Market Indicators for the 4th Quarter of 09 are that the Number of New Homes and the Number of Homes on the Market is going to increase. Sale price and the number of homes sold is expected to remain stable.
According to the MLS records the 3rd Quarter had leveled out to be a neautral market. Not a Seller's Market BUT not a Buyer's Market either. Homes that are priced accordingly are receiving multiple offers and are selling OVER asking price.
Bobbie Files Your Bristol and Plymouth County Realtor
With all the information out there avaiable to home sellers and home buyers, finding and getting the right information becomes a challenge.
Zillow is one of the most well known property valuation websites, but if you are using it to decide what to place your home on the market for or what the home you are looking to buy is worth you will getting inaccurate or irrelevant information.
This is a portion of the Zillow Data Coverage and Zestimate Accuracy graph. As you can see in Bristol County they are only within 5% of the sale price 24% of the time. That number is not good odds for either a seller or buyer to accurately price their home. In Plymouth County it goes down to 22%.
Definitions
Zestimate Accuracy/Star Rating:
This rating is tied to the Median Error in an area. The ratings are as follows:
Depending on the jurisdiction where you live, this value could be the tax assessed, tax appraised, or market assessed value. This value comes from the taxing authority of the city, county or state where you live; this is not Zillow's value.
Note: Tax assessor's values differ from Zillow's Zestimate, which is computed by entering numerous data points into a proprietary formula, often resulting in a more accurate value estimate.
Homes on Zillow:
This indicates the percentage of homes for which we have data (e.g., number of bedrooms or bathrooms) in a particular locale. These are the homes you can find via maps or search on Zillow.com.
Homes With Zestimates:
We can only calculate Zestimates for homes where we have certain data, including transactions. This column indicates the percentage of homes in an area with Zestimates.
Within 5% of Sale Price:
This is the percentage of transactions in a location for which the Zestimate was within 5% of the transaction price. For example, in the Portland area, 30% of the time the Zestimate was within 5% of the selling price.
Within 10% of Sale Price:
This is the percentage of transactions in a location for which the Zestimate was within 10% of the transaction price.
Within 20% of Sale Price:
This is the percentage of transactions in a location for which the Zestimate was within 20% of the transaction price.
Median Error:
Half of the Zestimates in an area were closer than the error percentage and half were farther off. For example, in Seattle, Zestimates for half of the homes are within 8.2% of the selling price, and half are off by more than 8.2%.
As you can see from the legend I pasted above they rate their own ability to be accurate. In Plymouth County they gave themselves 2 Stars which is Fair accuracy. For easier understanding to me that is a D. My son would have been grounded for months if he ever came home with a grade like that.
If you are a home seller or home buyer and would like an accurate Market Report please contact me and I will give you a no obligation report on your home or a home you are looking to purchase.
Bobbie Files Your Bristol and Plymouth County Realtor
Total Market Report is provided to give you an overall picture of the current market conditions.The following report is for single family homes sold in Berkley from July 1, 2009 - July 31, 2009.
Single Family Homes
Number of Homes on Market 61 (a rather high number of listings for such a small town)
Average Days on the Market 174 - The Market Time is signifying the homes are VERY overpriced
Number of Homes U.A.G 4 - that averaged only 130 days on the market (Price = Pace)
Average Price of U.A.G. Homes $329,300
Number of Homes Sold 6
Average Sold Price $262,304
~$278,975 As of July 3, 2009 ~$315,000 As of April 2, 2009 ~$300,750 As of March 3, 2009 ~$283,833 As of February 8, 2009 ~$250,000 As of January 8, 2009 ~$361,250 As of December 5, 2008 ~$259,125 As of November 2, 2008 ~$312,913 As of October 3, 2008 ~$435,000 As of September 3, 2008 ~$0 As of August 16, 2009 ~$334,250 As of July 9, 2008 ~$317,800 As of June 12, 2008 ~$418,333 As of May 1, 2008 ~$286,833 As of April 8, 2008 ~$180,000 As of March 8, 2008 ~$344,250 As of February 7, 2008 ~$349,000 As of January 8, 2008 ~$262,442 As of December 9, 2007 ~$243,125 As of November 7, 2007 ~$645,500 As of October 4, 2007 ~$331,000 As of Sept.1, 2007 ~$349,073 AS OF AUG. 4, 2007 ~$356,473 AS OF JUNE 24, 2007
Average Asking Price $367,609
Lowest SALE Price $120,000 Highest SALE Price $392,000
July finished out with a huge amount of activity!!!!!!!! 10 home buyers have taken or are taking advantage of the $8,000 First Time Home Buyer Tax Credit. 10 home sellers have priced their home IN THE MARKET and have successfully sold their home. There is still pent up activity, plenty of buyers are jumping off the fence and buying. Position yourself as a Home SELLER not just a homeowner with your house on the market.
