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Quincy MA Real Estate Market Report for 2011

Red Hot Real Estate Report:

The unfiltered truth about the Quincy MA real estate market
We survived another roller coaster year for real estate here in Quincy. 2011 was a stepping stone toward the recovery of our local economy and was a great learning experience for homeowners. Despite low interest rates and competitive home prices consumer confidence remained low. So the big question remains, “Are homes selling?” Homes are selling, although they may not be selling as fast as they use to or for the price that most homeowners wish they could get for their home. In 2011, the average number of days a home was on the market was 123 days, up from 95 days in 2010. Looking forward, homeowners should be prepared that their home may take 4 months to sell. This is a key aspect to consider when deciding on the right time to list a home on the market. The spring market still tends to be one of the strongest for buyer activity with the highest percentage of closings taking place in May and June. If the market time of a home is 4 months and the average closing takes 30-45 days, homeowners are urged to list their home in late January early February to expect a closing in May or June. Homes that are priced right and show well will definitely sell the quickest; however this formula is a good starting point for timing a home sale.
Quincy MA real estate market
So how does 2011 compare? The average single family home in Quincy had a sale price of $316,143, which is a 3% decrease from 2010 (Average Sale Price in 2010 - $325,394). In 2011, 24% of the single family homes sold were in the price range of $250,000 - $299,999. Coming in second was the $300,000 - $349,000 price range at 20% of the homes sold. Quincy did experience an increase in the number of transactions in 2011, which is a good sign that more buyers are entering the market.
Quincy MA homes
“One of the biggest trends we experienced in 2011 was that buyers were less interested in homes that require a great deal of work,” states Madelene Cheney, Broker/Owner of Red Door Real Estate. “To compete with lower priced bank owned properties homeowners should put their best foot forward and prepare their home for sale by making minor repairs or reducing clutter prior to listing their home on the market.” The market is flooded with many bank owned properties that are in poor condition. The average homebuyer is looking for a home that is priced competitively but is still in “move in” condition. Taking a proactive approach, Red Door Real Estate started offering home staging consultations for their clients to help prepare their home for sale.
Red Door Real Estate is a locally owned and operated real estate company located at 222 Sea Street, Quincy, MA. For more detailed information on home prices in your specific neighborhood contact Red Door Real Estate at (617) 553-1880 or visit us at www.RedDoor-RE.com.
For more informationon home staging or to set up your consultation check out our home staging page.
Posted at 02/02/2012 02:04 PM by Madelene Cheney
Categories: Real Estate Market, Quincy MA

So, Obama made changes to his Home Affordable Refinance Program… What does that mean for you?

Many homeowners are considered to be under water on their home, meaning they owe more on their home then what it is worth. Through the new adjustments made to Obama’s HARP plan, homeowners can refinance their mortgage even if the mortgage amount is over to 125% of the current home value cap set by previous plans. This is great news for homeowners that owe more than their home is worth. A typical refinance may require a homeowner to owe 80% of their current home value or have an 80% loan to value (LTV) ratio. In today’s economy owing less than 80% of your properties value is rare so this new adjustment opens the HARP program to a larger group of homeowners. Additionally, with the new provisions the refinance process will be streamlined for homeowners avoiding the need for an appraisal.

Through the program, only loans that are owned by Fannie Mae and Freddie Mac are eligible. You can look up online to see if you loan is owned by Fannie Mae or Freddie Mac. The loan must have been originated prior to May 31st, 2009.

Additional stipulations include: Homeowners must be current on their mortgage payments and cannot have missed more than one payment in the last year or have been late on a payment in the last six months. The program helps to reduce fees for homeowners that are looking to refinance, adding additional incentives to make the change. With mortgage interest rates at a record low, the adjustments made to this plan can open up the possibility of refinancing to homeowners who were not able to refinance on the original plan. For questions regarding the new HARP plan call a Red Door Real Estate agent at (617) 553-1880. We would be happy to provide you with information regarding the potential value of your home in today’s market.  
Posted at 10/28/2011 06:29 PM by Madelene Cheney
Categories: HARP, economy, Real Estate Market, refinancing