Westford home sales are heating up

August 28, 2009

The number of homes selling in Greater Boston has picked up quite a bit in the last few months, and home prices are rising.  These are great signs that have me convinced that the housing slump is ending.  

I’m seeing the same turnaround here in Westford.  If you look at the first three months of 2009, single family home sales were pretty dismal - 6 sales in January, down to 4 in February, and 6 in March.  Fortunately,  the tide has turned and over the past several months this town has shown some very impressive numbers, with 21 home sales in June, and July sales of 18.  

Home Sales in Westford 2009

As of today, there  have been 22 home sales in Westford, with possibly more closings on Monday. 

Definitely an encouraging sign  for sellers! 

Buyers are out in force, and there are some very important factors that have contributed to turning the market around:   

  • Mortgage rates took a dip into the 4’s in the spring, which spurred many buyers who had been sitting on the fence to jump in and take action.  Currently the interest rates have moved up to the mid 5’s , still a very good rate for the buyer! 
  • Sellers are listing their homes at realistic selling prices, or making pricing corrections to position their homes at fair market value, which in some cases is causing multiple offers.
  • The first-time homebuyer credit has brought a lot of new buyers into the market.  The credit ends November 30th, so these buyers are feeling pressure to find a home to buy.

I’ve also noticed that increasingly larger numbers of groups are going through open houses, which is another great indicator that the buyers are ready to buy.

Sellers are also feeling more confident, as I’ve experienced a big increase in the number of people calling me to help them figure out what price they could get for their home and to get their homes ready to sell in the next few months.   

At the end of all the number crunching , graphs, and articles,  Westford is still a great place to live!  I don’t think we are going to see the price peaks of 2005 any time soon, but I know as a community we offer a tremendous amount of value to a potential buyer.

Have we turned the corner on the down market in Westford? Most likely.  Will we sustain the momentum after the first time buyer incentive program is gone?  Leave a comment to let others know what you think.

Posted by Susan Ernst | Filed Under Economy, Homes for Sale, Market, Mortgages, Selling a Home, Westford | 1 Comment 

Home Sales in Westford for July 2009

August 7, 2009

Address Sale Price Orig. Price % of Orig. Days
57 West Street $216,000 $225,000 96% 16
1 Jonas Road $230,000 $239,900 96% 66
7 Snow Drive $242,750 $259,900 93% 20
35 Brookside Road $290,000 $294,900 98% 44
3 Pine Tree Trail $302,500 $379,000 80% 316
25 Fir Road $325,000 $325,000 100% 35
3 Crown Road $330,000 $425,000 78% 388
48 Stony Brook Road $350,000 $399,900 88% 8
4 Sherwood Drive $360,000 $375,000 96% 58
Lot 6 Kestrel Lane $465,000 $479,900 97% 1
25 Beaver Brook Road $499,900 $525,000 95% 165
20 Depot Street $500,000 $749,900 67% 1081
5 Russells Way $550,000 $609,000 90% 270
17 Depot Street $620,000 $795,000 78% 1034
3 Hyacinth Drive $625,000 $625,000 100% 3
10 Applewood Drive $642,950 $649,900 99% 40
61 Tenney Road $649,000 $659,000 98% 58
41.5 Hildreth Street $650,000 $700,000 93% 717
Averages $436,006 $484,239 90% 240

Posted by Susan Ernst | Filed Under Chelmsford, Economy, History, Homes for Sale, Market, Selling a Home, Westford | Leave a Comment 

What home buyers need to know about the Mortgage Disclosure Improvement Act

August 2, 2009

The Fed is trying to protect you from getting into a mortgage loan you don’t understand and can’t afford, so it’s come up with new legislation that took effect on all loan applications as of July 31. How does it impact you if you are a buyer, seller, or refinancer? Basically, it will add up to two weeks to the time it takes to get a home loan.

Here are the changes imposed by the MDIA:

  • Mortgage lenders must provide borrowers with an initial Truth-in-Lending (TIL) disclosure, which outlines the Annual Percentage Rate of the loan, and the Good Faith Estimate (GFE) that itemizes the costs required to get the loan, within three days of making a loan application. This is good for consumers because it helps you decide if you want to use that lender. The lender cannot collect fees for things like appraisals until the 4th business day after a Truth-in-Lending disclosure is issued to the borrower.  The credit reporting fee is the only fee that can be collected before the borrower gets the TIL and GFE.
  • There is a seven day waiting period after the TIL and GFE are disclosed to the borrower before the closing can take place.  This is intended to give borrowers more time to think about it before closing.
  • If the final APR differs from the previously disclosed APR by more than .125%, then the lender must re-disclose the TIL and GFE, and the closing cannot take place until the earlier of 3 days after the buyer has signed thise forms, or 6 days after they are sent.

These rules make it even more complicated, and have lots of implications on timing of rate locks and closing dates, so make sure you are getting careful guidance from your lender, attorney, and real estate agent.

Regardless, the days of getting a quick home loan and closing are over. Plan on a minimum 45 day time-line to get to closing.

Posted by Susan Ernst | Filed Under Economy, Homes for Sale, Market, Mortgages, Selling a Home, Westford | Leave a Comment