Massachusetts Home Buyer Guide

Georgetown, MA Real Estate Market Data

Georgetown, Massachusetts Housing Market Data  
Single-family homes sales, median price and average days on the market.               
Data is for January 1st through September 30th. The decline in sales from 2005 to 2008 is quite dramatic.

                            2005          2006          2007          2008
Median Price        $504,500    $415,000    $433,250    $377,500
No. of Sales          81             54              64              43
DOM                    112           157            156             147

Searching For Foreclosures In Massachusetts

The Boston Sunday Globe on October 26, 2008 published an article discussing the difficulty in finding foreclosure listings.

The article also mentioned the fees some Web sites charge for the listings.

The Globe reporter obviously did not know about MassForeclosed.com, which provides consumers with bank-owned and short-sale listings absolutely free.

Visit MassForeclosed.com

Read The Boston Globe Article

NAR Urges Congress To Pass Housing Stimulas Plan

The National Association of REALTORS® (NAR) has recommended to Congress that it pass a new housing stimulus plan that includes the following priorities:

1. Remove the requirement in the current law that first-time home buyers repay the $7,500 tax credit, and expand the tax credit to apply not only to first-time buyers, but also to all buyers of a primary residence.

2. Revise the FHA, Fannie Mae and Freddie Mac 2008 stimulus loan limit increases to make them permanent. The Economic Stabilization Act, enacted in February, made loan limit increases temporary, and subsequent legislation reduced the loan limits and made them permanent. This has broad implication for home buyers in high cost areas, according to the NAR.

3. Urge the U.S. government to use a portion of the allotted $700 billion that was provided to purchase mortgage-backed securities from banks to provide price stabilization for housing. The Treasury department should be required to use the newly enacted Troubled Assets Relief Program to push banks to:

• Extend credit down to "Main Street," making credit more available to consumers and small businesses;

• Expedite the process for short sales; and

• Expedite the resolution of banks’ real estate owned (REOs) properties.

4. Make permanent the prohibition against banks entering real estate brokerage and management, further protecting consumers and the economy.

Mortgage Applications Surge

After hitting an eight-year low, U.S. mortgage applications surged 16.8 percent compared to the previous week, Reuters reported October 29, 2008.

The Mortgage Bankers Association provided the data.

"The trade group's seasonally adjusted purchase index rose 8.5 percent to 303.1 after falling 10.9 percent the prior week, while its refinancing applications gauge jumped 28.5 percent to 1,489.4 following a 23.5 percent downturn."

Read The Reuters Article

Northeast Home Sales, Prices Decline

Existing-home sales in the Northeast United States declined 1.2 percent from August to September, and the median price declined 5.4 percent compared to September 2007, the National Association of REALTORS® (NAR) reported October 24, 2008.

Northeast sales dropped 7.7 percent compared to September 2007.

Nationally, existing-home sales, including single-family, townhouses, condominiums and co-ops, increased 5.5 percent in September compared to August. Compared to September 2007, U.S. existing home sales rose 1.4 percent in September.

In the West, sales increased 16.8 from August to September. Sales in the Midwest rose 4.4 percent, and 2.2 percent in the South.

Read The NAR Press Release

Massachusetts Home Sales Rise, Median Price Drops

The Massachusetts Association of REALTORS® (MAR) reported October 27, 2008 that single-family home sales were up five percent in September compared to the same time last year.  

The Warren Group, a publisher of real estate data, also reported on October 27, 2008 that the Bay State housing market got a bounce in September, with single-family home sales jumping 8.5 percent compared to a year earlier.

This is the first year-over-year increase in monthly home sales in 2008.

MAR also reported the following:

• Condominium sales were down 6.2 percent in September compared to September 2007.
• The median price for a single-family home in September was $295,000, the first time median prices have dipped below $300,000 since April 2003.
• In the third quarter of 2008, single-family home sales were down 7.9 percent while condominium sales were down 11.5 percent compared to the same quarter last year.
• The median selling price for single-family homes in September was $295,000, a decrease of 13.2 percent compared to $340,000 in September 2007. 

