Massachusetts Home Buyer Guide

Stuart Slawsby Joins Buyers Brokers Only, LLC

Attorney Stuart W. Slawsby recently joined Buyers Brokers Only, LLC.

Stuart is an exclusive buyer agent, with an office located in Hingham, MA. He helps home buyers purchase homes in Hingham, MA; Scituate, MA; Cohasset, MA; Hull, MA; Rockland, MA; Duxbury, and the surrounding communities.

Stuart is a licensed Real Estate Broker in Massachusetts, and he is an exclusive buyer agent that assists buyers in purchasing both residential and commercial property in the greater South Shore area. Stuart was admitted to the Massachusetts Bar in 1998.

Stuart is a licensed real estate broker in Massachusetts, a member of the Massachusetts Association of REALTORS®, Greater Boston Real Estate Board and the National Association of REALTORS®. He also is a member of the National Association of Exclusive Buyer Agents.

Stuart can be reached using email or by calling his mobile (617.335.9929). You also can fill out a form on his Web page to receive the latest home listings on the South Shore by email.

A graduate of Cornell University in 1981 in Business, Stuart then went on to receive his Juris Doctor from the University of San Francisco in 1985, and he received his admission to the Pennsylvania Bar in 1986.

Stuart has worked in the food industry negotiating contracts and million dollar supermarket acquisitions. Stuart also has experience with building, health inspectors, and other city and government agencies over the years. He is a member of the Massachusetts Grocers Association and a lifetime member of Alpha Epsilon Pi Fraternity. Stuart lives with his wife, son, and a golden retriever in Hingham, and he is active in the Boy Scouts of America and volunteers for local houses of worship.

Chelmsford, MA Home Sales Up, Prices Down Q1

Sales of single-family homes in Chelmsford, Massachusetts were up 31.25 percent last quarter compared to the first quarter of 2008.  Forty-two single-family properties sold in Q1 2009, the same number sold during the first three months of 2006.  The number of sales this past quarter was 10.64 percent lower than Q1 2007.

Last quarter, Chelmsford, MA single-family homes had a median price of $329,950.  Compared to the first quarter of 2008, the median price is 6.91 percent lower this year.  In the two preceding years, the Q1 median prices for single-family homes in Chelmsford were also above this year’s figure.

During the first quarter of this year, single-family homes in Chelmsford averaged 126 days on the market.  Compared to 179 days in Q1 2008, the average last quarter was 29.61 percent lower.  Chelmsford single-family properties averaged 156 days on the market during the first quarter of 2007 and 116 days during Q1 2006.

The data comes from MLS Property Information Network, Inc.

Chelmsford, MA Real Estate Market Data

                 Median Price    Number of Sales    Days on the Market

Q1 2006:        $382,500                     42                                 116  
Q1 2007:        $345,000                     47                                 156 
Q1 2008:        $354,450                     32                                 179 
Q1 2009:        $329,950                     42                                 126

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Danvers, MA Home Sales, Median Price Decline Q1

During the first quarter of 2009, single-family home sales in Danvers, Massachusetts declined by 18.52 percent compared to the same period in 2008.  Twenty-two homes sold in Q1 2009 compared with 27 single-family sales during Q1 2008.  In the first quarters of 2006 and 2007, the numbers for single-family homes sold in Danvers, MA were 29 and 28, respectively.

The median price for a single-family home in Danvers declined 5.19 percent during the first three months of this year compared to the corresponding period in 2008.  Last quarter the median price was $331,750, which represented a 17.53 percent decrease from Q1 2007, when the median price was $402,250.

Over the past 4 years, first quarter numbers for average days on the market have gone up and down.  This year, single-family homes in Danvers averaged 131 days on the market.  While during Q1 2009 homes were on the market an average of 16 percent fewer days than in Q1 2008 and 32.8 percent fewer than in Q1 2007, they were on the market an average of 8.4 percent longer than in 2006.

The data comes from MLS Property Information Network, Inc.

Danvers, MA Real Estate Market Data

                   Median Price    Number of Sales    Days on the Market
Q1 2006:        $395,000                     29                           120  
Q1 2007:        $402,250                     28                           195
Q1 2008:        $349,900                     27                           156
Q1 2009:        $331,750                     22                           131

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What Does The Future Hold For Homes?

A RISMedia article about the evolving real estate marketplace and the future of homes is quite interesting. The article discusses some unique communities around the United States.

Read The RISMedia Article

U.S. Mortgage Interest Rates Increase Slightly

The average interest rate for a 30-year, fixed-rate mortgage loan increased slightly from 4.84 percent to 4.86 percent, United Press International (UPI) reported May 14, 2009.

A year ago, the same loan averaged 6.01 percent.

Read the UPI Article

Get A Free Quote On A Purchase or Refinance Loan

Overall U.S. Mortgage Applications Decline; Purchase Applications Increase

Although overall U.S. mortgage applications declined 8.6 percent compared to the previous week, purchase applications increased slightly, CNN Money reported May 13, 2009. 

Refinance applications declined 11.2 percent, and purchase applications increased .05 percent.

The Mortgage Bankers Association provided the data. 

Read The CNN Money Article

Home Improvement Expenditures

The following are a few bits of information about home improvement spending.

