Franklin, MA - Market Snapshot

Settled in 1660, Franklin, MA was renamed for Benjamin Franklin in 1778. A town in Norfolk county, Franklin's proximity to 495 and 95 allows a large commuter draw from both the Providence and Boston employment markets. With a population of around 30,000 people, Franklin was Voted 10th on the "100 Best Places to Live in the USA" List (http://money.cnn.com/galleries/2008/fsb/0803/gallery.best_places_to_launch.fsb/10.html).
 
The real estate market is in transition in Franklin, as in much of Massachusetts. While the numbers show a marginal decrease in the volume of single family real estate transactions in the first half of 2008 (120 properties) vs the first half of 2007(139 properties), it is clear that Franklin is suffering the effects of the market downturn.
 
The first half of 2007 had a much higher average sales price of $479,416, selling in an average of 117 days on the market vs the first half of 2008 where the average sale price is down to $412,440, and the average days on the market is up to 145 days. For the period between July 1, 2008 and September 30, 2008, there were 72 properties sold for an average $443,727.
 
All facts are taken from MLS for single family homes. Analysis of these conditions make it clear that it is a stronger buyers environment for those people who are in the market for their first home, or those looking to upgrade to a larger home, and investors.
 
Buyers and Upgraders will have the ability to capitalize on low interest rates, potentially gaining significant equity when the market rebounds. Those looking to upgrade will need to be sure to analyze the sale of their current home in order to maximize any potential long term gain and minimize short term losses.
 
It is not a good market to downsize unless a financially imperative situation exists. In a bad financial situation, it is important to take the first steps immediately and mitigate your losses and damage to your credit, exploring avenues such as short sales.
 
A Short Sale is when the lender agrees to settle the loan for less than you owe. The benefit of a Short Sale is that they stay on your credit report for less time than a foreclosure and have a much less damaging effect.
 
In summary, the market climate in Franklin, MA has created an excellent opportunity for buyers and upgraders to look for home.