The Warren Group also reported the following:

• Single-family home sales rose to 3,637 in September from 3,352 in September 2007.
• A total of 30,983 homes were sold from January through September, 14.3 percent lower than a year earlier when 36,130 homes were sold.
• The median home price in September sank 15.6 percent to $287,500 from $340,750 a year earlier.  
• The year-to-date median home price fell 10 percent to $315,000 from $350,000.
• Sales of single-family homes in Massachusetts also tumbled in the third quarter to the lowest sales pace for the three-month period since 1991.
• There were 12,476 single-family home sales from July through September, a 6 percent decline from 13,279 during the same months in 2007.
• September condo sales fell 9.6 percent to 1,634 from 1,808 last year.
• The median condo price in September slid 4.7 percent to $265,000 from $278,000.
• Year-to-date the median condo price dipped 1.1 percent to $280,000 from $283,000.

View MAR Q3 2008 Multi Family Data Sheets

Search The Entire MLS For Homes

New Construction Sales Up In U.S., Prices Down

New home sales in the United States increased 2.7 percent in September compared to August and inventories shrank, the result of home builders reducing prices to levels not seen since 2004, Reuters reported October 27, 2008.

The 7.3 percent decline in inventory from August was the largest on record.

"The median sales price of $218,400 was 9.1 percent lower than the year-ago point and the lowest since the $211,600 level reached in September 2004, when the housing market was on the upswing."

Read The Reuters Article

Haverhill, MA Real Estate Market Data

Comparing the first nine months of the year, the median price for a single-family home in Haverhill, Massachusetts declined about 10.75 percent in 2008 compared to 2007, but home buyers taking advantage of bargains gave home sales a boost.

Through September 30, 2008, single-family home sales increased about 2.75 percent compared to the first nine months of 2007. That’s after a 16 percent decline during the same period in 2007 compared to 2006.

The data comes from MLS Property Information Network, Inc., the multiple listing service used by local real estate professionals.

With single-family sales up, Haverhill may have reached or is getting close to a bottom in the real estate market. The economy and unemployment certainly will be factors going forward in the housing market, but more home buyers recently have decided to take advantage of lower prices and attractive mortgage interest rates. Time will tell.

The median price for a single-family house through September 30, 2008 was $270,000, compared to $302,500 for the same period in 2007. In 2005, the median price was $332,000. Home sales increased from 258 to 265 single-family sales. Through the first three quarters, 2006 saw 307 sales and 374 single-family homes sold in 2005.

The market has not been as kind to Haverhill’s condominium owners. Condo sales through the first three quarters are down 31 percent, and the median price has declined about 20.5 percent. Comparing the first nine months of 2005 to 2008, condominium sales have declined 54 percent.

It is taking homeowners longer to sell their homes. Looking at the first nine months of the year, the average number of days to sell a single-family home increased 16 percent, from 125 days in 2007 to 145 days this year.

The average number of days on the market for condos increased from 158 to 215, a 36 percent increase. Compared to an average of 68 days to sell a condo in Haverhill in 2005, the average number of days has increased more than 300 percent.

Despite the average days on the market, homes priced to sell are selling quickly. There are a lot of buyers that have been on the sidelines for a couple of years waiting to take advantage of a good deal. It’s not unusual to see some homes sell in far less than the average number of days.

The number of single-family and condominium homes on the market has decreased. On October 22, 2007 there were 294 single-family homes on the market in Haverhill compared to 217 on October 22, 2008. The number of condos for sale has dropped from 340 to 193 using the same dates. A decline in inventory will be a precursor to the housing market in Haverhill turning around. 

Visit BuyHaverhill.com for the latest home listings in Haverhill, Massachusetts.

Foreclosure News And Listings At MassForeclosed.com

Massachusetts foreclosure deeds have soared through the first three quarters of 2008.

Find the latest Massachusetts foreclosure news and get the latest foreclosure listings free at MassForeclosed.com.

Despite Rise In Rates, Mortgage Applications Increase

Despite a recent spike in mortgage interest rates, U.S. mortgage applications rose 5.1 percent compared to the previous week, United Press International  (UPI) reported October 15, 2008.

Read The UPI Article

Pending Home Sales Rise In August

Pending home sales in the U.S. for previously owned homes rose 7.4 percent in August, MarketWatch.com reported October 8, 2008.

The data comes from the National Association of REALTORS® (NAR). Pending sales rose 8.4 percent in the Northeast.

Read The MarketWatch.com Article

Read The NAR Press Release

Home Heating Oil Relief

The dire predictions of $5 a gallon home heating oil turned out to be incorrect. Thank goodness!

