Home Sales Up

According to the Massachusetts Association of Realtors single family home sales were up 6.6 percent in October 2008 compared to the same time last year. This is the 2nd straight month of year over year increases in monthly home sales in 2008. Condo sales were only down 1.0 percent in October compared to the same time last year. Total inventory of residential properties that are active and on the market also decreased 13 percent when compared to last year.

Happy Thanksgiving

There is alot of uncertainty out there, the common element right now is rates are good and prices are down, now might just be the time. Have a healthy holiday.

LATEST RESULTS

The National Association of Home Builders has just released their latest forcast which states the Northeast will be one of the first regions to rebound. They expect signs for most areas in the 3rd quarter, no later than the 4th. Here in central MA we are already seeing the market start to improve with steady sales and in some cases multiple offers on one property. If you are waiting for the bottom do not wait too long as we may be there.

PROCEED WITH CAUTION

The term that is being thrown around lately is "short sale". This simply means that the current mortgage holder may ot may not accept a sale price lower then what is owed on a property. Most short sale situations the mortgage holder will take up to 90 days to make a decision after reviewing all offers, they also reserve to right to foreclose on the property anyway. Do not be fooled by artificially low list prices in order to lure multiple bids raising the price. Keep your eyes open for traditional sales as well, sometimes they are the better deal in the end.