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Feb. 20, 2017

When Should I drop Contingencies in my Home Purchase Offer

It's a Competitive Marketplace - Is dropping a Contingency a Way Get My Home Offer Accepted?

In a competitive market, buyers are always looking for an edge.  It's not uncommon for the most popular properties to have multiple offers, with 2-5 bidders.  That's great for the seller, but as a buyer, not so much.  If a buyer loses out on a couple of bids, they start getting more aggressive, typically, and try various things to "sweeten" their deal.  Of course, you can always improve your offer by bidding more, and that is a straightforward way to do it.  However, there are other ways that don't involve increase your offer price, and here we look at a couple of them.

There are two contingencies in most offers.  The first is the home inspection contingency, and the second is the Contingencies can save you a few penniesmortgage contingency.  Let's review both, at a basic level.  Remember, this applies mostly to Massachusetts, and I'm not an attorney, so this isn't to be construed as legal advice.  Instead, remember to loop in your attorney before doing either of these, and think about them AHEAD of time - these should not be spur of the moment decisions.

Home Inspection Contingency

The home inspection contingency protects the buyer from homes with significant, undisclosed issues that will require funds to fix. After you have an inspection, if you and the seller can't agree on how the deficiencies will be fixed, than the buyer has a chance to terminate the transaction, and everyone starts over again.  

Mortgage Contingency

The mortgage contingency is a bit more complicated, as it has more components to it.  But basically, it says that if the bank says you are not going to get a loan, you're entitled to all your deposit money back. There are generally time constraints, and in practice, the banks are seemingly in no hurry to give you a "yes/no" today, which would make it easier for everyone, but instead tend to talk about "maybe" and "probably" and "almost".  (For more on bank commitment letters, read here.) But at the end of the day, the clause is used to protect the buyer from the whims of the banking industry, and to make sure they will get the loan, before they fully commit to buying the house.

Dropping a Home Inspection Contingency

Dropping a home inspection contingency is the easier of the two, but there are certainly good ways and bad ways to do it.  First, you can usually drop the contingency, without dropping the inspection entirely.  So you still get to have an inspection! Which is good, and you should do that. If the house really is a mess, and the inspection reveals it to be so, you can often re-negotiate - contingency or not - and the worst case in this situation means you are out your initial deposit, which is usually $1000.  Now a $1000 stings, but it's better than committing to a home that has an extra $20,000 in expenses you weren't counting on.  The best part about dropping this contingency is that the sellers are likely to value it at much more than $1000, so it can be worth the risk.  For example, let's say that you are the seller.  You have two offers, and they are identical, except one is $2000 less, and doesn't have a home inspection clause. Which do you take?  Most people would take the one without the home inspection contingency, but it's not a slam dunk (it depends a lot on what the seller thinks they will find or not). The perceived safety of the deals lets the seller value them more highly, but they shouldn't go crazy with it.  After all, the buyer can simply forfeit the $1000 and end the transaction, so there isn't much security here.

Dropping a Mortgage Contingency

There are some big differences between the two contingencies.  In Massachusetts, by the time the mortgage contingency comes in to play, the big deposit - often 5% - is in escrow, and is "in-play".  On a expensive house, we're talking $30,000 or more, so you need to be very careful with that money.  Usually, I tell folks they need to be 110% certain they will get a mortgage before dropping this clause. (being able to pay cash is a good way to be certain), and it is a high risk endeavor.  Things can happen! What if the primary earner gets fired during the transaction?  Losing your job and the deposit AND the house is going to be a bad month for sure. However, it is something that people do from time to time, and it will make a big difference in your offer.  How big a difference?  That depends a lot on what the other offers look like and the sellers situation.  Sellers who aren't stretched are more likely to take the safer offer, while sellers who need the every penny are likely to value the clause less.  Having said that, it's not usually worth $20,000 to anyone, so it's not likely to get you huge discounts.  Maybe it's worth 5-10K in most cases, and I would usually advise a buyer to go up the 5-10K and keep the clause. The risk/reward here often favors the clause vs. the additional purchase price. 

