Q & A Saturday – Does My House Qualify For FHA Financing?

Welcome to our Q & A Saturday video.

In these Q & A Videos we will answer your questions about real estate.  Any real estate related topic from questions about selling your house, buying a house, real estate investor questions, land lording questions, local market questions and many others things are all fair game. 

Today’s question is “Does My House Qualify For FHA Financing?”

FHA HUD Logo - Massachusetts Real Estate

In this video Shaun discusses some of the many requirements for the condition of a property getting an FHA loan.

 

Some of the main points covered in this video are:

1)      What are some major repairs that FHA will almost always require fixing?

  1. None functioning HVAC
  2. Leaking Roof
  3. Peeling Paint in Pre 1978 Houses (Lead issue)
  4. Non-Functional kitchen (Usually missing/damaged Stove)
  5. Bad Drainage (Water in basement, standing water around foundation, bad grading of yard, inadequate drainage from gutters…)

2)      Other repairs that might not get cited, but have and will sometimes

  1. Missing/damaged handrails
  2. Cracked glass in a window (Not a broken or boarded up window)
  3. Damaged or soiled floors (Not to extensive and not a safety/trip hazard)
  4. Damaged walls, like small random holes
  5. Ripped screens
  6. Peeling paint in post 1978 built houses
  7. Minor plumbing issues (Think leaky faucets, busted pipes will be an issue)

3)      Other repairs can always be cited by the appraiser and there is not much you can do about it

 

FHA loans can be a great product for many homebuyers.  That can be especially true in pricey markets like we have in Eastern Massachusetts.  Low down payments, lower interest rates and lower credit qualifications make homes more assessable to people than they would be otherwise.  However it is a government program and that means that it is going to have a lot of Red Tape.  There are many hurdles that need to be overcome to qualify yourself as well that we didn’t get into here.  Qualifying the property is often the EASY part!  If you are buying with an FHA loan or selling to someone getting one expect there to be a lot of things that come up and don’t expect it to close in much under 60 days in most cases.

 

Hope you enjoyed the video and leave any other questions you have about the topic below or any other topics you would like to see covered in future videos.  I encourage anyone that has things they would like to talk about to let me know what they are.  You can always fill out a contact us form here and put Q & A in the subject, just leave a comment with your questions below here, send an email to info@masshomesale.com, or post it on our Facebook page or Twitter account.

 

Resources mentioned in the video and some other useful resources and good articles:

–          FHA Loan overview

–          FHA Homepage on the HUD.gov website

–          Good article on FHA Seller Repairs

–          Out recent video on “Can I Sell a House with a Failed Septic System

 

 

 

(Image Credit: FHA-HUD Logo)

 

Real Estate Trends – Halifax, Massachusetts

Introduction:

Welcome back again for our latest real estate market trend report.  For those of you that are here for the first time what we do in these reports is examine the real estate market in a city or town in Massachusetts or New Hampshire to evaluate the current conditions.  We do this by looking at the changes in three key metrics year over year for the municipality to see how the market has changed and then evaluate what those observations might mean for that market moving forward

Today we are highlighting Halifax, MA in Plymouth County

 Halifax MA Seal - Halifax Massachusetts Real Estate

Market Trends in Halifax, MA – June 2014 and 2015:

The housing market in Halifax, MA appears to be down quite a bit since last year.  Both the average listing and average sales prices were down significantly.  The days on market were up a good bit, but we will see that might be deceptive.  Inventory was pretty stable with 11 sales in June 2014 and 12 in June 2015. 

Average Listing Prices:

To start off first we are going to look at the average listing price.  For Halifax, MA the average listing price in June 2014 was $362,427.  This was down to $260,225 in June 2015.  That gives a huge 28.20% decrease year over year. 

We have been calculating the changes with the medians more regularly anyway, but whenever there is that big of a difference with the averages we will always check the medians too.  In this case the median list price for Halifax, MA in June 2014 was $334,000 and in June 2015 it was $264,950 for a smaller 20.67% decrease.  While definitely a lot smaller than what we saw with the average a 20% decline is still very large.

Average Sale Prices:

Next up we will be looking at is the average sale prices.  The average sale price for Halifax, MA in June of 2014 was $355,611 and in June 2015 that was down to $259,000.  That gives a marginally smaller decrease of 27.17%. 

