As February 2014 approaches, the Massachusetts real estate market is facing potentially incendiary conditions. Bay State home prices are on the rise, the supply of properties for sale is falling and mortgage interest rates remain extremely low. This combustible trifecta of rising prices, scant supply and cheap mortgage money may be setting the stage for a sizzling spring home selling season this year. You may see price volatility and bidding war fireworks up and down the I-495 corridor unless a lot more listings hit the market soon!
Greater Boston home prices on the rise
The latest edition of the seasonally-adjusted Case-Shiller Home Price Index for Boston confirms the upwards pressure on Bay State home values.
The Index is published monthly with a 2-month delay, so November 2013 is the most recent read on regional home prices provided by the Index. According to the Index, Metro Boston home prices rose a healthy 1.5% in November. This puts the Index ahead 9% for the first 11 months of 2013. Follow the hotlink for a full recap of the 2013 MA real estate market (with a special focus on developments in the Town of Franklin, MA).
Homes for sale scarce in Franklin, MA
2013 saw many home buyers flock to towns along I-495 in search of available housing after being priced out of popular communities closer to Boston. Incredibly thin supplies of homes for sale sparked intense bidding wars throughout Greater Boston in 2013. These tight housing conditions appear to be spreading in the I-495 region as 2014 gets underway:
As of late January, the Town of Franklin leads the way in terms of low housing inventory in the region. There currently is a miniscule 2 month supply of homes for sale in Franklin. (Anything less than a 3 month supply is considered inadequate to satisfy the needs of home buyers.) At 3.4 months of supply, the inventory of available homes in the regional market surrounding Franklin is a bit more sufficient but remains constrained. Even taking the Commonwealth as a whole, the 3.9 months of supply currently available across Massachusetts is quite a change from a few years ago where 8 to 9 months of supply statewide was the norm. Talk about lack of choice!
If the supply of homes remains this tight during the upcoming prime spring home selling season there may be further gains in real estate prices during 2014.
Low mortgage rates may further inflame market
The final factor playing a major role in what 2014 has in store for the real estate market in Massachusetts is mortgage interest rates. Despite an appreciable rise in mortgage rates half way though 2013, the cost of purchase money mortgages currently remains a bargain.
Mortgage rates were in the 8% range back in late 1999 and early 2000. Even compared to the 6% mortgage rates prevalent as recently as 2007, today’s 30 year fixed rates which hover in the mid-4% range are very attractive. Demand is still being stimulated by such low rates.
Word of caution to home sellers about asking prices
The natural reaction of prospective home sellers to all the above bullish news would be “price high – we can get what we want for our house!” But seller beware, there is a nasty undertow waiting to ensnare unwary home sellers who enter the home sale waters with an over-market asking price.
The above 6 listings are all real listings in Franklin. Their days on market is shown in red. I took out the photos and obscured the addresses and MLS numbers to preserve seller privacy. These homes have sat unsold on the market for weeks and even months while other competing homes have come on the MLS and have sold around them. You can find listings similar to these Franklin listings in just about every town up and down I-495. The common problem all these long-in-the-tooth listings share is an asking price that was set too high in relation to what each home had to offer. It all comes down to price and buyers have rejected these listings due to their high prices. So you can over-price your home in the current market and get rejected by buyers even though home prices are rising, there’s not much competition on the market and mortgage rates are low.
If you are buying or selling a home
If you are in the market for a home, get your mortgage pre-approval in hand early. Be ready to jump on new listings as they hit the MLS. You can use 02038.com to see Franklin homes for sale by school district, by house style and by neighborhood. If you have a home to sell, get it on the market and under agreement so you’ll have effective purchasing power when a home you want to buy comes your way – ask Warren how to buy a home when when you already have one you have to sell.
If you’re thinking of selling your home, you are in luck – this is the best market for home sellers in the last 7 years! Just avoid the temptation to over-price! Contact Warren Reynolds if you’d like to get a reliable estimate of what your home is really worth. It’s looking to be a great spring to make a move!
