Market predictions from LOCAL realtors for Metrowest towns in 2012

Asked by On the Fence, Westborough, MA Tue Oct 11, 2011

Interested to think what local realtors think will happen (and reasons for opinion) to RE market next year in WB, SB, NB & Holden. i.e the nicer towns in the metrowest region. Let me emphasize local. Not interested in what someone in California thinks. I know no one has a "crystal ball" and realize any answers are speculation

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Territory.c…, Agent, MA,
Tue Nov 1, 2011
My guess is the market wont see any big changes until about 2014. I bet the inventory remains fairly low with small boosts in the obvious seasons (fall/spring and parts of the summer)
The elections may boost things a little bit - add some consumer confidence into the mix - but as a country we have such big picture problems that more time will be needed for a recovery.
How will this affect local markets? Well, the wealthier towns will probably hold their value but, again, the inventory will thin out so transactions may continue to drop. Looks like MA wont hit 40,000 transactions in 2011 the lowest in 2 decades!
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Robert, Home Buyer, Westborough, MA
Mon Oct 31, 2011
Not a realtor, but have been looking to buy for sometime now.

Prices are still going down, this is happening right in front of my eyes. Prices right now are lower than they were in the spring and much lower than they were last year. Also there are a ton of houses on the market in WB for what is supposed to be a slow time of year.

To bgk - you are correct, I agree with you but would add buyers were stupid but were also flat out deceived by NAR propaganda, etc. Quite funny if you go to an open house in WB the realtors will continue to spout the same mantras over and over again
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bgk, , Westborough, MA
Wed Oct 26, 2011
Making it 'hard' to get financing by requiring 20 percent down?? This is actually responsible lending. If you cant afford the downpayment and closing costs you cant afford the house.

Prices still have a ways to go down in the mentioned towns, even the wealthy, nicer areas. Foreclosures at all price ranges are still coming on in these markets. Prices of previous years only reached by stupid buyers who overspent and bought into all the hoopla, buy now or be priced out, rent is throwing away money, etc..
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Territory.c…, Agent, MA,
Thu Oct 13, 2011
If the economy remains the same - unstable and unpredictable at best - the "wealthier"/ "nicer" area inventory will continue to dry up (people will just hold on to their real estate investments until the market takes a turn) You are right, though, no crystal ball and as we have seen at any moment things can change drastically. The industry to focus on as far as getting any kind of "prediction" are the banks and lending institutions. At the moment they are making it hard for those that can afford a property with 20%+ down let alone <20% This will have an enormous impact on ALL markets in the next several months.
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T Mack, , Hopkinton, MA
Thu Oct 13, 2011
forgot to mention Holden is not in metrowest. Did you mean Hopkinton?
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T Mack, , Hopkinton, MA
Thu Oct 13, 2011
Not an agent, but I am local.

Seems local agents are not willing to even make a qualified prediction. Even reading the one answer, there really is no statement either way as to what they think the market will do in the towns you mention.

I think the lack of responses, answers your question somewhat.
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Heidi Zizza, Agent, Framingham, MA
Tue Oct 11, 2011
I think as the market comes around people will take outside factors into consideration like commuting gas prices etc. Because of that I see areas that have better commute times to cities and large businesses. Areas like FRamingham and Natick have excellent commute times, easy access to the pike and large businesses like Genzyme STaples etc making for easy commutes. I think the boroughs will continue to have increase in building as they have more land but sales there will always be a bit slower than Framingham Natick. Just my opinion I have been a Realtor here for 20 years.
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