When the price of oil reached nearly $150 per barrel in July, the so-called experts predicted home heating oil would reach $5 per gallon or more.

Today, the price of a barrel of oil dropped to below $75, the lowest price in nearly 14 months.

Of course, the reason for the decline is a weakening economy.

Let's hope the dire predictions for a deep recession also are incorrect.

Video Tour Of Buyers Brokers Only, LLC

We purchased an office condo in Historic Downtown Haverhill and moved into our new office in August 2008.

I wrote a post about Buyers Brokers Only, LLC's new office on August 18, 2008.

Here's a short video tour. I used the Flip Video Ultra Camcorder and edited the video using Windows Movie Maker.

Historical Look At Mortgage Interest Rates

 Monthly Average Commitment Rate And Points 

On 30-Year Fixed-Rate Mortgages Since 1971

How would you like to buy a house in October 1981? Check out the average interest rate.

	2008		2007		2006		2005		2004
	Rate	Pts	Rate	Pts	Rate	Pts	Rate	Pts	Rate	Pts
January	5.76	0.4	6.22	0.4	6.15	0.5	5.71	0.7	5.71	0.7
February	5.92	0.5	6.29	0.4	6.25	0.6	5.63	0.7	5.64	0.7
March	5.97	0.5	6.16	0.4	6.32	0.6	5.93	0.7	5.45	0.7
April	5.92	0.4	6.18	0.5	6.51	0.6	5.86	0.6	5.83	0.7
May	6.04	0.5	6.26	0.4	6.60	0.5	5.72	0.6	6.27	0.7
June	6.32	0.7	6.66	0.4	6.68	0.5	5.58	0.6	6.29	0.6
July	6.43	0.6	6.70	0.4	6.76	0.5	5.70	0.5	6.06	0.6
August	6.48	0.7	6.57	0.4	6.52	0.4	5.82	0.5	5.87	0.7
September	6.04	0.7	6.38	0.5	6.40	0.5	5.77	0.6	5.75	0.7
October			6.38	0.5	6.36	0.4	6.07	0.5	5.72	0.7
November			6.21	0.4	6.24	0.5	6.33	0.6	5.73	0.6
December			6.10	0.5	6.14	0.4	6.27	0.5	5.75	0.6
Annual Average			6.34	0.4	6.41	0.5	5.87	0.6	5.84	0.7

 

	2003		2002		2001		2000		1999
	Rate	Pts	Rate	Pts	Rate	Pts	Rate	Pts	Rate	Pts
January	5.92	0.6	7.00	0.8	7.03	0.9	8.21	1.0	6.79	0.9
February	5.84	0.6	6.89	0.7	7.05	1.0	8.33	1.0	6.81	1.0
March	5.75	0.6	7.01	0.7	6.95	0.9	8.24	1.0	7.04	0.9
April	5.81	0.6	6.99	0.7	7.08	0.9	8.15	1.0	6.92	1.0
May	5.48	0.6	6.81	0.7	7.15	1.0	8.52	1.0	7.15	1.0
June	5.23	0.6	6.65	0.6	7.16	1.0	8.29	0.9	7.55	1.0
July	5.63	0.5	6.49	0.6	7.13	0.9	8.15	0.9	7.63	1.0
August	6.26	0.7	6.29	0.6	6.95	0.9	8.03	1.0	7.94	1.0
September	6.15	0.6	6.09	0.6	6.82	0.9	7.91	1.0	7.82	1.0
October	5.95	0.6	6.11	0.6	6.62	0.9	7.80	1.0	7.85	1.0
November	5.93	0.6	6.07	0.6	6.66	0.8	7.75	0.9	7.74	1.0
December	5.88	0.7	6.05	0.6	7.07	0.8	7.38	1.0	7.91	1.0
Annual Average	5.83	0.6	6.54	0.6	6.97	0.9	8.05	1.0	7.44	1.0

 

