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! 

Leominster, MA For Sale $347,500

North Leominster Home For Sale - $350,000

Could This Be The Best Time To 'Trade Up' in Real Estate?

Ok, anyone who does not live in a cave on a remote island somewhere (and probably them too) know that the real estate market has been beaten up over the past couple of years. Most of us know how and why we got here and where things went 'wrong'.

Fine, we were 'there' and now we are 'here', but has anyone cared to take a look at where 'here' is?
House prices have fallen pretty much across the board in Leominster, MA and the rest of North Central Massachusetts (some areas more than others). One of the interesting facts is that the Fixed Rate 30 year mortgage has been ranging in the 6%'s for quite some time now - with the rare occasional dip into the very high 5%'s. So, prices have softened but rates have remained relatively stable (and still historically very low).

So what does this mean? In my opinion, this is one of the BEST times to trade up to a more expensive home. Why?
Many people are trying to 'downsize' which is resulting in a lot of inventory on the upper end of the market - therefore supply/demand is in your favor.

In addition, the market is very compressed in many of the towns in central MA. Meaning, that a 'little more money' will buy you a LOT more house. Just compare what you can get in Leominster, MA for $250,000 to something at $350,000 and you'll clearly see what I mean.

Also, you are buying into the down market. When prices appreciate (and they will at some point), the percentage gain on a larger value will result in a larger return (e.g. 20% of $500K is greater than 20% of $275K).
And remember, mortgage rates can't stay this low forever.

So there is opportunity for those with a long-term view of residential real estate. How does it play into your current situation? I don't know - but contact me; I'd love to help you figure it out.

92 Revolution Dr., Leominster, MA 01453

One of the Finest Homes in Massachusetts

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.

Gerry Bourgeois is Quoted in the Sentinel & Enterprise

I was quoted on Sunday - April 27th, 2008 in the Leominster/Fitchburg Sentinel & Enterprise.

http://www.sentinelandenterprise.com/local/ci_9074609

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'.