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Nov. 12, 2018

Looking for the Top - Rental Data and What it Tells Us Today

Why Look at Rental Market Data?

Most people who look at the real estate market know that prices have been going up for some time, (8-9 years approximately), and that sooner or later, there will be a pull back.  While I expect that the pull back will be relatively modest, that doesn't mean it'll be fun.  It will be painful- they all are - but probably not as bad as the last one by a long shot, as there are fewer "bad products" in the mortgage market, and credit is not easy in this environment. 

Still though, when might we see a top?  A lot of the hallmarks of any real estate pull back or recovery can be seen by looking at rental data.  When rents fall, there is less pressure on tenants to move into homes for price security.  That takes a lot of buyers out of the market, and has large ripple effects through the Purchase market.  

Rental Market Data

OK, so let's look at some numbers and see what they say.

Rentals in Framingham, Marlborough, Natick and Hopkinton

  • Currently active: 82
  • Past 6 months: 318
  • Rental rate: $1.07 (This is what tenants pay for space, in terms of $ per month per square foot).
  • Rental time: 28 days

 

Let's see what it looked like last year. at this time

  • Past 6 months: 278
  • Rental rate: .97
  • rental time:26

This show rents are up about 10%, and there were more rentals than last year, but not by a huge chunk.  If I look at the last 3 months, I see rents are down from the spring peak, a little closer to $1 a square foot, but the time to rental is about the same.  

Summary

These numbers are worth watching going forward, but right now, they don't show any impending weakness.  Perhaps a stabling market, but we'll need to see where prices go next spring to be sure. 

Nov. 12, 2018

Real Estate Sales for Shrewsbury, MA - Home Sales and Real Estate Market Report (2018)

 

November

The Shrewsbury Homes For Sale Market Report

Well, it's been a while, but I'm going to start doing the reports again, as the market seems to be making some moves.  You wouldn't know it from this chart though.  Sure, we see a little uptick in the actives- but nothing crazy.   Sales are down though, and that has begun to soften the HSI, which dropped sharply in the spring, but remains close to 200. 

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

In a Similar fashion, we see home sellers remain as optimitic as ever, and buyers are  - so far - chasing them.  It remains to be see how long that continues though.  There have been a lot of price changes, and I think eventually we're going to need to see sellers pricing closer to where the market is at. 

What should potential home buyers do in Shrewsbury ?

Well, there are some options out there - and some motivated sellers.  You can be pickier than you have been in some time.  And, oftentimes, you can pay less - or basically not see too many bid wars.  There really haven't been intense wars this spring in Shrewsbury, except on a few houses.  There will be less of that, if inventories keep builigng, and transaction volume keeps falling.  

Find Your Next Home or Check out the Competition!

What should future home sellers do in Shrewsbury ?

Shrewsbury Homes For Sale and Sold Market Statistics - MLS Data

  • The Shrewsbury “Home Seller Index” (HSI): 194 Last Report: 135
  • There are 98 homes actively listed as For Sale for Home Buyers.
  • In Shrewsbury there have been 240 houses sold in the last 6 months, and 94 homes sold in the last 3 months.
  • The Average number of Days on Market was 26 days for recently SOLD homes In Shrewsbury .
  • Homes for sale have been sitting for an average of 80 days homes For Sale (currently for sale).
  • The amount that was paid by Home buyers in Dollars per Sq. Ft. averaged $225 (vs. $220 in the last report)
  • Current home sellers are looking for $ 241 /sq foot
  • There was an Average Sold Price of $507,937 .
  • 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!.

Other Posts You May Enjoy by Matt the Realtor

Posted in Shrewsbury MA
Jan. 19, 2018

Real Estate Sales for Northbridge, MA - Home Sales and Real Estate Market Report (2018)

January

The Northbridge Homes For Sale Market Report

The market in Northbridge is really having a moment!  After having quite a bit of new construction overhang, things have really thinned out, and prices are moving smartly. This was all predicted here on the blog!  But it's nice to see it come to fruition.  Prices are probably going to keep moving for a bit, until the inventory comes back.

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

Again, in the chart below, we see the record low number of homes for sale in Northbridge.

What should potential home buyers do in Northbridge ?

Home buyers have missed their big window, but there's still time to get some relatively good deals.  Prices are in catch up mode, and will keep trucking higher.  Be early this year!

Find Your Next Home or Check out the Competition!

What should future home sellers do in Northbridge ?

Home sellers will see strong activity across all segments.  Well priced homes are moving quickly, often in the first week or 2.  Finding the next one is the trick!

