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Nov. 30, 2020

Real Estate Contracts and Escalation Clauses

In most years, there are super hot spots where getting a property is a challenge. This year however, those hot spots have basically been everywhere - coast to coast.  While eventually much of this will moderate through price increases, in the short-term it makes sense to discuss escalation clauses: What are they, How do they Work, and Should I Use an Escalation Clause in a home purchase contract. 

What Are Escalation Clauses

Many of my clients have heard the term Escalation Clauses, but they aren't sure how they work.  The easiest way to explain them is in the context of what a traditional offer might look like.  In a standard or traditional offer, the contract simply says the buyer offers to pay the seller a fixed number - let's say 400,000 for instance.  That is pretty simple and clear to understand.  An escalation clause, however, assumes that there are going to be multiple offers, and then the purchase price is written as: Buyer offers to pay the seller (X) over the highest offer. On a home of $400,000, X would typically be a number between 2 and 5K.  (It's not usually $1! It's not the 'Price is Right' people.)  This means, in practice, that as a buyer you don't really know what you are offering on the house.  Ultimately, what you are saying is no matter what someone else offers, I'm willing to pay more.  Even so, this won't guarantee that you'll get the house.  I've had listings that have received multiple escalation clauses - and only one person can get it.  (Usually the offers have different escalation bump amounts or have other factors that allow a seller to choose the best offer).  

On the surface, escalation clauses sound like an aggressive buyer strategy to put them in a great position to buy a home.  In practice, however, there are often issues with these strategies. 

How Escalation Clauses Do and Don't Work

Most buyers assume that when there are multiple offers, most of the offers look "like theirs".  If a listing does get 4-10 offers, many of them do tend to look similar.  But there are always offers that have major differences, and those differences are often crucially important and can affect how "reasonable" your escalation clause looks in hindsight.  OK, that was really vague, lets see if I can make it more concrete.   Some buyers are competing in a market with a lower LTV (Loan to Value) which means as a percentage they are borrowing more.  This is very common in the starter market, where we see a large number of buyers with 3.5 or 5% down.  Very often, these buyers will lose repeatedly in a super hot market to buyers with a more significant down payment (as they should), and quickly they develop a new strategy to win the listing - overpay.   In this market, I have seen buyers with low LTV offer 15% higher than the listing price in an attempt to win the bidding war.  Some sellers and seller agents will look favorably on these offers, but these offers always come with mortgage contingencies, and the plan here (on the buyer's end) is to let the bank's appraisal play referee and come in and knock the price down.  It's a high stakes game of poker for these buyers, hoping that a month into the transaction the seller will be willing to reduce the price significantly in order to keep the deal together, otherwise the seller will blow up the whole transaction and start with someone else. 

Another way offers can differ is with by reducing the number of contingencies.  Typically, there are three main ones, the home inspection, the appraisal, and the mortgage contingency.  Offers that look similar in price can often be separated by certain buyers that have waived some  - or all  - of these contingencies.  

The bottom line is, when you have a pile of offers, they don't all look the same, and some are going to have higher prices to cover up other weaknesses.  When you put in an escalation clause, however, you are often giving the seller the best of both worlds - a higher price, and a stronger offer.  You should know going in that you are probably "over offering" what you need to in order to win.

And, as noted above, an escalation clause isn't a guarantee.  If there are multiple escalators, you could lose.  In addition, the complexity (and risk) of a buyer getting buyer's remorse is significantly higher, and long-time listing agents know this.  So jaded they are about escalators, that some listings agents will advertise that they will discourage their seller from taking any offer with a escalation clause in it.  This means as a buyer, you should remember to ask the listing agent about their feelings on  escalation clauses - otherwise you could be taking yourself out of consideration.

Should I Use an Escalation Clause in A Home Purchase Contract?

I generally advise my buyers not to use escalation clauses.  Not knowing what you are going to end up paying is a sure way to start heading down the buyers remorse pathway. Even so, there are exceptions.  Here are the reasons you may want to think about using an escalator.

