniors Real Estate Specialist

Relocation Specialist

Let 25 years of experience work for you!

413-567-5552 Direct

413-847-1303 Cell

http://www.sydneyhirsch.com/

Longmeadow Real Estate Continues to Improve

noreply@blogger.com (Jim Moran, LongmeadowBiz) — Sat, 12 Sep 2009 16:52:00 +0000

There was good news this month....both home sales and prices in Longmeadow are increasing!!

Home sales in the month of August were significantly higher than one year ago (19 vs. 12) and YTD figures improved to show an increase vs. 2008 (110 vs. 103, a 7% increase).

[click chart to enlarge]

Median home selling prices in August continued to increase toward the peak reached in October 2007 ($350,000 vs. $335,000 in August). Median home prices in Longmeadow are up 8.1% from August 2008 ($335,000 vs. $310,000).

With an increasing number of homes being sold and the accompanying increase in median home sales prices, it does appear that a bottom may be forming for the Longmeadow real estate market (as well as the rest of the US). This combined with a recovery economy may lead to a more normally functioning real estate market in 2010.

Here is a link to the data for 2006-2009 Real Estate Transactions that were used to develop the above graphs.

Longmeadow FSBO
East Longmeadow FSBO
House for Rent at LongmeadowBiz
Vacation Rentals at LongmeadowBiz

LongmeadowBiz.com- Longmeadow's #1 Business and Community website

Longmeadow Sells Property at Public Auction

noreply@blogger.com (Jim Moran, LongmeadowBiz) — Thu, 13 Aug 2009 01:15:00 +0000

The Town of Longmeadow, Massachusetts successfully sold the property at 386 Bliss Road at a public auction tonight. There were about 45-50 interested people in attendance with 10 registered bidders. The auction started slowly with an initial bid of $1000 but quickly moved to a much higher price before the serious bids emerged. The winning bid was then entered by Michael Albano, the former Mayor of Springfield at $137,000.

It is expected that the closing on the property will occur by September 14. It certainly appears that the town will recover all of its owed costs (+ extra) and will have transitioned this property out of deliquency and back onto the tax rolls. Congratulations to Mary Pequignot and others who played a role in making this a successful auction. A large portion of the $137,000 will likely be placed in the Longmeadow General Fund for FY2010 budget uses.

Below is a brief video that captures the essence of what happened.... if you have never been to a public auction it is worth viewing....

Possible zoning problem with demolition of 386 Bliss Road

noreply@blogger.com (Jim Moran, LongmeadowBiz) — Thu, 06 Aug 2009 15:08:00 +0000

The 386 Bliss Road property is zoned RA-1.

From Article VI- section A of the Longmeadow Zoning Bylaws.

In the Residence A-l Zone no dwelling shall be erected or maintained on a lot having a frontage of less than 125 feet for an interior lot and 140 feet for a corner lot or having an area of less than 18,750 square feet.

Questions

Because the frontage of this lot on Bliss Road is only 71.0 ft (less than the minimum of 140 ft required for a corner lot) …. Would this property be considered non-conforming by the Longmeadow zoning bylaw cited above?

Therefore, if the original structure is demolished as suggested in my previous post as the likely scenario for a new owner…. Would a variance by the Longmeadow ZBA be required for a new structure to be erected on the site? Is it likely that it would be granted?

Here is an interesting idea that might be considered by the abutting property owner….

1. Purchase the 386 Bliss Road property and demolish the building.
2. Combine the two adjacent lots

3. Redivide the lot into two new parcels- each ~ 0.50 acre in size. Build a new dwelling on the second parcel which would appear to meet the existing zoning bylaws (see sketch below).

The second “new” lot would likely have a market value of $175-200K given the current assessment valuation of land for this section of town.

The town is hoping to recoup their $100K expenses which would be added to the General Fund.

Let’s hope that the town realizes at least that amount during next week’s auction and that this property is re-established as a contributor to Longmeadow’s property tax rolls.

386 Bliss Road, Longmeadow- Visual Inspection

noreply@blogger.com (Jim Moran, LongmeadowBiz) — Wed, 05 Aug 2009 20:29:00 +0000

Here are some inside photos from the inspection tour held at 386 Bliss Road earlier today... This property is scheduled for public auction next week. See previous post for additional details about the auction.