 

So

Feb. 17, 2017

Real Estate Sales for Upton, MA - Home Sales and Real Estate Market Report (February, 2017)

The Upton Homes For Sale Market Report

Upton is responding to the tighten market by commanding higher prices, up sharply over last year.  Sellers are staying out in front of it, but not too far.

Can’t see the chart? You can find it Here .

What should potential home buyers do in Upton?

Home buyers should be aggressive in Upton, the rising prices probably have some ways to go before the market is over heated.  In fact, the HSI is quite low in Upton, suggesting things aren't too competitive just yet. 

Find Your Next Home or Check out the Competition!

What should future home sellers do in Upton?

Home sellers should recogized that after some stagnation, home prices are moving up.  They are up 5-6% over lastyear, a big move, and one that I think can continue. 

Upton Homes For Sale and Sold Market Statistics - MLS Data

  • The Upton“Home Seller Index” (HSI): 134 Last Report:128
  • There are 23 homes actively listed as For Sale for Home Buyers.
  • In the last 6 months, there have been 67 houses sold, and 37 homes sold in the last 3 months in Upton.
  • The Average number of Days on Market was 56 days for recently SOLD homes.
  • There is an Average Market Time of 106 days of the Upton homes For Sale (currently for sale).
  • The amount that was paid by Home buyers in Dollars per Square Foot averaged $199 (vs. $196 in the last report)
  • Current home sellers are looking for $229 /sq foot
  • There was an Average Sold Price of $448,805 .
  • Upton, MA, has 1 properties advertised as lender owned or foreclosure (typically foreclosure) .
  • There are 1 properties advertised as a short-sale is going to be needed by the lender.

All raw data are for Single Family Houses and based on data in MLS. Matt’s HSI is proprietary*, and is designed to offer town-by-town information, instead of large scale trends. *That means you won’t find it anywhere else. Take that, Case-Schilling!.

Realtor Matt's Top Read Real Estate Posts

Posted in Upton, Ma
Feb. 12, 2017

Real Estate Sales for Sutton, MA - Home Sales and Real Estate Market Report (February, 2017)

 

The Sutton Homes For Sale Market Report

Not a great report of Sutton home sellers; prices are down, probably seasonally, but transaction volume isn't peaking like it is in other towns. Home sellers have moved prices down sharply from last year, to get more in-line with the market.

 

 

 

Can’t see the chart? You can find it Here .

What should potential home buyers do in Sutton ?

Home buyers might be able to take advantage of the lull and pick up some properties that have been sitting around.  The average time on market for current properties isn't that high, but winter sellers are often pretty motivated folks, and are often receptive to offers. 

 

Find Your Next Home or Check out the Competition!

What should future home sellers do in Sutton ?

Home sellers should be a little wary in this market.  It's certainly not a bad market for sellers, but it's not trending the right way, with inventory up, and buyers retrenching.  Might be best to keep getting your house ready until things show a little more traction from the buyer end. 

Sutton Homes For Sale and Sold Market Statistics - MLS Data

  • The Sutton “Home Seller Index” (HSI): 145 Last Report:167
  • There are 27 homes actively listed as For Sale for Home Buyers.
  • In the last 6 months, there have been 53 houses sold, and 26 homes sold in the last 3 months in Sutton.
  • The Average number of Days on Market was 43 days for recently SOLD homes.
  • There is an Average Market Time of 60 days of the Sutton homes For Sale (currently for sale).
  • The amount that was paid by Home buyers in Dollars per Square Foot averaged $168 (vs. $177 in the last report)
  • Current home sellers are looking for $ 183 /sq foot
  • There was an Average Sold Price of $353,650.
  • Sutton , MA, has 4 properties advertised as lender owned or foreclosure (typically foreclosure) .
  • There are 1 properties advertised as a short-sale is going to be needed by the lender.

All raw data are for Single Family Houses and based on data in MLS. Matt’s HSI is proprietary*, and is designed to offer town-by-town information, instead of large scale trends. *That means you won’t find it anywhere else. Take that, Case-Schilling!.

