Housing is back in Franklin, Massachusetts.
According to Shawn Tully of Fortune Magazine's "The Return of Real Estate" housing is back. Tully goes
on to say, "Two basic factors are laying the foundation for dramatic recovery in residential real estate. The first is the historic drop in new construction. The second is a steep decline in prices, on the order of 30% nationwide since 2006, and as much as 55% in the hardest-hit markets. The story of this downturn has been an astonishing flight from the traditional American approach of buying new houses to an embrace of renting. But the new affordability will gradually lure Americans back to buying homes. And the return of the homeowner will start raising prices in many markets this year."
Tully makes a point to note that in 28 out of 54 markets nationwide it is actually cheaper to buy a home and pay the mortgage along with associated expenses than it is to rent the same property!
A closer look at the Franklin, Massachusetts real estate market reveals that there are currently 26 pending single family homes waiting to close. The average list price is $421,174 and the average days on the market is 106 days. The Multiple Listing Service (MLSPIN) also shows that 49 homes have closed so far during the past 4 months.
If you are trying to determine your current home value in this changing real estate market, give me a call at 508-369-5131 or email. I'll provide you the data to get you moving!
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