Massachusetts Home Buyer Guide

Should My Buyer Agent Provide Showing Feedback?

Recently there was a blog post on ActiveRain, an on-line hangout for real estate professionals, from a real estate agent who basically was complaining that other agents were not providing him feedback for his listings after showing the property. The writer suggested that agents who didn't leave feedback lacked professionalism.

I could not disagree more.

If my client is interested in a home, I don't provide feedback. Why would I tell a listing agent anything about what my client is thinking and possibly compromise that buyer's negotiating position? My obligation as an exclusive buyer agent is to my client, and my client only. Period.

Even if my buyer isn't interested, I am only going to provide very general feedback, i.e., the layout didn't work for the buyers. If my buyer shows any interest, then I generally do not provide feedback, unless I think it might actually help with a future negotiation.

Some other real estate agents commented on the post about cooperation between agents, and suggested that is a reason to provide feedback. Although, I think we all should act professionally towards each other and be courteous, I have a fiduciary responsibility to do what is best for my buyer, and I just don't see how providing feedback to a listing agent helps my buyer who may want to make an offer.

My only goal is to get my client the best price and terms possible.

Home Ownership Still Part of the American Dream

Despite the downturn in the housing market that has spurred the foreclosure crisis and the meltdown in the economy, home ownership is still part of the American Dream.

A poll conducted by Allstate and the National Journal Group found that nearly nine out of 10 homeowners would buy their homes again, Banker & Tradesman reported in its Housing Scene blog March 22, 2011.

In addition, nearly three quarters of the poll's respondents would encourage a family member or friend to purchase a home as a long-term asset.

Considering the number of foreclosures over the past several years, some people may be shocked by America's love affair with their homes. I'm not surprised. Does renting compare to the satisfaction one gets from owning his or her own home? It's not even close.

HGTV Dream Home 2011

HGTV's 2011 "Dream Home" is located in picturesque Stowe, VT, near magnificent Mt. Mansfield. Check out the 90 second tour below.

 

MA Pending Home Sales Decline February 2011

The number of single-family homes put under agreement in February declined 17.6 percent and pending condominium sales dropped 21 percent compared to February 2009; however, on a month-to-month basis the number of single-family homes and condos put under agreement increased from January, the Massachusetts Association of REALTORS® (MAR) reported March 2, 2011.

The number of single-family homes put under agreement declined from 3,489 in February 2010 to 2,874 in February 2011.  On a month-to-month basis, the number of single-family homes put under agreement increased 11.9 percent from 2,568 homes in January.
 
The number of condos put under agreement declined from 1,434 unit in February 2010 to 1,134 units in February 2011. February marked the 10th straight month of year-over-year decreases for condos. On a month-to-month basis, condos put under agreement increased 8.8 percent from 1,042 units in January.
 
MAR reports on pending sales by tracking the number of signed purchas and sale agreements. It compiles this information statewide each month from the various multiple listing services.

Haverhill, MA Single-family Home Sales Up in 2010

Sales of single-family homes in Haverhill, Massachusetts increased in 2010 while the median price of a home stabilized, according to data compiled from MLS Property Information Network, Inc, the local multiple listing service.

Single-family home sales in Haverhill, MA increased 4.1 percent in 2010, a difference of 13 sales compared to 2009. The median price of single-family homes was flat, increasing just 0.4 percent in 2010 compared to the previous year, a $1,000 difference.

The median price of condominiums also was flat, rising 1.3 percent, or $2,000, compared to 2009. Condo sales in Haverhill, MA dropped 4.4 percent in 2010, a difference of 10 sales.

Both sales and the median price of multi-family homes declined in 2010. Multi-family home sales fell 14 percent compared to 2009, a difference of 20 sales, while the median price dropped 6.7 percent, a difference of $10,000.

Haverhill, Massachusetts Market Report
          
            Sales / Median Price
Single-family
2009 – 317 / $250,000
2010 – 330 / $251,000

Condominiums
2009 – 227 / $160,000
2010 – 217 / $162,000

Multi-family
2009 – 143 / $150,000
2010 – 123 / $140,000

Search For Homes For Sale In Haverhill, Massachusetts

Massachusetts Foreclosure Activity Declines

Massachusetts foreclosure activity dropped sharply in January, posting double-digit decreases in both foreclosure initiated and completed foreclosures, The Warren Group, a publisher of real estate data, reported March 3, 2011.
 
The number of foreclosure petitions, which mark the first step in the foreclosure process in Massachusetts, dropped almost 58 percent statewide in January, declining to 793 from 1,874 in January 2010. Foreclosure petitions increased from the previous month. There were just 733 petitions in December 2010. January marked the second consecutive month there were less than 1,000 foreclosure petitions.