Realtor Matt's Top Read Real Estate Posts

Posted in Sutton, MA
Feb. 11, 2017

Real Estate Sales for Sudbury, MA - Home Sales and Real Estate Market Report (February, 2017)

 

The Sudbury Homes For Sale Market Report

Just when you thought it was safe to go in the water....

 

Can’t see the chart? You can find it Here .

This chart looks pretty boring, other than the sellers have really high expectations.  But the underlying data is not great.  Let's take a look in the next section.

 

What should potential home buyers do in Sudbury ?

Looking at the chart below, I noticed a few things; one is that we had a soft data point this month, but Sudbury consistently looks the worst in Feb/March.  Since this "low" is actually higher than the other lows, maybe things are great in Sudbury, however, prices pulled back.  Current sellers are waiting 180 days plus for a buyer already, and prices paid have been up only slightly for 18 months.  It feels stretched.  

But we will see!  Buyers should know that most of Sudbury is expensive, with the average sale near 800K, but should be very cautious about the inventory over 1M - a lot of it is not a good value, and it takes a keen eye to understand what's good and what's not.  

Find Your Next Home or Check out the Competition!

What should future home sellers do in Sudbury ?

Home sellers under 800 can reach for a price and probably get it. Over 1M, things are much more competitive, and you'll wait for a buyer if not priced correctly.

Sudbury Homes For Sale and Sold Market Statistics - MLS Data

  • The Sudbury “Home Seller Index” (HSI): 158 Last Report:191
  • There are 50 homes actively listed as For Sale for Home Buyers.
  • In the last 6 months, there have been 152 houses sold, and 68 homes sold in the last 3 months in Sudbury .
  • The Average number of Days on Market was 52 days for recently SOLD homes.
  • There is an Average Market Time of 196 days of the Sudbury homes For Sale (currently for sale).
  • The amount that was paid by Home buyers in Dollars per Square Foot averaged 251 (vs. 253 in the last report)
  • Current home sellers are looking for $283 /sq foot
  • There was an Average Sold Price of $783,289 .
  • Sudbury , MA, has 0 properties advertised as lender owned or foreclosure (typically foreclosure) .
  • There are 0 properties advertised as a short-sale is going to be needed by the lender.

All raw data are for Single Family Houses and based on data in MLS. Matt’s HSI is proprietary*, and is designed to offer town-by-town information, instead of large scale trends. *That means you won’t find it anywhere else. Take that, Case-Schilling!.

Realtor Matt's Top Read Real Estate Posts

Posted in Sudbury, MA
Feb. 6, 2017

Real Estate Sales for Southborough, MA - Home Sales and Real Estate Market Report (February, 2017)

 

The Southborough Homes For Sale Market Report

Is Southborough in the middle of a pull back?  The price graph looks to be softening in the last quarter. 

Can’t see the chart? You can find it Here .

 

But no, there's probably no pull back here.  Southborough has very little inventory - it's very small population wise, and when the inventory gets too thin, it can be hard to make sense of it.  Having said that, the HSI has been noticeably topping out, suggesting that things have been quieter in Southborough than some other towns we're looking at here on the blog. 

What should potential home buyers do in Southborough?

Home buyers should prepare for a long wait - there are few options in Southborough until you get to the luxury market. Things are moving quickly too - but not as quickly as some other areas.  The prices in Southborough look good to me, on a relative basis, so you can be aggressive with market price properties.  

Search for Your Next Home or Check out the Competition!

What should future home sellers do in Southborough?

With limited inventory in the surrounding area, Southborough homes are going to attract a lot of attention.  I'm not sure you can reach for prices yet, but you might be able to for the right property.  Homes that need a lot of work will sit in Southborough, so Home sellers should do best efforts to get that property ready.

