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.

Historic Andover Landmark

This stately residence boast an architecture and style unparalleled in the Andover area.  Truly unique and affordable, this Andover landmark showcases a stunning new ballroom and grand entry and foyer.   The new heating system, storage facilities, laundry, elevator and carpeting are among the fully insured improvements you’ll enjoy. Upstairs, soaring ceilings, spacious open living room  a bonus sleep/storage loft area welcome you home.  Deeded and guest parking and close to parks,schools,shops and transportation.  Offered at an incredible $139,900 and presented by Paulette Zuena, REMAX Partners, Andover, call for your personal tour or click here for more details.

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. 

You may have heard the comment — “our perception is our reality.”  However, I find it helpful to check the facts every now and again.  As I study the daily updates for homes for sale in Andover and North Andover it seems as though there are fewer new listings and homes for sale in the Andover area than we typically see even during the holiday season.  A careful look at the market reports does indeed confirm my instincts.  There are fewer single family homes on the market in Andover and North Andover compared to this same time in 2008.  Let’s take a look…

On December 7, 2008  there were 101 single family homes on the market in Andover with a median list price of $604,900 and average days on market of 190.

Today, December 7, 2009 there are 86 single family homes on the market in Andover with a median list price of $599,450 and average days on market of 184.

The North Andover real estate market shows a similar trend.

On December 7, 2008 there were 99 single family homes on the market with a median asking price of $559,000 and average days on market of 194.

Today, December 7, 2009 there are 88 single family homes on the market in North Andover with a median asking price of$554,450 and average days on market of 184.

That translates to 4.1 months of inventory for Andover and 5.4 months for North Andover and for sellers this means now can be a great time to sell your home.  To see what homes have sold for in your neighborhood check MyHomeValueToday.

The news is more and more positive across the country. Home prices have risen for three straight months and the number of sales have increased for four straight months.  While the news is positive real estate values in Andover and North Andover have yet to turn the corner.  The median sales price for single family homes  in Andover remains 5.5% lower this year compared to 2008. The median sales price for single family homes in North Andover is 9.7% lower in 2009 compared to last year.  So yes, it is a buyers’ market and there is no doubt about it.  The buyers  who are getting the best deals are those buying luxury real estate.  Luxury homes have had the biggest drops in pricing and for those with deep pockets the savings can be tremendous.

A recent article in the Wall Street Journal points out the significant drop in price among luxury real estate.  Data is showing that while mainstream home prices are stabilizing, luxury real estate, homes selling for $2 million or more, are dropping their asking prices an average of 14%.  The article states, “Bottom line: At the high end, it’s a good time to be shopping for that dream home.”

 If you have been dreaming of luxury real estate and have the money, this could be the time to make your dream come true.
Click here to visit the Wall Street Journal article “Seeking Real Estate Bargains? Try Looking at the High End”.

Start here to find your luxury home in Andover or North Andover.

The key to success in purchasing a home is buying what you can afford

We all know this is a great time to buy real estate…especially for first time home buyers in the Andover area.  Housing is more affordable than it has been in many years.  Still, if there is one thing we can take away from the real estate meltdown it is a realization of the importance of purchasing a home you can afford.  The time to buy a home has as much to do with your personal and economic well being as it does with the condition of the housing market.   Hopefully we’ve all learned some lessons from the days of risky loans and over-leveraging your assets.  In today’s real estate market it is more important than ever to borrow only what you can afford.

According to an article at Yahoo Real Estate, “Mortgage lenders generally use a ratio of 36 percent as the guideline for how high your debt-to-income ratio should be. A ratio above 36 percent is seen as risky, and the lender will likely either deny the loan or charge a higher interest rate. Another good guideline is that no more than 28 percent of your gross monthly income goes to housing expenses.”

Keeping the percentage at 28% or lower can only improve your financial situation.  Take a good hard look at your finances, look at your income and look at your expenses.  Consider your personal spending habits and long and short term personal and financial goals.   In the long run you and your bank account will be better off for being realistic.

Click here and find helpful information on calculating an affordable mortgage at Yahoo Real Estate.

Have you ever asked yourself if you really need a Realtor?  Perhaps you’re concerned about saving money or being overwhelmed by phone calls or e-mails.  However, whether you’re buying or selling your home a real estate professional can be an invaluable asset, helping to keep deals together and making sure every important detail is managed in a timely fashion.

Because I know the Andover and North Andover real estate market can help sellers properly price their homes.   As “Your Neighborhood Expert” I advertise and market homes not only to potential buyers but to other real estate professionals as well.  I help home owners present their homes in a way that will appeal to potential buyers. I negotiate contracts and make certain all the essential details are properly coordinated.

My knowledge of the local real estate market is just as valuable for home buyers. I know what homes are available and I know the community, its amenities and all that it has to offer.  I prepare contracts, negotiate offers, help arrange home inspections and coordinate all the steps required for a successful closing.

If you’re thinking about buying or selling a home in the Andover area, or know someone who is, I can help diminish the stresses involved with buying or selling real estate.  Contact me at ReMax Partners in Andover to learn more about my buyer and seller services.