A Busy Real Estate Market in Massachusetts

As we start 2012 here in Massachusetts, we realtors are getting ready for a banner year.  In fact there is reason to believe we may see it in 2012.  You may have been too busy with the holiday activities to note that on 12/21 the Mass Association of Realtors reported that  in November both single family home sales as well as condo sales were up when compared to the same time last year. Read the report here.  If you've read my recent town by town blogs reporting on November sales when compared to November 2010, we see the same results in Metrowest.   That's very good news when MAR adds that this is the fifth straight month of year over year increases.  

Sellers should note that on average sale prices are still adjusting down - but buyers are out there now and we expect to see more buyers in 2012.  This may be the last chance to buy a home in such a great buyers market -  Don't wait until late spring, g out there now and secure your new home and make your dreams come true.  

Just Sold Medway Home

Just the right time to be home for th holidays - And these buyers who have moved to Medway from out of state are - truly in their new home for the holiday season!

Medway's Christmas Lighted House Tour

It's that time of year for the Annual Christmas Lighted House Tour. Don't miss this event that raises funds for the annual Medway Christmas Parade. There are 6 beautiful homes decorated for the holidays that will be open for this event. Tickets ($20) can be purchased at the town hall or senior center. Seniors' tickets are only $15. The bonus location this year is the Medway Community Church, where they're celebrating "Celebrate Christmas". The church is offering home made soup and bread and there will be bell ringers providing holiday cheer. The event is for adults (16 and over).  The event takes place Sunday December 11th 3-6pm

A great way to get into the holiday cheer! Hope to see you there!

For more info - Check out  Millis/Medway News by clicking HERE.

Part 3 of our 203 K loan Process

 

If you’ve read part 1 and part 2, you know that I’m following this 203k Loan Saga  with my son, who is buying a short sale in the LA area which needs quite a bit of rehab so he decided to take out a 203k construction loan. If you're a realtor and have not done a full blown 203k loan before you probably will learn from our stumbing steps.   

 

This is NOT a streamline loan (under $35k).  Once you exceed $35,000 in repairs, the process gets more complex and you (buyer) have   to hire a consultant to oversee the project.  In fact, he(buyer) originally wanted to keep all repairs and updates under  60k -  If you read part 2 of this journey, you’ll see that was not necessarily possible.  

 

So although I work as a realtor on the East Coast and he’s buying on the West Coast, I did have an opportunity to go out last week and see this home.  I found myself quickly falling into the pattern of a typical parent who has not seen all the comps in the area but THINKS they know value (or in this case - lack thereof).  I had to bite my tongue in order not to say those things we hear parents say all the time when they’re underwhelmed by the home their son or daughter is buying and wonder if it truly is worth what they’re paying.  The fact is that both my son and his fiance with the help of their buyer's agent went thru an enormous effort in finding this house and verifying value.  And I finally decided I was not in a position to second guess their analysis.

 

After a challenging negotiation with the bank on the price of the home when they found another major flaw to the sewerage system and finding out the bank would not help them on it, they had to decide whether to proceed with the purchase of the home or not. All players (realtor - mortgage person - contractor ) agree once repairs are done, the home will be worth hopefully 10% or so  more than the costs that went into purchase and rehab so they decided to proceed.  With the sewer issue, they're clearly taking on more of a risk, but they feel it's worth it.  This process is NOT without risks! If you're risk averse, the process is NOT for you!

 

 

I seemed to have come to visit just at the critical point - I met all key players including their CONSULTANT who will be watching over the project and making sure the critical work gets done.  They’re rolling in over $80,000 of repairs and rehab into the mortgage amount.   Once done the home will be for the most part, totally new and I'm sure very lovely.  The consultant fees which sounded high to me, are set by HUD and are based on how much work will be done to the house.  They can be paid (I believe) as part of the loan or paid out of pocket as my son and his -soon to be- wife has decided to do.  They actually believe they can close on this home before end of December and move in probably early in February after all the work is done. 

 

I’m learning about the role the consultant plays and about the paperwork the contractor must prepare for the consultant and mortgage provider. This contractor has never done a 203k loan and he too is learning he needs to get up to speed on the required paperwork and timelines that are very stringent.  I’m learning that 203k loans are now used not only for rehab loans but also when a buyer finds something in a home they don’t like and want to change - even if the house is  currently in good condition.    I’m learning how stressful this can be for buyers and how hard it is to keep to an original plan in terms of work to be completed and dollar amount spent.  

