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. 

Your Vote Counts

I’ve been getting calls and emails all week from both campaigns asking for my vote in Tuesday’s special election.  Tomorrow I will cast my vote and I hope you will all do the same. This is an exceedingly important election – your vote will count!

Old Town Hall Andover, MA

For more ideas on how to enjoy these winter months take a look at the many activities offered right here in town by the Department of Community Services. There are indoor and outdoor activities and field trips for children and adults alike and for those who like to plan ahead you’ll find a schedule of Andover Community events planned for the spring and summer as well. While I remember having to arrive early at the Doherty Middle School auditorium to reserve a spot for my children in the most popular activities, you can now register online . Page 3 of the booklet features an introduction and overview of current Andover happenings by our Town Manager, Buzz Stapczynski–good information whether you live in Andover or are thinking about buying a home in Andover.

Outdoor fun in Andover

No, the superbowl won’t be as much fun this year for local homeowners without the Patriots…but there still is plenty to do in Andover and North Andover on weekend afternoons.  Here’s one idea for outdoor winter fun. Did you know  you can rent or buy snowshoes or cross country skis at Moore and Mountain 3 Railroad Square, Andover.  Then enjoy some fresh air and exersize on one of our local  trails in Andover or North Andover.

With the New Year upon us we’re reading and viewing the recommendations and predictions from many experts in all fields—personal, family, health and, not the least of course, ecomonics and real estate.  Naturally, I listen carefully to the comments offered by the economists.  While most agree that the housing market appears to be stabilizing, many of the experts also agree that the recovery will be long and slow and no one is certain if the recovery will be able to sustain itself once the government homebuyer tax credits go away.  While I believe this market is the perfect time for many people to buy their first home and for others to “move up” to a larger home,  I also agree with the economist I heard on “Good Morning America” this weekend.  His advice?  Before you think about investing in anything…stocks, bonds, real estate—even your 401K account…pay off all your credit cards.  By making sure your accounts are up to date and saving for a down payment you’ll be able to afford that home—no matter what the market condition.

Buying and selling real estate seems to get more complicated every day.  You might think that with all the media reports on housing, market data and the mortgage crisis a home buyer or seller has all the information he or she needs for a successful and efficient transaction.  My experience suggests the opposite. The challenge is not finding the information, it’s finding relevant, local information and synthesizing that information into a plan that makes sense for the individual consumer.

 Market data is a great example. We are bombarded by news reports of home sales. Of course it’s broken down into regions, states, counties and towns…but what about YOUR neighborhood?  Why did one particular 2000 square foot, 4 bedroom, 2.5 bath home sell in 24 days while another languishes on the market month after month?  Whether you’re buying OR selling knowing the answer to that question will help you make an informed, intelligent decision.  More importantly, the answer to that question could save — or cost you—tens of thousands of dollars.  An experienced real estate agent will save you time and money.  She will also guide you through a financing process that is becoming increasingly frustrating and complex by the day.  New guidelines and lending rules have been changing dramatically and are about to change significantly again on January 1.  One forgotten detail or mistaken entry on a form may delay or prevent a transaction from closing. Your home is likely to be your most significant financial asset. Doesn’t it make sense to manage it wisely?

North Andover Tax Increase

The average homeowner in North Andover will see his or her real estate tax go up again in 2010.  An average home valued at $447,800 will soon pay  property tax of $6502.  Selectman voted earlier this month to set the North Andover residential property tax rate at $12.74 per $1000 valuation. See the current valuation of your home in North Andover. 

Andover residents will see similar increases in their property taxes where the residential tax rate will increase to $13.19 per $1000 valuation.  If you’re concerned about your ability to pay your 2010 property taxes contact me at REMAX Partners in Andover.  Many cities and towns offer tax exceptions or abatements for qualified residents but there are very specific procedures and deadlines which must be followed.

First time homebuyers responding to the federal tax credit continue to drive sales of existing homes nationally and in the northeast.  Figures released by the National Association of Realtors showed November 2009 sales of existing homes up 53%.  The median price in the northeast was $223,400, down 13.1% from the same period last year. Inventory fells to a 6.5 month supply of homes.

 Lawrence Yun, NAR chief economist, said the rise was expected. “This clearly is a rush of first-time buyers not wanting to miss out on the tax credit, but there are many more potential buyers who can enter the market in the months ahead,” he said. “We expect a temporary sales drop while buying activity ramps up for another surge in the spring when buyers take advantage of the expanded tax credit, which hopefully will take us into a self-sustaining market in the second half of 2010. In all, 4.4 million households are expected to claim the tax credit before it expires and balance should be restored to the housing sector with inventories continuing to decline.”

According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage fell to 4.88 percent in November from 4.95 percent in October; the rate was 6.09 percent in November 2008. Last month’s mortgage interest rate was the second lowest on record after bottoming at 4.81 percent in April 2009.

If you agree that lower prices, low interest rates, tax credits and a stabilizing supply of homes make this a good time to buy your new home in the Andover area start your home search here.

As we finish digging out from the weekend snow storm, I’m reminded that we have a long winter ahead of us here in Andover and North Andover.  President Obama is considering federal incentives to homeowners who make energy efficient improvements to their homes. The possible legislation could provide 50% rebates up to $12,000 in incentives for product costs as well as installation costs of energy efficient home improvements that could include appliances, insulation, solar products and more. We all know President Obama believes in new technologies for a greener environment and a new economy– his trip to Denmark attested to his commitment.

For more information on possible legislation click here to a view an article posted by CNN Money or information about resources here in the  Andover area.