A) You know it's going to be competitive or hyper competitive

B) You need a house soon, or you're going to be homeless

C) You recognize you won't be able to get a similar house; it's perfect for you

D) You have the financial flexibility to put more down if the house doesn't appraise at the final purchase price (and it may not). 

You'd want at least 2, and probably 3 of these conditions in place.  Most of the time, it makes much more sense to have a productive discussion about what the value of the house is to you, and to offer that price - without an escalator- as a number you have confidence around. In addition, making your offer stronger in other ways - fewer contingencies, aggressive dates, more money down - is often a key deciding factor for quality offers.  Although some sellers will only focus on price, most listing agents know that an offer strength is much broader than just the top line number. 

 

Nov. 22, 2020

When Do I Get Paid Commission

Hello!

 

If you're being sent to this page, it's because you asked me when you can expect to get paid.  I get it - it's been two months and you've waited long enough.  However, I don't usually know "exactly" when you'll get paid, because there are multiple scenarios and I simply don't have the funds yet. 

 

Below, I cover the three most common scenarios - but there are others! - and I'll write about them in a little detail here.

 

First things first, things don't get going until there's a closing.  In Massachusetts (and probably most states) it is technically illegal for the funds to be paid until the closing is on record.  Usually, agents are paid out of the escrow funds held at the listing agency.  Those are kept in a separate account (again, by law), so the first step is they need to move post closing to a commission account.  This is easy if it's the first scenario, where the buyer has all the commission funds in escrow, which is the first path in the image below.

The listing agency transfers the money, and writes the check to the listing agent, and then writes the check to the buyer agent's Brokerage (not the buyer agent!).  The buyer agent's brokerage has to wait for the (usually) postal mail to arrive (2-5 days), and then they deposit that check, which needs to clear (0-8 business days, depending on the bank). Then the buyer brokerage can write the check to the buyer agent.  That means it can often take 10 days from closing to get paid - and sometimes longer.  Some listing agencies (often the really big ones) have to send checks to central clearing houses which can REALLY slow things down.  

 

That is the easy scenario of course.  The hard one is when the listing agency has some funds, but the rest of the funds are at the closing table.  This is the middle scenario in the image below.  Usually what happens is the closing funds are sent to the listing agency and deposited.  Just as the scenario above, this can take about 5-10 days.  At that point, the top scenario is followed, resulting in another 5-10 day delay.  Here's a situation spelled out that could take 20 days.

  1. Closing attorney sends funds to listing brokerage (5 days-  no mail on Sunday)
  2. Listing brokerage  deposits check (1 day to deposit, 5 days to clear)
  3. Listing brokerage sends funds to buyer brokerage (3 days)
  4. Buyer Brokerage deposits check (1 day to deposit, 5 days to clear )

And that's when everything goes right, and no one is missing any paperwork (I am often chasing other brokerages for commission statements and W-9's)

The clearing of checks really slows things down, and when someone uses overnight mail it speeds things up, but it is not uncommon for closings on a Friday not to have anything mailed until the following Monday or Tuesday.  

 

Having said that, you should know that as an agent myself, I know the waiting can be hard.  At Heisler & Mattson Properties, we clear checks immediate and often write commission same day we have funds.  This includes when we send checks to buyer brokerages.  Although many agencies may give you the run around, that doesn't happen here. 

The last situation is becoming more common, but it still isn't common.  The closing attorney, occasionally, will write separate checks to both agencies if they are owed funds.  This is significantly a faster way to do things than path #2! But in Massachusetts, technically it is not the way it is "supposed" to be done.  

 

Posted in For Realtors
May 16, 2020

Spring Real Estate Newsletter 2020 Heisler & Mattson Properties

Spring 2020 Real Estate Newsletter 

I hope this newsletter finds everyone safe and well. It certainly has been an interesting spring to say the least, so far, and I'm getting a lot of questions about what is going on in the market, so I thought I would take a moment to discuss the current trends that we are seeing, so people can assess what makes sense for them.  