There were 468 foreclosure deeds in January 2011, a decline of nearly 59 percent from the 1,141 foreclosure deeds recorded in January 2010. Foreclosure deeds represent completed foreclosures. Foreclosure deeds also decreased in January from December 2010 when there were 481 foreclosure deeds recorded.
 
Foreclosure petitions and deeds in January dropped in every Massachusetts county.

The decline in Massachusetts foreclosure activity likely has as much to do with lenders slowing the foreclosure process after a flurry of bad publicity and court cases involving foreclosure practices as it does with homeowners getting their financial house in order. 

Get Massachusetts Foreclosure Listings Absolutely Free.

Is a 500 Credit Score Worthy of a Mortgage?

In a long-anticpated shift, Wells Fargo started providing FHA mortgages to borrowers with credit scores as low as 500 as of January 15, 2011, REALTOR® Magazine reported in its March 2011 issue.

The decision came after the National Association of REALTORS® and Federal Housing Authority (FHA) Commissioner David Stevens criticized the country’s major banks for requiring credit scores as high as 650 in some cases before making loans. At NAR’s annual conference last year in New Orleans, Stevens said banks’ credit policies were out of sync with the FHA and artificially restraining home sales by as much as 20 percent.

Under the new policy, Wells Fargo will accept borrowers with credit scores of 500 to 579, if those borrowers can make a down payment of at least 10 percent; however, gifted funds or other down payment assistance is not allowed. For borrowers with credit scores of 580 to 599, borrowers must make a 5 percent down payment, with the same restriction on gifts and assistance funds. Borrowers with credit scores of 600 or higher can make a 3.5 percent down payment. 

Billerica, MA Single-family Home Sales Increase, Median Home Price Decreases in December 2010

Home buyers apparently took advantage of Billerica, Massachusetts real estate bargains in December.

Sales of single-family homes in Billerica, MA increased in December 2010 while the median home price declined sharply, according to data analyzed by Buyers Brokers Only LLC, an exclusive buyer agent real estate firm.

The data were compiled using MLS Property Information Network, Inc., the local multiple listing service.

Single-family homes sales in Billerica, MA increased 60 percent in December 2010, a difference of 9 sales compared to December 2009. The median price of single-family homes dropped 16.5 percent in December 2010 compared to December of the previous year, a $56,500 difference.

The median price of condominiums increased 72.3 percent, or $82,450, compared to December 2009. Condo sales in Billerica, MA fell 42.9 percent in December 2010, a difference of 3 sales.

There was only one multi-family home sold in December of 2010, an increase from the zero multi-family homes sold in December 2009.

Billerica, Massachusetts Real Estate Market Activity
       
                            Sales / Median Price
Single-family
December 2009 – 15 / $343,000
December 2010 – 24 / $286,500

Condominiums
December 2009 – 7 / $114,000
December 2010 – 4 / $196,450

Multi-family
December 2009 – 0 / $0
December 2010 – 1 / $365,000

Search for Billerica, MA homes for sale.

Search for foreclosures in Billerica, MA.

MA Homes on Market Longer January 2011

Massachusetts Detached single-family homes stayed on the market an average of 143 days in January 2011, an increase from 130 days in January 2010, the Massachusetts Association of REALTORS reported February 22, 2011. 

Condos stayed on the market an average of 151 days, up from an average of 144 days in January 2010.  On a month-to-month basis, days on market for single-family homes were up from 132 days in December 2010, while condos were up from 134 days.

Taunton, Massachusetts Single-family Home Sales Increase, Median Home Price Down December 2010

Sales of single-family homes in Taunton, Massachusetts increased in December 2010 while the median home price dropped, according to data compiled from MLS Property Information Network, Inc., the local multiple listing service.

Single-family homes sales in Taunton, MA increased 55 percent in December 2010, a difference of 11 sales compared to December 2009. The median price of single-family homes dropped 13.9 percent in December 2010 compared to December of the previous year, a $32,500 difference.

The median price of condominiums also decreased, falling 6.9 percent, or $10,100, compared to December 2009. Condo sales in Taunton, MA remained flat, with 7 sales in both December 2009 and 2010.

The median price of multi-family homes decreased 8.6 percent compared to December 2009, a difference of $18,000. Multi-family home sales remained flat, with 5 sales in both December 2009 and 2010.

Taunton, Massachusetts
      
                          Sales / Median Price
Single-family
December 2009 – 20 / $234,500
December 2010 – 31 / $202,000

Condominiums
December 2009 – 7 / $145,000
December 2010 – 7 / $134,900

Multi-family
December 2009 – 5 / $210,000
December 2010 – 5 / $192,000

Search for homes in Taunton, Massachusetts.

Find Foreclosures in Taunton, Massachusetts.