Famous for it's pink granite, Milford, MA is a town in Worcester county whose close proximity to 495 allows a large commuter draw. Milford has a population of around 25,000 people.
The real estate market is in transition in Milford, as in much of Massachusetts. While the numbers show a signficant increase in the volume of single family real estate transactions in the first half of 2008 (102 properties) vs the first half of 2007(69 properties), it is clear that Milford is suffering the effects of the market downturn.
The first half of 2007 had a much higher average sales price of $343,351, selling in an average of 136 days on the market vs the first half of 2008 where the average sale price is down to $291,858, and the average days on the market is up to 167 days.
The trend has continued through July, where the the market is up from July 2007 (13 transactions, average sale price of $364,538) to July 2008, (21 transactions, average sale price of $293,520).
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 Milford, MA has created an excellent opportunity for buyers and upgraders to look for home.