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Home buyers overwhelm open houses close to Boston

Warren Reynolds — Tue, 09 Mar 2010 00:35:26 +0000

Home buyers in the Route 495 region beware: buyers may be turning up the heat on the MA real estate market.

There was massive, positively overwhelming home buyer turn out at open houses in Lexington, MA this past weekend.

Such strong buyer activity in one community might be the leading edge of a developing real estate market rebound in Massachusetts this spring.

Take careful note of buyer activity

Unwary home buyers may face stronger than expected buyer competition as the spring 2010 home buying season gets underway.

While Franklin’s home sale statistics were weak in February, showing activity and attendance at open houses were strong throughout the month.

These indifferent market stats may be masking building market strength.

Hordes of buyers, one leaves open house in tears

I had the opportunity to show homes in the Route 128 region last Saturday. What my buyer clients and I experienced in Lexington provided quite a wake-up call!

When my buyers and I drove up to the first Lexington open house we attended, we immediately noticed something unusual: the street was literally packed with parked cars and there was a line waiting to get inside the open house.

There were over 30 buyers crowded into the home.

It was so packed inside that you could not walk from room to room without squeezing by people. Here’s a photo of all the shoes in the entry foyer:

One shocked buyer literally left the home in tears apparently due to all the prospective competition she encountered.

Multiple sign-in sheets at another open house

The next house on our list was a brand new listing with just one day on the market under its belt prior to the scheduled open house.

Turnout was very heavy; just look at the open house sign-in logs!

Note that due to privacy concerns I purposely blurred the photo to make the names illegible.

Home buyers turning up the heat?

One weekend of heavy buyer showing activity in one highly desirable Massachusetts community close to Boston proves nothing about how the real estate market will play out in 2010.

But heavy open house attendance is exactly how a real estate market can heat up:

Buyers see so many other people out looking that they suddenly get serious about their home search.

Showings beget showings and heavy showing volume begets offers.

A few listings go under agreement and buyers on the fence act to snap up the other homes for sale in town because they don’t want to miss out.

One town’s inventory gets thin, and buyers move onto the next town’s better offerings.

The process then repeats itself and a home-buying surge spreads.

I’m not saying this will happen in 2010, but last weekend’s events could be a forecast of rising temperatures in the MA housing market!

Franklin MA real estate: What will Spring bring?

Warren Reynolds — Thu, 04 Mar 2010 19:24:42 +0000

Franklin MA’s real estate activity in February gave conflicting signals about where the Spring 2010 market may be headed.

Single family home sales in Franklin during February were lackluster. Yet the “feel” of the Franklin market during the month was upbeat and active. Open houses were heavily attended and buyers were actively scheduling showings, looking for good offerings.

Home buyers being selective

This may be the key to understanding February’s sale results: buyers are certainly out looking at homes seeking to take advantage of the two Federal home buyer tax credits. But they don’t want to over-pay for a home and are being highly selective.

What homes sellers should do

This should prompt Franklin home sellers to adopt a pragmatic attitude about the upcoming Spring 2010 real estate market.

Prospective home sellers should plan to price their homes realistically so offers will be forthcoming. And sellers should treat buyers’ offers seriously and make reasonable concessions to get their homes under agreement.

Weak February numbers mask an active market

Despite the ongoing stimulus of the homebuyer tax credits, home sales in Franklin last month were anemic.

Franklin, Massachusetts had just seven single family home sales in February, according to data from MLSPIN. (MLSPIN is the super-regional multiple listing system in Massachusetts.)

Matches February 2009’s low sale volume

These seven Franklin, MA home sales match February 2009’s poor home sale results.

Home sales back then were negatively impacted by the economic uncertainty so prevalent at the then-height of the recent financial crises.

Pending sales restrained

In another indicator of possible market fatigue, the number of pending sales (contracts signed but sales not yet consummated) for February 2010 was also extremely low in Franklin, Massachusetts. There were only 14 pending sales of single family homes last month.

This was the lowest number of pending home sales in Franklin for the month of February going back to 2003.

Temporary lull?

This softness in February’s numbers may be a misleading indicator of the direction of the upcoming Spring 2010 market. Again, buyer activity in the form of showings and attendance at open houses was strong throughout February.

Or the low sales and pendings numbers may be heralding the start of a weakening of housing demand.

We’ll know more after home sales results are in for March and April 2010.

Home prices to fall, then rise?

It’s interesting to note that a home price forecast issued yesterday by CBS MoneyWatch calls for a decline in Eastern Massachusetts home values in 2010 of between 5 percent to 6 percent, followed by a rise in MA home prices of a similar amount in 2011.

This may reflect uncertainty among housing experts about the strength of the MA housing market once the homebuyer tax credits phase out at the end of April.

March and April home sale numbers may be telling

So we’ll all have to wait and see how the 2010 real estate market in Massachusetts plays out.

You can be sure to find plenty of updates on this right here on 02038.com!