Interest Rate Impacts

Normally, interest rates drive a big chunk of purchase behavior in Real Estate.  I'm going to start with this part as it affects all the other sections. People keep an eye on rates and often make decisions around the rates that are available.  Rates have gotten very low, touching or even exceeding the rates available during the financial crisis.  They weren't very high to begin with, but it's hard to argue with these rates.  I have - on occasion - seen 30 year mortgages with a 3.0% rate for purchases on conforming mortgages, and some 10 year ARM's have dropped below 3.0. With many economists predicting a rise in inflation, locking in these rates for a longer term is an insanely good idea.  I do not know if inflation will pick up, but I do think that it will pick up when people least expect it, as that is the way of things.  There are a number of arguments for and against the rise of inflation, but the bulk of inflation arguments is around the influx of money into the world financial system.  The arguments against inflation are the past 20 years, and the low inflation rates that have persisted despite several periods of significant monetary injections. 

Links: I linked an article from Barrons about potential inflationary environments.  But there are lots of others. 

Current Real Estate Market for Home Sellers and Home Buyers

When the stock market crashed, I got a number of calls from buyers and sellers that were in process.  They all wanted to know, how will this affect the market?  I suspected that there would be fewer buyers, but also there would be fewer sellers, and only if there was a big imbalance between the two would there be a big change in market prices.  So far, that suspicion has been largely held up.  We have seen the sub 500 market stay quite brisk, as more sellers and fewer buyers have stayed away from that market.  Although things are moving slower (home selling in a weekend now take 8 days or so), there is good traffic and quick transaction for many homes in this price range.  This makes sense, many people in this price point "have to" move.  The higher levels of the market, mostly with people who "want to" move, has seen fewer buyers, but there are still more buyers than there are sellers.  Overall, I'm not seeing a lot of different price action.  I see most homes selling where prices were 3-5 months ago, and no real change, but there is still a lot of pressure on prices on the lower end.  To see examples, you can check my recent reports in Milford, and here in Natick. It is worth noting, however, that the prices in the most expensive towns were under pressure before the pandemic, so it is hard to see if this is a continuation of the trend or a true pandemic impact. Maybe a bit of both.

There have been some changes, to be sure.  If you'd like to talk about what we can do for your situation, please call, but note generally in this market we are doing the following types of changes.

Open Houses: No longer a group activity, OH are being broken into individual appointments, usually about 15 minutes or so.  Handwashing before and after is also a common approach, and of course the state's Mask order remains in effect.  Basically, most showings are now private showings, and seeing a home is more complicated, but by and large folks are having success with this.  

Depending on each home, certain additional precautions can be made, whether you are showing to sell or purchasing.  It's the new normal!  Overall though, I think agents and agencies are doing an excellent job coming up with new parameters for keeping things going.  Everyone's risk level is different, so these solutions won't work for everyone, but for a lot of people, they can keep things moving. 

Links: Previous blog article on COVID market impacts, and two market reports published here on the blog

Current Real Estate Market for Investors

If home purchasing is driven by interest rates, real estate investing is even more so.  Right now the inventories for investment property are extremely low until you get far out into the suburbs of Worcester and prices for investment property are at huge jumps over last year (in Worcester county) and remain at very optimistic levels for for counties to the East.  When I say optimistic, I mean at the prices they sell, it is hard to generate meaningful cash flow for the risk incurred, and that landlords are betting on rents rising at a good clip over the next 2-3 years.  With rising unemployment, and a large rental base that was getting priced out of the market inside and around 128, I think that there could be a significant migration out of these areas impacting rents - as is typical in economic downturns.  If your income isn't going up, then you move, and try to control your expenses.   While this is probably a positive for properties 50 miles or more away from Boston, the impact inside that radius is unclear.  It is certainly possible, if the economic impacts of the pandemic continue, that over-leveraged investors may have to sell some inventory.  Right now, that inventory would likely be gobbled up, but a sustained increase in selling would impact prices in this part of the market.  Any obvious drop in rents would do it also, but either of those are likely months away at this point.  In the meantime, with the drop in interest rates, I expect to see continued pressure on this segment.