Southborough Homes For Sale and Sold Market Statistics - MLS Data

  • The Southborough “Home Seller Index” (HSI):146 Last Report: 154
  • There are 25 homes actively listed as For Sale for Home Buyers.
  • In the last 6 months, there have been 75 houses sold, and 34 homes sold in the last 3 months in Southborough.
  • The Average number of Days on Market was 65 days for recently SOLD homes.
  • There is an Average Market Time of 171 days of the Southborough homes For Sale (currently for sale).
  • The amount that was paid by Home buyers in Dollars per Square Foot averaged $220 (vs. $224 in the last report)
  • Current home sellers are looking for $227 /sq foot
  • There was an Average Sold Price of $571,386 .
  • Southborough, MA, has 0 properties advertised as lender owned or foreclosure (typically foreclosure) .
  • There are 0 properties advertised as a short-sale is going to be needed by the lender.

All raw data are for Single Family Houses and based on data in MLS. Matt’s HSI is proprietary*, and is designed to offer town-by-town information, instead of large scale trends. *That means you won’t find it anywhere else. Take that, Case-Schilling!.

Realtor Matt's Top Read Real Estate Posts

Posted in Southborough, MA
Feb. 2, 2017

Real Estate Sales for Shrewsbury, MA - Home Sales and Real Estate Market Report (January, 2017)

 

The Shrewsbury Homes For Sale Market Report

Shrewsbury prices continue to nudge up, and the HSI is higher - but will this be as good a year as last year for Shrewsbury?  That's less clear....

Can’t see the chart? You can find it Here .

We see transaction volume climbing, and inventory at lows, but the secondary data is not as optimistic.  Homes are sitting longer - both for sales and homes that are still listed - and prices are stalling.  Right now, the HSI is really high as the inventory is at all time lows, but if there's some inventory, we might see Shrewsbury actually cool off a bit.  The inventory is really low - so that argues for a strong spring, but if homes come on, and there are choices, buyers are already showing patience, and may show more resistance if there are options.

 

What should potential home buyers do in Shrewsbury?

Home buyers should be aware Shrewsbury is at a top, and some early listings may go fast.  If you want Shrewsbury, you can't be too picky - things could continue to march higher - but if you have time to look, it may make sense to keep an eye on Northborough and Westborough - which are similar in price and location - so see if the market there is softening.  

Find Your Next Home or Check out the Competition!

What should future home sellers do in Shrewsbury?

As a home seller, I would try to be early to this market.  With so little inventory, buyers are going to be getting impatient, they may find themselves chasing your house and moving the price up further than you can get later. 

Shrewsbury Homes For Sale and Sold Market Statistics - MLS Data

  • The Shrewsbury“Home Seller Index” (HSI): 223 Last Report:179
  • There are 45 homes actively listed as For Sale for Home Buyers.
  • In the last 6 months, there have been 245 houses sold, and 129 homes sold in the last 3 months in Shrewsbury.
  • The Average number of Days on Market was 58 days for recently SOLD homes.
  • There is an Average Market Time of 162 days of the Shrewsbury homes For Sale (currently for sale).
  • The amount that was paid by Home buyers in Dollars per Square Foot averaged $209 (vs. $206 in the last report)
  • Current home sellers are looking for $ 214 /sq foot
  • There was an Average Sold Price of $443,058 .
  • Shrewsbury, MA, has 1 properties advertised as lender owned or foreclosure (typically foreclosure) .
  • There are 0 properties advertised as a short-sale is going to be needed by the lender.

All raw data are for Single Family Houses and based on data in MLS. Matt’s HSI is proprietary*, and is designed to offer town-by-town information, instead of large scale trends. *That means you won’t find it anywhere else. Take that, Case-Schilling!.

Realtor Matt's Top Read Real Estate Posts

Posted in Shrewsbury MA
Jan. 29, 2017

Trump Impacts: Predicting the Trump Effect on Real Estate

President Trump and his Expected Effect on Real Estate

President Trump has been inaugurated and has immediately made his presence felt in several areas under the Federal Government's Jurisdiction, with changes to immigration policy, foreign policy, and trade policy happening all in his first week.  It remains unclear, at this time, how grand these effects might end up being, but in this post we will look at his historical and campaign directions towards real estate, and whether or not it might have an effect on the broader market.