The above photos suggest that the condition of the house is better than it really is.... I didn't go into the basement but reports from others who did suggested that the levels of mold and mildew were very high. In addition, there was evidence of widespread wood rot. My opinion (and I am certainly not an expert in this area) is that the best thing for the both the neighborhood, the new property owner and the town is a complete demolition.

July Home Sales for Longmeadow

noreply@blogger.com (Jim Moran, LongmeadowBiz) — Wed, 05 Aug 2009 17:05:00 +0000

There was some good news this month....

The July median sales price (average of trailing 6 months) showed an increase during the past month to $320,000 and was 5.4% higher vs. July 2008.
The median sales price in July was at the highest level since the peak in October 2007 ($320,000 vs. $350,000) and the continuing trend this year appears to be up.

On the negative side...

The number of Longmeadow homes sold in the July 2009 period was significantly lower vs. the corresponding period in 2008 (17 vs. 27).
2009 YTD Longmeadow home sales were equivalent to 2008 YTD (91) and significantly lower vs. 2006 and 2007 periods (91 vs. 125- 2006 and 118- 2007).
There appeared to be a resurgence in home sales during the first four months of 2009 (January - April) ... possibly due to low mortgage rates... but the home sales for the past four months (April - July) were at the lowest levels in the past 4 years.
46 out of 91 (52%) homes sold in 2009 were at less than the official Town of Longmeadow assessed value (see figure 2) continuing a trend that has been seen for the past two years.
The median sales price for July 2009 (average of trailing 6 months) is still 8.6% lower vs. the peak reached in October 2007 ($320,000 vs. $350,000).

Earlier this year it appeared that home sales in Longmeadow in 2009 were on track to be improved vs. 2008 but the recent increases in home mortgage interest rates appear to be slowing down this resurgence. However, with increasing median home sales prices it does appear that a bottom may be forming for the Longmeadow real estate market (as well as the rest of the US). This combined with a recovery economy may lead to a more normally functioning real estate market in 2010.

[click chart to enlarge]

Below is a chart showing the relationship between recent Longmeadow real estate Sales Prices and Assessed Values (data obtained from Vision Appraisal website). ~50% of the homes sold in 2009 YTD were purchased at prices less than the official assessment value.

The chart below shows that the median sales price (6 month trailing average) for July 2009 continued to increase to $320,000 (5.4% higher than July 2008) but it is still 8.6% lower vs. peak of $350,000 reached in October 2007.

Here is a link to the data for 2006-2009 Real Estate Transactions that were used to develop the above graphs.

Longmeadow FSBO
East Longmeadow FSBO
House for Rent at LongmeadowBiz
Vacation Rentals at LongmeadowBiz

LongmeadowBiz.com- Longmeadow's #1 Business and Community website

Longmeadow to Sell Property at Auction

noreply@blogger.com (Jim Moran, LongmeadowBiz) — Sat, 25 Jul 2009 15:23:00 +0000

The Town of Longmeadow will auction off property at 386 Bliss Road on Wednesday, August 12 at 7 PM. The auction will take place at the Longmeadow Community House. The last public auction of property in Longmeadow took place in November 2003.

According to Mary D. Pequignot, Longmeadow Treasurer/ Collector, the town acquired this property earlier this year through a tax title foreclosure. There is an estimated $100,000 owed to the town including delinquent property taxes, outstanding water and sewer bills and associated legal fees. The key objectives of the public auction is to recover these costs and to re-establish this property on the tax rolls.

As can be seen in the photos below the house has not been maintained for many years and is in pretty poor condition. There have been people living in the house until earlier this year when the occupant was evicted. The house has not been cleaned and will be sold on an “as is” basis.

The current value of this property is listed on Longmeadow's assessment records at $231,000 with the 0.50 acre of land listed at $190,000. It would appear that best outcome for Longmeadow and the surrounding neighbors would be for the winner bidder to demolish this house which is currently a significant neighborhood eyesore and to build a new one. This property is situated on a corner lot (corner of Bliss Road/ Oakland Drive) in a desirable location close to local schools (Blueberry Hill Elementary School/ Williams Middle School and Longmeadow HS) and Bliss Park.

[click above image to view active viewing window]

There will be an open house on Wednesday, August 5 from 10 am – 12 noon for interested parties. For those interested in participating in the open house or public auction please read the official press release on the Longmeadow Community Bulletin Board.

Given the current real estate market, the winner bidder for this property could get a real bargain.

I hope to be able to post videos of the open house and the public auction, so if you are interested, please bookmark this blog and plan to come back to read future posts.