Obviously we will want to also examine the median sale prices as well.  If we look at the median sale price for Halifax, MA for June 2014 was $333,500 and in June 2015 it was $266,500 to give a 20.09% decrease, which is a bit less than for the averages but is still a huge drop. 

The prices for the Halifax, MA real estate market was down significantly since last year no matter how you look at it.

Average Days on Market:

Finally the last metric we look at are the average days on market, which is the measure of how long it takes for a house to sell in the current market.  For Halifax, MA the average days on market in June of 2014 were 91.73 and the average days on market for June 2015 were 118.08, for a large 28.74% increase. 

However, as we have seen many times before in our previous posts for AbingtonBedfordSeekonk, BelmontTopsfieldCanton,  Dracut (Condos)HamiltonWakefield, Amesbury (Condos), Dracut #2, Taunton, Reading, Stoughton, Wrentham, Stoneham, Dedham, Nashua, NH, Tewksbury, Brockton (Multifamily), Lowell (Multifamily), Acton, Foxboro, Pembroke, Chelmsford, BeverlyFramingham (Condos), Plymouth County (Condos), Marlborough, Billerica, Waltham, Dracut (Condos) #2, Derry, NH, Framingham, Burlington, Duxbury, Acton #2 , Taunton (Condos), Tyngsborough, Milton, Salem, NH, Boston’s Hyde Park, Boston’s West Roxbury , Somerville, Canton #3, Pelham, NH, Westford, Plymouth (Condos) and Boston’s Jamaica Plain outliers in the data can really skew these numbers.  This again is the case for Halifax, MA in June.  In this case there was a very high days on market place in 2015.

In 2015 there was a house with 712 days on market; this was higher than all the other 11 houses combined with just over 50% of the total days on market for all 12 houses.  When removed the new calculation for the remaining 11 houses gives an average days on market of 64.09. 

Using the adjusted numbers we see that there is a pretty significant 30.13% decrease.  This is an uncommon instance where that one crazy data point completely changed the conclusion we could draw.  Originally the days on market looked to be up a pretty big amount but after the adjustment they are actually significantly shorter than last year.

Halifax, Mass Summary:

The Halifax, Massachusetts real estate market looks like is has declined a significant amount since last year.  The substantial drops in both the listing and sale prices show this crystal clear.  Surprisingly the days on market are actually down a fair bit, as a very small consolation for a seller looking at getting 20% less for their property.

In summary if you are looking to sell a house in Halifax, MA now you should expect to get significantly less than you would have expected to get last year.  However if priced correctly you should expect to sell it faster than you would have last year.  

 

Do you need to sell your Halifax, Massachusetts house fast?  If you would like to sell your home fast and hassle free schedule a consultation with us today.

Please share your questions and comments below.

 

 

 

(Image credit: Halifax MA Seal via Wikipedia)

 

Foreclosure Activity in Massachusetts – Experts Back Peddle in May  

Foreclosed Building - MA Real Estate

We are continuing to examine foreclosure data for Massachusetts as we have over the last several months.  Last month we saw petitions and foreclosure deeds continue to increase but an interesting blip of auctions actually decreasing for the first time since we have been tracking the data. 

Recent Massachusetts Foreclosure Activity:

As a recap there are three items that are tracked for foreclosures which are the petitions (which is the first step for a foreclosure), the actual auctions scheduled and finally the foreclosure deeds, which is where the bank takes the property back at the auction (when nobody else is willing to buy it at the auction).

When we first started tracking this data for the end of 2014 we were seeing all 3 indicators increase each month from the same month the previous year.  In January 2015 and February 2015 we saw the foreclosure deeds actually fall year over year despite both petitions and auctions going up, and consistently going up for many months.  In March that changed back to what we had seen with all metrics once again increasing and as mentioned above auctions decreased last year but the other metrics increasing. 

Last month petitions were “only” up 29.5% from the year before which got some pundits saying that we might have be heading to a more level market since that was the smallest increase since February of 2014 when petitions declined year over year the last time.  This May there were 878 petitions filed compared to only 573 petitions in May of 2014 for an increase of 53.2%.  Which lead the experts to lament how frustrating to see a continuing increase in foreclosure activity in Massachusetts.

