Once the tax credits had expired, there was suddenly nothing to energize buying and selling of real estate but the natural laws of supply and demand.  So, of course real estate prices dropped precipitously, which made it seem like a “historical” drop in prices if taken out of context.

In fact, according to the Massachusetts Multiple Listing Service, if you look at sale from a year to year comparison of  from the period of January to August, 2009 – 2010 for a few towns in Middlesex County, there was actually a rise in single family homes sold!

2010                        2009                          %Change

Acton                         130                         119                                9%

Bolton                           42                          30                               40%

Groton                       105                           86                                22%

Harvard                       64                           49                                 31%

Lexington                 248                         205                                21%

Littleton                       58                            41                                41%

Sudbury                     113                         104                                    9%

Townsend                     48                           43                                  12%

Wayland                        93                            78                                 19%

Westford                     105                         108                                  16%

Clarity and ethics can certainly be compromised by considering  facts taken out of the larger context.  It is a good thing to keep in mind when you hear or see news these days.

Painting by artist Thomas Kincaid

CURRENT SINGLE FAMILY HOME SALES STATISTICS FOR CONCORD  MA

TODAY’S DATE: JUNE 27, 2010

• The average list price of homes for sale in Concord MA is $1,329,467 .
• There are 140 houses for sale ranging from a darling cottage near White Pond to an elegant estate in the historic and extraordinarily beautiful Estabrook neighborhood of Concord.  21  of these homes have accepted offers.
• 26 houses went under agreement. Average Days on Market in Concord is 81.
• 67 houses have sold in the past six months, 276 of which sold in 2009.

CURRENT SINGLE FAMILY HOME SALES  STATISTICS FOR SUDBURY MA

TODAY’S DATE: JUNE 27, 2010

• The average list price for homes for sale in Sudbury MA is $1,000,452.
• 157 houses are for sale ranging from a charming cottage in the Willis Lake neighborhood to a 4-dwelling compound with a par 3 golf course. Twenty-four of these homes have accepted offers!
• 32 houses are under agreement with an average days on market number of 135.
• 98 houses have sold in the past six months with a total of 247 selling in 2009

CURRENT SINGLE FAMILY HOME SALES STATISTICS FOR WESTON MA

TODAY’S DATE: JUNE 27, 2010

• The average list price for homes for sale in Weston MA  is $2,052,772.
• 131 homes are for sale in Weston ranging from a $479,000 Ranch on scenic North Ave to an architectural Arts and Crafts inspired $21, 750,000 home designed by renowned architect, Jeremiah Eck. 8 homes have accepted offers!
• 11 homes listed are currently under agreement with an average days on market number of 204.
• 54 listings have sold in the past six months with a total of 120 listings sold in 2009.

CURRENT SINGLE FAMILY HOME SALES STATISTICS FOR WAYLAND MA

TODAY’S DATE: JUNE 27, 2010

• The average list price for homes for sale in Wayland MA  is $961,023.
• 108 homes are for sale in Wayland ranging from a $145,000 home renovation project to an exquisitely renovated estate that harkens back to a simpler time!  14 homeshave accepted offers!
• 22 homes listed are currently under agreement with an average days on market number of 204.
• 26 listings have sold in the past six months with a total of 181 listings sold in 2009.

CURRENT SINGLE FAMILY HOME SALES STATISTICS FOR FRAMINGHAM MA

TODAY’S DATE: JUNE 27, 2010

• The average list price for homes for sale in Framingham MA  is $339,150.
• 207 homes are for sale in Framingham ranging from a $77,000 short sale near Framingham Center to an entire development called Wayside Estates on the market for 10 million.  30 homes have had accepted offers in the past month!
• 44 homes listed are currently under agreement with an average days on market number of 71 days.
• 211 listings have sold in the past six months with an average days on market number of 71 days.
• 442 listings sold in 2009.

CURRENT SINGLE FAMILY HOME SALES STATISTICS FOR MAYNARD MA

TODAY’S DATE: JUNE 27, 2010

• The average list price for homes for sale in Maynard MA  is $353,402.
• 46 homes are for sale in Maynard ranging from a bank owned home for $129,900 to a Colonial to be built on the largest lot available in a brand new development of 7 houses.
• Only 6 homes in Maynard have accepted offers with 10 offers under agreement and still in negotiation.  The average days on market number is 72 days.
• 55 listings have sold in the past six months with an average days on market number of  86 days.
• 94 listings sold in 2009.

The mandate states that in order to transfer and close on a property the local fire department must inspect for the presence of both smoke and carbon monoxide detectors after which they will issue a certificate of compliance to the home owner, assuming a successful inspection.  The devices must be the right type and in the right places and distances from bedrooms, kitchens and stairways.  They will also be looking for your address number in plain view and at least 31/2 inches in height.  You can be sure the lender’s attorney  will ask for the certificate of compliance, which must be brought to the closing, or the property will not close.