 

My son and his fiancé are getting married this weekend and yet throughout  the past few days, they’ve been  hit with a LOT of deadlines, decisions to make, paperwork to get submitted all around this major project.  The milestones and timelines don't stop - even if you have a major event like a wedding! This is a  significant challenge to complete.  I continue to remind them of the benefit at the end of it all - to have a home that’s totally new and know you’ve already gained equity in the home.  

 

So at this point, contractor has been picked, repairs to be done have been decided upon, a consultant has been hired and the overall plan is almost in place.  We still have to get thru the appraisal process - Stay tuned for that one! How did I forget to take interior pics when I was there ?   That will follow in in our next Part.  Stay tuned!  

To Read PART one CLICK HERE     To Read Part two Click HERE

So how's the real estate market doing?

So the big question always is - So how's the market doing in our town? I watch MetroWest Boston quite closely I was quite shocked but happy this August when I looked at the number of homes sold in Medway Jan-Aug (97) for 2011. That wasn't the shocking part. The shocking part was when I compared it to our busiest year ever, 2005. The number of homes sold in Medway Jan-Aug 2005 - was exactly the same - 97. That told me that the market has stabilized in terms of homes selling - The price point of those homes still appears to be dropping.

Here's some recent statistics for Jan - Oct 2011 for surrounding towns. I follow Medway,Millis,Franklin,Holliston and Bellingham. And here are some interesting stats about those towns.

• The average sale price in Holliston in 2010 was $423k. As of October 2011- The average sale price has increased to $447k!



• Millis Franklin and Medway all seem to be on par with 2010 statistics for average sale price. In October, they were $327k,396k and $367k in that order (Millis Frankin and Medway)



• In the 5 towns we looked at - Last year Holliston had the best days on market (90 days) but this year thru October Franklin's homes on average are selling the quickest (110 days) so homes are staying on the market just a bit longer than 2010.



• The most affordable homes were in Bellingham where last year the average price point was $282k but in 2011 thru October the average price point is $263k!

For the detailed statistics for YTD 2011 - Click Here.

Homes are more affordable today than they have been for quite a while and the first time buyers are out there! If you would like to know more about the value of your home or how to search for a new home, give me a call!

Action Packed Weekend In Medway, MA

Soccer Day and Pumpkin Fair are this Sunday - October 23rd!

Held at the Middle School Complex from 12-3, Soccer Day is a day for the whole family, beginning with the Parade of Champions at 12 noon! This is a huge event in the town of Medway and is fun for the whole family! The games start at 12:30 and all teams play two games. There will be a concession stand, selling hamburgers, hot dogs, drinks, coffee and candy sponsored by Medway Youth Soccer. If you or someone you know would like more information on this great organization, please go to the Medway Soccer Site by clicking here.

At the same time and place is the Pumkin Fair being held from 12-4. During or after the soccer games, feel free to visit the Pumpkin Fair and enjoy the activities there for the kids! Crafts, games, pumpkin painting, bake sale, food, raffle table and more! Please click here for a flyer.

Have fun!

Harvest Feast in Canada

To all my relatives and friends this Thanksgiving Day in Canada - Hope you have a wonderful, peaceful, thankful day with your friends and families -

Having family in CA since I was born I find it interesting how this day of Thanksgiving has grown over the years in CA - I truly don't remember it being celebrated 30 or 40 years ago - Maybe our Canadian friends can comment on that.

Nonetheless - we all need a day of thanks - a day to be introspective to think about all the things for which we are appreciative. And a nice Turkey dinner isn't so bad either!

Marcia Kramarz

Re/Max Executive Realty

Your Key to Metrowest Mass Real Estate

http://www.keytometrowest.com/

The NOAH Principle!

A wise woman once said, “The best response to the long list of social ills is to put into effect the Noah principle. That is, stop looking for credit for predicting the rain, its time to start building an ark.”