You want your home IN the market not ON the market.
The absorption rate has gone down to 6 months from 10 months in the month of February. Lots of inventory was purchased but lots was placed on the market as well! There has been a tremendous increase in the number of buyers in the marketplace - rates are at an historic low - the government is putting immense pressure on the banks to work WITH homeowners not AGAINST them and help them restructure their loans to try and prevent additional foreclosures from hitting the market. The lower end and modest homes are being absorbed much quicker that higher end homes. Homes over $400,000 are experiencing longer market times or are not selling at all and there is more downward pricing pressure. 17 homes of the 61 that are on the market are priced over $400,000 that is over 25% of the total homes for sale. BUT if you look at the highest sale price ($392,000) you can see that even though there is a large percentage of high end homes for sale that is NOT where the desire or activity is. As a homeowner you REALLY need to look non emotionally at the homes that have sold and judge based on the sale prices of the comparable homes and really see if your home should be priced over $400,000. If it is legitimally worth over the $400,000 mark take extra care and concern to price it as competitively as possible!!!
Lower and middle end homes are receiving multiple offers and even selling OVER asking price.
What do you need to know if you are a homeowner looking to sell?
Your home MUST (and I mean MUST) be in a condition that an F.H.A. or V.A. approved buyer can purchase call me to find out what steps you MUST take to ensure your home is in the condtion required by these mortgage programs
According to the facts of record we are still losing value. Not great news I know, but it stresses the importance of properly pricing your home UPFRONT!
Price it ahead of the curve and you will open your home up to the largest pool of potential buyers which will sharply lessen your market time AND increase your bottom line! I would rather see any seller get multiple offers to choose from than no offers at all.
Call me for a competent, accurate analysis of your home.
Bobbie Files Your Bristol and Plymouth County Realtor
Taylor Bean and Whitaker, (third largest FHA servicing lender in the country) has ceased operations effective immediately. They just sent out a press release. They will not be closing or funding ANY loans in their pipelines. They were simultaneously shut down by FHA, Freddie Mac and Ginne Mae. This is going to affect a great many loans in this area. They had a major branch in Braintree which serviced many brokers and lenders in this area.
If you applied and were approved for a mortgage with TBW or have a buyer on your home that is using TBW this loan will NOT close. There will be no more loans funded.
Bobbie Files Your Bristol and Plymouth County Realtor
Total Market Report is provided to give you an overall picture of the current market conditions.The following report is for single family homes sold in Berkley from April 1, 2009 - June 30, 2009.
Single Family Homes
Number of Homes on Market 62 (UP 23 from last report!!!)
Average Days on the Market 151 - An abundance of homes placed on the market in the last 4 months
Number of Homes U.A.G 5 - that averaged only 63 days on the market (Price = Pace)
Average Price of U.A.G. Homes $237,480
Number of Homes Sold 8
Average Sold Price $278,975
~$315,000 As of April 2, 2009 ~$300,750 As of March 3, 2009 ~$283,833 As of February 8, 2009 ~$250,000 As of January 8, 2009 ~$361,250 As of December 5, 2008 ~$259,125 As of November 2, 2008 ~$312,913 As of October 3, 2008 ~$435,000 As of September 3, 2008 ~$0 As of August 16, 2009 ~$334,250 As of July 9, 2008 ~$317,800 As of June 12, 2008 ~$418,333 As of May 1, 2008 ~$286,833 As of April 8, 2008 ~$180,000 As of March 8, 2008 ~$344,250 As of February 7, 2008 ~$349,000 As of January 8, 2008 ~$262,442 As of December 9, 2007 ~$243,125 As of November 7, 2007 ~$645,500 As of October 4, 2007 ~$331,000 As of Sept.1, 2007 ~$349,073 AS OF AUG. 4, 2007 ~$356,473 AS OF JUNE 24, 2007
Average Asking Price $370,375
Lowest SALE Price $110,000 Highest SALE Price $425,000
April, May and June finished with a fair amount of activity. 13 home buyers have taken or are taking advantage of the $8,000 First Time Home Buyer Tax Credit. 13 home sellers have priced their home IN THE MARKET and have successfully sold their home. There is still pent up activity, plenty of buyers are jumping off the fence and buying. Position yourself as a Home SELLER not just a homeowner with your house on the market.