 

Think about Remodeling

If there are DIY (do-it-yourself) projects you've been putting off, now is a great time to do them.  Painting rooms, changing knobs or fixtures to give places a fresh look can all be done.  It isn't clear when the economy will open up, but if you have a vacant house to fix, this is a great time to hire contractors.  Generally, their business has been hit hard, and although I don't see prices for work dropping yet, you should be able to find generally responsive contractors while business is off.  If you have a tenant move out, it is a good time to consider renovating your apartment for this reason.  If you have questions about how to get creative here, contact me and we'll see what we can come up with. 

 

Just for Fun!

I am usually taking my own advice, and I just recently finished a trim up grade in my dinning room.  I added Board and Batten - a type of wainscoting - and it came out pretty good!  Here is a link to the whole project, with before and after pictures, tools needed, and cost information.  This is a style that has been getting more popular, and you'll probably see it when you're out and about! 

https://www.heislerandmattson.com/blog/board-and-batten-diy-project/

 

May 11, 2020

Board and Batten DIY Project

Board and Batten DIY Project Easy Trim Upgrade

There are lots of ways to do board and batten.  Board and Batten is a type of trim that is often found in dining rooms, on stairways, and in mudrooms.  It's not nearly as common as standard wainscoting, and bead board is easier to do, but if you're looking to add punch, board and batten is a great way to go.  So!  If you new to the trim style vocabulary, here are some quick examples for you.  

Here is a link to some standard wainscoting.  Chair rail at the top, and small pieces of trim, typically in a rectangle. 

https://www.pinterest.com/pin/91268329934244534/

Here is bead board (which i really like, but just didn't do here)

https://www.elitetrimworks.com/Beadboard-Wainscoting/

and here is board and batten (a high version):

https://www.bobvila.com/articles/board-and-batten/

My house has a fairly "blah" trim level, and as I update it I'm looking to add more punch.  Typically, dining and living rooms are where there is the most punch, so I started in the dining room.  I wanted to do something that wasn't too over the top, but would really add depth and character to the room.  I guess this is where we show the "before" picture.

Starting Trim Level

My home largely has 2.5 inch colonial trim.  Blah.  Here's what it looked like. 

  

Yep!  That's it.  2.5 in baseboard mostly buried by the hard wood floors.  Plain.  We can do better!

 

Things you'll need

I have a day job, I just do this stuff for fun (really), but I am pretty tool light.  This whole project was done without a miter saw (which would have made it easier), but you can really do a lot with a very simple tool set.  Hammer, finish nails, MDF boards for the baseboard and stiles, pine boards for the chair rail cap, liquid nails adhesive, caulk, a circular saw, a carpenters nail (for sinking the nail heads), and general paint tools.  I actually needed more tools just to get the baseboard out, but we'll get to that next. 

Remove ye' Old Baseboard

I noted a number of DIY videos where they do board and batten on top of the existing baseboard.  I'm going to tell you now, if that baseboard isn't at least 4 inches you'll never forgive yourself for not pulling the old stuff out.  For me, it wasn't an option.  I like demo anyway.  There was no saving this baseboard  - and you shouldn't expect to save yours - unless you can find all the nails and pull them out.  About 1/3 of the nails were below or at the hardwood floor level (the baseboard went in first and the hardwood floors second, but I prefer the other way!).  Anyway, there were a lot of nails, and they did a good job finding studs.  I found good success with a couple of crowbars, a stiff painters tool, visegrips and a hammer.  Basically, you want to use the painters tool to open a gap, and then work the crowbar in and just go up and down until it is loose.  Use the visegrips to pull out as many nails as you can before really trying to pull the baseboard out.  And be CAREFUL.  Don't screw up your floors.  Use a small block of wood under the crowbars when trying to lift the baseboard out, and don't pull on the baseboard so hard you hurt the floor (but in practice, the oak flooring is way stronger than pine baseboard!  My baseboard cracked and shuddered and then split, but it did come out.

