Linden Ponds	UPDATED: Tuesday, April 03, 2007
Write a Comment on Story Print Email Story Add to Favorites

Real estate market stabilizing in Massachusetts

Posted on Sunday, April 01, 2007

Spring a good time for buying, selling homes

By Chris Shott
THE ERICKSON TRIBUNE

In the world of real estate, spring represents more than just longer days and warmer temperatures. More importantly, it represents the starting line for the busiest time of year for selling and purchasing properties.

“It’s a very nice time of the year,” says Christine Hansen, director of sales and marketing at Linden Ponds. “Spring seems to be the time of year when many people put their houses on the market and more houses are sold.”

“It’s the nature of the business,” says Lynne Smithson-Ford, relocation counselor at Linden Ponds. “Because of the holidays and winter weather, the business is usually slow in the winter months, but the market spikes in the spring and early summer. It’s always a good time of year for buyers and sellers.”

Promising outlook
Throughout the United States, the real estate “boom” of the past decade has slowed, but fears of a collapse in the nation’s real estate markets have proven baseless to date. Signs of an upturn in market strength are becoming evident and the outlook in Massachusetts may be especially promising.

“When existing home supplies become more balanced between buyers and sellers this spring, we’ll see some modest price gains,” says David Lereah, chief economist of the National Association of Realtors. “Some of the monthly gains may be weather-related, but it appears buyers are becoming more comfortable, sensing the timing is good and that their local market has bottomed out.”

Nationally, the real estate market has cooled during the last 18 months, but in Massachusetts all seven of its major housing markets—Boston, Worcester, Springfield, Barnstable (Cape Cod), Essex County, Cambridge, and Southeastern Massachusetts/Providence, R.I.—are still considered to be overvalued, according to a report published by Housing Market Analysis.

Linden Ponds

More Linden Ponds

Families agree on Linden Ponds

New bocce courts beckon players

A brotherhood of softball

Something to whistle about

Read or Add a Comment?

A call to end Erie Pa.'s relationship with "sister city" Zibo, China, and all Chinese imports.

No URL for Riderwood Blog

Laughter Yoga

Happy hour hot spots?

Model yacht clubs

Your thoughts on Reflexology

Tools

Write a Comment on Story

Email Story

Add to Favorites

Realtors in the Bay State markets are reporting overvalues of between 12% and 48%, but prices have fallen in every market, indicating a long-term trend toward normal valuations and stabilization from the housing boom of 2002 through 2005.

According to a report issued by the Massachusetts Association of Realtors, single-family home sales in Massachusetts increased by 13% in January 2007 over the January 2006 rate, the first time since March 2006 that an upward trend had been reported in the state.

Geography/demographics
Housing-sales trends fluctuate in Massachusetts by geography and demographics. While an average home in the state now sells for more than $257,000, the same property in Peabody sells for nearly $251,000, far below the Essex County average of $290,000.

Housing-sales trends fluctuate in Massachusetts by geography and demographics. While an average home in the state now sells for more than $257,000, the same property in Hingham sells for nearly $446,000, far above the Plymouth County average of $243,000.

The status of local and national real estate markets also impacts all retirement communities. However, the Linden Ponds campus frequently bucks common trends, according to Smithson- Ford. Linden Ponds opened its sixth residence building, Overton Way, in March, and the campus now has more than 750 people living there.

“Our sales don’t necessarily follow real estate markets,” she says. “More than the weather or seasons of the year, building announcements cause a spike in interest.” And the development of new residence buildings happens only when the demand is there.

“We build on demand,” Smithson-Ford says. “As interest in our campus grows, new buildings can be proposed.”

Smithson-Ford adds that currently at Linden Ponds, “We have limited availability on some apartments.”

Priority List
Prospective residents at Linden Ponds are able to reserve the apartment style they want by joining the Priority List.

“Some of the people who live here move in immediately, while some wait for a few years or until they become age-available to move in,” Smithson-Ford says. “Many people put their names on our Priority List to ensure they get the particular style of apartment they are seeking. Whatever their needs, they need to join our Priority List before they can move here.”

Moving help
Smithson-Ford also says the staff at Linden Ponds offers a wealth of resources to potential residents, many of whom wish to time their move to the Hingham campus with selling their current property.

“We gladly work with people and can even refer them to a network of realtors in Massachusetts we regularly deal with,” she says. “We can work with people who have either already sold their homes or are in the process of selling them.”

‘Based on your needs’
While sellers often try to “time” real estate markets to maximize profits, a national real estate expert offers sage and timeless economic advice.

“Your best bet is to time the buying and selling of your home based on your needs,” says journalist Holden Lewis, writing on www.Bankrate.com.

Tips for selling in a competitive real estate market

Be wary of going it alone.
The “for sale by owner” route has always been perilous and in markets where buyers have many choices, this may be a costly mistake. Most would benefit from hiring a reputable professional agent with current knowledge of local markets.

Price your home correctly.
A house priced too high will not sell easily and ultimately becomes stale property. Conversely, a home priced accurately will attract attention and possibly competitive bidders. Heed the agent’s recommendation and don’t fight it.

Make your house stand out.
With so many houses on the market nowadays, it is crucial that your house shows at its best and does not force you to spend a lot of money. New paint and a thorough cleanup can reap big returns in a home’s final selling price. Companies specializing in “home staging” and reputable real estate agents can help you dress your house for success.

Think creatively.
Competitors in the market for newly built homes are willing to add amenities, including free swimming pools, granite kitchen counters, and vacations. Consider addedvalue makers to close deals, such as a home warranty to help reduce the buyer’s closing costs. Even consider throwing in your automobile, which would be a perfect gift for a couple moving from the city to the country.