Sales are slowing in Longmeadow

noreply@blogger.com (Jim Moran, LongmeadowBiz) — Thu, 02 Jul 2009 18:03:00 +0000

However, there was some good news this month....

The number of Longmeadow home sales in the January - June 2009 period were significantly higher vs. the corresponding period in 2008 (74 vs. 64). See figure 1 below.
The median sales price in May and June was at the highest level since the peak in October 2007 ($318,500 vs. $350,000) and the continuing trend this year appears to be up. See figure 2 below.

On the negative side...

There appeared to be a resurgence in home sales during the first four months of 2009 that I wrote about in a posting in early May... possibly due to low mortgage rates... but home sales for the past two months (May/ June) were at the lowest levels in the past 4 years (see figure 1).
The median sales price (average of past 6 months) showed an increase during the past two months to $318,500 but it is still 9.0% lower vs. the peak reached in October 2007 ($318,500 vs. $350,000)- (see figure 2).
15 out 29 (52%) homes in May/ June were sold at less than the official Town of Longmeadow assessed value (see figure 3). This is very similar to the trend for January - June 2009 with 39 out of 74 (53%) homes selling below the assessed value.

Figure 1- Home Sales, Longmeadow, MA
[click chart to enlarge]

Figure 2- Median Sales Price, Longmeadow, MA
[click chart to enlarge]

Figure 3- Sales Price vs. Assessment Value, Longmeadow, MA
[click chart to enlarge]

For the first 6 months of 2009, there were only 5 properties (out of 74 total, 6.8%) sold at prices > $500,000 although there are 27 properties (out of 114, 23.7%) currently listed with MLS. This is probably not surprising given the current difficulties in getting large mortgages.

Home sales in Longmeadow, Massachusetts in 2009 are on track to be higher than 2008 but the recent increase in mortgage interest rates may be slowing down this resurgence. However, it does appear that a bottom may be forming in the Longmeadow real estate market (as well as the rest of the US). This bottoming process combined with a economic recovery may lead to a more normally functioning real estate market in 2010. Let's hope so!

Longmeadow FSBO
East Longmeadow FSBO
House for Rent at LongmeadowBiz
Vacation Rentals at LongmeadowBiz

LongmeadowBiz.com- Longmeadow's #1 Business and Community website

Some continued good news this month....

noreply@blogger.com (Jim Moran, LongmeadowBiz) — Sat, 09 May 2009 13:15:00 +0000

Here is the good news...

The first bargraph below shows that the number of Longmeadow home sales in the January - April 2009 period were significantly higher (up 45%) vs. the corresponding period in 2008 (45 vs. 31).
April 2009 sales were up 88% from April 2008 (15 vs. 8)
Longmeadow home sales in April 2009 (15) were at the highest level during the past four years and equal to results for April 2007.

On the negative side...

Sales for the January - April 2009 period were still significantly lower vs. results for the corresponding January - April periods in 2007 (45 vs. 56).
The median sales price (average of past 6 months) showed an increase this month to $303,500 but it is still 13.3% lower vs. the peak reached in October 2007 ($303,500 vs. $350,000).

Shown below are a series of charts summarizing recent single family home sales in Longmeadow, Massachusetts.

[click chart to enlarge]

Below is a chart showing the relationship between recent Longmeadow real estate Sales Prices and Assessed Values (data obtained from Vision Appraisal website). The trend of a significant number of homes selling at prices below current assessment value continued in April (6 out of 15). The chart below shows that the median sales price (6 month trailing average) in April 2009 increased to $303,500 but it is still 13.3% lower vs. peak of $350,000 reached in October 2007.

Here is a link to the data for 2006-2009 Real Estate Transactions that were used to develop the above graphs. The above results include both MLS and FSBO transactions and are based upon public information obtained from the Hampden County Registrar of Deeds website.

The latest results continue to show that dramatically lower mortgage interest rates, lower home prices (translate --> more affordable) and the upcoming prime home selling/ buying season may be combining to generate a bottom in the real estate market- both in Longmeadow and across the United States.....

Let's hope so!

Longmeadow FSBO
East Longmeadow FSBO
House for Rent at LongmeadowBiz
Vacation Rentals at LongmeadowBiz

LongmeadowBiz.com- Longmeadow's #1 Business and Community website

Some improvement in March sales

noreply@blogger.com (Jim Moran, LongmeadowBiz) — Sat, 11 Apr 2009 19:40:00 +0000

Here's the good news.....