I will share that this really was the worst part of the project.  Should be easy, but it's not. 

We can Rebuild It

Once the old baseboard is out, you've got a nice gap.  I know just what to put there. 

I used 5" MDF boards and they slid right in.  They were a shade thinner than the baseboard, but it was winter, and that is when the gap is at its biggest.  No need to angle cut the inside corners, just meet them up square, and we'll caulk 'em later. Then, using a level (not a tape measure!!), draw lines for your chair rail foundation.  This was 3.5" mdf board.  It's super important to make sure your baseboard and chair rail are level to the eye (NOT THE FLOOR), before nailing them off.  I did use a little construction adhesive for the chair rail, but not much - mostly nails in studs. (I used 2 inch finish nails, which is on the long side, but really helps in the corners to reach the studs).  Lastly, before picking a height for your top rail, do yourself a favor and make sure it's not at light switch height.  

So we are already looking better.  

Now the next part - if you're going to get it right - requires math.  I built a spreadsheet (thank you, day job) and measured everything carefully.  Note, I measured all the walls, and then adjusted the number of stiles (the vertical boards of board and batten) until most of the walls had similar sized gaps.  That's right, they aren't identical.  You're going to find that identical isn't possible, but if they are close, you'll never see that they aren't.   The other thing to keep in mind is that not all of the stiles are going to be over studs  - so you'll need to use real construction adhesive (like liquid nails) and not caulk.  Caulk won't hold long term, use the right stuff.  I used adhesive on all the boards, but I used more on the ones that weren't over studs, and less if I could use the stud instead. 

Yeah, I know.  But without this spreadsheet you are really guessing, and I have to tell you, that is a bad idea.  You can see all but one wall ended up with gaps that were within an inch of each other, which I was pretty happy with.  There's no right or wrong here, but you'll want your gaps around 15-25 inches apart. 

OK, all measured?  OK, wait.  It's a good idea to paint the wall between your chair rail and the baseboard now.  It'll save time later.  Not a lot of time, but some, and some is good.  I did it both ways, and it was definitely a little easier painting first. 

  

and with battens but no paint:

OK!  Believe it or not, we are almost there.  I used the same 3.5" mdf for the stiles, and you can see I always double them up in the corners, and made sure each wall abutted the trim with a stile. 

Adding a Cap Rail

The actual chair rail - which will sit on top of the top board- you can do all sorts of things.  I went simple, and just did a pine wood cap (MDF isn't really strong enough for the abuse a chair rail takes). 

I'm sure, at this point, you are unimpressed.  Well my wife sure was!  But that is what paint is for. 

 

Yep, a little paint will go a long way.  Oh, and for those that noticed, the plugs were updated also.  Now you can hire an electrician for that, OR, you can just do fancy covers, which I did for under $3.  Here's the cover: 

Yeah, that takes 10 seconds, and makes  a huge difference. 

OK, so BEFORE and AFTER (pictures of the same corner, but from different angles). 

  

 

Costs

So you might be thinking that this is an expensive undertaking.  Well, it's not.  True, if you get a carpenter and a painter you are probably looking at a couple of grand at least.  As a DIY, however, it's a no-brainer cost wise.  It was less than $200 in mdf/wood, a gallon of paint, $15 for nails, caulk, and glue. An amazing improvement for less than $300.  

 

If you have board and batten questions, please send them my way on the blog!