In the meantime, home sellers should price their properties to market and treat all buyer interest with due consideration.

Parking lot fills early at Downtown Franklin MA MBTA train station

Warren Reynolds — Sun, 28 Feb 2010 19:41:18 +0000

You’ll need to get up early to grab one of the coveted parking spots at the Downtown Franklin MBTA train station in Franklin, Massachusetts. But if you want to sleep in, just head to Franklin’s Forge Park commuter rail station on Rte 495 to be assured of ample parking whatever train you take.

GPChaney recently asked 02038.com how quickly the two MBTA parking lots for the Franklin MBTA line to South Station fill up.

So I set out on a mission to find out and report back for everyone.

I chose two days for the test: one was a normal Monday workday with good weather; the other was a mid-week day with heavy rain.

Downtown rail station parking fills early

I staked out the Downtown Franklin, MA MBTA train station at 7 AM on the good weather day to see how the parking lot looked just before arrival of 7:07 AM train to Boston’s South Station.

Cars streamed into the lot at 7 AM; there was a harried, rushed feel to the traffic flow.

The Downtown Franklin commuter rail station parking lot was already almost full at 7 AM.

The few remaining spaces went quickly and many of the cars were dropping off passengers rather than looking for parking.

Get to Downtown station early

I arrived at the Downtown station a lot earlier on the second day of the test. The weather was raw and stormy with a steady rain.

The parking situation was much easier. There were plenty of parking spots when the 6:22 train arrived.

By 7 AM the Downtown lot nears capacity

Even the commuters catching the 6:42 AM train could find parking spots easily.

But as 7 AM neared, the parking situation tightened up, just as with the first day of the test.

The bottom line: if you want to be assured of parking at the Downtown Franklin MBTA, catch one of the earlier trains.

(Side note: Dolce Express has opened at Franklin’s Downtown MBTA station.)

Forge Park lot has ample parking

The parking story is much different at Franklin, MA’s Forge Park MBTA commuter train station.

Franklin, MA’s Forge Park parking lot was expanded about 8 years ago and there are plenty of available parking spaces.

On the first day of my test, commuters arriving for the 7:45 AM train had their pick of parking spaces.

I checked back just before 9 AM and again at 11 AM and found the same situation: many open parking spaces at Forge Park.

The results for the second day of the test at Franklin’s Forge Park were identical. There were many empty parking spaces.

People planning a day trip to Boston should be able to find plentiful parking at the Forge Park lot no matter what train they take.

Franklin Massachusetts (MA) condo sales improve

Warren Reynolds — Fri, 26 Feb 2010 18:36:29 +0000

Inventory levels of condominiums for sale in Franklin, MA showed a marked improvement in February 2010. This continued the trend towards absorption of standing condo inventory noted in January.

Franklin condo sale volume recovers

Sales of Franklin condos recovered strongly in the second half of 2009.

Sale volume had cratered during the first half of 2009, reaching a shockingly low two sales recorded on the MLS in March.

Condo sales in Franklin, Massachusetts rebounded starting in July 2009. For the past 6 months (August 2009 – January 2010) average condo sales in Franklin have exceeded 10 per month, according to MLS data.

Number of condos for sale decline

The absorption of standing condo inventory is reflected in the lower number of units actively for sale in Franklin.

From a high of 127 units for sale last August, inventory of available units has declined to 100 this month.

Single family home inventory improves across MA

Franklin, MA continues to enjoy especially low levels of single family homes for sale.

This is despite a surge in lower-priced homes for sale in town. A number of homes priced from $200,000 to $260,000 came on the market this year in Franklin. Many of them quickly found buyers.

Single family home inventory levels continued to improve in the regional market surrounding Franklin and in the overall Massachusetts market as well.

The next few months will be very interesting as coming sales data will reflect both the prime spring home selling season and the expiration of the Federal home buyer tax credits.

30 year mortgage rates at 5 percent

Warren Reynolds — Fri, 26 Feb 2010 16:44:29 +0000

Mortgage rates bounced around in a narrow range during the last four weeks as interest rates in general remained low.

Financial troubles in Greece and Spain take upward pressure off rates

Investor worries about financial instability in Greece, Spain and other European countries helped fuel demand for the perceived safety of US Treasury debt instruments, easing any upwards pressure on short term rates.

30 year fixed rate loans hover around 5 percent

30 year fixed-rate mortgages as tracked by Freddie Mac began the month at an average of 5.01 percent and were essentially unchanged at 5.05 percent as February neared its end.

The average 30 year fixed rate loans reached a four month high of 5.14 percent last December, then trended lower.

BusinessWeek article

BusinessWeek had a good article today on the state of worldwide credit markets as of the end of February.

Dolce Express opens at the Downtown Franklin MBTA train station

Warren Reynolds — Thu, 25 Feb 2010 21:25:28 +0000

The MBTA commuter rail service on the Franklin line got a major upgrade last week with the opening of the Dolce Express coffee shop at the Downtown Franklin station.

