Massachusetts Real Estate Market Update

Massachusetts is glutted with homes for sale that are either over priced or simply not “desirable” to be kind here. These Single Family Homes for Sale in Massachusetts, especially in suburban areas outside of Boston such as Worcester County, Essex County, Middlesex County, Norfolk County and Plymouth County make up 80% of single family homes for sale and increase the overall marketing time to 8-10 months on average.

However, there is no shortage of qualified buyers as evidenced by multi offers on well priced nice homes. These homes will have 2 or 3 offers in just a few days from entering the market.

There are 2 types of home buyers in the Massachusetts market right now. Investors looking for cheap foreclosed distressed rehabs and buyers that want well priced, great location, and meticulously maintained homes. Any home for sale that falls in the middle, which is 80% of all homes in Massachusetts for sale right now, will sit on the market.

It seems that home sellers that can afford to wait and buyers that are in no hurry are both just sitting on the fence and waiting in general. This indicates that when the market does turn finally in Massachusetts, that it will come back quickly and in full force.

Condominiums are another story, as there are many gorgeous and well priced condo’s throughout Massachusetts for sale. New construction included. However, condominiums are scrutinized for read more

Posted by Jeffrey Bastress on Jul 15, 2008 under Regional

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Atlanta Real Estate Market Statistics

Atlanta real estate continues to send mixed signals with home values declining for the overall Metro Atlanta market while certain areas on the north side of the city realizing small, but steady price appreciation. The driving factors continue to be constrictions in lending guidelines and high supply.

The absorption rate for Metro Atlanta is 13 months supply of homes. Year over year closed sales are down about 36% with an average price of $240,100 which is down 8.5% from this time in 2007 and also lower than 2005 or 2006. It would be easy to look at these numbers and see gloom and doom, but, it’s important to look deeper at the market to get a better sense of what is really happening.

In a previous post here, I wrote about the importance of looking at hyper local statistics, but, broad statistics are essential for comparing what is happening in the smaller markets.

However, they don’t tell the whole story.

Some areas within the city are skewing the numbers down considerably so on its face the whole Atlanta real estate market appears to be in bad shape when that is not entirely the case.

Worst hit has been read more

Posted by Ryan Ward on Jul 14, 2008 under Regional

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Bend Oregon Real Estate Market Update

I received another Regional update from a HomeGain agent, Jim Johnson in Bend, Oregon. Here’s what he had to say:

Bend Oregon Real Estate Market Update – Median Price of Homes for Sale down 23%

Home prices in the Bend, Oregon real estate market continue to fall. The Bratton Report which is produced by Mike Caba – Bratton Appraisal Group shows that year over year the median price of homes for sale in Bend Oregon in May 2008 were down approximately 23% from May 2007.

The median price for homes for sale in May 2007 was $396,000 versus May 2008 when the median price was $303,000.

The report indicated May 2007 was the height of the Bend real estate market in May with the highest median price of homes, so it’s a difficult comparison. Median price for homes for sale in Bend seem to lag behind the real market in Bend. In November 2006 the media price of homes for sale in Bend was $305,000 essentially returning us to 2006 prices.

From May 2007 to May 2008 the number of homes in Bend sold was down approximately 36%! In May 2008 there were 102 homes closed versus 159 May 2007.

It appears that home prices will continue to read more

Posted by Louis Cammarosano on Jul 10, 2008 under Regional

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Delivering Bad News

There is almost nothing more rewarding in the business of real estate then making the call to first time home buyers to tell them their offer has been accepted. In today’s market, calling sellers and telling them their house is sold can also provide an “I’m so glad I’m a Realtor feeling”.

Unfortunately, delivering bad news is also part of the job and I’ve been delivering it in large doses of late.

Despite the local facts and statistics, national print media headlines and on air reporting by the talking heads, many sellers believe their home is worth more than it is. It is my job, as the friendly local Realtor, to be welcomed into a seller’s home, burst their bubble, and otherwise ruin their perfect day.

Delivering bad news doesn’t come easy and is a learned skill. Having been through 3 market corrections over 3 decades, I have had a fair amount of practice in delivering bad news. I once had a seller burst into tears and although I appear tough, it was an effort to remain professional and not start bawling right along with her.

Hey, I don’t like this market either. Sniffle.

This week I’ve had the opportunity to take the wind out of the sails of two future sellers. As I delivered my CMA at possible listing #1, Mrs. Seller just stared and never said one word. Mr. Seller escorted me out read more

Posted by Linda Davis on Jul 05, 2008 under Realtor

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