Northbridge Homes For Sale and Sold Market Statistics - MLS Data

    • The Northbridge “Home Seller Index” (HSI): 272 Last Report:227
    • There are 21 homes actively listed as For Sale for Home Buyers.
    • In Northbridge there have been 112 houses sold in the last 6 months, and 52 homes sold in the last 3 months.
    • The Average number of Days on Market was 27 days for recently SOLD homes In Northbridge.
    • Homes for sale have been sitting for an average of 102 days homes For Sale (currently for sale).
    • The amount that was paid by Home buyers in Dollars per Sq. Ft. averaged 178 (vs.166 in the last report)
    • Current home sellers are looking for $ 188 /sq foot
    • There was an Average Sold Price of 
  • $335,536 .
  • Northbridge , MA, has 2 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!.

Other Posts You May Enjoy by Matt the Realtor

Posted in Northbridge MA
Jan. 16, 2018

Real Estate Sales for Northborough, MA - Home Sales and Real Estate Market Report (2018)

January

The Northborough Homes For Sale Market Report

Northborough prices are headed up, but they haven't really spiked.  With prices pad still under $225, you're dollar is going further in Northborough.  Inventory remains tight - and sellers are remaining optimistic about the future, with some of the most aggressive asking prices yet.

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

What should potential home buyers do in Northborough ?

Well they should be super careful right now - much of the market is overpriced.  But if the new seasons inventory comes on, and it's priced right, be aggressive and go get it!

Find Your Next Home or Check out the Competition!

What should future home sellers do in Northborough ?

When the market has a big pricing gap like this - sellers asking too much in advance of where buyers are - it's a good strategy to pick a reach price that looks lower than your competitors.  You'll still get a premium, and sell quick as a cherry on top.

Northborough Homes For Sale and Sold Market Statistics - MLS Data

    • The Northborough “Home Seller Index” (HSI): 211 Last Report:202
    • There are 28 homes actively listed as For Sale for Home Buyers.
    • In Northborough there have been 109 houses sold in the last 6 months, and 63 homes sold in the last 3 months.
    • The Average number of Days on Market was 36 days for recently SOLD homes In Northborough.
    • Homes for sale have been sitting for an average of 127 days homes For Sale (currently for sale).
    • The amount that was paid by Home buyers in Dollars per Sq. Ft. averaged 218 (vs. 212 in the last report)
    • Current home sellers are looking for $249 /sq foot
    • There was an Average Sold Price of $ 
  • 477,820 .
  • Northborough , MA, has 3 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!.

Other Posts You May Enjoy by Matt the Realtor

Posted in Northborough, MA
Jan. 14, 2018

Real Estate Sales for Natick, MA - Home Sales and Real Estate Market Report (2018)

January

The Natick Homes For Sale Market Report

OK, so Natick in this cycle has been a good pre-cursor of what is to come for other towns.  Let's take a look at the price action to see what we can see. 

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

UH.  Wait a minute.  The prices paid in the last six months are much - much - higher than the prices being asked for by the homes on the market.  That is not supposed to happen when things are good.  Hmmm.  Let's take a look at the detail chart.
Anything stand out to you?  Look at the decline in transactions.  There were 300 transactions over a six month period in 2013.  That was the really crazy market in Natick.  But that number has been rotating downward, and is now under 200 - a 30% drop.  That is a big drop.  And more fuel to the fire: The homes on the market have been sitting around, even though they are priced at a discount to the market.  The average market time is 112 days, and that's at the top end of this number that we've seen since 2012. 
So let's speculate.  There aren't any properties on the market - about the same as we've seen for a year or so.  So sellers are finding buyers - but there are a lot fewer sellers.  The market is still good in Natick, but the lower prices on existing inventory means that a lot of homes aren't finding buyers who are chasing prices.  It looks like pricing is getting more rational in Natick.  At 313 dollars a square foot, Natick is very expensive to many of its neighbors - and buyers are noticing, and being more careful.

What should potential home buyers do in Natick ?

Well, be careful!  This kinda looks like a market top.  If the inventory builds this spring - and the buyers don't snap it up - prices aren't going anywhere.  That will be very good for buyers!  Watch the transaction volume closely going forward.  It's not deal central, but it's very interesting right now.  Very interesting.

 

Find Your Next Home or Check out the Competition!

What should future home sellers do in Natick ?

Um, don't assume your home will fly off the market at these valuations.  If your home needs work, fix it before selling.  Buyers are driving hard bargains for properties that need work.