 

President Trump and the expected effect on Interest Rates

The president has said several conflicting things about interest rates and the Fed generally during his campaign and post election.  His soon to be confirmed Treasury Secretary, Steven Mnuchin, was a little bit more forthcoming about rates and the dollar in general, saying that the U.S. wanted a "strong dollar" but not "too strong", and it was really strong. Not very helpful for the tea leaves!  

However, Federal Reserve Chairwoman Janet Yellen has been much clearer.  Interest Rates are going up.  Currently, Fed policy will be to move them up gradually, but that policy will be tested should the fires of inflation be stoked.  Ironically, the renewed optimism that seems to be spreading from the business community could result in increased spending and investment, and combined with a tighter labor market and rising wages could force the Fed's hand in moving rates up.  

President Trump, however, will likely be a spectator here, as the Fed Reserve is an independent body, and I do not think the Chairwoman or the other Fed presidents will be bothered much if the President exerts pressure to go in a direction they do not wish to.  Trump, certainly in a couple of years could -and probably will - find a new chairman, but whether that Chairperson is hawkish or dovish will probably depend on what economy is doing at that time. 

Prediction:Interest Rates move up .75% this year, 1%+ in 2018.  Trump effect: Negligible.

 

President Trump and Bank Policy and Mortgage Impacts

The second area where we can look for President Trump Administration impacts would be Bank Policy and Mortgage Policy, and other types of credit impacts.  Dodd-Frank, the recent set of laws that govern the lending industry, and largely have tightened up credit, making it harder to borrow, have been a frequent target for President Trump.  The laws themselves have been in place for sometime, and it will be easier for lawmakers to figure out which ones 'work" and which ones are "overkill".  Most of the candid assessments of Dodd-Frank that are out there feel that it does some positive things (like increase lenders risk when loans go bad) but also does some things which are really onerous (in particular, requiring lenders to make sure that they have done "everything" possible to qualify a loan, a ridiculous standard which won't change the risk pool very much).  I think that without question Dodd-Frank will be altered, and the credit cycle will loosen up.  This was likely to happen anyway, but will probably be accelerated under the Trump administration.  Don't worry, I don't expect we'll be going back to the "stupid-easy-credit" days of 2000-2005, but things will swing to a more neutral stance historically.

Dodd-Frank is not the only place that the Trump Administration can be expected to have an impact.  It was reported this week that the Federal Governments's Wells Fargo Whistle-blower page was taken down. If true, it is a strong indication that President Trump and his administration may choose not to examine or pursue what it deems minor infractions by the banks.  I think the Trump administration will be far less aggressive in pursuing legal action against banks and other lenders, and likely even other businesses.  And, I think it is fair to say, the previous administration had been far too willing to both punish and demonize the banking industry.  If the lenders spend less time looking over their shoulder - and spending less on fines and penalties - it is reasonable that those resources will go into the economy, and this could be a big positive for lending and the economy in general. 

As a sidebar, personally, I think it is bad practice to demonize any industry; things are rarely that simple where the whole industry is the issue (Witness the backlash as Hillary campaigned to "close down coal").  Banks in particular are doing an important job.  Yes, they were certainly at fault in the mortgage meltdown.  But many of the problems that led up to the meltdown were not of the banks' making, and they certainly didn't do it on purpose.  Were they greedy?  Undoubtedly.  Careless? In some cases. And they lacked foresight of how the reliance on short-term lending could start a chain of dominoes if confidence was lost. However, they were not alone in that.  Congress, the Fed Reserve, Financial Watchdogs, Fannie and Freddy - all who should have had things in place to sound the alarm - failed to do so, and should have been  - but were not - equally blamed.  Politically, it was far easier to blame the greedy bankers then to admit to the larger systemic issues which were allowed to fester.  Should the era of blaming business as the root cause of the country's issues end with the Trump Administration for a time, I, for one, will not be sorry to see it go.