 

Matt

 

 

 

 

May 7, 2020

Milford, MA Home Sales and Real Estate Market Report (May 2020)

 

The Milford Mass Homes For Sale Market Report and Statistics

May

We are definitely ending strong on this cycle of reports.  Milford shows one of the healthier price trends, both with buyers paying more, and sellers expecting more.  No inverted price curve we're seeing in many higher priced towns. It took a long time for Milford to get going, but it has plenty of mojo now, as buyers look for value, and find it in Milford. 

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

The HSI chart is only slightly less positive.  Here, transactions haven't fallen off - they've held steady - so this market seems less at risk of a pullback to me.  Milford is busy and productive. 

What should potential home buyers do in Milford?

Like almost everywhere else, buyers will find reduced competition - but very little to choose from.  Milford is a large town and yet the number of homes for sale is terribly low.  You can blame COVID, but sellers are staying away from this market.  Only time will tell how many sellers return when things open up, and if the buyers will follow in the same or similar numbers. 

Find Your Next Home or Check out the Competition!

What should future home sellers do in Milford?

I mean - look, the data says sell.  Top prices, limited competition.  I know it's tough out there, but nothing ventured nothing gained.  This might be the best chart in the pile, and if I was selling, it would be hard for me not to give it a go now - before every other seller figures out what's up. 

Milford Homes For Sale and Sold Market Statistics - MLS Data

  • The Milford “Home Seller Index” (HSI): 310 Last Report: 272
  • There are 19 homes currently listed as For Sale by Home Sellers.
  • In Milford there have been 146 houses sold in the last 6 months, and 87 homes sold in the last 3 months.
  • The Average number of Days on Market (DOM) was 41 days for the last 6 months of SOLD homes In Milford.
  • Homes for sale that are currently on the market have been looking for a buyer for an average of 75 days (the homes currently for sale).
  • The amount that was paid by Home buyers in Dollars per Sq. Ft. averaged 205 (vs. 199 in the last report)
  • Current home sellers are looking for $ 221 /sq foot
  • There was an Average Sold Price of $396,954  .
  • Milford, 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!.

Top Reads at Heisler & Mattson Properties

Posted in Milford, MA
May 3, 2020

Marlborough, MA Home Sales and Real Estate Market Report (May 2020)

The Marlborough Mass Homes For Sale Market Report and Statistics

May

Marlborough looks like a carbon-copy of Hudson - maybe a little better, but still very similar.  The two neighboring towns often have similar data, as home buyers shop them together.  Good strong selling and asking lines here. 

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

We do see, however, the same fault lines.  Transaction volume has dropped over 30%.  Inventories are at the lowest ever (a drop from 150 homes to only 30).  This makes the market looks strong, but prices should be going up much higher much faster - and they aren't - showing that demand isn't strong enough to push up prices. 

What should potential home buyers do in Marlborough?

Home buyers should know there are few choices in Marlborough, and the good ones will bring competitive situations.  While overall activity is down, there are so few choices, the buyers that remain are still fighting over them. 

Find Your Next Home or Check out the Competition!

What should future home sellers do in Marlborough?

Home sellers, like in Hudson, are seeing record prices.  They should think strongly about selling in this market, COVID or not.  The buyers are mostly undeterred, and with record low mortgage rates, it is a great time to sell. The process is different, but prices and demand say sell.  

Marlborough Homes For Sale and Sold Market Statistics - MLS Data

  • The Marlborough “Home Seller Index” (HSI): 348 Last Report: 268
  • There are 19 homes currently listed as For Sale by Home Sellers.
  • In Marlborough there have been 142 houses sold in the last 6 months, and 70 homes sold in the last 3 months.
  • The Average number of Days on Market (DOM) was 24 days for the last 6 months of SOLD homes In Marlborough.
  • Homes for sale that are currently on the market have been looking for a buyer for an average of 53 days (the homes currently for sale).
  • The amount that was paid by Home buyers in Dollars per Sq. Ft. averaged $222 (vs. $212 in the last report)
  • Current home sellers are looking for $ 229 /sq foot
  • There was an Average Sold Price of $440,135 .
  • Marlborough , 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!.

