Newburyport, MA

Newburyport MA Short Sales

Unlike neighboring Amesbury MA, Newburyport MA short sales are rare. The reason for this is simple; real estate values in Newburyport have not suffered that much. Short sales occur when people owe more on their homes than their home is worth, and have suffered a hardship that makes it difficult or impossible for them to keep the house. If the value of the home is worth more than the mortgage, there is no reason for a short sale. Newburyport values are such that there is rarely a reason for a short sale.

Banks may be forgiving some of the seller debt, but they don’t like to give away money. They want the house to sell reasonably close to market value. Banks have become much more efficient in handling short sales so they are no longer as complex or need to take months to accomplish. A year ago I was still avoiding them, now I am doing them on a regular basis in some communities.

The homeowner doesn’t really care about the price of the home as long as the bank approves the sale and forgives the balance of their debt. Between this and the bank wanting a reasonable price, you will find that short sales are priced to sell, based upon market value. Many homes on the market may be overpriced because the seller refuses to accept real value and their Realtor takes the listing anyway. That generally will not be the case with short sales.

Unfortunately, some Realtors are still pricing short sales at unrealistically low prices to collect offers to send to the bank. Beware of pricing that seems too good to be true – the lender won’t go along with it and you will be wasting your time.

Call us and let us help you in your search for a home

The annual Merrimac River Eagle Festival will be held this Saturday in Newburyport, February 11th. What a great opportunity to learn about eagles, see demonstrations and view eagles in their natural habitat!

The event runs from 9-4pm and is presented by The Mass Audobon's Joppa Flats Education Center and the Parker River National Wildlife Refuge in Newburyport. There is no charge to attend.

There will be eagle tours every half hour. Reservations are required. Call 978-462-9998. The tours are one and a half hours in lenght.

At city hall there will be two eagle demonstrations and at Joppa Flats and the Parker River Refuge there will be crafts and games for the kids.

To get a full schedule and more infomation visit www.massaudubon.org/joppaflats.

In these tough economic times short sales are part of the real estate market. It is a chance for a homeseller to avoid foreclosure. For a home buyer it can be an opportunity to purchase a home at a great value.

Shorts Sales on the Market in the Greater Newburyport Area:

Newburyport 7 Rowley 3 Georgetown 3

Newbury 2 Amesbury 21 Groveland 4

Salisbury 9 Merrimac 4 Ipswich 5

Short Sales Under Agreement in the above towns: 14

Short Sales Sold in 2011 in the above towns: 59

Average Sale Price : Single Famiy Homes $303,639

Average Sale Price: Condo's $152,427

Short Sales on the Market in Essex County: 405

Short Sales Sold in 2011 in Essex County: 471