Even though the law applies only to homes built before the 1975, which is the date that the Massachusetts State Building Code was established, it is common practice in the real estate industry, and as a condition to sell property, to require that the seller obtain a Certificate of Compliance.

What are the general smoke detector and CO2 (Carbon Monoxide) requirements?

Although the requirements vary depending upon when the home was constructed, I can explain some general requirements.  First, some background information is in order about photo electric versus ionization smoke detection technologies.

Ionization smoke detectors use radiation to detect smoke and they are most effective at detecting flames.  However, many people will disable them due to the sensitivity of these Ionization alarms and their high likelihood of being set off by steam from the shower or smoke from things like toast in the toaster or bacon cooking on the stove.

Let’s look at a the Photoelectric alarm, which uses light to detect smoke. The Photoelectric alarm is most effective at detecting smoldering  fires.  Since most fire fatalities are attributed to smoke inhalation from smoldering fires the photoelectric alarm is most certainly an important life-saving device. In addition to detecting smoldering fires, they are also practical due to the fact that users are not likely to disable them since steam from things like the shower, smoke from the toast in the toaster or bacon cooking on the stove is less likely to set them off.

To continue with our general overview, the smoke alarm and carbon monoxide detector requirements vary depending upon when a residence received a building permit;  whether built before January 1, 1975, between January 1, 1975 and August 27, 1997,  between August 27, 1997 and January 1, 2008, or after January 1, 2008.  Some residences in these categories will require battery-powered smoke detectors. Others will need interconnected and electrically hard-wired detectors.  Some will need a combination of both battery-powered and hard-wired detectors. Some will need interconnected hard-wired detectors with a battery-powered backup detector.

The important thing to remember is that on April 5, 2010, a significant change in smoke detector and carbon monoxide detector law became effective related to the sale or transfer of residences built before, January 1, 1975, and before the MGL c. 148, s.26F mandate went into effect. The mandated law makes the builders responsible for installation of the smoke and carbon monoxide detectors.

In any event, what is very important to remember is that all smoke detectors installed within 20 feet of kitchens or bathrooms, containing a bathtub or shower will be required to have ONLY the photo electric type detectors, the type that are less likely to be triggered by steam from the shower, toast in the toaster or bacon cooking on the stove. 

Essentially both technologies are required for all of the other smoke detectors in the residence, outside of the 20 feet proximity to kitchens and bathrooms areas which are not subjected to bathroom steam or normal kitchen cooking smoke. In these areas you must utilize either:

• A DUAL detector (Containing both ionization AND photo electric technologies)

OR

• Two separate detectors (one photo electric alarm AND one ionization alarm.)

• PLUS a CO2 alarm
  

In residences not subject to MGL c. 148, s. 26F (built after 1975) the smoke detector upgrade is recommended but not required by law.

What are the general carbon monoxide detector requirements?

The MGL, c.148, s.26F1/2 and 527 CMR 31 mandate is similar to the fire alarm mandate in that you must be in compliance with the CO2 detector mandate in order to sell or transfer property and only the local fire department may issue a Certificate of Compliance stating that homeowners meet the requirements.

In Summary, for spaces that are not near a kitchen or bathroom, and if you already have an ionization alarm, you may simply purchase a combination photo electric smoke and /CO2 alarm so that you now have the required triple coverage of  ionization/photo electric/CO2 alarm devices in place.

Take, for example, a three bedroom home of about 1500 square feet, with 3 bedrooms and a hallway.  The bathroom is located within 20 feet of the three bedrooms.  This house has a stairway to the basement as well.  This house would need:

For the main level just outside of the bedrooms on the ceiling of the hall:   1 battery powered photo electric/CO2 alarm (NOT AN IONIZATION ALARM BECAUSE IT IS WITHIN 20 ft OF THE BATHROOM and the steam from the shower will set it off, the owner of the house will disable it and forget to enable it afterwords! So, if there is a fire, the alarm will not work because it will be disabled!! )

For the basement: 1 – Battery powered combination Photo electric AND 1 -Ionization/ AND 1- CO2 alarm installed on the ceiling at the bottom of the stairwell.

Please also remember that to be in compliance, you MUST have your address number at a minimum of 31/2 inches in plain view of your house so that in the event of a fire, the fire department can plainly see these numbers.

Are you looking for a Massachusetts Realtor?  Wondering about your local real estate market conditions? I am a licensed real estate sales professional and founder of Cheryl Ann Flynn Realty Group. I work for Keller Williams Realty Boston Northwest, a nationally recognized Brokerage Firm.

