Hi Drew...Hard to predict the future but I know how important growing equity is to first time buyers and home owners in general. One of the top economists have predicted that property value on the North Shore will increase up to .5 to 1 percent per year for the next 5 years, pending any natural or economic disasters. The most important thing you need to consider is the strength and history of a condo association. I agree there are some great units available in Salem, MA right now! Keep in mind, LOCATION, LOCATION, LOCATION...it has never been more important as we all hope to see our equity return in our real estate investments! In Salem, proximity to the train, college and entertainment/dining seem to be important factors. ON-SITE PARKING is really important! Best Wishes with your search! Andrea D'Amato, Full Time Realtor
Caution... You might loose both! To answer this question you need to provide more details. On the surface, I would suggest that you look at how both potential buyers qualify and work with one the better one first. This might be a safer way to go for the seller. If offers are very similar and seller wants to counter both then fine. Just make sure the seller knows they could also loose both! Hope this is helpful! Negotiation is tricky! Never just one answer to how to handle this situation! Good that you have 2 offers! Looks like you may be on your way to a sale! Andrea
Add the address into the top line and you will get what is called a ZESTIMATE. If you want a value that you can make decisions with then you really need a professional to come to your home. Contact either a REALTOR for a free market analysis or an Appraiser for a complete written report that justifies value.
The square footage of a property includes living areas via room sizes or footprint of the structure. Measure the outside of the house length and the width then multiply the L.X W. (L 50 ft X W. 30 ft)= 1500 sq ft. This will give you the total square footage or you can do room by room.An appraiser for a bank may not count areas of a home that are unheated and below grade. In MA, bedrooms need to be heated, have a closest and require specific specs for a window size. These are areas that can cause great variation when trying to figure out cost per sq foot of finished area. Best to consult a professional if this is an important calculation for your situation. Give me a little more detail and I can better respond to your question. Thanks! Andrea
The price of the home on Zillow will go up and down as properties close that are in the same area of the "subject" home. If you love the home and have done your research with a buyer agent, then you should be making an educated purchase. If you are using a bank to purchase the property they will most likely appraise the property. This will give you an up to date value on the property. Ask your agent to "run the comparable homes sales in the area." It would be great if they were familiar with the homes they detail for you, perhaps they have shown these homes in the past and can give you a good idea of interior condition and location. This will help determine if you are overpaying for your new home! Good luck with your purchase!
Today 108 Single Family Homes are FOR SALE in Gloucester, MA.Average list price is approx: $884,000These Properties have been exposed to the market on MLSPIN for an average of 178 days.Over the last 6 Months 84 Single Family Homes have SOLD in Gloucester, MAFor the properties that SOLD the Average List Price started at $545,471.The Average Sale price of these 84 homes was $504,495 with an Average Market Time from July to December (6 Months) of approx:146 days.*Data was a quick sampling taken from MLSPIN on 12/13/10."How many of these homes do you think were Water Front? or Water Access?How many of these homes do you think had Water views?How many of these homes were distressed sales (Short Sales or Bank Owned?) Crunching this data now...
Any time a deed is changed some form of consideration (money) needs to be conveyed to the selling party. Typically, consideration for $1 might indicate a family member was added to the deed or the owner changed ownership title to an LLC. If you are trying to figure out what someone paid for a property you might need to go in the MLS or look back further in the title chain. A REALTOR or Attorney representing you, as the potential buyer, should know how to look this up for you if it is relevant to the purchase. Good luck! Andrea
Seems like answers for short sales are coming faster since the Foreclosure stay at least here in MA. Several of my clients just got their short sales approved. I guess this is a good thing all around.
Keep in mind that if you divide the condo garage bays this may constitute the development of a new unit in the association and thus mean that all the mortgage holders in the association need to be informed and give approval. Seek the advise of an attorney who is familiar with the condo docs.