It is a great sellers market in Framingham , where homes are selling fast and at or over asking. With so few homes on the market, buyers are fighting over each home and out bidding each other bidding up Framingham homes sales prices. The advantage to buyers is that the interest rates are still low in Ma., so even though you are paying more for your Framingham home, your mortgage payment will be lower than if you were to wait. As a buyer, you need to way the effects of purchase price vs. your low mortgage with historically low interest rates. We know the FED will raise these rates in the near future. They do not stay low forever.
I have lived in Framingham for almost my entire life, grew up here and it is a great town (city). the North side is the more desirable of the two areas of town, but you can get a nice home on the South side of Framingham for much less money. Every big town or Large city has areas that are better than others. You are close to 495, 128 and route 9, and route 30. You have great highway access and a lot of conveneient shopping and restaurants on route 9. Framingham agents try to get listings on the North side of town because those homes sell in days especially when priced appropriately. Even in this market, being priced slightly high in Framingham, your home will still get offers anyway. The lack of inventory of Metrowest homes is really benefiting sellers so much so I had talked with several for sale by owners that were surprised how quick they got offers on their home and the prices above asking hat they were receiving. Usually in a buyers market, appraisers are tight, but in this sellers market , there is rarely an incident of the property not appraising even on hoes tat have accepted offers 20K over asking.
In 2007, home owners couldnt sell their properties for close to asking and homes were sittig on the market for a long time. With so much inventory the banks held in foreclosure, they were not equipped to handle the mess that they created by handing out loans like they were candy. Tons of sellers were upside down in a short sale situation. I worked in Worcester for 4 years then and what a mess it was because that county has more foreclosures anyways, but the banks could'nt handle the mess they started with all their subprime loans give out.
The Framingham market has been strong and the loss of equity has recovered in higher ends cose to Framingham because the housing appreciation over the last few years has been so strong. The real estate market is always cyclical. It is very important if you are a buyer in 2016 in Framingham and the Metrowest area to work with a strong negotiator, because you will probably be in a multiple offer situation most of the time, whether in Framingham, Natick, Wayland, Hopkinton, wellelsy, and any nearby towns to Framingham.
Thanks for reading!
Your friendly neighborhood Realtor.
Dan greenberger
RE/MAX Executive Realty
www.dangeenberger.com
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