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Ryan, Other/Just Looking in Holliston, MA

Outlook for real estate in Holliston, MA.

Asked by Ryan, Holliston, MA Tue Jan 6, 2009

I'd be interested in hearing what local agents are seeing activity-wise. Still very slow? Sellers getting what percentage of asking price? And your thoughts on the market come Spring? Thanks!

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3
Ryan-

For the 6-month period from July 6, 2008 to January 6, 2009 here are the stats:

49 single family home sales in Holliston
106 average days on market
96% average percentage of sale price to latest list price
92% average percentage of sale price to ORIGINAL list price
Total single family market volume: approx. $19 million

Compare that to the same period ONE YEAR AGO:

78 single family home sales in Holliston
138 average days on market
96% average percentage of sale price to latest list price
90% average percentage of sale price to ORIGINAL list price
Total single family market volume: approx. $35 million

You can see a dramatic decline in overall volume in the single family market from a year ago. Ratios or list prices to sale prices stayed about the same. Days on market decreased slightly mostly due to less inventory on the market (simple supply and demand).

The market is slow, but appropriately priced homes are moving in a reasonable amount of time. More than ever, Pricing is King. Those who NEED to sell and position themselves in the market accordingly are seeing success. Those who WANT to sell or want to see what they can get for their home are not having as much luck.

Peering into my crystal ball (yeah, right...if I had that I wouldn't be here on Trulia Voices!) I don't see dramatic changes coming this Spring. Sure, you will see more inventory like you do every Spring, but I do not see any kind of recovery and price increases on the horizon. Again, just an educated professional guess from a Realtor and a Certified Residential Real Estate Appraiser.

If you want to talk more about the market or grab a cup of coffee, please feel free to give me a ring or drop me an email. Good luck!

Mike
1 vote Thank Flag Link Tue Jan 6, 2009
Hi Ryan -

I'd like to add to Mike's thorough answer.

There is still time for seller to list their homes for 1st time home buyers to take advantage of the $8,000 1st time home buyer tax credit. This is a powerful motivator to potential buyers. In some cases they may even be able to use part of that tax credit towards their down payment - thus qualifying more buyers.

The buyer must close by November 30, 2009 to qualify.

1st time home buyer is someone who has not owned a home in the past 3 years - so those who have been "sitting on the fence" waiting for the market to "bottom out" may qualify and cause a larger buyer pool.

So, if you have a home priced up to $400K..which would still be in the higher end of 1st home buyers...and it is priced BELOW the last comparable Sold home in the past 2 months...your home has a decent opportunity of selling.

Time is of the essence and a home owner in Holliston should list now for that specific opportunity.

Please feel free to call me for seller coaching: 508-479-9833

Best Wishes

Mary Condon
0 votes Thank Flag Link Thu Sep 3, 2009
Mike - thanks so much. Just the kind of info I was seeking. Appreciate your professional perspective. Best.
0 votes Thank Flag Link Tue Jan 6, 2009
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