Next we look at the auction announcements.  Last month they were actually down for the first time since we have been looking at the data and show a sharp decrease in the recent climbs that have been seen.  The decline was pretty minor with a 3.2% decrease.  We see another small decrease this month.  In May 2014 there were 617 and were down to 571 this May for a small 7.5% decrease.  However there were huge increases of around 250% each of the first 2 months of the year so year to date auctions are still up 58% over 2014.  Still it is a little surprising to see this down again with petitions still steadily increasing. 

Finally we will look at the Foreclosure Deeds.  Deeds are up quite a bit in May with 344 deeds recorded this year and only 189 filed in May 2014.  This is an increase of 82% over last year’s numbers.  Looking at this month’s gains, along with the last two months of greater than 50% increases, banks are starting to accumulate a lot more inventory.

What Does This Mean For The Market? :

Even with the decrease in foreclosure deeds seen in January 2015 and February 2015 with the sharp increase the last 3 months they are up 18.1% overall for the year so far.  So banks have been taking more properties back, and the rate is accelerating.  This also can help to possibly explain the decrease in auction announcements.  Since these figures include auctions that get canceled or rescheduled, if more auctions are taking place, as evidenced by more foreclosure deeds being filed, this would eliminate the rescheduled auctions so this could be one reason to help explain that fact. 

Conclusion:

With petitions still chugging along there is no reason to think that foreclosures will subside anytime soon.  We should continue to expect more and more houses to go back to the bank and for that inventory to rise.  In fact the last 3 months have seen big increases in properties being taken back by the banks and this is right when you would expect that some of the early increases in petitions over a year ago to really start getting cleared up.  While banks are unlikely to flood the market they will at some point be bringing some of this building inventory to the market which will affect both prices and the supply and demand curve.

To reiterate the advice in our previous articles, if you are thinking about selling a house this year you should consider getting it to market ASAP before these other properties start coming to the market.  If a large number of these start to come onto the market prices could dip and the days on market for places could increase.  If this happens you may get hit with the tough situation of selling for less than expected while also taking much longer to sell than you had anticipated.

 

Do you need to sell your Massachusetts or New Hampshire house fast?  If you would like to sell your home fast and hassle free schedule a consultation with us today.

 

 

All data for this article from Banker & Tradesman via The Warren Group:

May 2015 Data:  http://www.bankerandtradesman.com/news164516.html

 

 

(Image Credit: gratisography.com)

 

Real Estate Trends – Newton, Massachusetts (Condos)

Introduction:

Welcome back again for our latest real estate market trend report.  For those of you that are here for the first time what we do in these reports is examine the real estate market in a city or town in Massachusetts or New Hampshire to evaluate the current conditions.  We do this by looking at the changes in three key metrics year over year for the municipality to see how the market has changed and then evaluate what those observations might mean for that market moving forward

Today we are highlighting the Condo market in Newton, MA in Middlesex County

 

We are based out of Newton, MA so this is home base for us.  I also live in a condo in the city so this one has special interest to me.

Market Trends in Newton, MA – June 2014 and 2015:

The Newton, MA Condo market appears to be down a little bit since last year.  Both the average listing and average sales prices were down some while the days on market were also up a tick.  Inventory went down just a little with 41 sales in June 2014 and 37 in June 2015. 

Average Listing Prices:

To start off first we are going to look at the average listing price.  For Condos in Newton, MA the average listing price in June 2014 was $646,932.  This was down to $613,805 in June 2015.  That gives a modest 5.12% decrease year over year. 

As with several other towns recently the medians at first glance looked a bit different so we wanted to calculate the changes with those as well.  In this case for Newton, MA Condos we see a median list price of $595,000 in June 2014 and $529,000 in June 2015 giving a much larger 11.09% decrease.  More than double what we saw with the averages and rather than a small decrease we would call this pretty significant.

Average Sale Prices:

Next up we will be looking at is the average sale prices.  The average sale price for Newton, MA Condos in June of 2014 was $661,244 and in June 2015 that was down to $623,350.  That gives a slightly larger but similar decrease of 5.73%. 

Taking another look at the medians we see they are also a bit different.  If we look at those we see the median sale price for Newton, MA Condos was $588,000 in June 2014 (yes it was the same as the list price median) and $550,000 in June 2015 this actually gives a slightly smaller 5.17% decrease.