 

President Trump and China Capital Flows

I'll close with a more complex issue.  Although it doesn't get a tremendous amount of press, a big part of the real estate recovery has been driven by Capital outflows from China.  Simplistically, if you live in China, it is difficult to own assets other than Chinese ones, but the desire to do so is great, both as protection from a society that is not free, and also as a hedge against the local currency.  Real estate is often seen as a safe haven, and the Chinese have been entering foreign markets everywhere and pushing up prices in Metropolitan areas.  This capital flight is not necessarily good for China, and so China has been increasing regulation to slow down and perhaps stop the outflow of money, and it has started to work.

Now where it gets complicated is how the Trump administration fits in.  Does the Chinese government seek to restrict just outflows to the US to hurt it?  Or perhaps they begin to sell the Trillions of bonds they have at their disposal, in order to drive up rates as part of a trade war tactic? Does President Trump exercise trade actions that have their own consequences with China?  In short, there are many ways this could play out, and I'm not convinced that the Trump administration truly understands the various levers that each has over the other - or more importantly, how those might play out on the grand stage.  For all the talk of how much China has hurt the U.S. economy, the truth is far more muddled, and I would think there is certainly risk that things could go down from where they are especially in real estate. To be sure, the Chinese are a significant effect on the markets, but I don't think withdrawing their stimulus would sink the market.  I do think it would slow things down considerably, but since things are overheated a bit, I'm not sure that's a bad thing at the moment.

Posted in Massachusetts
Jan. 23, 2017

Real Estate Sales for Northbridge, MA - Home Sales and Real Estate Market Report (January, 2017)

The Northbridge Homes For Sale Market Report

Back when I started keeping track in 2011, there were 96 homes for sale at once in Northbridge.  We have slowly, steadily, chipped away at that number and now are down to 30.  As things have gotten tighter, prices have move up. Seller's are asking for more too, and right now they have broken through the $170/sq foot mark. 

Can’t see the chart? You can find it Here .

What should potential home buyers do in Northbridge?

Home buyers will find a tough market this spring.  The new construction, which was keeping a lid on prices, is thinning out, and prices look set to move up.  As the inventory dwindles, sales happen faster, which pushes buyers into competitive situations.

Find Your Next Home or Check out the Competition!

What should future home sellers do in Northbridge?

Northbridge Homes For Sale and Sold Market Statistics - MLS Data

  • The Northbridge “Home Seller Index” (HSI): 182 Last Report:152
  • There are 30 homes actively listed as For Sale for Home Buyers.
  • In the last 6 months, there have been 127 houses sold, and 64 homes sold in the last 3 months in Northbridge.
  • The Average number of Days on Market was 71 days for recently SOLD homes.
  • There is an Average Market Time of 113 days of the Northbridge homes For Sale (currently for sale).
  • The amount that was paid by Home buyers in Dollars per Square Foot averaged $158 (vs. $165 in the last report)
  • Current home sellers are looking for $ 171 /sq foot
  • There was an Average Sold Price of $301,826 .
  • Northbridge, MA, has 4 properties advertised as lender owned or foreclosure (typically foreclosure) .
  • There are 1 properties advertised as a short-sale is going to be needed by the lender.

All raw data are for Single Family Houses and based on data in MLS. Matt’s HSI is proprietary*, and is designed to offer town-by-town information, instead of large scale trends. *That means you won’t find it anywhere else. Take that, Case-Schilling!.

Realtor Matt's Top Read Real Estate Posts

Posted in Northbridge MA
Jan. 21, 2017

Real Estate Sales for Northborough, MA - Home Sales and Real Estate Market Report (January, 2017)

The Northborough Homes For Sale Market Report

Prices held steady over the fall in Northborough, but sellers are moving their asking prices up as we move to the spring season, showing they are optimistic as to where the market is headed.

Can’t see the chart? You can find it Here .

They should be! The HSI is at an all time high above 200, and that generally means prices are headed up.  With inventory at all time lows, there's little chance that prices won't be going up in Northborough this spring.