You want your home IN the market not ON the market.
The absorption rate is sitting at 7.5 months from 10 months in the month of February. Lots of inventory was purchased but lots was placed on the market as well! There has been a tremendous increase in the number of buyers in the marketplace - rates are at an historic low - the government is putting immense pressure on the banks to work WITH homeowners not AGAINST them and help them restructure their loans to try and prevent additional foreclosures from hitting the market. The lower end and modest homes are being absorbed much quicker that higher end homes. Homes over $400,000 are experiencing longer market times and more downward pricing pressure. Lower end homes are receiving multiple offers and even selling OVER asking price.
What do you need to know if you are a homeowner looking to sell?
Your home MUST (and I mean MUST) be in a condition that an F.H.A. or V.A. approved buyer can purchase call me to find out what steps you MUST take to ensure your home is in the condtion required by these mortgage programs
According to the facts of record we are still losing value. Not great news I know, but it stresses the importance of properly pricing your home UPFRONT!
Price it ahead of the curve and you will open your home up to the largest pool of potential buyers which will sharply lessen your market time AND increase your bottom line! I would rather see any seller get multiple offers to choose from than no offers at all.
Call me for a competent, accurate analysis of your home.
Bobbie Files Your Bristol and Plymouth County Realtor
Total Market Report is provided to give you an overall picture of the current market conditions.The following report is for single family homes sold in Berkley from March 1, 2009 - March 31, 2009.
Single Family Homes
Number of Homes on Market 39 (down 1 from last report)
Average Days on the Market 223 - Staying Stable at this number
Number of Homes U.A.G 5 - March was an INCREDIBLE month filled with Activity!!
Average Price of U.A.G. Homes $280,920
Number of Homes Sold 1
Average Sold Price $315,000
~$300,750 As of March 3, 2009 ~$283,833 As of February 8, 2009 ~$250,000 As of January 8, 2009 ~$361,250 As of December 5, 2008 ~$259,125As of November 2, 2008 ~$312,913 As of October 3, 2008 ~$435,000 As of September 3, 2008 ~$0 As of August 16, 2008 ~$334,250 As of July 9, 2008 ~$317,800 As of June 12, 2008 ~$418,333 As of May 1, 2008 ~$286,833 As of April 8, 2008 ~$180,000 As of March 8, 2008 ~$344,250 As of February 7, 2008 ~$349,000 As of January 8, 2008 ~$262,442 As of December 9, 2007 ~$243,125As of November 7, 2007 ~$645,500 As of October 4, 2007 ~$331,000 As of Sept.1, 2007 ~$349,073 AS OF AUG. 4, 2007 ~$356,473 AS OF JUNE 24, 2007
Average Asking Price $349,713
Lowest SALE Price $315,000 Highest SALE Price $315,000
WOW!!!!!! What an active month March was! 5 homes were priced to sell and buyers recognized it and bought!!!!! There is still pent up activity, plenty of buyers are jumping off the fence and buying. Position yourself as a Home SELLER not just a homeowner with your house on the market.
You want your home IN the market not ON the market.
The absorption rateplummeted to 6 months from 10 months in the month of February. Lots of inventory was purchased! There has been a tremendous increase in the number of buyers in the marketplace - rates are at an historic low - the government is putting immense pressure on the banks to work WITH homeowners not AGAINST them and help them restructure their loans to try and prevent additional foreclosures from hitting the market.
What do you need to know if you are a homeowner looking to sell?
Your home MUST (and I mean MUST) be in a condition that an F.H.A. or V.A. approved buyer can purchase call me to find out what steps you MUST take to ensure your home is in the condtion required by these mortgage programs
According to the facts of record we are still losing value. Not great news I know, but it stresses the importance of properly pricing your home UPFRONT!
Price it ahead of the curve and you will open your home up to the largest pool of potential buyers which will sharply lessen your market time AND increase your bottom line! I would rather see any seller get multiple offers to choose from than no offers at all.
Call me for a competent, accurate analysis of your home.
Bobbie Files Your Bristol and Plymouth County Realtor
In this market that we are currently in Multiple Offers are becoming a very common occurrence, especially in the lower price ranges.