• Prior to making a home purchase, buyers often plan to make various home improvements once the purchase is completed.
• The typical buyer spent $4,350 on home improvement projects within the first three months of their home purchase.
• Repeat buyers typically spend more than first-time home buyers ($5,330 compared to $3,070).
• Twenty-eight percent of first-time buyers spent less than $1,000 on home improvement projects.
• Buyers who purchased new homes typically spend slightly more than those who purchased previously owned homes.
• Home buyers who plan to stay in their home for one year or less spent the most money on home improvement projects within the first three months ($5,830).

Source: National Association of REALTORS®

U.S. Pending Home Sales Up Second Straight Month

Pending home sales increased for the second straight month, up 3.2 percent in March compared to February, the National  Association of REALTORS® (NAR) reported May 4, 2009.

The NAR's Pending Home Sales Index, a forward-looking indicator based on contracts signed in March, increased 1.1 percent compared to March 2008.

Many in the real estate industry credit first-time home buyers with the increase. First-time home buyers are taking advantage of lower home prices, super low mortgage interest rates and the $8,000 federal tax credit.

The Pending Home Sales Index in the South rose 8.5 percent in March and is 7.7 percent above a year ago. In the West the index increased 3.9 percent is 1.7 percent higher than March 2008. The index in the Northeast fell 5.7 percent in March and is 24.1 percent below a year ago. In the Midwest the index slipped 1.0 percent, but is 8.2 percent higher than March 2008.

Read A Boston.com Article

Read The NAR Press Release

Milton, MA Median Home Price Increases; Sales Decline

The median single-family home price in Milton, Massachusetts increased 2.52 percent in the first quarter of 2009 from Q1 2008, and the median price during the first quarter of last year had already risen by 4.65 percent from Q1 2007.  This year’s Q1 median single-family home price in Milton, MA is 7.29 percent higher than the same period in 2007.

Although home prices in Milton, MA are doing better than in many other municipalities across the Commonwealth, the sales numbers have dropped from 55 in the first quarter of 2007 to 38 in Q1 2008, and last quarter fell to just 27.  The number of sales of single-family homes during the first quarter of 2009 represented only 51 percent of the sales in the first quarter of 2007, and 28.95 percent of sales in 2008.

During the first quarter of this year, the average number of days on the market for single-family homes in Milton reached 179 days compared with 156 days during Q1 2008, representing a 14.74 percent increase.

The data comes from MLS Property Information Network, Inc.

Milton, MA Real Estate Market Data

                    Median Price    Number of Sales    Days on the Market
Q1 2006:        $445,000                     39                      148 
Q1 2007:        $436,200                     55                      134
Q1 2008:        $456,500                     38                      156
Q1 2009:        $468,000                     27                      179

Find a Milton, MA buyer agent.

Shrewsbury, MA Home Prices Plunge In Q1

Last quarter’s median price of single-family homes in Shrewsbury, Massachusetts plunged by 28.4 percent to $260,000, compared with the same period in 2008.  During the Q1 2007 and Q1 2006 the median price was also significantly higher than 2009

Shrewsbury, MA sales numbers saw an even more drastic drop this quarter.  The number of sales for Q1 2009 was only half as many as the 46 sales during the first quarter of 2008.  This year’s first quarter sales were 70.1 percent lower than in 2007 and 55.9 percent fewer than in 2006.

During Q1 of 2009, single-family homes averaged 166 days on the market in Shrewsbury.  This average is 49.5 percent higher than the corresponding period in 2006 and 16.1 percent greater than 2007’s first quarter average.

The data comes from MLS Property Information Network, Inc.

Shrewsbury, MA Real Estate Market Data

                    Median Price    Number of Sales    Days on the Market
Q1 2006:        $334,000                     52                               111 
Q1 2007:        $400,000                     77                               149
Q1 2008:        $363,250                     46                               143
Q1 2009:        $260,000                     23                               166

Find a buyer agent serving Shrewsbury, MA and the surrounding communities.

Burlington, MA Median Home Price Increases In Q1

The median single-family home price in Burlington, Massachusetts for the first quarter of 2009 was $370,000, a 1.3 percent increase from the first quarter of 2008; however, the median home price is down 5.85 percent from Q1 2007, and 4.05 percent from Q1 2006, when the median price of a single-family home was $393,000 and $385,000, respectively.

The number of sales (15) of single-family properties in Burlington, MA was 34.8 percent lower than the first quarter of 2008 and 68 percent below Q1 2007.

At the end of the first quarter of 2009, the average number of days on the market for a Burlington single-family home was 117.  The Q1 2009 average number of days on the market increased by a marginal 7.34 percent from Q1 2008, but was significantly lower than the average for Q1 2007, when homes averaged 145 days on the market.

Burlington, MA Real Estate Market Data:

                  Median Price    Number of Sales    Days on the Market
Q1 2006:        $385,000                     23                              104  
Q1 2007:        $393,000                     47                              145
Q1 2008:        $365,000                     23                              109
Q1 2009:        $370,000                     15                              117

NECN Video On Massachusetts Home Sales, Prices

The following video clip from NECN includes a discussion on home sales and median home prices in Massachusetts