 

What should potential home buyers do in Northborough?

Things are going to be tough - you'll need to reach price wise to find the home you want, but be careful not to reach TOO much.  A delicate balance will be hard to achieve for home buyers in Northborough.

Find Your Next Home or Check out the Competition!

What should future home sellers do in Northborough?

Seller should have no problem drawing traffic for virtually any home -antique, contemporary - all will find potential buyers as the spring market heats up.  Homes that are price right will sell, as home buyers are ignoring most risk premiums at this point in the market cycle. 

Northborough Homes For Sale and Sold Market Statistics - MLS Data

  • The Northborough“Home Seller Index” (HSI):211 Last Report:191
  • There are 25 homes actively listed as For Sale for Home Buyers.
  • In the last 6 months, there have been 121  houses sold, and 62 homes sold in the last 3 months in Northborough.
  • The Average number of Days on Market was 53 days for recently SOLD homes.
  • There is an Average Market Time of 146 days of the Northborough homes For Sale (currently for sale).
  • The amount that was paid by Home buyers in Dollars per Square Foot averaged $205 (vs. $206 in the last report)
  • Current home sellers are looking for $213 /sq foot
  • There was an Average Sold Price of $$446,938 .
  • Northborough, MA, has 0 properties advertised as lender owned or foreclosure (typically foreclosure) .
  • There are 0 properties advertised as a short-sale is going to be needed by the lender.

All raw data are for Single Family Houses and based on data in MLS. Matt’s HSI is proprietary*, and is designed to offer town-by-town information, instead of large scale trends. *That means you won’t find it anywhere else. Take that, Case-Schilling!.

Realtor Matt's Top Read Real Estate Posts

Posted in Northborough, MA
Jan. 13, 2017

Real Estate Sales for Natick, MA - Home Sales and Real Estate Market Report (January, 2017)

The Natick Homes For Sale Market Report

Natick home sellers had another good year, but the seasonal trend down took hold a little bit in the fall.  Interestingly, home sellers have gotten far less optimistic, and have moved prices closer to where the buyers are.

Can’t see the chart? You can find it Here .

What should potential home buyers do in Natick ?

Looking at the green line in the below chart, home buyers will see that homes for sale are near all time lows.  This is obviously not good if you are purchasing. Prices near highs, availability near lows.  Tough market.  Expect bidding wars - even in January.  With an HSI over 300 - again - Natick remains very hot.

Find Your Next Home or Check out the Competition!

What should future home sellers do in Natick ?

The market remains good, and prices continue to rise - just not as quickly.  Virtually any home can be sold, and most will find multiple buyers when priced competitively.  Homes that need work will sell too.  Busy streets? They will sell also.  Natick remains a great market for sellers, and one of the ones with the highest prices also.

Natick Homes For Sale and Sold Market Statistics - MLS Data

  • The Natick “Home Seller Index” (HSI): 309 Last Report: 252
  • There are 30 homes actively listed as For Sale for Home Buyers.
  • In the last 6 months, there have been 214 houses sold, and 111 homes sold in the last 3 months in Natick.
  • The Average number of Days on Market was 32 days for recently SOLD homes.
  • There is an Average Market Time of 112 days of the Natick homes For Sale (currently for sale).
  • The amount that was paid by Home buyers in Dollars per Square Foot averaged 293 (vs. 300 in the last report)
  • Current home sellers are looking for $ 294 /sq foot
  • There was an Average Sold Price of $623,637 .
  • Natick , MA, has 1 properties advertised as lender owned or foreclosure (typically foreclosure) .
  • There are 0 properties advertised as a short-sale is going to be needed by the lender.

All raw data are for Single Family Houses and based on data in MLS. Matt’s HSI is proprietary*, and is designed to offer town-by-town information, instead of large scale trends. *That means you won’t find it anywhere else. Take that, Case-Schilling!.

Realtor Matt's Top Read Real Estate Posts

Posted in Natick, MA