The Newton, MA Condo market was down some from last year.  I would say that the market was down in the 5-6% range and that the 11% we see with the median list is just an anomaly

Average Days on Market:

Finally the last metric we look at are the average days on market, which is the measure of how long it takes for a house to sell in the current market.  For Newton, MA Condos the average days on market in June of 2014 were 23.78 and the average days on market for June 2015 were 29.43, for what looks like a fairly large 23.76% increase.  However seeing that the numbers are both pretty small that percentage is fairly deceiving as the higher mark is still less than 30 days and is generally considered to be pretty good.  It is safe to say that the days on market are up, but the effect is probably less dramatic than just looking at the percentage change suggests.

Newton, Mass Summary:

The Newton, Massachusetts real estate Condo market looks like is has declined a little bit since last year.  The small drops in both listing prices and sale prices show this.  In addition the increase in days on market also supports this conclusion.

In summary if you are looking to sell a Condo in Newton, MA now you should expect to get slightly less than you would have expected to get last year.  In addition you should also expect it might take a little bit longer to sell compared to last year as well.  

 

Do you need to sell your Newton, Massachusetts Condo fast?  If you would like to sell your home fast and hassle free schedule a consultation with us today.

Please share your questions and comments below.

 

 

 

(Image credit: Jackson Homestead by Thomas Kelley via Wikipedia)

 

 

Q & A Saturday – How Many Mortgages Can I Get?

Welcome to our Q & A Saturday video.

In these Q & A Videos we will answer your questions about real estate.  Any real estate related topic from questions about selling your house, buying a house, real estate investor questions, land lording questions, local market questions and many others things are all fair game. 

Today’s question is “How Many Mortgages Can I Get?

In this video Shaun how many mortgages an investor is allowed to get from large institutional lenders aka banks.

 

Some of the main points covered in this video are:

1)      What is a Residential Mortgage?

2)      Who are Fannie Mae and Freddie Mac and why we care about how many mortgages they think we should have

3)      The loan limits set for each organization (Mea Culpa on misspeaking to this below)

4)      Alternative loan products if a residential mortgage is no longer an option

5)      The extra costs that can be associated with these products

 

 

This should give you an understanding of how many residential mortgages any individual is allowed to have and some of the alternatives if that number gets maxed out.  A few additional points is that I DID misspeak in the Video and Fannie Mae allows for up to 10 mortgages and Freddie Mac is 4, however after recording this I discovered they will some be changing that to 6 (See links below).  This goes to show that I should continue with my normal practice of getting my links to other recourses before recording the video.  🙂 

 

Hope you enjoyed the video and leave any other questions you have about the topic below or any other topics you would like to see covered in future videos.  I encourage anyone that has things they would like to talk about to let me know what they are.  You can always fill out a contact us form here and put Q & A in the subject, just leave a comment with your questions below here, send an email to info@masshomesale.com, or post it on our Facebook page or Twitter account.

 

Resources mentioned in the video and some other useful resources and good articles:

–          Fannie Mae’s Maximum Loan Guidelines

–          Freddie Mac’s Maximum Loan Guidelines

–          Good article explaining how to find a Portfolio Lender (Alternate Loan Option)

–          General definition of a Commercial Real Estate Loan (Alternate Loan Option)

–          Out recent video on “What is a Hard Money Loan” (Alternate Loan Option)

 

 

 

 

(Image Credit: Fannie-Freddie via UrRepublic.com)

 

 

 

Real Estate Trends – Boston’s Jamaica Plain

Introduction:

Welcome back again for our latest real estate market trend report.  For those of you that are here for the first time what we do in these reports is examine the real estate market in a city or town in Massachusetts or New Hampshire to evaluate the current conditions.  We do this by looking at the changes in three key metrics year over year for the municipality to see how the market has changed and then evaluate what those observations might mean for that market moving forward

Today we are highlighting the Jamaica Plain area of Boston, MA in Suffolk County

 Jamaica Plain Monument - Boston's Jamaica Plain Real Estate

Last month we did 5 posts (part 1, part 2, part 3, part 4 and part 5) and a Video showing that Boston, MA isn’t as universally hot as some would say.  This month we see the same trend looking at Jamaica Plain.