The bargraph below shows that the number of Longmeadow home sales in January-March 2009 period were significantly higher vs. the corresponding period in 2008 (30 vs. 23). However, sales for the January- March 2009 period were still significantly lower vs. results for the corresponding January - March periods in 2007 and 2006 (30 transactions in 2009 vs. 37 in 2007 and 41 in 2006).

[click chart to enlarge]

Now the bad news....

The median sales price continues to decrease and is 19.3% lower vs. the peak reached in October 2007 ($282,500 vs. $350,000).

Below is a chart showing the relationship between recent Longmeadow real estate Sales Prices and Assessed Values (data obtained from Vision Appraisal website). The trend of a significant number of homes selling at prices below current assessment value continued in March (18 out of 30 for the January - March 2009 time period).

Hopefully, with dramatically lower mortgage interest rates and the upcoming prime home selling/ buying season there will a strong rebound in the local and national real estate markets.

Longmeadow FSBO
East Longmeadow FSBO
House for Rent at LongmeadowBiz
Vacation Rentals at LongmeadowBiz

LongmeadowBiz.com- Longmeadow's #1 Business and Community website

Longmeadow Home Sales Are Hanging Tough!

noreply@blogger.com (Jim Moran, LongmeadowBiz) — Sat, 07 Mar 2009 20:34:00 +0000

Shown below are a series of charts summarizing recent single family home sales in Longmeadow, Massachusetts. The bargraph below shows that the number of Longmeadow home sales in January-February 2009 period were significantly higher vs. the corresponding period in 2008 (20 vs. 15).

However, sales for the 2009 January/February period were significantly lower vs. results for the corresponding January-February periods in 2007 and 2006 (20 transactions in 2009 vs. 26 in 2007 and 28 in 2006).

[click to enlarge chart]

The above results include both MLS and FSBO transactions and are based upon public information obtained from the Hampden County Registrar of Deeds website.

The median sales price has remained relatively constant for the past 11 months but is still 17.0% lower vs. the peak reached in October 2007 ($290,500 vs. $350,000).

[click to enlarge chart]

[click to enlarge chart]

Hopefully, with dramatically lower mortgage interest rates and the upcoming prime home selling/ buying season there will a strong rebound in the local and national real estate markets.

Longmeadow FSBO
East Longmeadow FSBO
House for Rent at LongmeadowBiz
Vacation Rentals at LongmeadowBiz

LongmeadowBiz.com- Longmeadow's #1 Business and Community website

Longmeadow home sales are still low compared to prior years

noreply@blogger.com (Jim Moran, LongmeadowBiz) — Sun, 01 Feb 2009 21:27:00 +0000

The bargraph below shows that the number of Longmeadow home sales in January 2009 were higher than January 2008 (10 vs. 7) but significantly lower than results for the corresponding January periods in 2007 and 2006 (10 transactions in 2009 vs. 15 in 2007 and 20 in 2006).

[click chart to enlarge]

The median sales price in January did not change vs. the preceding months but was significantly lower (-13.8%) than one year ago ($294,950 vs. $342,250- see chart below).

[click chart to enlarge]

Current home inventory and sales figures indicate the average "time to sell" a home in Longmeadow remained at ~ 10-12 months.

Hopefully, with dramatically lower mortgage interest rates (near historical lows) and the upcoming prime home selling/ buying season there will a strong rebound in the local and national real estate markets.

Longmeadow FSBO
East Longmeadow FSBO
House for Rent at LongmeadowBiz
Vacation Rentals at LongmeadowBiz

www.LongmeadowBiz.com- Longmeadow's #1 Business and Community website

Longmeadow Foreclosures are Increasing- Part III

noreply@blogger.com (Jim Moran, LongmeadowBiz) — Fri, 16 Jan 2009 15:44:00 +0000

In a previous report on this subject....

"The reported increase in the number of foreclosures in Longmeadow for FY2008 (ending June 30, 2008) was a very low percentage of the total number of homes (8 out of 5500 = 0.15%) and should not be a concern to Longmeadow homeowners worried about their property values."

Upon checking recently with the Hampden County Register of Deeds website- (this is a free public access database with search capability), there were reported a total of 7 Longmeadow homes foreclosed during the calendar year 2008- which is still a very low percentage (0.13%) of the total number and much lower than the national average. And there was only 1 Longmeadow foreclosure in the last six months of 2008.