I am a Realtor who specializes in short sales, however I can provide a broad range of services in both the purchase and sale of real estate in Massachusetts. I would be happy to send you daily updates from the multiple listing service data base of all homes for sale in Concord, Sudbury, Carlisle, Weston, Wayland, Westford, Groton, Harvard, Berlin, Clinton, Framingham, Acton, Maynard, Stow and Littleton, Massachusetts.  Contact me now at 774-275-4828.  Real estate is truly my passion and I am available to answer any questions you may have even if you are just curious about the market and not quite ready to buy or  real estate at the moment.

Who: Homeowners of 1 – 4 unit dwellings with oil fired heating systems which were built prior to 1990. If your home was built after 1990, you are most likely already in compliance since the fire codes after 1990 required the additional parts and upgrades. Exceptions to the law would include situations where the oil burner is located above the oil storage tank and the entire oil line is connected to the take from above the top of the tank.
What to do: Have a licensed oil burner technician, only, upgrade your heating system by installing either and oil safety valve or an oil supply line with a protective sleeve.
If your home owners insurance company hasn’t already contacted you, check in with them. Ask if you have coverage for oil tank leaks from your system. They must offer that to you. Although it is optional, not mandatory, it is up to the homeowner to decide whether or not to purchase this coverage which would roll out on July 1, 2010.
Why?: To prevent oil leaks from your oil system and mechanisms to your furnace from infiltrating the environment. Apparently most policies do not provide this coverage, which would be worth checking. The cost to obtain coverage is minimal considering the $15,000 or $20,000 or even up to $100,000 or more, it could cost to clean up a leak or a spill. State environmental standards are very strict about this sort of contamination and if the leakage actually encroaches onto your neighbors property or if it gets into the water supply, the cost could be prohibitive.
To obtain home owners insurance coverage you will be required to either be in compliance or be exempt due to having purchased your home after 1990 in order to be eligible. The insurance coverage provides at least $50,000 worth of coverage for leaks into soil or infiltration into indoor ventilation and other environmental home systems. This covers personal property damage as well.
You must purchase at least $200,000 worth of coverage for third party damages – damage to your neighbors property or ground water contamination. Legal fees are subject to an amount not to exceed $1,000.000 which would also be covered by your insurance policy.
An oil burner permit from your local fire department is all you need to demonstrate you are in compliance.

The information on chapter 458 of the acts of 2008, Massachusetts oil heating upgrading and insurance Law was provided by Cheryl A. Flynn.  Are you looking for a Massachusetts Realtor? I am a licensed real estate sales person working for Keller Williams Realty Boston Northwest, a nationally recognized real Brokerage Firm. I would be happy to send you daily updates from the multiple listing service data base of all homes for sale in Massachusetts to give you an idea what other homes are selling for or what you can expect to find if you are looking for a new home. Contact me now at 774-275-4828. I am available to answer any questions.

One of the critical services Realtors provide to their seller and buyer clients is a very detailed and well thought through comparative pricing analysis of homes to be marketed, for sellers, or homes to be purchased, for buyers.  In a CMA, comparative market analysis, a home is compared to other homes on the market in terms of such features as acreage, number of fireplaces, location, upgrades, newness of the kitchen, bathrooms, roof, general condition of the property, neutrality of colors and decorating style, quality of materials, size of the home, and “curb appeal”. These are only a few of the  important things that factor into the pricing equation.

I was curious about how Zillow would estimate home values in Concord MA or home values in Sudbury MA for instance.  On what criteria is the estimate based? I investigated and I surmise it is based on Tax assessment values which are usually much lower than fair market value, thankfully.

How does a Zillow estimate compare to an accurate and detailed comparative market analysis done by a Realtor?  A comparative market analysis determines the value of the subject home as it compares to other homes not only based on all the factors listed above but also on the value of similar homes that have recently sold, homes that are currently under agreement, homes currently for sale, and even those that haven’t sold.  These values can change suddenly, even from week to week or month to month. It is good to have a market analysis that is up-to-date, which I can’t say about a Zillow estimate.

Then I scrolled down to the bottom of the Zillow home page and found an obscure link in very, tiny print entitled “Zestimate Values and Accuracy.”  Hmmm.

That link took me to a chart.  If you click on this link I have pasted you’ll see a screen shot of  “Zillow Zestimate Values and Accuracy.”

http://www.screencast.com/users/cherylflynn/folders/Jing/media/a2d79618-72c1-492b-a752-9c1a62ee66d2

The line item for Boston on the chart illustrates that 66% of the properties on Zillow are only within 20% of the most likely selling price…..20% !  On a $500,000.00 home, that means you might as well be throwing darts onto the grand dartboard because you could be off by $100,000 up or down in value.

