Lots going on here, but very exciting. You may be able to get creative with the financing but it could be difficult. first, is the home on the market? most lenders are gone for the holiday until Tuesday but please contact me to discuss. also think about the current value and potential future best use. you may also want to consider converting to condos.... more
Thanks for posting your question, because we've been running into this a lot lately. I know there is the common belief that the market has "tanked" but it is all depending on location. I am assuming that you were purchasing a single family home in Newton, so I did a little market research.
From January 1, 2008 - July 15, 2008 there were 282 single family home sales in Newton at an average sales price of $870,858. From July 15, 2008 - Today (12.23.2008) there have been a 215 single family home sales at an average sales price of $944,732 [all data was taken from the Multiple Listing Service].
This is actually an increase in average sales price by $73,874, since mid-July. Also, the median sales price has increase by $30,000 ($750,000 to $780,000).
So, although the volume of home sales has decreased the average sales price has actually increase. If this is a neighborhood that you desire to live in and would be disappointed if you "missed out" then I would suggest going forward with your transaction. However, with 110 single families currently for sale in Newton, there are other opportunities available too.
If you want to learn more about the current market, please check out my blog. I try to post Newton, MA market statistics on Fridays but have missed the last few due to the Holiday season. I hope you found this useful and I wish you the best of luck with your home buying process.... more