This positive piece of information probably needs to be tempered by the fact that there significant number of homes this year that were sold significantly below current assessed values and which probably reflect distressed sales- either short sales or other circumstances.

For some additional information on "short sales" see blog posting by Nyles Courchesne- an experienced local real estate attorney involved with such transactions.

As reported in a recent Real Estate Buzz posting Longmeadow Real Estate sales in 2008 did take a downturn....

Home sales from January through December 2008 were significantly lower (-19.7%) vs. results for the corresponding period in 2007.
Median prices dropped in December and the current median sales price ($295,000) was significantly lower (-15.4%) vs. December 2007 ($348,500).

These declines in sales and median prices are similar to the national average reported by the National Association of Realtors.

A disappointing end to 2008

noreply@blogger.com (Jim Moran, LongmeadowBiz) — Fri, 02 Jan 2009 16:00:00 +0000

The bargraph below shows that the number of Longmeadow home sales from January through December 2008 were significantly lower (-19.7%) vs. results for the corresponding period in 2007 (159 transactions in 2008 vs. 198 in 2007 and 189 in 2006).

[click to view larger chart]

Median prices dropped in December and the current median sales price ($295,000) was significantly lower (-15.4%) vs. December 2007 ($348,500). This decline in the median sales price is similar to the national average reported by the National association Realtors.

Current home inventory and sales figures indicate the average "time to sell" a home in Longmeadow remained at ~ 10-12 months.

Hopefully, the recent sharp declines in home mortgage rates and the new programs by the US Treasury to purchase mortgage backed securities will help stabilize the home real estate market and provide an opportunity for improved results in 2009.

If you are interested in reducing the price of your house by 4-6% to make it more attractive to potential buyers without financial impact to you, try selling your house without the assistance of a realtor by using Longmeadow FSBO.

If your house is vacant because you have not been able to sell it, consider renting it to minimize the maintenance costs (heat, higher home insurance for a vacant house.....). Our House for Rent at LongmeadowBiz has been pretty successful in locating potential tenants.

Longmeadow FSBO

East Longmeadow FSBO

House for Rent at LongmeadowBiz

A Difficult Selling Environment

noreply@blogger.com (Jim Moran, LongmeadowBiz) — Tue, 09 Dec 2008 15:50:00 +0000

Selling your home in today's real estate environment is certainly a challenging experience.

If you are trying to capture as much value as possible during the sale of your home, you have probably at least thought of trying to sell your house without the assistance of a realtor (For Sale by Owner) to avoid the 5-6% realtor's fee. The Longmeadow- For Sale by Owner service provided by LongmeadowBiz.com can provide an important component of your marketing plan. This service will certainly provide a cost effective method for getting the needed visibility for potential buyers.

In today's market, most home buyers (both local and long distance) are doing their own searches to find their new home through the Internet and their most likely starting point is Google search.

Because of the large number of home owners that have used the Longmeadow FSBO service and the high number of website visitors, Google search results for important key words related to the Longmeadow real estate market are very high…

Below are some examples… simply click on the link to view the Google results.

Longmeadow FSBO
http://www.google.com/search?hl=en&q=longmeadow+fsbo
# 1 out of 13,300 results

Longmeadow house for sale by owner
http://www.google.com/search?hl=en&q=longmeadow+house+for+sale+by+owner
# 1 out of 10,300 results

Longmeadow home for sale by owner
http://www.google.com/search?hl=en&q=longmeadow+home+for+sale+by+owner
#1 out of 73,900 results

Longmeadow for sale by owner
http://www.google.com/search?hl=en&q=longmeadow+for+sale+by+owner
#1 out of 23,400 results

The direct link to Longmeadow FSBO is: http://www.longmeadowbiz.com/realestate/index.htm

For humor to make things a little less stressful in this difficult time, view the following video....

If you are looking to sell your Longmeadow house via FSBO, please consider using our Longmeadow- FSBO service as part of your marketing plan. You will be glad that you did!

Jim Moran
LongmeadowBiz, LLC
www.LongmeadowBiz.com

Latest Longmeadow Home Sales Results

noreply@blogger.com (Jim Moran, LongmeadowBiz) — Mon, 08 Dec 2008 01:23:00 +0000

Shown below are a series of charts summarizing recent single family home sales for Longmeadow, Massachusetts. These results include both MLS and FSBO transactions and are based upon public information obtained from the Hampden County Registrar of Deeds website.