High quality food and drink

This is not the typical muffin-and-danish-wrapped-in-plastic place you may be used to.

Dolce Express offers weary commuters many of the gourmet coffees, teas, foods and baked treats that have been pleasing palates at the Café Dolce on East Central Street in the heart of downtown Franklin, MA.

An upgrade from old Choo Choo Stop

The new coffee shop replaces the old Choo Choo Stop which closed last November. With fresh paint and new décor, Dolce Express makes the former establishment seem a bit shabby.

More than just a coffee shop

The new eatery offers an impressive menu ranging from on-the-run snacks to sit-down meals.

It makes an interesting, active spot for breakfast or lunch for anyone working in the downtown area.

Dolce Express is a wonderful addition not only to the commuter rail station, but to the general downtown area of Franklin – it will bring more life to Depot Street and is certainly not just for commuters!

Click to learn more about Franklin, MA.

715 Lincoln Street Franklin MA

Warren Reynolds — Wed, 17 Feb 2010 18:55:21 +0000

New construction colonial in north Franklin offers a lot for the money: eat-in kitchen with center isle, hardwood and tile floors, 4 large bedrooms. Close to the Keller/Sullivan schools and Dacey ball fields.

Home for sale at 5 Secret Garden Ln, Franklin, MA

Warren Reynolds — Wed, 17 Feb 2010 17:17:35 +0000

5 Secret Garden Lane in Franklin, MA is a young colonial built in 1999 on a 1.3 acre wooded lot in a serene cul-de-sac neighborhood of four homes.

Located in desirable north Franklin, the property is in the sought-after Helen Keller Elementary School and the Annie Sullivan Middle School districts and is close to a large shopping plaza in the adjacent town of Medway.

The home offers 4 bedrooms, 2.5 baths and over 2600 square feet of living area with hardwood and tile floors throughout.

Oversized cathedral-ceilinged great room opens to eat-in kitchen boasting solid counters with breakfast bar, stainless steel appliances, cooktop, and large pantry. Formal dining room, first floor office/study. You’ll love the separate first floor tile laundry with work counter and built-in storage!

Hardwood stairs lead to 4 ample bedrooms all with hardwood floors. Master bedroom features full bath and huge walk-in closet. Fourth bedroom enhanced by atrium ceiling.

Central air, hot water baseboard heat. Full basement, 2 car garage. Title 5 in hand! Large deck and patio overlook cleared rear yard and woods – you’ll enjoy great privacy with this home!

Franklin, Massachusetts (MA) changes trash pick-up system

Warren Reynolds — Fri, 12 Feb 2010 18:17:57 +0000

In a move designed to reduce costs and increase recycling, the Town of Franklin, MA has adopted a new system for municipal trash pick-up.

One container for trash, one for recyclables

Called “single-stream recycling and automated trash pick-up,” the service uses two separate automation-compatible “toters.” One toter is for trash disposal only. The other toter allows town residents to combine all recyclable materials (cans/bottles and paper/cardboard) into that one container.

Each Franklin home will get only one recycling toter and one trash disposal toter. The two containers will the only ones allowed in the new program.

Automated trucks will do pick-up

A special truck with an automated arm designed for use with the toters will handle street-side pick-up. The arm seizes, lifts, empties and return the toters to the street curb.

Bulky items cost extra?

In other MA communities that have adopted single-stream automated trash pick-up, residents’ old trash barrels and recycling bins were allowed to be recycled via a special pickup or drop-off program implemented by the municipality.

Bulky items that do not fit into the disposal toter may be assessed an additional disposal fee ($25 in some other MA communities).

We’ll have to see how this is handled in Franklin.

Site describing another community’s program

The City of Newton, MA has implemented single-stream recycling and automated trash pick-up.

It has a good explanation of the program in a section of the city’s website.

Change is always difficult. But this new program may end up saving Franklin residents money and make recycling easier, so keep an open mind!

(Note that the photos contained in this post do not represent the containers and the trucks that will be used in Franklin, MA’s program.)

100 Center Street Bellingham MA home for sale

Warren Reynolds — Tue, 09 Feb 2010 23:02:14 +0000

100 Center Street, Bellingham, MA is a special ranch with many quality improvements. It offers over 1,700 sq ft of one level living situated on a pleasant, level lot with in ground pool.

The upgrades made to the home make for enhanced, comfortable living. Gorgeous granite and tile kitchen with many high-end amenities. Entertainer’s delight 21 ft X 19 ft family room featuring 14 recessed lights, finely detailed woodwork, new hardwood floor and wiring for sound. Vaulted-ceiling tile bath with skylight, new tub-shower enclosure and custom wood cabinetry affording abundant storage.

Vinyl siding, replacement windows, town sewer and water. Central vac, 3 zone hot water baseboard heat. Hardwood and tile floors throughout the home. Contact Warren Reynolds to make a appointment to see this home today!