Massachusetts Real Estate Trends

BUY WORCESTER NOW PROGRAM

Judy Reynolds (Evergreen Realty) — Fri, 18 Jul 2008 13:08:48 -0500

Through the conserted efforts of the City Manager of Worcester, Michael O'Brien, and the Worcester Regional Association of Realtors, there will be many more homes sold in Worcester. The BUY WORCESTER NOW Program means that Realtors trained in the program will be able to post their Worcester listings onto a new BuyWorcesterNow.com site.

The Worcester properties will be eligible for special mortgage rates 1/4 to 1/2% lower than conventional financing, because many Worcester lenders have provided $75,000,000 in funds for the program. They will also qualify for special down payment programs, possibly through their company and the state, or through the American Dream Program.

Buyers will also save substantial costs for closing because the attorneys will be discounting their fees and title work. The merchants in Worcester are also providing incentives and rebates when the Worcester buyers move into their homes.

Contact your Realtor today to find out about this exciting program and take advantage of this amazing opportunity. Funds are limited. The Evergreen Realty Team was in the first training program for this great program, and we will be happy to answer any of your questions. We are excited about the success of this program.

Annual Sales Trends for Central Massachusetts

Judy Reynolds (Evergreen Realty) — Fri, 14 Mar 2008 15:06:23 -0500

The annual sales trends for the Wachusett Region demonstrate some interesting dichotomy. Generally speaking, the sales volume (the number of homes sold) reached a peak in 2004 and declined from there in most towns. The median prices peaked in 2005 and adjusted from there. The sales volume decline has been between 30% to 40%, and the entire county has experienced a 30% decline.

The numbers below demonstrate how each town in the area has experienced the decline in number of sales and median price changes.

ANNUAL SALES TRENDS FOR SINGLE FAMILY HOMES

Town	Sales 2004	Sales 2005	Sales 2006	Sales 2007	Median Price 2004	Median Price 2005	Median price 2006	Medium Price 2007
Berlin	39	31	27	35	$380,000	$395,000	$460,000	$349,900
Bolton	94	93	71	67	$507,500	$557,000	$582,400	$480,000
Boylston	67	45	50	41	$369,900	$363,800	$475,000	$378,000
Clinton	100	115	100	76	$234,500	$266,500	$250,000	$250,000
Harvard	86	85	49	55	$585,000	$596,000	$595,000	$528,000
Holden	294	267	251	191	$267,700	$289,900	$276,000	$277,500
Lancaster	99	69	56	68	$295,000	$325,000	$275,000	$268,000
Leominster	439	394	282	308	$240,000	$258,000	$257,500	$244,900
Lunenburg	175	168	124	104	$269,900	$294,500	$258,900	$244,900
Paxton	85	76	66	43	$295,000	$316,500	$280,750	$316,293
Princeton	45	48	30	41	$300,000	$377,500	$357,450	$273,500
Rutland	86	98	102	67	$259,450	$282,000	$284,125	$275,000
Sterling	108	96	80	65	$306,250	$319,500	$339,396	$325,000
W. Boylston	94	89	71	73	$289,000	$310,000	$260,000	$262,000
Westminster	110	108	92	82	$258,000	$280,000	$268,950	$252,500
Worcester	1485	1438	1303	1092	$220,000	$241,000	$231,000	$210,000
Worcester	9569	8886	7607	6604	$241,000	$269,900	$253,000	$240,000
County	9569	8886	7607	6604	$241,000	$269,900	$253,000	$240,000

Have we reached the bottom of the market correction? The economic trends for 2008 should verify this and other economic trends would indicate that this is a good time to buy. With interest rates drifting higher, any further price correction could be lost with the higher interest rates.

Mortgage Relief for New England

Judy Reynolds (Evergreen Realty) — Fri, 21 Dec 2007 17:18:47 -0600

The credit crunch and accompanying foreclosures are a very real concern for our region. There are five banks which are working with the Federal Reserve Bank of Boston to provide relief to homeowners. The five banks are Citizens Bank, Sovereign Bank, TD Bank North, Webster Bank, and Bank of America.

You can get complete information and an education about this program at http://www.mortgagerelieffund.com/ The banks are working on an outreach program to borrowers to offer a solution to their mortgage wows before it becomes a serious problem. The program is directed at homeowners who have some equity in their homes and currently have kept up their payments, but who face some difficulty when their rate increases.

The banks are offering an opportuinity to refinance their high-rate loans into a more conservative product before the threat of foreclosure becomes a reality. They plan to be creative in finding solutions for borrowers and relieving the threatening financial worries.

The banks expect to incorporate Federal Housing Administration (FHA) insurance and beneficial aspects of state programs, which often include flexible underwriting and eligibility guidelines.

FHA, a branch of the U.S. Department of Housing and Urban Development (HUD), insures mortgage loans against default. FHA insured mortgages allow for a low down-payment - and the 3 percent minimum down-payment can come from family members, as a gift, or from charities. Sound competitive rates can be a great opportunity for homeowners to stabilize their mortgage expenditures.

Contact one of the banks and review the information at the web site for assistance. As always, our team stands ready to assist you in any way.

Have a Merry Christmas,

Judy Reynolds

Third Quarter Trends

Judy Reynolds (Evergreen Realty) — Tue, 23 Oct 2007 23:15:12 -0500

The amount of inventory has been increasing, but the number of homes that sold in 2007 is close to the 2006 rate in the Wachusett Region. The mortgage meltdown and accompanying credit crunch have caused the media to forecast "doom and gloom" at every turn. They believe it will sell more papers to write the bad news stories. If fact, the banks and government are working to support a reasonable recovery for the mortgage foreclosure problem. Good news--there should be changes in how loan officers and mortgage brokers take your most private information and hold them financially accountable to choose the right mortgage product for buyers.

Other factors in the ecomony, including the positive employment picture and robust stock market, will support the housing recovery. The year 2008 is expected to produce better growth and a positive housing picture. In the meantime, if buyers are planning to buy a home for the longer term, this is a very good time to buy a home. There is a great number of houses to choose from and interest rates are still very attractive.