The bargraph below shows that the number of Longmeadow home sales from January through November 2008 were significantly lower (-19.5%) vs. results for the corresponding periods in 2007 and 2006 (149 transactions in 2008 vs. 185 in 2007 and 183 in 2006).

[click chart to enlarge]

A bright spot in the latest data is that home sales results for the latest five months (July through November 2008) were equivalent to the same period in 2007 and only slightly lower than that for 2006 (85 transactions vs. 85 and 89).

Median prices remained stable in November (see chart below). However, the current median price ($306,000) is still significantly lower (-12.9%) than the peak reached in September 2007 ($350,000).

[click chart to enlarge]

Current home inventory and sales figures indicate the average "time to sell" a home in Longmeadow remained at ~ 10-12 months.

Hopefully, all of the recent activity in Washington about reducing mortgage rates and helping stem the large increases in foreclosures will finally bring a bottom to this difficult real estate market.

Reverse Mortgage Seminar

noreply@blogger.com (Flynt Lincoln) — Thu, 06 Nov 2008 15:30:00 +0000

Learn how reverse mortgages can blend with retirement assets to produce greater peace of mind, financial flexibility, and perhaps will allow you to leave a larger inheritence.

Topics include
"Shoul a Reverse mortgage be a part of your financial retirement strategy?"
"Medicaid issues relating to Reverse Mortgages"
"How does the interest rate affect the available proceeds?"
"Now or later - when should i consider a reverse mortgage?"
" Q & A"

Date: Friday Nov. 14th
Time: 11:00 am
Place: East Longmeadow Council on Aging
328 North Main St.
E. Longmeadow, MA 01028

Presented by: Flynt Lincoln, CAPS, CSA
Reverse Mortgage Consultant
Webster Bank
Tel. (413) 237-4653
Email: FLincoln@WebsterBank.com

Longmeadow Home Sales- October 2008

noreply@blogger.com (Jim Moran, LongmeadowBiz) — Sun, 02 Nov 2008 21:33:00 +0000

Shown below are a series of charts summarizing recent single family home sales in Longmeadow, Massachusetts. These results include both MLS and FSBO transactions and are based upon public information obtained from the Hampden County Registrar of Deeds website.

The bargraph below shows that the number of Longmeadow home sales from January through October 2008 were significantly lower (-21.8%) vs. results for the corresponding periods in 2007 and 2006 (140 transactions in 2008 vs. 179 in 2007 and 172 in 2006).

One bright spot is that home sales results for the latest four months (July through October) were only slightly lower (-3.8%) than the corresponding periods in 2007 and 2006 (76 transactions in 2008 vs. 79 in 2007 and 78 in 2006).

[click to view larger chart]

As shown in the chart below median prices declined in October to $305,000 from $315,000 in September. The latest sales data showed that 12 out of 17 homes were sold this month below the median price (Keep in mind that the calculated median prices are trailing 6 month results.) This change in median price was a significant decrease (-12.9%) from last year's peak ($350,000) and the data is similar to the national trend. In addition, 10 out of 17 homes were sold below the current Longmeadow assessment value.

[click to view larger chart]

Current home inventory and sales figures indicate the average "time to sell" a home in Longmeadow remained at ~ 10-11 months.

All of the home sales data for these charts can be found at the Longmeadow-FSBO website.

Is it better to sell stocks or take out a reverse mortgage?

noreply@blogger.com (Flynt Lincoln) — Fri, 31 Oct 2008 18:00:00 +0000

This question was recently posed to Suze Orman. The following link is a brief video of her response.

http://www.cnbc.com/id/15840232?video=903477657

If you'd like specific details if a reverse mortgage is right for you please call me at 413-237-4653.
Flynt Lincoln

Reverse Mortgage Consultant
Webster Bank

September Home Sales in Longmeadow

noreply@blogger.com (Jim Moran, LongmeadowBiz) — Fri, 24 Oct 2008 21:16:00 +0000

Shown below are a series of charts summarizing recent single family home sales in Longmeadow, Massachusetts for the month of September 2008. These results include both MLS and FSBO transactions and are based upon public information obtained from the Hampden County Registrar of Deeds website. The bargraph below shows that the number of Longmeadow home sales from January through September 2008 were significantly lower (-23.6%) vs. results for the corresponding periods in 2007 and 2006 (123 transactions in 2008 vs. 161 in 2007 and 157 in 2006). These results are not surprising given the current national housing and mortgage crisis.