I guess you could say, I've observed the Noah Principle in my town of Medway. I’m involved with a committee that has been formed to advise the selectmen about what to do with a particular property in Medway – The Thayer Homestead. The Thayer Homestead is a town owned property that has historic significance. The homestead and barn is still on the property and we, the Thayer Homestead Development Committee (THDC) have recommended a use for the property that will benefit the town and its residents. To learn more about that project, check out my Youtube video when I first started on this committee well over a year ago. Youtube video on the Thayer Homestead. I will be blogging about that project in the coming weeks - so keep an eye out for more info.

What struck me yesterday though was how lucky Medway is to have the type of people who dedicate a portion of their lives to the community. I happened to be at a selectman meeting which is held bi-weekly I believe. I was there because the Thayer Homestead was on the agenda. I was quite surprised when I asked if the selectmen are compensated for their time. The answer is no – What about the Conservation Commission – NO – Well what about the planning board or the financial review committee – Still NO - Some of these committees meet on a monthly or even weekly basis – They sit in meetings for hours on end – they donate their time, their expertise and their passion for the town they live in. It's impressive.

It’s been a little less than 2 years that I’ve volunteered for our town. I have to say I’m amazed at the thousands of hours people in our community donate. It’s a small group of people who tend to volunteer on multiple committees. You hear the same names over and over. What drives these people to give so much? I don’t have the answer. I do have to say it’s rewarding – tremendously rewarding – when you can achieve success for a particular project in town. Some have been in town for generations. Others are new to town. I sit on a committee with a scientist, a teacher, a landscape designer, an attorney, a retired business executive – all donating their time – Some involved with town government for decades. It just amazes me.

For anyone who is dissatisfied with town government – they should try to get involved –just to get a sense of what is happening in their town. They may be left with a sense of awe as I have been – with the enormous efforts of their neighbors to improve the town they live in. Thank you to all who give year in and year out. It’s pretty awesome to see such dedication. I feel so lucky to be a small part of it !

Medway residents - these are OPEN - PUBLIC meetings - they're posted on the Town of Medway Site. Feel free to come and visit ANY of these meetings to get a feel for how your government is run. Or call me, I'd love to bring you to one or both of the two committees I am a member of. 508 446 5094. There are open positions in my of these committees. I'd be happy to take your call.

Failure out of the Gate - OR Is it?

Just two days ago I committed to blogging for 30 straight days. And yesterday- day two – already I fell short – But I think for a good reason. I was tied up at a Selectman’s meeting that I needed to attend and it ran quite late. Why did that trump my blog writing? Well, I’m involved with a committee that has been formed to advise the selectmen about what to do with a particular property in Medway – The Thayer Homestead. The Thayer Homestead is a town owned property that has historic significance. The homestead and barn is still on the property and we, the Thayer Homestead Development Committee (THDC) have recommended a use for the property that will benefit the town and its residents. To learn more about that project, check out my Youtube video when I first started on this committee well over a year ago. Youtube video on the Thayer Homestead.What struck me yesterday was how lucky Medway is to have the type of people who dedicate a portion of their lives to the community. I was quite surprised yesterday when I asked if the selectmen are compensated for their time. The answer is no – What about the Conservation Commission – NO – Well what about the planning board or the financial review committee – Still NO - Some of these committees meet on a monthly or even weekly basis – They sit in meetings for hours on end – they give of themselves – for hours on end –

It’s been a little less than 2 years that I’ve volunteered for our town. I have to say I’m amazed at the thousands of hours people in our community donate. It’s a small group of people who tend to volunteer on multiple committees. You hear the same names over and over. What drives these people to give so much? I don’t have the answer. I do have to say it’s rewarding – tremendously rewarding – when you can achieve success for a particular project in town. These people tend to have a history with town – some have multiple generations in town – but not all –Some have only been in town a short while. I sit on a committee with a scientist, a teacher, a landscape designer, an attorney, a retired business executive – all donating their time – Some involved with town government for decades. It just amazes me.

For anyone who is dissatisfied with town government – they have got to get involved – just to get a sense of what is happening in their town. They may be left with a sense of awe as I have been – with the enormous efforts of their neighbors to improve the town they live in. Thank you to all who give, those who have children at home, how they do it I don’t know (I remember those years my kids were little – I couldn’t imagine squeezing in one more thing into our lives) – Those who chose not to retire but to give back to their town – Those who give year in and year out – Thank you - If Medway Ma is a microcosm of our country as a whole, it’s pretty awesome to see such dedication. I feel so lucky to be a small part of it !