Market Trends in Jamaica Plain, MA – June 2014 and 2015:

The housing market in Boston’s Jamaica Plain neighborhood appears to be down since last year.  Both the average listing and average sales prices were down significantly though the median prices were not as dramatic.  The days on market were pretty stable.  Inventory was up a little with 12 sales in June 2014 and 15 in June 2015. 

Average Listing Prices:

To start off first we are going to look at the average listing price.  For Boston’s Jamaica Plain the average listing price in June 2014 was $823,150.  This was down to $687,780 in June 2015.  That gives a very large 16.45% decrease year over year. 

This was an instance where it was obvious with a quick glance that the change based on the medians would be totally different.  In this case the median list price for Jamaica Plain in June 2014 was $762,000 and in June 2015 it was $739,900 for a much smaller 2.90% decrease. 

Clearly this is a pretty big difference with the averages being a very large drop, while the median’s say it is only a minor tick down.

Average Sale Prices:

Next up we will be looking at is the average sale prices.  The average sale price for Boston’s Jamaica Plain in June of 2014 was $851,500 and in June 2015 that was down to $704,607.  That gives an even larger decrease of 17.25%. 

Not surprisingly there is also a discrepancy in the median sale prices, though the story isn’t the same as with list prices.  If we look at the median sale price for Boston’s Jamaica Plain for June 2014 it is $832,500 and for June 2015 it was $740,000 to give an 11.11% decrease, which is a bit less than for the averages.  However unlike with the listing prices where the medians said the change was small this is still a very significant decline.

The prices for the Jamaica Plain, MA real estate market was down significantly since last year.  With the exception of the median list everything else was down by large amounts.  Since sales prices are far more important to look at, given that both methods showed sales prices down a lot it is safe to say things are down.

Average Days on Market:

Finally the last metric we look at are the average days on market, which is the measure of how long it takes for a house to sell in the current market.  For Boston’s Jamaica Plain the average days on market in June of 2014 were 26.75 and the average days on market for June 2015 were 20.87, for a seemingly large 21.98% decrease.  Though since both numbers are so small the percentage is a little misleading as both years are very low.

However, as we have seen many times before in our previous posts for AbingtonBedfordSeekonk, BelmontTopsfieldCanton,  Dracut (Condos)HamiltonWakefield, Amesbury (Condos), Dracut #2, Taunton, Reading, Stoughton, Wrentham, Stoneham, Dedham, Nashua, NH, Tewksbury, Brockton (Multifamily), Lowell (Multifamily), Acton, Foxboro, Pembroke, Chelmsford, BeverlyFramingham (Condos), Plymouth County (Condos), Marlborough, Billerica, Waltham, Dracut (Condos) #2, Derry, NH, Framingham, Burlington, Duxbury, Acton #2 , Taunton (Condos), Tyngsborough, Milton, Salem, NH, Boston’s Hyde Park, Boston’s West Roxbury , Somerville, Canton #3, Pelham, NH, Westford  and Plymouth (Condos) outliers in the data can really skew these numbers.  This again is the case for Boston’s Jamaica Plain in June.  In this case there was a very high days on market place in both 2014 and 2015.

In 2014 there was a house with 164 days on market; this was higher than all the other 11 houses combined with over 51% of the total days on market for all 12 houses.  When removed the new calculation for the remaining 11 houses gives an average days on market of 14.27. 

In 2015 there was a house with 103 days on market; this was higher than the next 4 highest houses combined with almost 33% of the total days on market for all 15 houses.  When removed the new calculation for the remaining 14 houses gives an average days on market of 15.00. 

Using the adjusted numbers we see that there is a totally insignificant 5.12% increase, especially since the increase in absolute terms is less than 1 day.  The conclusion here is that days on market are pretty stable and very low.

Jamaica Plain, Mass Summary:

The Jamaica Plain, Massachusetts real estate market looks like is has declined a significant amount since last year.  The substantial drops in both the average listing prices and sale prices, as well as the median sales price, show this very clearly.  Interestingly the days on market are very stable and very low.

In summary if you are looking to sell a house in Boston’s Jamaica Plain neighborhood now you should expect to get a bit less than you would have expected to get last year.  However if priced correctly you should expect to sell it just as fast, which is very fast, as you would have last year.  