[click to view larger chart]

However, there is some good news in the latest results!

September 2008 home sales results were significantly higher vs. August 2008 (20 vs 12) as well as one year ago results (20 vs. 14). In addition, home sales for the past 2 out of 3 months were higher than the comparable period last year.

Another bright spot with these latest results is the continuing stability and significant increase in the median sales price since May 2008 (see below) suggesting that we may be seeing a bottom forming for Longmeadow real estate market.

[click to view larger chart]

Current sales prices are ~ 4.5% lower than one year ago.

Current home inventory and sales figures indicate the average "time to sell" a home in Longmeadow remained at ~ 10-11 months.

If you are looking to sell your home, consider using our Longmeadow-FSBO service as part of your plan.... or if you have decided to wait until prices have stabilized and the real estate market has improved, try renting your empty home at LongmeadowBiz- House for Rent. If you are looking for a new home (to purchase or rent) check both of these webpages for some great values.

Longmeadow- One of the Top Ten Places to Retire

noreply@blogger.com (Jim Moran, LongmeadowBiz) — Mon, 22 Sep 2008 02:14:00 +0000

Longmeadow was selected this week as one of the "Top 10 Healthiest Places to Retire" by the online version of the US News and World Report.Selection criteria was as follows:"These are places way ahead of the healthy living curve—they provide numerous places to exercise, promote strong social support, and encourage healthy lifestyle habits. And each has a little something extra, too."

Read the full story on Longmeadow and don't miss the photo gallery ....

Some good news for buyers and sellers!

noreply@blogger.com (Jim Moran, LongmeadowBiz) — Sun, 14 Sep 2008 00:23:00 +0000

In the past week there was a federal bailout of Fannie Mae and Freddie Mac suggesting that the mortgage market was in serious condition. If you listen to the “talking heads” on the cable news programs, they would have you believe that the US banking system is in serious jeopardy of systemic failure. It was also reported this past week that another investment bank- Lehman Brothers was in deep financial distress… again threatening the viability of the US banking system.

No wonder the average person hasn’t got a clue as to what to do next. If you were thinking about buying a house and have good credit, you are probably sitting on the fence regarding the purchase given all of the uncertainty in the economy and the mortgage market. In some cases, you may have been unable to qualify for a mortgage given that banks have dramatically tightened up their standards.

If you have been trying to sell your house and it has been on the market for more than 6 months, you are probably getting pretty discouraged and very concerned about what to do next.

The article in today’s Springfield Republican reported that mortgage rates have dropped significantly (from 6.00 – 5.75%) in the past week as a result of the Fannie Mae/ Freddie Mac bailout and are expected to go lower. Local real estate agents have reported an increase number of phone calls and mortgage applications this past week.

There is a new feature on the Real Estate Buzz at LongmeadowBiz blog that tracks mortgage rates. If you are looking for a home, keep an eye on these rates because a lower mortgage rate will result in a significant drop in monthly payments and help improve the “affordability” of homes up for sale.

The drop in mortgage rates is good news for both buyers and sellers.

Disappointing August Longmeadow Home Sales

noreply@blogger.com (Jim Moran, LongmeadowBiz) — Thu, 04 Sep 2008 15:50:00 +0000

July’s upbeat sales report now contrasts dramatically with poor results in August suggesting that the rebound in Longmeadow real estate sales is still some time away.

[click chart to enlarge]

The above barchart shows that the number of Longmeadow home sales from January through August 2008 was much lower (-30.0%) vs. results for the corresponding periods in 2007 and 2006 (103 transactions in 2008 vs. 147 in 2007 and 140 in 2006).

In particular August home sales results were significantly lower vs. July 2008 (12 vs 27) as well as compared to August 2007 results (12 vs. 29). Current home inventory and sales figures indicate the average "time to sell" a home in Longmeadow has increased to ~ 10-11 months.

The only bright spot with these latest results is the continuing stability and slight increase in the median sales price for the past four months (see below) suggesting that we may be seeing a bottom forming for Longmeadow real estate market. The chart below shows that the median sales price (6 month trailing average) for homes sold during the past four months have stabilized at ~ $305,000 but it is ~ 13% lower than the peak value ($350,000) reached in September 2007.

Here is a link to the data for 2006-2007-2008 Real Estate Transactions that were used to develop the above graphs.