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Here is a snapshot of real estate market for single family homes in NORTH ANDOVER, MA for the week of March 5th, 2012. (Source: AltosResearch)
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For Week of March 5th, 2012 |
| Median Price | $510,000 |
| Average List Price | $554,587 |
| Average Days on Market | 187 |
| Number of Homes On Market | 98 |
| Median House Size | 2592 sq.ft. |
| Market Action Index | 15.3 - Strong Buyer's |
Data provided by ©2011 Altos Research LLC.
The Market Action Index answers the question "How's the Market?" by measuring the current rate of sale versus the amount of the inventory. Index above 30 implies a seller's advantage. Below 30, conditions give
the advantage to the buyer.
The Market Action Index has been trending down lately, while inventory and days-on-market are climbing. The trends imply a weakening market.
The market has shown some evidence of slowing recently. Both prices and inventory levels are relatively unchanged in recent weeks. Watch the Market Action Index for changes as it can be a leading indicator for price changes.
SEARCH ALL AVAILABLE NORTH ANDOVER HOMES FOR SALE, LIKE I DO!
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Here is a snapshot of real estate market for single family homes in ANDOVER, MA for the week of March 5th, 2012. (Source: AltosResearch)
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For Week of March 5th, 2012 |
| Median Price | $654,900 |
| Average List Price | $750,374 |
| Average Days on Market | 169 |
| Number of Homes On Market | 96 |
| Median House Size | 2950 sq ft. |
| Market Action Index | 16.6 - Strong Buyer's |
Data provided by ©2011 Altos Research LLC.
The Market Action Index answers the question "How's the Market?" by measuring the current rate of sale versus the amount of the inventory. Index above 30 implies a seller's advantage. Below 30, conditions give
the advantage to the buyer.
The Market Action Index has been trending down lately, while inventory and days-on-market are climbing. The trends imply a weakening market.
The market has shown some evidence of slowing recently. Both prices and inventory levels are relatively unchanged in recent weeks. Watch the Market Action Index for changes as it can be a leading indicator for price changes.
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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.
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