Natick Homes For Sale and Sold Market Statistics - MLS Data

    • The Natick “Home Seller Index” (HSI): 268 Last Report:255
    • There are 32 homes actively listed as For Sale for Home Buyers.
    • In Natick there have been 172 houses sold in the last 6 months, and 88 homes sold in the last 3 months.
    • The Average number of Days on Market was 29 days for recently SOLD homes In Natick.
    • Homes for sale have been sitting for an average of 112 days homes For Sale (currently for sale).
    • The amount that was paid by Home buyers in Dollars per Sq. Ft. averaged 313 (vs. 293 in the last report)
    • Current home sellers are looking for $290 /sq foot
    • There was an Average Sold Price of 
  • $663,785.
  • 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!.

Other Posts You May Enjoy by Matt the Realtor

Posted in Natick, MA
Jan. 12, 2018

Real Estate Sales for Millis, MA - Home Sales and Real Estate Market Report (2018)

January

The Millis Homes For Sale Market Report

Well, it took some time, but the Millis sellers have gotten their houses in order, and moved prices a lot closer to the trend line.  Buyers have been moving up, but they were never going to to jump the way the sellers did.  

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

It's sort of surprising, however, that Millis isn't doing even better.  I think prices could move sharply higher this year - Millis is lagging a bit, and is a good value here.  

What should potential home buyers do in Millis ?

Jump on stuff early.  I think prices could go on a run this spring, making late spring far more expensive.  Millis is a great town to shop early too, often overlooked in the early spring.

Find Your Next Home or Check out the Competition!

What should future home sellers do in Millis ?

Home sellers are doing well, but to stand out, make sure your home has all the little things done.  Want a list?  I can help!

Millis Homes For Sale and Sold Market Statistics - MLS Data

    • The Millis “Home Seller Index” (HSI): 337 Last Report:227
    • There are 9 homes actively listed as For Sale for Home Buyers.
    • In Millis there have been 76 houses sold in the last 6 months, and 43 homes sold in the last 3 months.
    • The Average number of Days on Market was 37 days for recently SOLD homes In Millis.
    • Homes for sale have been sitting for an average of 76 days homes For Sale (currently for sale).
    • The amount that was paid by Home buyers in Dollars per Sq. Ft. averaged 220 (vs.219 in the last report)
    • Current home sellers are looking for $ 232 /sq foot
    • There was an Average Sold Price of 
  • $509,698 .
  • Millis , 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!.

Other Posts You May Enjoy by Matt the Realtor

Posted in Millis, MA
Jan. 10, 2018

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

 

January

The Milford Homes For Sale Market Report

Milford is a often a laggard, but we're in the part of the cycle where the laggards play catch up.  Whoosh, there goes Milford. Prices are up sharply, and there's nothing for sale, showing the trend has legs.

 

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

Very hard to shoot any holes in the data.  Yes, seasonally it's a low time for property.  But everything is green in Milford.

What should potential home buyers do in Milford ?

It will be hard to comparison shop.  Do your homework, and know the levels that your homes sell at.  It's easy to overpay in a market this tight.

 

Find Your Next Home or Check out the Competition!

What should future home sellers do in Milford ?

Home sellers should get their home ready.  Things are great, but we are in the later stages - at some point, inventory will return.  Prices won't go straight up forever. 

Milford Homes For Sale and Sold Market Statistics - MLS Data

    • The Milford “Home Seller Index” (HSI): 391 Last Report:334
    • There are 21 homes actively listed as For Sale for Home Buyers.
    • In Milford there have been 198 houses sold in the last 6 months, and 112 homes sold in the last 3 months.
    • The Average number of Days on Market was 27 days for recently SOLD homes In Milford.
    • Homes for sale have been sitting for an average of 106 days homes For Sale (currently for sale).
    • The amount that was paid by Home buyers in Dollars per Sq. Ft. averaged 182 (vs.170 in the last report)
    • Current home sellers are looking for $ 190 /sq foot
    • There was an Average Sold Price of 
  • $341,001 .
  • Milford , 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!.

Other Posts You May Enjoy by Matt the Realtor

Posted in Milford, MA
Dec. 29, 2017

Best Way to Use This Website

Best Way to Use This Property Search Website

Hello!  Thanks for checking out property on the Heisler & Mattson Properties website.  Here are some great tips for getting the most out of your property search. 

 

The most frequently used feature is a town and price search.  Go to the advance search area:

http://www.heislerandmattson.com/search/advanced_search/

and select your town and price range.  Then hit search! When you do, you'll see this.....

 

If you like the search, make sure you SAVE the search (follow the red arrow above), and it will save to your profile.  You're done!  

 

If you want to add different price ranges and different towns, you can repeat the process.  You can have multiple searches attached to your profile.

