Is Your Town On Realty 'Hot List'?
Chelmsford, Lowell Getting Nearly 100 Percent Of Asking Price
POSTED: 10:26 am EDT October 29,
2009
UPDATED: 3:34 pm EDT October 29,
2009
BOSTON -- There are some signs of stabilization in the Massachusetts housing market during the last quarter, according to a recent real estate report by ZipRealty.Towns around Boston have seen sellers get more than their listed asking price, said Leslie Tyler, vice president and chief home hunter for ZipRealty. That means buyers are willing to put down extra money to ensure they can lock up quality homes, she said.In Massachusetts, the two hottest towns during the third quarter based on sales-to-list price are Chelmsford and Lowell, according to the ZipRealty report."Sales have been up the past three months (July, August and September) versus the same period last year," said Eric Berman, of the Massachusetts Association of Realtors. "We can feel positive that sales in October will also show a positive trend."Residents in Chelmsford who have put their homes on the market are getting more than 100 percent of their asking price, said Tyler. The average sales price is almost $363,000, according to data provided by the Massachusetts Association of Realtors. This year, homes in Chelmsford are on the market an average of 128 days before selling.In Lowell, sellers are getting nearly 100 percent of their asking price, Tyler said. Data shows the average sales price in town is $202,000. Houses have been listed for an average of 102 days in 2009.However, not every homeowner in Massachusetts is getting what they want when they sell their home.Osterville, which is on Cape Cod, and Douglas, a town close to the Rhode Island border, are the coldest markets in the state, said Tyler. In both locations, residents with houses on the market are only receiving offers worth 87 to 88 percent of the list price, she said.The Realtor Association data shows that both towns are down due to the light volume of total sales and the overall expense in those locations. In Douglas, only six homes have sold so far in 2009. In Osterville, five homes sold this year, and the average price in town is $1.1 million.Realtors said a combination of the overall list price compared to both the buyer's ability to pay for a home in the Bay State and the seller's eagerness to sell all contribute to the sales-to-list price ratio."Massachusetts is still a high-cost state, even though prices are better than they have been in the past," said Berman.Berman added that young professionals in the state do not have salaries high enough to stay long term unless they can find an affordable place with good rates."Interest rates are good, which has helped," said Berman. "The first-time homebuyers tax credit has really helped. But now we're looking for a way to get buyers who want to move up to the next level a way to be able to do that."The tax credit has kept real estate agents busy as the deadline approaches, Berman said.There isn't a way to tell what will happen to the market after the tax credit expires, he said.Even the coldest Massachusetts towns are still doing better than other locations nationally.Residents in Denton, Texas, and Stone Mountain, Ga., are receiving offers below 75 percent of their asking price, which is the worst rate in the country, Tyler said.Homes in Phoenix and Southern California received the highest offers from prospective buyers this past quarter, according to the ZipRealty report.
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