Top Reads at Heisler & Mattson Properties

Posted in Marlborough, MA
May 1, 2020

Hudson, MA Home Sales and Real Estate Market Report (May 2020)

The Hudson Mass Homes For Sale Market Report and Statistics

May

Hudson looks like a good chart also.  This is one of only a few charts where we see seller expectations are well ahead of buyer expectations.  Prices are still headed up quite sharply here also, and are at their peak, from a seasonal dip. 

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

Even in Hudson though, the transaction line has turned down, and the inventory is appallingly low.  Without sellers, the transactions can't go up, and if there are too many sellers, the prices may go down.  The market looks unstable to me, and it is difficult to see if it will balance out or tip one way or the other. 

What should potential home buyers do in Hudson?

Home buyers at this juncture have all of 11 houses in the whole town of Hudson to look at.  That is shockingly small.  If, as a buyer, you were hoping that the real estate market would see a flood of homes and declining prices, so far that has been a bad bet. Prices are firm, and choices are worse then they would otherwise be. 

Find Your Next Home or Check out the Competition!

What should future home sellers do in Hudson?

Home sellers are looking at record high prices, and homes are still selling, as buyer shake off quarantine fatigue and start hitting homes again.  This could be a great time to sell your home in Hudson. 

Hudson Homes For Sale and Sold Market Statistics - MLS Data

  • The Hudson “Home Seller Index” (HSI): 322 Last Report: 261
  • There are 11  homes currently listed as For Sale by Home Sellers.
  • In Hudson there have been 83 houses sold in the last 6 months, and 43 homes sold in the last 3 months.
  • The Average number of Days on Market (DOM) was 32 days for the last 6 months of SOLD homes In Hudson.
  • Homes for sale that are currently on the market have been looking for a buyer for an average of 68 days (the homes currently for sale).
  • The amount that was paid by Home buyers in Dollars per Sq. Ft. averaged $234 (vs. 222 in the last report)
  • Current home sellers are looking for $ 248 /sq foot
  • There was an Average Sold Price of $ 427,028  .
  • Hudson, MA, has 0 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!.

Top Reads at Heisler & Mattson Properties

Posted in Hudson, MA
April 29, 2020

Hopkinton, MA Home Sales and Real Estate Market Report (April 2020)

 

The Hopkinton Mass Homes For Sale Market Report and Statistics

April

If you're looking for a relatively unimpacted town, Hopkinton might be it.  Sales and inventory are down a little, but otherwise, it just keeps on trucking.  Note that sellers have dramatically lowered expectations.  

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

Other than the declining transactions, it's hard to see anything amiss here. Inventories are at historical lows, which messes with the HSI number. 

What should potential home buyers do in Hopkinton?

Home buyers should know that Hopkinton remains more competitive- especially in lower price ranges - than some other markets.  Prices are still rising, and homes are still selling.  

Find Your Next Home or Check out the Competition!

What should future home sellers do in Hopkinton?

For home sellers, the market remains strong.  The luxury market is getting crowded - you'll need to be careful with pricing there, a lot of homes are unsuccessful, and DOM market continues to rise, but many homes are still selling quickly.

Hopkinton Homes For Sale and Sold Market Statistics - MLS Data

  • The Hopkinton “Home Seller Index” (HSI): 164 Last Report: 146
  • There are 41 homes currently listed as For Sale by Home Sellers.
  • In Hopkinton there have been 128 houses sold in the last 6 months, and 64 homes sold in the last 3 months.
  • The Average number of Days on Market (DOM) was 52 days for the last 6 months of SOLD homes In Hopkinton.
  • Homes for sale have been looking for buyers for an average of 106 days (the homes currently for sale).
  • The amount that was paid by Home buyers in Dollars per Sq. Ft. averaged 247 (vs. 242 in the last report)
  • Current home sellers are looking for $ 256 /sq foot
  • There was an Average Sold Price of $ 680,095   .
  • Hopkinton, 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!.

