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The Spring Market is Upon Us in Central Massachusetts!
More Real Estate Words of Wisdom from Gerry 'Realtyman' Bourgeois:Well... The Spring Market is upon us. What's happening in North Central MA, you ask? Nobody really knows for sure. Mortgage rates are still very low (historically) - around 6% for a 30 year fixed rate. 100% financing is all but gone. OK, 100% LTV may be available in SOME instances, however they are few and far between. FHA is making a 'comeback' but buyers still need to bring Money to the table (quite a novel concept).Sales are actually increasing (units, that is) but there is still quite a bit of pricing pressure. Homes which are priced correctly relative to the current market (not 2004 values) can - and DO - Sell!We are seeing more activity in the lower end of the market for single family homes. However, we are also seeing the 'upper-end' getting cherry picked. The good upper-end homes are selling. The real challenge is in the middle of the market. It is very hard for the middle to find any direction right now. Also, many who are in the middle are reluctant to make a decision.Due to pricing in addition to financing constraints, the condo and multi-family markets are ... more
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