It is not uncommon to have 3-6 offers on a well priced property at a time. (Isn't it funny that when you watch the news - nobody's buying - homes aren't selling - the real estate market is at a stand still - NOT TRUE)
If you are a buyer in a multiple offer situation the listing agent (the agent with the name on the for sale sign) may ask that your home inspection be done BEFORE the sellers decide what offer to accept or negotiate with.
Some Buyers Agents are hyperventilating at that statement! "You want MY BUYER to spend THEIR MONEY without a signature on a contract???" or when pertaining to a short sale "There is NO GUARANTEE that the bank will even accept the offer then they just flushed that $350 down the drain are you nuts??"
Let me explain to you the benefits of doing the Home Inspection up front and when asked in a multiple offer situation:
There is a home on 123 Lovely Street for sale at a bargain price of $169,900. This price is a true bargain!!
Well,
Buyer 1 offers $163,000 - they are 3% down FHA Buyers, only giving $1,500 with Purchase and Sales
Buyer 2 offers $169,900 - they are also 3% down FHA Buyers, but are giving $8,000 with Purchase and Sales BUT have also included their credit score which is 720 and 740 (great scores)
Buyer 3 offers $172,500 - they are 5% down Conventional Buyers, are giving the same $8,000 with Purchase and Sales - no credit score given but pre-approval letter was strong
At first look that $172,500 Buyer (#3) is obviously the best. Of course, the offer is higher and their financing is stronger.
Well, this seller who is sharp and well educated by his Realtor requests that all Buyers conduct their Home Inspection before he/she decides what offer to accept. This seller wants "Surety to Close" This seller priced his home very well and wants to pick a buyer that has the BEST likelihood of closing, hence "Surety to Close"
Buyer #1 completes his Home Inspection and decides to back out of the purchase as it shows that the heating system is nearing the end of it's useful life - they could have come back with a request to have the Seller either replace it or offer funds at closing so the Buyer could replace it but they don't. Obviously, they really didn't WANT or LOVE the home so they had no interest in pursuing options.
Buyer #3 completes his Home Inspection next and it also shows that the heating system is nearing the end of it's useful life. They revise their offer to be $165,500 subtracting the amount that they were told would cost to replace the heating system.
Buyer #2 completes their Home Inspection and that pesky heating system presents the same problem - it's nearing the end of it's useful life (By now we ALL know that this poor heating system is tired). Well, the buyer's brother is a Plumbing / Heating Contractor so they can get the system at cost with NO charge for the install (gotta' love relatives), so they are fine with it, as they were planning on replacing it anyway before the home inspector mentioned it.
Here we are now with all home inspections complete, only 2 buyers left.
Buyer #2 holds firm at $169,900
Buyer #3 is now at $165,500.
Who is the better offer now?
If the Seller had not been properly educated by his/her Realtor up front he/she would have taken the initially apparent higher offer and would have gotten less for his home.
Well, Buyer #2 would not have gotten the home that they really wanted and loved had they not have been willing or had been improperly advised not to do their home inspection.
A Home Inspection is a valuable and necessary part of the home buying and home selling process. A Home Inspection could make or break your decision to buy. The cost of the Home Inspection is part of the costs incurred when buying a home.
When you decide to do a home inspection, whether it is at a request due to multiple offers, or at the start of what could be a very lengthy short sale process, or after the conventional seller signs the offer, you are doing it to ascertain the overall condition of the home and to avoid a home that could present problems that you could not afford to fix.
Does it really matter when you do it?
Why wait 4 months emotionally and possibly financially tied to a home only to find out that the sills are all rotted? In that time several other homes that you would have equally loved have come on and off the market - and you missed them all waiting for this money pit. Did that actually benefit you?
I hope I have given you some insight and benefits on doing your home inspection up front. Yes, it could happen that you are "out the money" without the home. But that would happen if you decided not to purchase too.
Bobbie Files Your Bristol and Plymouth County Realtor
With all the talk about the stimulus package and what it means to YOU the homebuyer I would like to point you in the direction of my website to get accurate information on how you can benefit.
I have provided a 20 second video along with a detailed description of how this $8,000 Federal Tax Credit can provide you with extra $$$$$$$$ almost immediately. This money is NO longer a 0% interest loan as was the $7,500 Tax Credit. This is a true credit.
How can you go wrong buying a home now????
Fact - Interest rates are AMAZINGLY LOW (4.85% as of yesterday) Fact - Home prices are back down to 2002 prices (and the interest rate was 7.5% then) Fact - There is plenty of inventory to choose from whether it is an amazingly priced Foreclosure, or for the patient person a Short Sale, or for the security conscience person a conventional home owner Fact - The Real Estate Market in this area has been showing consistent signs of stabilizing - the absorption rates have been declining, inventory is not coming on as fast and furious, and well priced homes are receiving MULTIPLE offers with many over asking price.