Top Reads at Heisler & Mattson Properties

Posted in Hopkinton MA
April 28, 2020

Holliston, MA Home Sales and Real Estate Market Report (April 2020)

 

The Holliston Mass Homes For Sale Market Report and Statistics

April

Holliston shows us *another* price inverted curve, where sellers are asking less than the last sellers got.  As before, this shows the buyers getting pickier about condition, as they demand steeper reductions for properties that need work, while still paying more for homes that don't. 

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

Falling inventories and a rising HSI show a similar pattern here.  Note the transactions are down, which we have also seen. 

What should potential home buyers do in Holliston?

Home buyers should be aware that some properties remain competitive.  But the values are probably in the homes that needs work - if you can get them down on price.  No one is lining up for those.  

Find Your Next Home or Check out the Competition!

What should future home sellers do in Holliston?

Home sellers should recognize that their home needs to be in A condition to get A prices.  Buyers are paying more attention, and that trend is probably here to stay. Right pricing your home is super important in this market. 

Holliston Homes For Sale and Sold Market Statistics - MLS Data

  • The Holliston “Home Seller Index” (HSI): 195 Last Report: 130
  • There are 30 homes currently listed as For Sale by Home Sellers.
  • In Holliston there have been 111 houses sold in the last 6 months, and 76 homes sold in the last 3 months.
  • The Average number of Days on Market (DOM) was 48 days for the last 6 months of SOLD homes In Holliston.
  • Homes for sale have been looking for buyers for an average of 55 days (the homes currently for sale).
  • The amount that was paid by Home buyers in Dollars per Sq. Ft. averaged 241 (vs. 228 in the last report)
  • Current home sellers are looking for $ 238 /sq foot
  • There was an Average Sold Price of $ 559,310 .
  • Holliston, MA, has 3 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!.

Top Reads at Heisler & Mattson Properties

Posted in Holliston, MA
April 27, 2020

Grafton, MA Home Sales and Real Estate Market Report (April 2020)

 

The Grafton Mass Homes For Sale Market Report and Statistics

April

If you're looking for optimism, welcome to Grafton.  The sellers in Grafton on average are asking sky high prices - and many of them are builders.  It looks to me like they are overreaching, probably because the buyers aren't paying attention, but only time will tell if the buyers pay attention and realize they are chasing the market a bit. 

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

Declining inventory sets the stage here for a more positive market trend, but again we see that decline in transactions.  I think the HSI is soft here - too many builders competing for too few buyers.

What should potential home buyers do in Grafton?

Home buyers in the luxury market should drive a hard bargain - there's competition out there, and the builders know it.  They probably aren't panicking yet, but some of them might be willing to deal.  

Find Your Next Home or Check out the Competition!

What should future home sellers do in Grafton?

Home sellers will find a good market to price in, especially existing home sellers.  Make sure you're priced right, but prices are headed up, and you can benefit.

Grafton Homes For Sale and Sold Market Statistics - MLS Data

  • The Grafton “Home Seller Index” (HSI): 259 Last Report: 167
  • There are 22 homes currently listed as For Sale by Home Sellers.
  • In Grafton there have been 122 houses sold in the last 6 months, and 59 homes sold in the last 3 months.
  • The Average number of Days on Market (DOM) was 34 days for the last 6 months of SOLD homes In Grafton .
  • Homes for sale have been looking for buyers for an average of 96 days (the homes currently for sale).
  • The amount that was paid by Home buyers in Dollars per Sq. Ft. averaged 208 (vs. 203 in the last report)
  • Current home sellers are looking for $ 258 /sq foot
  • There was an Average Sold Price of $449,220 .
  • Grafton , 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!.

Top Reads at Heisler & Mattson Properties

Posted in Grafton, MA