Norton, MA

Red Mill Village, Norton, MA

Red Mill Village, an active adult community in Norton, Massachusetts, has reduced its minimum age requirement to 50+. This change was overwhelmingly approved by the residents in August, while maintaining the strict policy of no children under age 18. The federal government allows up to 20 percent of homes in an active adult community to be sold to people under 55. At Red Mill Village in Norton, MA this will mean 23 units available for people ages 50 to 54.

When I first visited Red Mill Village in 2007, I was charmed by the design philosophy and architectural details which recreate the picture-perfect New England village. Front porches, community gardens, beautifully landscaped walkways and a center green create the opportunity for a close-knit neighborhood.

Red Mill Village lets you eliminate the need to spend time on home maintenance but still offers spacious home plans. There are five styles of attached Townhomes, and eight styles of detached homes. The homes range from two and three bedrooms, all with 2 ½ baths, and either 1 or 2 car garages. The varied floor plans range from 1,900 square feet to over 2,700 square feet, and in price from $349,000 to $549,000. Monthly Home Owner Association fees (HOA) range in price depending on the unit.

Red Mill Village will have 156 units when complete. There are 92 units sold and occupied. Currently, there are eight units for sale; some are detached homes and some attached Townhomes. The property occupies 53 acres, including 18.5 acres of preserved forest bordering the Canoe River. Common spaces include a community center available for social events, village shops, a country store, post office and recycling center.

The surrounding local area offers many opportunities for shopping, dining, entertainment and cultural activities from Wheaton College to the Comcast Center for performing arts.

Contact me for a private showing! You'll be glad you took a look at Red Mill Village!

The Trend in Home Sales in Norton MA - Improving, or...?

Home prices in Norton on average are falling! Home prices are down 15.8% since July of 2009.

The current average listing price of homes for sale in Norton MA is $313,350, up 1.4% from a month ago. Compare this to the current median sales price of $225,125 - where half of sales are above this amount and half below it.

2 bedroom homes are selling for less than they were while 3 bedroom homes are selling for more. Prices of 2 bedroom homes are down 26.6% from year ago levels while prices of 3 bedroom homes are up 4.6%. Below is a chart of the trend of median prices of homes for sale in Norton MA over the past year through July 2010:

Norton Recently Sold Homes

The number of sales for all homes is cyclical, but have been relatively flat over the past few months:

Norton Recently Sold Homes

So what does all this mean? Well, if you're looking for a home in Norton, you can probably find a bargain in 2 bedroom homes as prices are down. Still, lowball offers won't cut it in a market like this.

But if you're looking for a 3 bedroom home, you better not mess around too much. While sales overall are relatively flat, prices of these homes are climbing. Still, sellers aren't in control of the market either, so both buyers & sellers should be reasonable when negotiating.

You can still buy a home with no money down with a VA Loan or with a USDA Rural Development Home Loan. With the FHA Mortgage program, you can purchase a home with as little as 3.5% down. With a MassHousing loan, you can purchase a home with as little as 3.0% down. When you're ready to buy a home, find out how much house you can afford to buy in Norton or in the surrounding area.

Be sure to contact me, Lew Corcoran, toll free at 1-800-941-5616, when you're looking to get pre-approved for a purchase of your next home in Norton or in the surrounding area. Otherwise you may end up frustrated, disappointed and, unfortunately, perhaps misled.

Mortgage Rate Forecast for May 25, 2010

Here are some of the events affecting mortgage rates today:

What Mortgage Backed Securities Are Doing Today:

• The price of the FNMA 30-Year 4.5% MBS coupon opened at 102.08 this morning - up 1/32 from yesterday's close.
  
  
• At 9:30 AM, the 4.5% MBS coupon was trading at 102.39 - up 10/32 from its opening.

Remember, on mortgage backed securities (MBSs), as the price goes up, the yield comes down - and so do mortgage rates. I expect that mortgage rates will be up to 0.25 points better in price this morning as compared to yesterday.

Price Trend in Mortgage Backed Securities:

The chart below shows the price trend of the FNMA 30-Year 4.5% coupon over the past 30 days from 4-25-2010 to 5-25-2010:

Economic Reports, News, and Events Affecting Mortgage Interest Rates Today:

• Consumer Confidence Index (CCI) - consumer confidence for May rose 5.4 points to 63.3 - better than the 57.9 reading that was expected. The reading was 57.9 in April, 52.5 in March, and 46.4 in February. Posted by the Conference Board, this measures consumer willingness to spend. As a comparison, a reading of 80 or better is considered a signal of economic health. Retail sales typically move in tandem with consumer optimism. Because consumer spending makes up two-thirds of the U.S. economy, any related data is watched closely by market traders and can have a significant influence on the mortgage market. If consumers are less confident in their personal financial situations, they are less likely to make large purchases. Despite the higher CCI readings, this report had no impact on mortgage rates this morning because of the ongoing debt crisis in Europe.

Trend in Mortgage Rates:

The chart below shows the trend in mortgage rates over the past year:

Mortgage Rate Lock Advice:

Prices of mortgage backed securities are at their highs of 2010. Yesterday, the price of the FNMA 30-Year 4.5% Coupon closed within 63 basis points of its all-time high of 102.69 which was on November 30, 2009. This morning, the MBS coupon was within 35 basis points of that all-time high. As a comparison, what that means is this: if a 30 year fixed mortgage rate was 4.50% with 1 point yesterday, and if price of the MBS 4.5% coupon were to go as high as 102.69, then the best the 30 year fixed mortgage rate would be is 4.50% with 0.375 point today.

If I were applying for a mortgage today, I would lock the rate as mortgage rates are already at their lows for 2010, and they're probably as low as they're going to go. While it's possible that mortgage rates could go even lower with the ongoing economic crisis in Europe, it won't be by much, and I would not risk the chance waiting for it.

Be sure to check out today's mortgage rates.

Trend in Home Sales in Norton MA Through April 2010

According to Trulia.com, sales prices of homes in Norton have declined 8.9% over the past year through April 2010. The current average listing price of homes for sale in Norton MA is $332,969, while the current median sales price is $217,900.

The median sales price is the price at which one half of the homes sold above that amount, and one half of the homes sold below that amount. Below is a chart of the trend of median prices of homes for sale in Norton MA over the past year through April 2010:

Norton Recently Sold Homes

Below is a chart of the trend in home sales in Norton MA over the past year through April 2010:

Norton Recently Sold Homes

If you're looking to buy a home or condo in Norton MA or in the surrounding area, then search the MLS.