 

Do you need to sell your Jamaica Plain, Massachusetts house fast?  If you would like to sell your home fast and hassle free schedule a consultation with us today.

Please share your questions and comments below.

 

 

 

(Image credit: Jamaica Plain Monument 2007 by MarkinBoston via Wikipedia)

 

Real Estate Trends – Amherst, New Hampshire

Introduction:

Welcome back again for our latest real estate market trend report.  For those of you that are here for the first time what we do in these reports is examine the real estate market in a city or town in Massachusetts or New Hampshire to evaluate the current conditions.  We do this by looking at the changes in three key metrics year over year for the municipality to see how the market has changed and then evaluate what those observations might mean for that market moving forward

Today we are highlighting Amherst, NH in Hillsborough County

 Amherst NH Town Common - Amherst New Hampshire Real Estate

Market Trends in Amherst, NH – June 2014 and 2015:

The housing market in Amherst, NH appears to be down quite a bit since last year.  Both the average listing and average sales prices were down significantly.  The days on market were up a little bit as well.  Inventory was up significantly with 19 sales in June 2014 and 31 in June 2015. 

Average Listing Prices:

To start off first we are going to look at the average listing price.  For Amherst, NH the average listing price in June 2014 was $413,116.  This was down to $365,436 in June 2015.  That gives a very significant 11.54% decrease year over year. 

We always look at the medians for all our NH reports since, unlike the MA MLS, these numbers are given to us.  The medians have appeared to be farther off from the averages recently and have been calculating them on many of our reports anyway.  In this case the median list price for Amherst, NH in June 2014 was $395,000 and in June 2015 it was $354,900 for a slightly smaller 10.15% decrease. 

Average Sale Prices:

Next up we will be looking at is the average sale prices.  The average sale price for Amherst, NH in June of 2014 was $413,984 and in June 2015 that was down to $359,016.  That gives a somewhat larger decrease of 13.28%. 

We will want to also examine the median sale prices too.  If we look at the median sale price for Amherst, NH for June 2014 was $389,500 and in June 2015 it was $351,000 to give a 9.88% decrease, which is a bit less than the average and also a tiny bit smaller than the drop in median list price. 

The prices for the Amherst, NH real estate market was down pretty significantly since last by any method we use to determine that.

Average Days on Market:

Finally the last metric we look at are the average days on market, which is the measure of how long it takes for a house to sell in the current market.  For Amherst, NH the average days on market in June of 2014 were 40.68 and the average days on market for June 2015 were 44.16, for a fairly trivial 8.55% increase. 

Amherst, New Hampshire Summary:

The Amherst, New Hampshire real estate market looks like is has declined a good amount since last year.  The double digit drops in both the listing and sale prices show this pretty clearly.  The small increase in the days on market also supports this, though that is much less pronounced.

In summary if you are looking to sell a house in Amherst, NH now you should expect to get a good bit less than you would have expected to get last year.  You should also expect to take about the same amount of time or slightly longer to sell than it would have last year.  

 

Do you need to sell your Amherst, New Hampshire house fast?  If you would like to sell your home fast and hassle free schedule a consultation with us today.

Please share your questions and comments below.

 

 

 

(Image credit: Amherst NH Common 2006 by Smuttynoser via Wikipedia)

 

Real Estate Trends – Cohasset, Massachusetts

Introduction:

Welcome back again for our latest real estate market trend report.  For those of you that are here for the first time what we do in these reports is examine the real estate market in a city or town in Massachusetts or New Hampshire to evaluate the current conditions.  We do this by looking at the changes in three key metrics year over year for the municipality to see how the market has changed and then evaluate what those observations might mean for that market moving forward

Today we are highlighting Cohasset, MA in Norfolk County. 

 Cohasset Massachusetts Common - Cohasset MA Real Estate

Market Trends in Cohasset, MA – June 2014 and 2015:

The Cohasset, MA market appears to be down somewhat since last year.  Both the average listing and average sales prices were down.  The days on market are also up since last year.  Inventory was pretty stable with 11 sales in June of 2014 and 12 in June 2015. 

Average Listing Prices:

To start off first we are going to look at the average listing price.  For Cohasset, MA the average listing price in June 2014 was $988,909.  This was down to $889,933 in June 2015.  That gives a fairy significant 10.01% decrease year over year. 