You get more with Warren Reynolds than you do with other top real estate agents. You’ll find in Warren rare knowledge and experience dedicated to helping you achieve all the value that home brings. Warren has a law degree and 20+ years of home selling success in Massachusetts. — talk with Warren today! 508-561-6259
"We have now bought and sold five homes. By far, you have been the best realtor we have worked with. Your professionalism and knowledge are so valuable to your clients. You made this process so easy. "-CB
Make better decisions
and feel in control.
Did you know you can materially improve your home selling success by choosing your marketing agent and brokerage brand wisely? It’s true! A marketing agent with a sterling reputation, backed by a strong brokerage brand, will do wonders for the reception your home gets upon entry to market. Call Warren today! 508-561-6259
"As first time homebuyers we were fortunate to work with Warren. He was a great asset and sounding board. He always gave solid advice. Warren played a pivotal role in helping us negotiate with a difficult seller. We truly benefitted from having Warren in our corner and so will you." -JK
Maximize your home selling success.
Not only is Warren highly skilled and dedicated to protecting your best interests, he will be highly responsive to your needs! He CARES about his clients and is always, always there for them. Why not give it a try? Contact Warren now and see how well he takes care of you! – talk with Warren today! 508-561-6259
"I had many, many questions which Warren was always more than willing to answer with a never ending patience. Throughout the process Warren looked out for my best interest. I may have purchased a garden style condo but Warren treated me like I was purchasing a million dollar estate!" -MP
Get the attention you deserve.
Warren is a very creative real estate practitioner and he uses that creativity in ways that provide important advantages to clients. Creatively runs in Warren’s family! His uncle was Harnett T. Kane, an internationally-recognized investigative journalist and New York Times best-selling author of thirty books about the American South. Experience Warren’s refreshing difference today! 508-561-6259
"Your creative approach to all aspects of my move helped make the transition easy and pleasurable. You were recommended to me by a friend who appreciated your integrity, expertise, friendliness and conscientiousness - qualities that I have witnessed in abundance as we've worked together." -KB
Get creative with Warren.
Warren is a highly dedicated professional in all his real estate dealings. That means he will continue to serve you well, even when others would compromise on their commitments. Warren’s ultimate goals in business are better transactions and greater client satisfaction. Talk with Warren today! 508-561-6259
"As first time homebuyers we were fortunate to work with Warren. He was a great asset and sounding board. He always gave solid advice. Warren played a pivotal role in helping us negotiate with a difficult seller. We truly benefitted from having Warren in our corner and so will you." -JK
Maximize your home selling success.
All real estate agents are legally and ethically bound to be fiduciaries acting in their client’s best interests. His name stands for integrity and he takes his fiduciary duties to you very seriously. He’ll steadfastly put your interests first throughout your home purchase or sale – talk with Warren today! 508-561-6259
"Warren was always there for us. Throughout the process, Warren kept on top of all our concerns. Warren worked for us, and looked out for our best interest. He is a very professional and caring person." - BP
Feel safe and well taken care of.
Warren is a highly dedicated professional in all his real estate dealings. That means he will continue to serve you well, even when others would compromise on their commitments. Warren’s ultimate goals in business are better transactions and greater client satisfaction. His devotion to excellence can demonstrably improve your home buying and selling decision-making and, consequently, your experience of home ownership. Warren constantly stays current on the local housing inventory. And he is conversant with the broader market trends that affect home sales statewide link to Market Updates. Warren knows that the market knowledge he works so hard to maintain and his high standards of real estate practice help him achieve for you the lasting, true value of home ownership. Talk with Warren today! 508-561-6259
"Warren was the finest real estate agent we've ever worked with. This was evident to us in comparison to quite a few realtors we attempted to utilize, as they were not very helpful, understanding or willing to work with us based on our preferences." -SM
“If you think it’s expensive to hire a professional,
wait until you hire an amateur.” Red Adair
Did you know you can materially improve your home selling success by choosing your marketing agent and brokerage brand wisely? It’s true! A marketing agent with a sterling reputation, backed by a strong brokerage brand, will do wonders for the reception your home gets upon entry to market. Warren is known in the local brokerage community as a dependable, highly skilled professional who is a straight-shooter. Other agents like working with Warren because they know they can trust him to be a reliable partner in any transaction. And the Berkshire Hathaway HomeServices brand stands for sound decisions and extraordinary strength and stability. The “Forever Brand” brokerage created by Warren Buffet sets the standard for the real estate industry by focusing not on selling more homes, but rather on selling homes for more!Call Warren today! 508-561-6259
"As first time homebuyers we were fortunate to work with Warren. He was a great asset and sounding board. He always gave solid advice. Warren played a pivotal role in helping us negotiate with a difficult seller. We truly benefitted from having Warren in our corner and so will you." -JK
Maximize your home selling success.