MARCIA KRAMARZ
Re/Max Executive Realty

Your key to Metrowest Real Estate

http://www.keytometrowest.com/

Your MetroWest Boston Realtor -

Need help because your home is worth less than what you owe - Check out this info!

Want to create a game plan to sell your home in the spring - Check here!

Have you been thinking of moving on or moving into your new home - Consider this.

Read more about the MetroWest Market and the Towns I Support.

Call to Action - Medway MA

One of the BEST things about Medway is the commitment to Open Space. So many people in town are unaware of the open space parcels the town owns for its citizens to enjoy. I know, because I was one of those citizens that had no idea about the lovely walk from Choate Park to the high school. The goal of the town is to find ways to link these open space areas. Check out the Medway Community Link Trail Here.

One separate Open Space parcel is the "Amphitheatre" site behind Sanford Mills - I'm guilty of not walking that particular parcel but hope to Oct 1 on Clean Up Day (8am to 1pm). This is a property that sits on the Charles and I'm told it was an old "watering hole" for the residents of the town a century ago. It's naturally shaped like an amphitheatre and I hear it's quite a beautiful spot.

Think about putting a few hours aside on Saturday Oct 1 to help prepare that spot for all to enjoy. Take a look at some of the pics posted of our treasured open space areas in town!

When it Comes to Home Prices, There's Something for Everyone in Medway -

A review of 2011 sold statistics in Medway through end of August shows the range of home prices ranged from $72k ( a small condo at Sanford Mills) to $1.3 Million ( a sprawling beautiful home at Applegate - the new development off of Ellis Street by Unique Homes).
The statistics also show that 97 homes have sold since the start of the year and that the average sale price in town in that time frame is $344k. You may find this next piece of data interesting. 2005 is considered the height of the market. Homes were selling like perverbial hot cakes as they say. Guess how many homes sold between January and August 2005 - 97! The exact same number as in 2011! The average sale price has dropped approx $120k in that same time frame - But homes are selling - and in this example (2011 to 2005) we are neck in neck with 2005 for the number of homes sold!
To get a copy of this report, please feel free to go to my website and download it under "OnLine Reports".

Don't Use that DriveThru!

A funny thing happened last week when we had no power after Hurricane Irene visited us and left us here in New England without power for days – I got a call from a neighbor just 3 doors away I hadn’t seen (outside of those 2 or 3 min moments at the mailbox) in years. She suggested that if we too had some defrosted food that we needed to cook, they were having a neighborhood cook-out to use that food and to spend some time together (since there was little else to do once nightfall came).



With candles burning for light, and the grill on and fresh beans and tomatoes and cukes from neighbors’ yards, a delicious meal was pulled together with little effort. It was a great night reconnecting with people we somehow have missed connecting with because of the speed of life – Life wasn’t moving too quickly after Irene – We had to get used to time without tv’s, pc’s and technology in general. Without those interruptions, suddenly we had time to slow down, enjoy the beautiful quiet evening with people who live a stone’s throw away.



Funny how so many things we do today simply don’t allow extemporaneous opportunities like our cook-out last week. And that’s sad - And for a realtor it actually is non-productive. The business of Real Estate is the business of being in touch with people. Each day we find a way to avoid that contact. It could be thru using online transactions instead of going to the Town Hall. It could using the drive thru at your bank or always choosing the drive thru for lunch or coffee breaks – Those are all missed opportunities to make that contact. And somehow so many opportunities to meet people are quickly disappearing, like going to a book store – Who doesn’t use Amazon these days?





Just try it once each day – Make an effort to avoid the automated approach and take the time to stop in the bank and really chat with the teller – Or walk down the local mall or plaza instead of moving the car from one side of the mall to the other – Build in ways to have chats with people you meet or old acquaintances that might be out and about – It may not pay off in immediate transactions, but I can guarantee you that over time, you will be receiving calls and generating business simply from those easy one to one conversations that happen when you touch people daily. And in the interim, you’re going to love reconnecting with your community! Try it, you’ll like it !