	1998		1997		1996		1995		1994
	Rate	Pts	Rate	Pts	Rate	Pts	Rate	Pts	Rate	Pts
January	6.99	1.4	7.82	1.8	7.03	1.8	9.15	1.8	7.07	1.7
February	7.04	1.2	7.65	1.7	7.08	1.7	8.83	1.9	7.15	1.8
March	7.13	1.2	7.90	1.8	7.62	1.8	8.46	1.8	7.68	1.7
April	7.14	1.0	8.14	1.7	7.93	1.8	8.32	1.9	8.32	1.8
May	7.14	1.1	7.94	1.7	8.07	1.7	7.96	1.8	8.60	1.8
June	7.00	1.0	7.69	1.7	8.32	1.7	7.57	1.8	8.40	1.8
July	6.95	1.1	7.50	1.8	8.25	1.8	7.61	1.8	8.61	1.8
August	6.92	1.1	7.48	1.7	8.00	1.7	7.86	1.8	8.51	1.8
September	6.72	1.0	7.43	1.7	8.23	1.7	7.64	1.8	8.64	1.8
October	6.71	0.9	7.29	1.7	7.92	1.7	7.48	1.9	8.93	1.8
November	6.87	0.9	7.21	1.7	7.62	1.8	7.38	1.8	9.17	1.8
December	6.74	1.0	7.10	1.8	7.60	1.7	7.20	1.8	9.20	1.8
Annual Average	6.94	1.1	7.6	1.7	7.81	1.7	7.93	1.8	8.38	1.8

 

	1993		1992		1991		1990		1989
	Rate	Pts	Rate	Pts	Rate	Pts	Rate	Pts	Rate	Pts
January	7.99	1.6	8.43	1.8	9.64	2.1	9.90	2.1	10.73	2.1
February	7.68	1.5	8.76	1.8	9.37	2.0	10.20	2.1	10.65	2.2
March	7.50	1.6	8.94	1.9	9.50	2.1	10.27	2.1	11.03	2.2
April	7.46	1.7	8.85	1.7	9.50	2.0	10.37	2.1	11.05	2.2
May	7.47	1.8	8.67	1.7	9.47	2.0	10.48	2.0	10.77	2.1
June	7.42	1.6	8.51	1.7	9.62	2.1	10.16	2.0	10.20	2.1
July	7.21	1.6	8.13	1.6	9.58	2.0	10.04	2.0	9.88	2.1
August	7.11	1.5	7.98	1.7	9.24	1.9	10.10	2.0	9.99	2.1
September	6.91	1.5	7.92	1.7	9.01	1.9	10.18	2.1	10.13	2.0
October	6.83	1.5	8.09	1.8	8.86	1.9	10.17	2.2	9.95	2.0
November	7.16	1.6	8.31	1.9	8.71	1.8	10.01	2.1	9.77	2.0
December	7.17	1.7	8.21	1.6	8.50	1.8	9.67	1.9	9.74	2.0
Annual Average	7.31	1.6	8.39	1.7	9.25	2.0	10.13	2.1	10.32	2.1

 

	1988		1987		1986		1985		1984
	Rate	Pts	Rate	Pts	Rate	Pts	Rate	Pts	Rate	Pts
January	10.38	2.0	9.20	2.2	10.89	2.3	13.08	2.5	13.37	2.3
February	9.89	2.1	9.08	2.1	10.71	2.3	12.92	2.4	13.23	2.4
March	9.93	2.0	9.04	2.1	10.08	2.3	13.17	2.6	13.39	2.4
April	10.20	2.1	9.83	2.3	9.94	2.2	13.20	2.6	13.65	2.4
May	10.46	2.1	10.60	2.3	10.15	2.3	12.91	2.5	13.94	2.5
June	10.46	2.0	10.54	2.2	10.69	2.3	12.22	2.5	14.42	2.5
July	10.43	2.0	10.28	2.2	10.51	2.2	12.03	2.5	14.67	2.6
August	10.60	2.2	10.33	2.1	10.20	2.1	12.19	2.6	14.47	2.6
September	10.48	2.1	10.89	2.2	10.01	2.2	12.19	2.6	14.35	2.6
October	10.30	1.9	11.26	2.2	9.98	2.1	12.14	2.5	14.13	2.6
November	10.27	2.1	10.65	2.1	9.70	2.0	11.78	2.4	13.64	2.5
December	10.61	2.1	10.64	2.1	9.32	2.1	11.26	2.3	13.18	2.5
Annual Average	10.34	2.1	10.21	2.2	10.19	2.2	12.43	2.5	13.88	2.5

 

