05/27/2009 Medford Real Estate Sales Picking Up Fast

Medford, Massachusetts - Medford is having a very strong spring market. With 20 properties under agreement in the past month and only 48 single families active on the market that means almost 1/3 of the single family properties are selling soon. 4+ out of that 48 have accepted an offer and are still on the market. Pretty impressive turn around from the winter.

Prices have fallen but homes are selling strongly when priced appropriately. Several homes have had multiple offers and some of those were over asking price. There is getting to be a shortage of updated homes in some price ranges.

Mortgage rates are still low, although credit & deposit requirements have tightened up. There has been recent changes to the way the appraisal process is conducted with lenders being quite conservative.

Medford and surrounding communities has been lucky when it comes to the housing recession so far in 2009. Other parts of the country have been hit quite hard with foreclosures, short-sales and job loss. Inside of the "128 Loop" and to a lesser extent the "495 Loop" property values have fallen but not by the larger numbers reported regionally & nationally.

The Greater Boston area with it's public transportation, high tech, bio-tech, research, educational, medical industries has fared well overall. There continues to be some communities that are starting to recover from localized foreclosure/short-sale markets but there is strengthing demand from so called "first time buyers" or buyers in the "average" price range.

Homes under $450K are starting to sell well, while higher priced homes are taking longer to sell. This could be in part to the trading up effect as homeowners in lower priced homes are now starting to be able to sell their properties we may see higher range houses pick up. The stricter credit & depost requirements still will be a challenge to some trading up.

As buyers either buy up the foreclosure/short-sale properties or become fustrated with the processes involved in those purchases there is strong interest in the regular market homes with their better conditions, more even sided disclosures & contract terms as well as responsivity of the regular seller.

Most municipalities re-assesed property values for 2009, we're seeing homes selling for the new lower values or in many cases lately for tens of thousands over. Only time will tell by looking back at the numbers, but it is encouraging so far.

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