The median sale price of single-family homes in Franklin, MA rose 9.2% in the first quarter of 2021 to $526,500, an all-time high.
Franklin’s median sale price is now $147,500 above where it stood back in the first quarter of 2015. That’s a 39 percent jump. For homeowners in Franklin, it’s a wonderful time to sell . . . if you have somewhere to go! (See end of post for more on this.)
Video detailing real estate market in Franklin during 1st quarter
Watch the above video to get a “what’s in it for me” depiction of the red hot housing market conditions in Franklin, Massachusetts during the initial three months of 2021.
Offers above asking price now the norm
Mirroring fevered market conditions throughout the I-495 region and across much of Massachusetts, bidding wars and over-asking price offers became the expected routine for homes listed in the first quarter of 2021.
In a compelling sign of rising home prices, the percentage of home selling price to original list price exceeded 100% in Franklin for the first time since Franklin sales data started being maintained by MLS-PIN back in the late 1990s.
Very few homes available
Home buyers in Franklin, as in most other communities in Massachusetts, faced appallingly low supplies of homes for sale in the first quarter of 2021. As of April 1, there were only six single-family homes for sale in Franklin, MA.
That’s an absurdly low number of homes for sale in a community of over 34,000 residents with a housing stock of 7,744 single-family homes, according to the town’s assessor records.
That compares to seventeen homes for sale the previous April 1st and, more tellingly, thirty-one homes available on April 1 in 2018 and fifty-one single-family homes for sale in Franklin at the start of April in 2016.
Fractional months of supply
Expressed as months of supply, the picture for beleaguered home buyers in 2021 looks even bleaker.
From nearly nine months of supply in March 2011, the inventory of single-family homes for sale in Franklin this March reached a shockingly low 0.2 months – that’s less than one week of supply!
To give you context: six months of housing supply is considered a real estate market in equilibrium, while four months of available inventory is deemed a sellers’ market. One week of supply denotes a market nearing a lock-up. And don’t think you can go one or two towns over from Franklin and find a lot of homes to buy. The dearth of supply exists in most communities in the Bay State.
What home buyers should expect
What do current market conditions mean to you, if you’re in the market to buy a home?
If you’re planning on buying a home this year, be ready to stand in line outside open houses at new listings. There are very few listings to look at and lots of buyers competing for them. What this means is that you must have a very good real estate professional working on your behalf to find new listings for you and secure the purchase agreement for you very quickly – literally during the first few days the home comes on the market. You should expect to pay at least asking price, if not significantly above asking price, if you seek to bid on homes brand new to the market that seem properly priced.
If a home seems over-priced to you or if it has been sitting unsold for awhile, you should have more negotiating leverage.
Below are select homes in Massachusetts that have been for sale for at least several weeks – some a lot longer:
What home sellers should expect
If you’re selling, what can you expect to experience in the current market? Number one: your home is going to sell very quickly.
Additionally, if you price your home appropriately to the market, with a professional who knows what they’re doing and they market the listing really effectively online, what’s going to happen is that you’re going to have a lot of showings and a lot of competing bids for your home.
A word to the wise: resist the temptation to over-price your property. Even in this market, if you grossly over-price you will not sell!
So if you price the home correctly, you’re likely going to be able to command more than the asking price for your home. It’s a great opportunity to cash out your home equity at historic high prices.
Today’s sellers in two camps
As I wrote near the start of this post, it’s a wonderful time to sell . . . if you have somewhere to go!
Massachusetts home sellers are split into two camps in 2021. The first camp includes older sellers (retirees and those about to retire) along with sellers who already own a second home. These are the big winners in today’s market conditions. Those with second homes already have a place to move to, even if on an interim basis. And older sellers with grown children are in position to trade out to a lower cost area. The sellers in this camp have a lot of equity and are free to sell. They should capitalize on today’s extremely high prices.
It’s a different matter for home sellers in the other camp. These are sellers who have a need to buy back into the same market in which they are selling. They do not have ready access to interim housing. They often have school age kids or other community ties that make them need to stay local. These sellers are faced with the same low inventory and high prices confronting all other buyers.
It’s a real challenge with today’s extremely low housing inventory to find your next home while you sell your current property. Many sellers in this camp get discouraged and end up staying put in their current homes, even though those homes have become too small for them or in some other way do not meet their current needs.
If you fall into this second camp, there are some strategies open to you that will enable you to successfully move. I would be happy to discuss these options with you.
Ask questions to Warren Reynolds
You can use the form below to ask any buying or seller questions to attorney and real estate broker Warren Reynolds. He’s here to help you!
(All Warren asks is that if you are already under contract with another real estate agent, please rely on the advice of that agent.)
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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.