According to a report published in the Boston Globe Monday, people who move to the suburbs to find affordable housing “often sacrifice the savings to higher transportation costs.”  This report strikes me as overly simplistic…taking just two of the many variables homebuyers take into consideration when purchasing a home.  Sure, you can find examples of “affordable” housing in Boston and Cambridge…but would these homes have the same square footage, yard area and other amenties homebuyers consider when purchasing a home?  My experience tells me no.  Of course most homebuyers would prefer a shorter commute to work, however, other factors such as the quality of a school system and recreation facilities and are just a few of the many other factors home buyers take into consideration when purchasing a home.  Often times families must balance the commutes of two spouses, proximity to family or quality day care—the list goes on and on! Yes, transportation costs must be factored into everyone’s household budget…just remember to look at the big picture, not merely two pieces of a complicated puzzle.

One of the signs of the active real estate market here in the Andover area is that we often see multiple offers on a home listed for sale.  Yes, that’s correct…multiple offers!  If you’re selling a home that’s a nice feeling.  For buyers it’s a different feeling.  Some buyers are tempted to retreat….fearful of competing with other buyers–fearful of paying too much for a home—fearful of engaging in a ”bidding war.”   Others are tempted to jump into the competition and make a needlessly high offer.  My advise to buyers in this situation is to study the market with your Realtor.  If the home suits your needs , is in your price range and is to your liking….make an offer.  But make an offer based on a careful analysis of the market.  Your Realtor can show you what similar homes have sold for in the  neighborhood or in the Andover area in recent months.  Make your offer based on that analysis….not based on what the competing offer(s) may be.  Remember also that there are other points to consider in preparing and negotiating an offer.  Financing criteria, closing dates, and escrowed payments are other important points your Realtor can negotiate  on your behalf.  The offer that is ultimately accepted may not be the one offering the highest price.  To learn more about buying a home here in the Andover area  contact Paulette Zuena at REMAX Partners, Andover, MA.

Media Reports and the Housing Market

According to a survey by the Pew Research Center, just 29% of Americans perceive that news organizations generally get the facts straight.  Negative news in the real estate industry tends to have a big impact on ratings for the media and the message is often skewed in order to attract readership.  One such example is this headline which ran in the December 2, 2009 issue of the Chicago Tribune — “Mortgage rates hit lows, but will it last?”  The article offered no evidence that rates would soon rise—3 months later rates are still low—the intimidating headline was never justified.  For a closer look at how you can come to a more balanced view of the news and the real estate market consider this Real estate and the media report. Remember too that real estate trends and sales are local.  Sales vary dramatically from town to town, neighborhood to neighborhood and price point to price point. Consider the market data for single family home sales in Andover and North Andover.  Median sale prices are up 13% in Andover and 37.5% in North Andover for the first quarter of 2010 when compared to the first quarter of 2009–two very different trends in two very similar towns!  Your trusted real estate professional can help you understand the housing market in your neighborhood.

Flood waters in Andover Subside

The sun is shining again today and for most of us that is a welcome sign of relief.  Many homeowners are still cleaning up, drying out wet basements, and beginning to assess the damage to their homes.  While Governor Patrick declared a “State of Emergency” this weekend, that declaration does not mean that the state will provide financial assistance to cities and towns or homeowners affected by the disaster.  Rather, the law authorizes the governor to take measures to protect our  health and safety.   There are areas in Andover and the Merrimack Valley which are prone to flooding during heavy storms like the one we just experienced.  Your buyer agent will guide you through your home search and help you learn about your new neighborhood BEFORE you buy.

Home for Sale

It’s spring—traditionally the season for real estate sales.   I’m working with many buyers now who are ready, willing and able to buy a home. What we’re finding is a small supply of homes for sale in Andover and North Andover.   Currently there is only a 5.3 month supply of single family homes listed for sale in North Andover and 3.8 months supply in Andover.  If you’re thinking about selling your home in the near future now might be a good time to list your home.  Homes are selling.  To see which homes have sold in your town or neighborhood sign up for your free Market Snapshot.

Tax Tips for Homeowners

It’s tax time and you’re probably gathering all of the forms and paperwork you’ll need to prepare your 2009 income tax return.  As a  homeowner you know that you are eligible for various tax deductions and tax credits.  Here are some tax tips that I hope will help my neighbors here in Andover and North Andover take full advantage of the tax benefits of home ownership.  Curious about what your home is worth?  Find out what homes are selling for in your North Andover or Andover neighborhood.

Andover Budget Blog

We all know that the cost of owning a home in Andover is more than just the initial sale price.   Real estate taxes are a large part of your home buget and while no one likes paying taxes, we know that the town services and amenties we enjoy here in Andover come with a cost.  Spring is not only the season of warrmer weather and blossuming trees, but also the season of town meetings and budget discussions.  With that in mind I thought I’d introduce you to the Andover Budget Blog–your chance to follow the discussion,  ask questions and become an informed resident and voter in Andover.

Every news report I read reports improving real estate sales in Massachusetts. According to  the Boston Globe sales of single family homes in Massachusetts rose 3% in 2009, the first year over year increase since 2004.  Whether or not this trend continues is the subject of much debate.  There is much speculation and many opinions as to whether or not the housing market will continue to recover after the government home buyer tax incentives expire.  Let’s take a look at single family home sales in Andover and North Andover. 

 In Andover the average single family home price in 2009 was $574,387 down .9% from the 2008 average sale price of $585,193.   A total of 252 single family homes sold in Andover in  2009 up 1.6%  over 2008 sales.

In North Andover the average single family home price in 2009 was $459,480 down 14.2% from the 2008 average sale price of $528,274. A total of 195 single family homes sold in North Andover in 2009 up 7.8% over 2008 sales.

You see the market data can be very different even in two neighboring towns.  Knowing and understanding your local market is critical when making buying or selling decisions.   See what homes have sold in YOUR NEIGHBORHOOD.