Looking at the median prices for Cohasset, MA these were a bit lower than the averages so we did want to see if they told a different story than the averages.  For June of 2014 the median listing price for Cohasset, MA was $875,000 and in June 2015 it was $784,000 giving a similar 10.40% decrease.

Average Sale Prices:

Next up we will be looking at is the average sale prices.  The average sale price for Cohasset, MA in June of 2014 was $958,182 and in June 2015 that was down to $889,408.  That gives a noticeably smaller decrease of 7.18%. 

As with the Listing prices if we look at the median prices we see that they are a bit smaller than the average prices.  For June of 2014 the median sales price for Cohasset, MA was $860,000 and in June 2015 it was $767,500 giving a much larger 10.76% decrease compared to the averages.  This is more in line with what we saw with the decreases in the list prices by both methods.

Both methods show that prices are down a fair amount for Cohasset, MA from last year’s numbers.

Average Days on Market:

Finally the last metric we look at are the average days on market, which is the measure of how long it takes for a house to sell in the current market.  For Cohasset, MA the average days on market in June of 2014 were 104.91 and the average days on market for June 2015 were 124.58, for a moderate 18.75% increase. 

Cohasset, Mass Summary:

The Cohasset, Massachusetts real estate market looks like is has declined some since last year.  The pretty good size drops in listing prices and sale prices, by both averages and medians show things are down, as does the increase in days on market.

In summary if you are looking to sell a house in Cohasset, MA now you should expect to get less than you would have expected to get last year.  In addition you should also expect it to take a little longer time to sell compared to last year, sellers might want to consider taking more of a discount to stand out and sell their property faster since the days on market are very high.

 

Do you need to sell your Cohasset, Massachusetts house fast?  If you would like to sell your home fast and hassle free schedule a consultation with us today.

Please share your questions and comments below.

 

 

 

(Image credit: Cohasset Common by Wwoods via Wikipedia)

 

Q & A Saturday – Can I Sell a House with a Failed Septic System?

Welcome to our Q & A Saturday video.

In these Q & A Videos we will answer your questions about real estate.  Any real estate related topic from questions about selling your house, buying a house, real estate investor questions, land lording questions, local market questions and many others things are all fair game. 

Today’s question is “Can I Sell a House with a Failed Septic System?”

Failed Septic System - MA Real Estate

In this video Shaun gives a quick explanation so some of options you have to sell a house that has failed septic system.

 

Some of the main points covered in this video are:

1)      Can You Sell a House with a Failed Septic System?

2)      How many properties in MA are served by Septic

3)      What is Title V and what it means to you

4)      The costs of replacing a system

5)      Basic requirements and timeline for replacing a Septic System

6)      The options available to you to sell when Title V fails

 

 

Hopefully this gives you an idea of the issues involved with inspecting and replacing a septic system as well as the options available to a seller with a failed system.  There are a lot of nuances with each individual situation and system but I hope this gives you a good basic understanding to the process.  So it is possible to Sell Your Home As Is even with a failed septic system

 

Hope you enjoyed the video and leave any other questions you have about the topic below or any other topics you would like to see covered in future videos.  I encourage anyone that has things they would like to talk about to let me know what they are.  You can always fill out a contact us form here and put Q & A in the subject, just leave a comment with your questions below here, send an email to info@masshomesale.com, or post it on our Facebook page or Twitter account.

 

Resources mentioned in the video and some other useful resources and good articles:

–          Massachusetts Title V FAQ’s

–          Title 5 Septic System Regulations: 310 CMR 15.00

–          The Massachusetts Real Estate Law Blog – Massachusetts Title V rules

 

If you need to sell your hosue with a failed septic system schedule a consultation to sell your house fast and easy today.