Bobbie Files Your Bristol and Plymouth County Realtor
The real estate market in Massachusetts is not nearly as bad as the National Media likes to report. In fact, Massachusetts ranks the the TOP 10 (#7) of the Best Real Estate Markets in the nation. The foreclosure rate in Massachusetts is not even in the top 15 of the highest in the nation. So, having the correct facts at hand paints a different picture of the real estate market that we are in locally.
That being said we are still having a very real problem with the short sales. The horrendous and painfully slow pace at which they operate is putting unnecessary downward pressure on the market and the pricing. Listening to the Mortgage Bankers Association Members Interview talk about a banks willingness to help almost threw me off my chair. The leders are in a very small and infrequent way assisting home owners in getting out of their troubled mortgages. They make the process, whether it is a loan re-structure or a short sale, longer and more tedious than it needs to be.
Countrywide's short sale department, in my opinion based on NUMEROUS closings, is one of the WORST , most ineffective and incompetently staffed lenders to deal with. When the bankers get together to "discuss" the market and solutions do they have ANY input from the consumers and Realtors who are dealing with this each and every day? I would highly doubt it. If they did I am sure the process would get streamlined to be more effective and cost efficient. Their exhorbitant delays COST them huge amounts of money, and than to find loss mitigators that are less than educated or competent making poor financial decisions costing them even larger amounts of money. I thought their titles were "Loss Mitigators" not "Loss Creators"
Bobbie Files Your Bristol and Plymouth County Realtor
Total Market Report is provided to give you an overall picture of the current market conditions.The following report is for single family homes sold in Berkley from February 1, 2009 - February 28, 2009.
Single Family Homes
Number of Homes on Market 40 (down 1 from last report)
Average Days on the Market 223 - A few Expired Re-Lists at more realstic prices
Number of Homes U.A.G 2 - An average of 152 days to get the buyer! 1 in 7 days the other in 297 days can you see the reasoning of Price=Pace
Average Price of U.A.G. Homes $344,450
Number of Homes Sold 2
Average Sold Price $300,750
~$283,833 As of February 8, 2009 ~$250,000 As of January 8, 2009 ~$361,250 As of December 5, 2008 ~$259,125As of November 2, 2008 ~$312,913 As of October 3, 2008 ~$435,000 As of September 3, 2008 ~$0 As of August 16, 2008 ~$334,250 As of July 9, 2008 ~$317,800 As of June 12, 2008 ~$418,333 As of May 1, 2008 ~$286,833 As of April 8, 2008 ~$180,000 As of March 8, 2008 ~$344,250 As of February 7, 2008 ~$349,000 As of January 8, 2008 ~$262,442 As of December 9, 2007 ~$243,125As of November 7, 2007 ~$645,500 As of October 4, 2007 ~$331,000 As of Sept.1, 2007 ~$349,073 AS OF AUG. 4, 2007 ~$356,473 AS OF JUNE 24, 2007
Average Asking Price $350,256
Lowest SALE Price $292,500 Highest SALE Price $309,000
The absorption rate jumped to 10 months in the month of February. Not the greatest of news. But there are some positives happening in our market - there has been a tremendous increase in the number of buyers in the marketplace - rates are at an historic low - the government is putting immense pressure on the banks to work WITH homeowners not AGAINST them and help them restructure their loans to try and prevent additional foreclosures from hitting the market.
What do you need to know if you are a homeowner looking to sell?
Your home MUST (and I mean MUST) be in a condition that an F.H.A. or V.A. approved buyer can purchase call me to find out what steps you MUST take to ensure your home is in the condtion required by these mortgage programs
According to the facts of record we are still losing value. Not great news I know, but it stresses the importance of properly pricing your home UPFRONT!
Price it ahead of the curve and you will open your home up to the largest pool of potential buyers which will sharply lessen your market time AND increase your bottom line! I would rather see any seller get multiple offers to choose from than no offers at all.
Call me for a competent, accurate analysis of your home.
Bobbie Files Your Bristol and Plymouth County Realtor
Real estate information about the Taunton, Greater Taunton, Berkley area. Market Reports, homes for sale, and just some fun information from Bobbie Files, REALTOR, Keller Williams Realty.
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.
= Best Zestimate 
= Good Zestimate 
= Fair Zestimate 
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