Summer Memories in Medway

Memories of Summer and Ice Cream seem to go hand in hand. And just in case you've missed it, Medway has its first down town Ice Cream Parlor - just opened about a month ago. TC Scoops is in a great location - at "the Plaza". Last night it was packed when I stopped in for my favorite capuccino flavor.
Don't Miss TC Scoops - Make a memory with your family that they'll remember just like you remember the treats of summer when you were a kid! While you're there take a look at their activity board, they do parties or off-site office meetings - Now that's a meeting I'd LOVE to attend! TC Scoops - I'm thrilled to have them in town!

Great News for Medway - and its school system

FROM -
Boston Magazine

Best Schools 2011: The Rankings

Our exclusive ranking of the region's school districts.



Boston Magazine has published its 2011 exclusive ranking of the region's school districts. The ranking included 135 cities and towns that comprise the inner city and suburbs of Boston. It doesn't take a Realtor to observe that the top ranked towns are often the most expensive towns, those towns with a significant tax base that can support an exemplary school system. The top 5 ranked towns in the Boston region include: Dover/Sherborn,Concord/Carlisle,Weston,Lincoln/Sudbury, and Lexington. Congrats to the top 5. The average home price in all 8 towns is $845k - That's the average in the past 12 months. The most expensive home sold in this mix of towns was one that sold at over $15 million.


Going down the list a bit, you will see quite a few MetroWest towns listed. Holliston whose average home price in the past 12 months is approximately $434k, ranked # 19. And we know Hopkinton's school system has had many accolades and was ranked at #30. Hopkinton's average home price for the past 12 months is close to $474k. And I'm pleased to note Medway came in at #33,beating out two other abutting communities of Millis and Franklin. Medway's average home price in the past 12 months is $348k!


So when you factor in affordability, Medway is an awesome town to consider when you're looking for a town that has a focus on and has shown success with their school system. Medway's ranking is in the top 25% of the Boston region and yet its average home price as of Sept 2011 is $348k! And speaking of affordable homes, don't miss my new listing in Medway that happens to be priced just a bit under the average at $339,900. A beautiful 3-4 bedroom, 2.5 bath home. Check out 13 Pond St Medway. It's worth the look!


To read the entire report and see how other towns ranked, click here.

What's not to like about Medway, MA

Every once in a while it's nice to reflect on some of the more positive things happening in our town. I did that not long ago when thinking about the pros of living in Medway, MA. Here's my list - Maybe you can add to it...

WHY MOVE TO MEDWAY?

• Medway High School has received Newsweek Magazine’s placement on the top academic ranking list. The list included just over 1600 designees across the country or 6 percent of high schools nationally.

• Medway has a commitment to Open Space. Residents can enjoy a variety of trails in town. Trail maps are posted at the town website.

• Yes Medway has a community farm! This is one of the town’s Open Space projects. The farm provides locally grown food, volunteer experiences, and educational programs.

• Medway will celebrate its 300th birthday in 2013. The Medway300 Committee plans to mark this major milestone in true New England fashion. Events and activities will begin in 2012 and continue through 2013, celebrating our hometown and paying tribute to Medway’s history.

• Medway High School on Summer St, the newest educational facility in Medway, was opened in 2004. The award winning design of the facility has benefitted the school and the town as a whole. Many functions are held there.

• Medway Middle School is getting a facelift! Remodel will improve accessibility, as well as utilization of the facility. Medway is committed to Education Excellence.

• Make your commute to Boston stress free. Medway is serviced by GATRA which provides public transportation to the Commuter Line to Boston.

• Choate Park is a destination in Medway. Many town activities happen there. The Christmas Parade, Easter Egg Hunt, Pumpkin Walk, and a Summer Camp Program are a few of the events.

• Medway continues to expand its park facilities. In 2004 the town purchased the Thayer Homestead abutting Choate Park. The town has begun a rehabilitation plan for that property to provide Medway with a new Village Green. The new facility will provide an area in town where both private and public functions can be held. The view of Choate Pond from that locale is extraordinary. The first phase of the project will be completed for Medway’s 300th celebration in 2013.

• Medway made Boston.com’s RECENT (June 2011) list as one of the TOP SPOTS TO LIVE in Massachusetts!

Feel free to add your thoughts to the list!