Looks Like Spring Real Estate Market Has Sprung

It certainly looks like the Spring Real Estate Market in Needham, MA has Sprung even before the 2 days of snow melting 7 properties just listed went under agreement.  Single family homes between list price of $444,800 and $1,299,000 have accepted offers and were listed up to 8 days ago.  Additionally 7 other properties went under agreement that were listed anywhere from 18 days to 403 days and list prices between $1,669,000* (*Days on market for this property 403)

There are 74 Active listing for single family homes in Needham at this moment list prices range from $450,000 to $3,295,000.  

Real estate is local and so this trend may not be throughout the state but interesting stats for  mid February in Needham, MA.
  • February 20 2011 - Needham
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Answers (16)

Profile picture for PhilipAustin
Yes it has Pat
One of my clients has just closed on a $725,000.00 home in Easton and I have 3 more buyers ready to buy in the same price range. My phone is ringing again. In some Massachusetts communities, the spring market should begin to bring stability allowing growth.

Jay at Star Mortgage in West Bridgewater, MA told me this week that he has a surprising number of prospective buyers that have been pre-qualified for mortgage loans that are planning to buy now... while they have a good selection of inventory to choose from. He also said the 30 year fixed interest rates from the secondary market are still very good and all his clients want the 30 year fixed rate because of concern that rates may move up in the near future. Although, the local lending institutions are now conservatively promoting the 5/1 ARM loan products.

A driving factor for the purchase market is that the rental inventory is very low and tenants are now competing for the limited rental housing that is available.

I have been in real estate for over 25 years and have seen the markets emerge from down turns. I strongly feel the market is beginning to emerge and will continue to grow from this point and as demand increases the home prices will increase.

Yes! I truly believe the spring market will be very good for real estate
Phil Austin
Best Choice Real Estate Services, Inc.
Easton, MA
 
  • February 20 2011
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Profile picture for MichaelPRU
Pat,

I completely agree with your assessment of the market here in Needham.  Buyers are coming out of the woodwork and snapping up even some properties that have been on the market for quite some time.  It seems to me the new construction properties have started moving a little faster and sales of pre-existing homes are brisque as well.  I think this is a very encouraging sign.
  • February 20 2011
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Anyone in Needham looking to relocate?
  • February 20 2011
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That is encouraging Phil.  It could be a Massachusetts happening.  May it increase!
  • February 20 2011
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Profile picture for the_country_hick
Linda, how desperate are you for a sale to try this kind of tactic?

Why would anyone want to move to loss vegas with prices dropping so much and the water being used up without a replacement source?
  • February 20 2011
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Profile picture for MichaelPRU
Unbelievable!  Looking in MLS there have been 6 properties in the last week that have gone under contract all of which were on the market less than a week.  Also, I happen to know of a 7th property that came on the market this week and already is negotiating two offers.

Prices haven't been this low in years and mortgage rates are still at historical lows.  If you're thinking of moving to/from Needham, MA now is the time.  Interest rates likely will not stay this low for much longer and demand like this surely will drive up prices.
  • February 21 2011
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"hurry buy now before you get priced out!" good freaking grief....
  • February 21 2011
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Glad to hear Easton is doing well too.  Snow stay away or go to the ski slopes is what I  say!  Properties are still going under agreement.  It is going to be a great spring in Needham and in Massachusetts.  Best time to buy before interest rates go up too.  
  • February 21 2011
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Let's hear from some of the other communities and what is happening in their markets.  Each market is different but the good news could be spreading and it would be great to know.  
  • February 22 2011
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Profile picture for Dunes....
According to Agents on every RE Site their Local Markets are doing splendidly well, lots of Sales, Multiple offers, Price increases, Buyers in Droves, Low Inventory, at the Bottom....it seems it's just that dumb ol' National Market that's still having Declining Prices and Low Sales

Go figure....
  • February 22 2011
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Profile picture for PhilipAustin
 Dear Dunes

As I mentioned in my post; In some Massachusetts communities, the spring market should begin to bring stability allowing growth. That is a very good sign for Massachusetts. Momentum will build quickly and spread throughout more communities.

A driving factor for the current purchase market is that the rental inventory is very low and tenants are now competing for the limited rental housing that is available. AND...The LOW INTEREST RATES are actually moving the market forward simply because the monthly mortgage payment on a home purchase can be less than what families now have to pay for rent.

Once again a family can own a home for less than the cost of rent and they get all the benefits of home ownership.

Today, I am submitting another Offer to Purchase. That is two this week and the week has just begun.That is a pleasantly positive indication that the Buyers are Buying again.
  • February 22 2011
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Dear Phil,
Oh yes a family can own a home for less than a rental payment and the rates are great.  I hope they stay that way.
Congratulations on you offer.  That is super.  Keep them coming. .
  • February 22 2011
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Profile picture for Dunes....
Dear Phillip

I read all the comments including yours..

Perhaps you're right and perhaps you're not but "I truly believe" from the SELLER of Services is not reason enough for a person to purchase the Services you are Selling for Thousands of Dollars & to commit to a Huge Financial Commitment in my opinion...

I'm suggesting that more than... we sold more properties last week/month than usual and a couple Seller of Services agreeing it's all better now should be offered if the Seller of Services wishes to suggest/advise someone should commit to a Huge Financial Obligation and Purchase their Services...

  • February 22 2011
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Profile picture for MichaelPRU

Doubt if you will but the real estate market here is having a healthy spring.  I don't know what's going on where you live but I know what I'm seeing first hand.  One of the houses I metioned that went under agreeement had eight offers.  I see most of the doubters in this discussion are from other areas of the country.  Real estate is local let's not forget and what's happening here in Needham, MA may not be happening across the country.  Just like when the bottom was falling out on real estate values in Miami things were fairly stable in Needham.

  • February 22 2011
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Profile picture for Dunes....
"I see most of the doubters in this discussion are from other areas of the country."

That's absolutely one way to look at it .....I kinda notice all those who agree things are great and it's the Best time to buy are Realtors from that Market area

And Real Estate is Local .... I remember so how bout some local stats..

Monthly Sales & YOY ...Sales Price Medium and Listing Price Medium

Is the Zillow Data anywhere near accurate?
  • February 22 2011
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Profile picture for MichaelPRU
That property I mentioned earlier with two offers . . . they decided not to take any of them.  Instead they raised their list price $36K.  Clearly, there are at least some people out there more confident in the local market than others.
  • February 22 2011
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