What goes down must come up
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By Elizabeth Hanson Partner/Agent The Callan Team

Ssshhh: Listen to the media … have you heard it's a buyers' market? Who hasn't? But how the press reports the housing market is rarely relevant to your neighborhood. Listen to the media and you'll think you can get a $400,000 home for $300,000. Have you also heard that "all real estate is local"? What the national news is feeding us doesn't correlate with what we see here in the tri towns. Let's be realistic! The press headlines are much more dramatic than what we see in our local market area. Most of the 441 single family properties that are currently on the market in Shrewsbury, Northborough and Westborough have already taken into account the current market conditions and are considered by local realtors to be priced fairly.

When considering the housing market's national statistics and trends, keep in mind that Shrewsbury, Northborough, and Westborough are not your "average" towns. The average cost of a home is higher, the average cost of a lot is higher, our lifestyles are better, and the desirability of living in the tri-town area is in higher demand. Inevitably as the supply of homes increased, and the number of buyers decreased, a correction took place.

BUT … as unpredictable as all cycles are, the one we're swirling around in now could turn around instantly without warning. Sellers and buyers must prepare themselves with accurate, up to the minute data that only a few good Realtors are able to provide. Sellers and buyers need to run (not walk) from the control-minded agent who manipulates real estate transactions by withholding or controlling information and the flow of facts. Do yourselves a favor! Find an agent who will educate and share all information and will allow you to make decisions once you're armed with the correct information. The facts listed below cannot be ignored and must be taken into account in order to adequately understand the Local market.

Based on information supplied from Multiple Listing Services, from 2006 to 2007 the average price of a single-family home in Shrewsbury decreased by only $2,250. But in Northborough, the average decreased by $43,000 and decreased in Westborough by $87,500. The total number of single-family homes sold in the tri-towns decreased as well. However, in October of 2007, the number of homes on the market in Shrewsbury decreased by 47 - remember to keep the rules of supply and demand in mind! In Northborough, we saw a decrease of 20, and in Westborough, an increase of 34 homes listed on the market. Shrewsbury's median asking price for a home increased by $7,400, but decreased in Northborough and Westborough.

We've been told that foreclosures in Worcester County increased by nearly 94 percent from the previous year; Shrewsbury, Northborough and Westborough have had ZERO foreclosures in the last 60 days! Relative to all Massachusetts foreclosures, for 2007 the tri-towns had fewer foreclosures than 9 towns in the state, and had more foreclosures than 19 towns. A note to all of you buyers looking to grab a great deal: just because a property goes to foreclosure or is taken back by the bank (REO) DOES NOT mean it's a fabulous money maker … Usually it means the lender loaned too much money to the borrowers based on faulty appraising or the borrowers' ability to pay. The S & L's got us into deep trouble in the 80's and now the sub-prime moneylenders have sunk the market.

In conclusion, Dear Readers and Real Estate followers: Never, ever forget - negative news gets the ink; make sure you're ready when the real estate revolution returns! Call us today to get specific data on your neighborhood's market history!

For more informatin on buying or selling, visit… www.mass-homes.net or call Elizabeth Hanson at 508-864-1012.