Leominster, MA 01453 Market Update for Q3 2008

Here is the RealtyMan Market Update for Leominster, MA 01453 from Full Year 1999 through the first 3 Quarters of 2008

The number of Single Family Units (not including condo) in Leominster has decreased over 15.5% for the 1st 3 Quarters as compared to 2007 from 199 units to 168.  See Graph below:

As you will see below, the average sale price has fallen as well, but not quite as dramatically. It declined a little over 12.3% over the 1st 3 Quarters as compared to the same period of 2007 (from $266,371 to $237,610).

However, diving into the statistics a little more will show that 'Same House Sales' have declined more than these averages show.  Is it going to get better?  Economics 101 tells me that we need to see Units recover before Prices will.  Given the state of the economy, do you think we will see units increase?

For a more specific analysis on the market as it pertains to your specific property, please feel free to contact the top selling Realtor in Leominster, MA Every Year since 1999! 

North Leominster Home For Sale - $350,000

You Don't Need A Realtor!

OK, I know this one that you have been thinking about. Why Do you need a Realtor?
I mean really, why do you?

First of all, there are 2 sides of a real state transaction: the Buying side and the Listing side. Lets start with the buying side...

You can get listings just about anywhere. There is all kinds of data online. You can just call the listing agent to see the house (oh, whos job by the way is to take all of your money and give it to the seller - their client). You can navigate the current changes in the mortgage market. And all other kinds of fun. And if you are moving from another part of the state or the country, it is even more fun.

And if you are a seller...
You can research comps online (if you can find them they are probably outdated). You can check Zillow (to see what your house probably Isn't worth - up or down).
You can check Trulia and get incomplete data (at least as of this post).
You can put an FSBO sign on your lawn and post on the FSBO sites (ensuring that you'll see most of the 'bottom feeders' looking to steal your house).

Hmm, maybe you do need us?

92 Revolution Dr., Leominster, MA 01453

Can It Get Any Worse?

Residential sales are off of last years pace in units And the average (and median) sale prices are falling as well (not as much as units, thankfully). And we all know that mortgage financing has become harder to obtain as of late.

So... Just when it was looking pretty bad out there, Fannie and Freddie may now need to be bailed out by good old Uncle Sam (read: You and I who Pay Taxes). Does anyone remember what the Mortgage Market looked like BEFORE 'The Secondary Market' (Fannie & Freddie)? Let me refresh your memory: 20% down, 16% to even 21% mortgage rates, and a lack of available mortgage money Even If you had 20% down And was WILLING to pay 18% +/-. Not to mention that borrowers actually needed to have money, a stable job, some savings, reasonable debt (all novel concepts, no)?

Why am I telling you this? Because if you have the desire to own a house anytime in the near future, NOW may very well be The Best Time to Buy. Oh, and if you are looking to sell, PLEASE price it right - or wish that you did.

It's a Busy Day at Towne & Country, Realtors...

One of the reasons why Towne & Country, Realtors is successful in this market: We Work!

T&C is #1 in Leominster Jan 1 - Apr 30, 2008

Towne & Country, Realtors is the top selling Real Estate Firm in closed $ volume according to data from MLSPIN for the following criteria: Single Family, Condo, Multi-Family & Land sales from January 1, 2008 through April 30, 2008 (as posted through today). T&C is leading in closed $ volume market share by over 13% to the next closest firm.

As for units, 1 firm closed 12 while T&C is tied with 3 others having 11 units.

Buyer Activity Increasing in Central MA

As of the past week I, as well as my agents at Towne & Country, Realtors, have seen an uptick in buyer activity. Internet inquiries as well as phone inquiries have increased significantly. Showings are up across the board and offers are not only being seen but several have been accepted or are in negotiations.

It appears that buyers are taking advantage of the combination of low mortgage rates and soft prices.

Properly priced homes will still sell in this market.

Keep educating yourself on the market because when it turns we will be past 'the bottom' of the market before anyone will see that we were 'there'.