Not only is Warren highly skilled and dedicated to protecting your best interests, he will be highly responsive to your needs! He CARES about his clients and is always, always there for them. In person, by phone, email or text, whenever you need him, you’ll get a prompt response from Warren! Warren’s clients rave about the high degree of consideration and attention they get from him. Why not give it a try? Contact Warren now and see how well he takes care of you! – talk with Warren today! 508-561-6259
"I had many, many questions which Warren was always more than willing to answer with a never ending patience. Throughout the process Warren looked out for my best interest. I may have purchased a garden style condo but Warren treated me like I was purchasing a million dollar estate!" -MP
Get the attention you deserve.
Warren is a very creative real estate practitioner and he uses that creativity in ways that provide important advantages to clients. Creatively runs in Warren’s family! His uncle was Harnett T. Kane, an internationally-recognized investigative journalist and New York Times best-selling author of thirty books about the American South. Warren employs his own creativity by producing compelling marketing, both in print and especially online! His www.02038.com, is a highly effective website promoting the wonderful lifestyle afforded by the Town of Franklin, MA. And his Market Updates content on Massachusetts real estate trends gives home buyers and sellers alike the context they need to make more informed decisions about their housing investments. Warren frequently uses his abilities to devise resourceful solutions to the diverse challenges that threaten to complicate most real estate transactions. Warren has made real estate his career and won many sales awards in his 20+ years in brokerage, including the highly prestigious Chairman’s Circle Gold Award and the elite Centurion Award. Experience Warren’s refreshing difference today! 508-561-6259
"Your creative approach to all aspects of my move helped make the transition easy and pleasurable. You were recommended to me by a friend who appreciated your integrity, expertise, friendliness and conscientiousness - qualities that I have witnessed in abundance as we've worked together." -KB
Get creative with Warren.
You get more with Warren Reynolds than you do with other top real estate agents. You’ll find in Warren rare knowledge and experience dedicated to helping you achieve all the value that home brings. Warren has a law degree and 20+ years of home selling success in Massachusetts. His legal knowledge and decades-long experience in putting — and keeping — real estate sales together give him a better handle on the legal, practical and emotional dynamics of the real estate transaction. Warren uses these skills to empower clients to achieve more! He often anticipates and resolves problems BEFORE they can become serious impediments. Enjoy the sense of trust, security and control that comes from having a highly skilled expert at your side — talk with Warren today! 508-561-6259
"We have now bought and sold five homes. By far, you have been the best realtor we have worked with. Your professionalism and knowledge are so valuable to your clients. You made this process so easy. "-CB
Make better decisions and feel in control.
All real estate agents are legally and ethically bound to be fiduciaries acting in their client’s best interests. But many agents give their fiduciary duties short shrift in their quest for the quickest and easiest path to a closing. Not Warren Reynolds! His name stands for integrity and he takes his fiduciary duties to you very seriously. He’ll steadfastly put your interests first throughout your home purchase or sale. This may make Warren work longer and harder for you than most other agents would. But ultimately, Warren’s diligence and attention to detail is his commitment to an experience that transcends the sale. He wants you to have the confidence and peace of mind that comes with having a true fiduciary protecting you. Discover the difference of working with an agent who does not view you as just another opportunity for a commission – talk with Warren today! 508-561-6259
"Warren was always there for us. Throughout the process, Warren kept on top of all our concerns. Warren worked for us, and looked out for our best interest. He is a very professional and caring person." - BP
Feel safe and well taken care of.