 

 

(Image Credit: Septic Mess from Amerifirst Home Mortgage)

 

 

 

Real Estate Trends – Plymouth, Massachusetts (Condos)

Introduction:

Welcome back again for our latest real estate market trend report.  For those of you that are here for the first time what we do in these reports is examine the real estate market in a city or town in Massachusetts or New Hampshire to evaluate the current conditions.  We do this by looking at the changes in three key metrics year over year for the municipality to see how the market has changed and then evaluate what those observations might mean for that market moving forward

Today we are highlighting the Condo market in America’s Hometown Plymouth, MA in Plymouth County

 Mayflower II - Plymouth MA Real Estate

As we all know Plymouth was originally settled by the Pilgrims in 1620, and you might also know if you read our market reports on Duxbury, MA and Derry, NH I like to mention my famous relatives.  In this case I have about 8 relatives that came over on the Mayflower so going to Plimoth Plantation is like an extended family reunion.  🙂

Market Trends in Plymouth, MA – June 2014 and 2015:

The Plymouth, MA Condo market appears to be down some since last year.  Both the average listing and average sales prices were down significantly while the days on market were also up.  Inventory went up significantly as well with 20 sales in June 2014 and 32 in June 2015. 

Average Listing Prices:

To start off first we are going to look at the average listing price.  For Condos in Plymouth, MA the average listing price in June 2014 was $376,043.  This was down to $317,459 in June 2015.  That gives a very large 15.58% decrease year over year. 

We wanted to also look at the medians since there seemed to be some big jumps right around these points and it was not clear where they fell without calculating them, this interestingly was the case both years.  If we look at those numbers we see a median list price of $395,250 in June 2014 and $301,950 in June 2015 giving a much larger 23.61% decrease.

Average Sale Prices:

Next up we will be looking at is the average sale prices.  The average sale price for Plymouth, MA Condos in June of 2014 was $365,913 and in June 2015 that was down to $308,964.  That gives an almost identical decrease of 15.56%. 

There is also a discrepancy in the median sale prices.  Like with the list prices we see that the 2014 median is more than the average price and it is less than it in 2015.  If we look at those we see the median sale price was $395,250 in June 2014 (yes it was the same as the list price median) and $292,250 in June 2015 giving again a much larger 26.06% decrease.

The Plymouth, MA Condo market was down significantly no matter which way you want to look at it but using the more conventional median prices the market is down a tremendous amount from last year.

Average Days on Market:

Finally the last metric we look at are the average days on market, which is the measure of how long it takes for a house to sell in the current market.  For Plymouth, MA Condos the average days on market in June of 2014 were 90.60 and the average days on market for June 2015 were 103.06, for a fairly small 13.75% increase. 

However, as we have seen many times before in our previous posts for AbingtonBedfordSeekonk, BelmontTopsfieldCanton,  Dracut (Condos)HamiltonWakefield, Amesbury (Condos), Dracut #2, Taunton, Reading, Stoughton, Wrentham, Stoneham, Dedham, Nashua, NH, Tewksbury, Brockton (Multifamily), Lowell (Multifamily), Acton, Foxboro, Pembroke, Chelmsford, BeverlyFramingham (Condos), Plymouth County (Condos), Marlborough, Billerica, Waltham, Dracut (Condos) #2, Derry, NH, Framingham, Burlington, Duxbury, Acton #2 , Taunton (Condos), Tyngsborough, Milton, Salem, NH, Boston’s Hyde Park, Boston’s West Roxbury , Somerville, Canton #3, Pelham, NH and Westford outliers in the data can really skew these numbers.  This again is the case for Plymouth, MA Condos in June.  In this case there was a very high days on market place in 2014.

In 2014 there was a condominium with 461 days on market; this was almost as high as the next 2 combined and over 25% of the total days on market for all 20 Condos.  When removed the new calculation for the remaining 19 Condos gives an average days on market of 71.11.  Using this adjusted number we see that there is a much larger and more significant 44.93%.  So we have the same conclusion that days on market are up since last year, however it seems that instead of a modest increase we are looking at a fairly significant one.    

Plymouth, Mass Summary:

The Plymouth, Massachusetts real estate Condo market looks like is has declined a significant amount since last year.  The substantial drops in both listing prices and sale prices show this very clearly.  In addition the large increase in days on market also is evidence of this conclusion.

In summary if you are looking to sell a Condo in Plymouth, MA now you should plan on getting a lot less than you would have expected to get last year.  In addition you should also expect it to take a bit longer to sell compared to last year as well.  

 

Do you need to sell your Plymouth, Massachusetts Condo fast?  If you would like to sell your home fast and hassle free schedule a consultation with us today.

Please share your questions and comments below.

 

 

 

(Image credit: Mayflower II by OldPine via Wikipedia)