	1983		1982		1981		1980		1979
	Rate	Pts	Rate	Pts	Rate	Pts	Rate	Pts	Rate	Pts
January	13.25	2.2	17.48	2.2	14.90	2.0	12.88	1.6	10.39	1.5
February	13.04	2.0	17.60	2.2	15.13	2.0	13.04	1.6	10.41	1.5
March	12.80	2.2	17.16	2.2	15.40	2.0	15.28	2.0	10.43	1.5
April	12.78	2.1	16.89	2.3	15.58	2.0	16.32	1.9	10.50	1.5
May	12.63	2.1	16.68	2.3	16.40	2.1	14.26	1.9	10.69	1.6
June	12.87	2.1	16.70	2.2	16.70	2.1	12.71	1.8	11.04	1.6
July	13.43	2.2	16.82	2.2	16.83	2.1	12.19	1.8	11.09	1.7
August	13.81	2.2	16.27	2.3	17.28	2.1	12.56	1.7	11.09	1.7
September	13.73	2.2	15.43	2.3	18.16	2.1	13.20	1.7	11.30	1.6
October	13.54	2.1	14.61	2.2	18.45	2.3	13.79	1.7	11.64	1.7
November	13.44	2.1	13.82	2.2	17.82	2.1	14.21	1.7	12.83	1.7
December	13.42	2.2	13.62	2.2	16.95	2.1	14.79	1.7	12.90	1.6
Annual Average	13.24	2.1	16.04	2.2	16.63	2.1	13.74	1.8	11.20	1.6

 

	1978		1977		1976		1975		1974
	Rate	Pts	Rate	Pts	Rate	Pts	Rate	Pts	Rate	Pts
January	9.01	1.3	8.72	1.1	9.02	1.1	9.43	1.2	8.54	1.0
February	9.14	1.3	8.67	1.1	8.81	1.0	9.10	1.2	8.46	1.0
March	9.20	1.3	8.69	1.2	8.76	1.3	8.89	1.1	8.41	1.0
April	9.35	1.3	8.75	1.1	8.73	1.3	8.82	1.0	8.58	1.0
May	9.57	1.3	8.83	1.1	8.76	1.3	8.91	1.1	8.97	1.1
June	9.71	1.4	8.86	1.1	8.85	1.3	8.89	1.0	9.09	1.2
July	9.74	1.4	8.94	1.1	8.93	1.2	8.89	1.1	9.28	1.3
August	9.78	1.3	8.94	1.1	9.00	1.2	8.94	1.1	9.59	1.3
September	9.76	1.3	8.90	1.1	8.98	1.2	9.12	1.1	9.96	1.4
October	9.86	1.2	8.92	1.2	8.92	1.2	9.22	1.1	9.98	1.5
November	10.11	1.2	8.92	1.1	8.81	1.3	9.15	1.1	9.79	1.4
December	10.35	1.4	8.96	1.2	8.79	1.2	9.10	1.1	9.62	1.3
Annual Average	9.64	1.3	8.85	1.1	8.87	1.2	9.05	1.1	9.19	1.2

 

	1973		1972		1971
	Rate	Pts	Rate	Pts	Rate	Pts
January	7.44	0.9	7.44	1.0	na	na
February	7.44	1.0	7.32	0.9	na	na
March	7.46	0.9	7.29	0.9	na	na
April	7.54	0.9	7.29	0.9	7.31	na
May	7.65	0.9	7.37	0.9	7.43	na
June	7.73	0.9	7.37	0.9	7.53	na
July	8.05	1.0	7.40	0.9	7.60	na
August	8.50	1.0	7.40	0.9	7.70	na
September	8.82	1.1	7.42	1.0	7.69	na
October	8.77	1.1	7.42	1.0	7.63	na
November	8.58	1.0	7.43	1.0	7.55	na
December	8.54	1.0	7.44	1.0	7.48	na
Annual Average	8.04	1.0	7.38	0.9	na	na

 

Mortgage Interest Rates Spike This Week

I just got off the telephone with a mortgage professional I respect and trust, and he tells me the news on the home loan front is not pretty.

Mortgage interest rates have spiked over the past few days.

Consumers that could have locked in their rate last week at around 6.25 percent for a 30-year fixed rate loan (or paid a point and locked in for less than 6 percent) are now looking at a 30-year, fixed-rate interest rate of 7.25 percent.

Some of these consumers who decided to "wait and see" whether rates would go lower now may not even qualify for a loan.

I'll keep you posted.