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Maria, Other/Just Looking in

How can I find info on the average length of time a house stays on the market for sale in Somerville, MA?

Asked by Maria, Wed Jan 28, 2009

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Maria, your situation is interesting, so I asked a lender (someone I have worked with a lot and trust) about it, and here is his reply and suggestions:

"The rule is in place and is real, it has been around for a few years. Several years ago, there was a lot of “home flipping” between family to get around the rules of lending... The rule is so generic it defeats the purpose in many cases such as what her family is doing.

Does the home need enough work that it would go into a rehab or construction loan?

I would have to check with the real estate law on this, but they could all buy the home, have the sister be the only one on the mortgage and the rest on title. After she gets the loan just remove everyone."

That last suggestion sounds like a good one, if all of your siblings are on good terms. If you want to pursue this, give him a call:

Bill Nickerson
Vice President, Mortgage Network

Hope this helps,

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0 votes Thank Flag Link Wed Jan 28, 2009
Hi Maria,

Unfortunately for your situation (but good for the real estate market in Somerville) is the fact that multi family homes are also selling pretty quickly in the city. There have been 59 two family houses in the city that have sold in the last 6 months with an average of 89 days on the market. Even the fact that the house needs work won't mean that it would languish on the market unless it was overpriced.
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0 votes Thank Flag Link Wed Jan 28, 2009
I have a similar situation in my state, where the executor of the will, the attorney and the judge would like to resolve and settle the estate, but the property is not selling, because of the market, even though the property has been reduced several times.... The judge gave the family extensions.....

So the executor in your case (not sure if that is an attorney, family member or what) should be able to realize that if their is either a need given by law or by the real estate market that extensions are simply necessary...

Especially if all those who are party to the inheritance agree it should be possible, but it needs to be discussed and agreed upon by all parties - but please understand I am not an attorney and this is not legal advice, which I cannot give you. Just a little part of my own experience as a Realtor who listed an estate property for sale (not to a member of the family but anyone willing to buy)

So discuss it with the executor and hopefully it will work out... for all of you!
Sorry about your Dad!
0 votes Thank Flag Link Wed Jan 28, 2009
I've asked this question because of a tricky estate settlement situation. My sister wants to buy my late father's house, basically buying out all our shares (siblings). But apparently there is a new federal rule that states if she's a part owner, her name needs to be on the deed for 6 months before she can get a loan to buy. The executor doesn't want to wait that long. But I want my sister to get the house, so I want to prove that we'll wait longer if we put it on the market. The house is two-family and needs a lot of work., including roof, gutters, windows.
0 votes Thank Flag Link Wed Jan 28, 2009
If you could share with us Realtors why you are interested in this information, it will may be easier for any one of us to give you bit better advice. The average is a little bit of an indication if it will take longer this year than years before, but depending on the size, price range, style, location, condition, curb appeal and upgrades and pricing of the property the time on market could vary greatly.

And in general in today's market it will take a bit longer than years back, since there is mostly a lot of inventory on the market and not enough ready and willing buyers. But why are you interested in that particular aspect
the average time on market, are you buying and wondering or are you intending to sell your property?

Take care!
With some feedback from you we can probably give you some better info and answer to your question.
0 votes Thank Flag Link Wed Jan 28, 2009
Well, the answer will change daily. But as of today, the average DOM for a house sold in Somerville in the last 6 months was 96 days. That varies greatly by price band: over 200 days for something between $150K and $199K and only 19 days for a hosue between $450K and $499K.

I guess the right answer depends on what you need the data for. Also, condos were on the market longer, on average.

Hope this helps.
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0 votes Thank Flag Link Wed Jan 28, 2009
Hi Maria,

According to statistics from the the local multiple listing service, there were 42 houses that have sold in Somerville during the last 6 months. These houses were on the market for an average of 96 days. They had an average list price of $443,221 and sold for an average sales price of $421,044.
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0 votes Thank Flag Link Wed Jan 28, 2009
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