Robert Nichols, Sharp Buyers

Dorchester Condo sales volume in August 2008 has declined 27% versus August 2007. Additionally, the median sales price has declined 16% fro the same period. Dorchester has been hit hard by the mortgage crises and many recent home buyers were forced to sell short or allow there properties to be foreclosed on. The actual numbers are as follows: Total sold volume 2007 was 44 units while only 32 units sold in 2008. The median sales value was $254,250 in 2007 and dropped to $212,500 in 2008. For additional information about the Dorchester real estate market visit sharpbuyers.com

For the month of August, the year on year condo sales volume in Boston declined at a rate of 20%, while the median sales value rose by 4%. In August 2007, there were a total of 587 condos that sold in Boston, while only 469 sold in August of 2008. The Median sales value in August of 2007 was $358,000.00 but rose to $372,500.00 in August of 2008. As in July, the Boston Condo value rose amidst a decline in year on year volume. SharpBuyers aims to educate buyers and can provide you with detailed reports as well as a real estate rebate to pay for closing costs.

We are happy to announce that SharpBuyers.com has recently closed its first deal in East Bridgewater Massachusetts. The SharpBuyers.com system will surely revolutionize East Bridgewater real estate. The buyer saved over $5000.00 at closing. This is the third Buyer we have worked with in Massachusetts and we are continuing our growth day by day. The goal is to make SharpBuyers.com a local household name in all of Massachusetts and to change the boring run of the mill Massachusetts real estate landscape by adding something additional value through real estate rebates along wit exceptional service. SharpBuyers.com only represents buyers and we are one of the first Massachusetts real estate companies to connect buyers to real estate brokers who will pay their closing costs. This is truly a win win for Massachusetts’s home buyers.

With the current mortgage crisis and adjustable rate mortgages valued in the trillions still waiting to adjust in 2008, the mortgagee fiasco will continue to drive property values downward. With that said, it is important to focus on how this will benefit investors and homebuyers alike that decide to buy during this declining market. Many people don't know this but more Americans became millionaires during the great depression than any other time in American history. This happened because people became desperate for cash and acted relatively irrationaly by selling their land and homes for pennies on the dollar. This was obviously an extreme case but in today’s real estate market we can see glimpses of this same mentality. With so many distressed properties on the market investors and buyers alike are able to leverage the current market conditions into getting great deals and bargains that haven't been seen in over 10 years in some markets such as Arizona and California. The banks are desperate to unload these properties while sellers who are forced to sell in this market must reduce their prices to compete with all of the below market distressed homes. So have we seen the bottom yet? I don't think so. Many of the 100% adjustable rate mortgages have not adjusted yet, and as a result we will see more buyers that cannot refinance due to their homes being worth less than what they purchased them for. This market may not turn around until 2011-2012, roughly 5 years after the peak. Only time will tell, but one thing is for sure: Today’s buyers will be the big winners of tomorrow. SharpBuyers.com will sweeten the deal even more by providing a real estate rebate of up to 50% of the commission to the buyer at closing.

In May 2008, Boston Condominium sales volume decreased from 536 in May 2007 to 429 in May of 2008. This represents a 20% decrease in volume. Prices remained relatively even for the same period. In May of 2007 the Median price for Boston condo was $389,450 while in May of 2008 the median price was $388,000. This is a decrease of less than 1% in value, which means Boston Condo prices remain stable. Although prices remain stable the volume has significantly decreased which could lead to significant prices decreases in quaters 2-4 of 2008, if the volume doesn't rebound. This information was provided by SharpBuyer.com, Boston's Buyer Broker.