 

 

Dec. 28, 2017

Should You Pre-Pay Your 2018 Property Taxes To Save Money Under the New Tax Laws?

Should you Pre-pay Your 2018 Property Taxes to Save Money

As most people have heard, there are big tax changes coming in 2018.  Here's a brief overview of the changes that affect property taxes.  Be advised, I'm not a licensed accountant, or tax advisor, and everyone's tax situation is different.  However, I am getting questions on this, so I'm writing the post. 

There's a "Cap" on property taxes that you can deduct off your income, and it's 10,000.  

In years past, you could deduct your property taxes off your income.  So if you earned 100,000, and paid property taxes of 12,000, the IRS would consider your income to be just 88,000, and tax you on that.   Being taxed by the Federal Government on a lower number is generally better.  Property taxes in Massachusetts are relatively high, and as such this was a very important deduction for many people.  Under the new law, the IRS will only allow you to deduct the first 10,000 in property taxes, so in our example the IRS will now consider your income to be 90,000, so you'll have to pay taxes on another $2000 of income.  (Not $2000 more in taxes, but your income goes up). If your tax bracket is 25%, then you'll owe another $500 in taxes based on these variables. 

What Some are Doing

If you have property taxes over 10,000 per year, you could, theoretically, pay 2018 taxes in year 2017 (that's right now!), and claim the full deduction this year.  In our example above, you could pre-pay $2000, and then you won't exceed the 10K cap next year.  So you'll get the full $2000 credit this year.

Is this Legal?

Ah, well, nobody knows that yet.  There are problems with it.  Recently, the IRS has said that you can only pre-pay your taxes IF they have been assessed already.  Most towns in Massachusetts don't assess you for the full year in 2017, so clearly there are going to be limiting factors here. If you want to find out out how much of your 2018 property tax bill is already assessed, and if you can pre-pay it, you'll need to call your town assessor. It is likely that their could be challenges to the law also, since the people that will be affected have deep pockets, and they tend to take stuff like this to court. Bottom line, I don't think anyone knows how legal or illegal things are at this point.  You should be aware that pre-paying doesn't prevent the IRS or Congress from creating new rules or laws that make your actions fruitless.

Should You Do This?

Again, this is not official tax advice, but generally:

1) If your property taxes are under 10,000 per year, there is likely no benefit to pre-paying your taxes, based on what we know today.  You'll still get your full deduction next year.  Pre-paying has an economic cost to it, so generally it would be unhelpful.

2) If your property taxes are significantly over 10,000, you should call your tax advisor and the town assessor and see what your options are.  It may make sense, but how much it saves you will depend on how much of your 2018 taxes are already assessed in 2017.   

Dec. 12, 2017

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

 

December

The Medfield Homes For Sale Market Report

Like a number of early moving, more expensive towns, Medfield is  - well - less exciting than some of the developments that we're seeing further West.  Once affordability becomes an issue, people move West.  What this price chart shows is that prices around $275 a square foot really start limiting how much further you can go up.  Sure, Medfield has climbed, but it's only up about 9% in 3 years - just 3% appreciation.  

 

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

That doesn't mean things are gloomy.  Like everywhere else, home inventories are thin, even at the high prices that Medfield is getting.  The HSI is very high, and things are still great for sellers.  Sellers are showing more patience to get those prices too - current actives are averaging 116 days on market, which is really high for this market. 

 

What should potential home buyers do in Medfield?

Home buyers should make sure what they want is possible in Medfield.  There's not much to buy, or research, so don't spend 12 months looking for a unicorn house - a mythical combination of size, price, and condition.  

Find Your Next Home or Check out the Competition!

What should future home sellers do in Medfield?

Clean it up, get it staged, and fix the things that need fixing.  Yes, contractors are expensive, but at $275 a square foot, your house needs to show well, and you'll get that money back in spades. 

MedfieldHomes For Sale and Sold Market Statistics - MLS Data

  • The Medfield “Home Seller Index” (HSI):228 Last Report:199
  • There are 24 homes actively listed as For Sale for Home Buyers.
  • In Medfield there have been 123 houses sold in the last 6 months, and 61 homes sold in the last 3 months.
  • The Average number of Days on Market was 45 days for recently SOLD homes In Medfield.
  • Homes for sale have been sitting for an average of 116 days homes For Sale (currently for sale).
  • The amount that was paid by Home buyers in Dollars per Sq. Ft. averaged 285 (vs. 281 in the last report)
  • Current home sellers are looking for $ 312 /sq foot
  • There was an Average Sold Price of $770,258 .
  • Medfield, 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!.

Other Posts You May Enjoy by Matt the Realtor

Posted in Medfield, MA