Moral of the story?  Call a Realtor if you are thinking of adding your home to the data base of  homes for sale in MA, or want to know about home values in Concord MA or home values in Sudbury MA.  Have a comparative market analysis done by a professional. They are always free and you will be able to sleep peacefully knowing the accurate fair market value of your home if you had to sell it today.

Absorption Rate for past 12 months; This table shows past data for single family housing inventory of homes for sale in Massachusetts, or the monthly rate at which supply has been absorbed by the demand for homes in the market place for the past 12 months and what we can reasonably expect the market to absorb in the future. The fewer homes that are available, the closer we are to a Seller’s Market where the market favors the seller’s goals to net more for the sale of their home due to more buyers competing for less inventory. More buyers competing for less inventory of homes is the factor which drives up demand and when demand increases, this in turn drives up selling prices and that is good for the seller.

The supply and demand numbers for past data of real estate in Massachusetts areas I have chosen are calculated as follows: For each town, I have calculated: the number of listings sold in one year+ the number of listings currently under agreement divided by 12 months= Average sold transactions per month also called the run rate.

To determine the Number of Months Supply Inventory we have on hand, or how much supply the market is absorbing,  you simply divide the number of Active Listings by the Average Listings Sold per Month (the run rate) and you will then have the Number of months of housing Inventory supply on hand right now.

The table below shows some towns have many months worth of inventory sitting on the market, most likely because they are over-priced.  Other towns seem to be doing very well.  In a competitive market it helps to keep in mind competitive pricing sells a house. In addition it is critical to utilize proper staging techniques, to de-clutter and perhaps to add some creativity into the price negotiations for a buyer who is solid, has lined up financing and is a ready, willing and able buyer.

Table Copyright 2010 Cheryl Flynn

All rights reserved

Low and behold, piano experts confirmed yesterday that a piece of wood found by divers at the bottom of Willis Lake is a section of veneer from a piano.  A local Sudbury Resident, Kevin Kennedy, has been on a mission to locate the piano which as local lore has it, was burned and sunk by two youths in 1973, who now live in Grafton, MA.

“The shape of the veneer matches the side of an upright piano that gives you the clue that it’s from a piano. The veneer is approximately 1/16 to 1/8 inch thick” says, David Sanderson, owner of Sanderson Piano in Littleton, MA.

Babe Ruth was an American sports hero and icon whom everyone loved.  He could do everything. He pitched lefty for the Red Sox in 1914 and in 1918, led the American League with 11 home runs, in only 59 games as an outfielder. The next season he started just 15 games on the mound and led the league in homers again, with an unheard of total of 29.

Then came that fateful day in 1920 when Babe Ruth, our beloved Bambino,  was traded to the Yankees, where he continued his magic and ended that season with an astonishing .847 average.  Boston was crushed  and the impact of the trade was looked upon as “the curse”.  Over the next fifteen years Ruth hit hundreds of home runs. The Yankees won seven World Series. Babe’s trade to the Yankees, “the curse”, continued to haunt Red Sox fans for another 86 years.

“The curse” became such a part of Boston culture and lore that when the familiar road sign on Storrow Drive was vandalized from “Reverse Curve” to “Reverse The Curse”, the city left it in place until after the Red Sox won the 2004 Series.

The victorious Sox defeated the Cardinals four games to none in the best-of-seven series between October 23 and October 27, 2004. Fans pasted bumper stickers that said, “The curse is reversed”.

Wouldn’t it be a sacred moment to have in our hands a shred of evidence that the great, legendary slugger, Babe Ruth, lived and partied on such a small, obscure Lake in Massachusetts?

Check out this video commemoration of that victorious day in October of 2004:

For the past 10 years or so Sudbury resident, Kevin Kennedy has been searching for Babe Ruth’s piano, the remains of which are predicted to be laying at the bottom of Willis Lake near where Babe Ruth and other Red Sox players rented homes on the Lake.

I went to school with Steve, Jack and Charlie Barry back in  prehistoric times.  We attended the Horse Pond Road School, now the Sudbury Fire Fighting Academy,  and Fairbank Elementary School, now the Fairbank Senior Center.  Their mother was the organist for our church, Our Lady of Fatima Parish.  In those days there were open fields, ponds, swimming holes and dirt roads to explore and very few cars on the road.  Mothers stayed home and kids and dogs could roam freely with no fear of kidnapping  or other nightmarish things happening.  Jack and Charlie apparently have information about the remains of the piano which had lain on the shore of the pond more than 40 years ago.

According to Steve and Charlie Barry, who grew up in the Willis Lake area, Babe had rented a couple of homes on the pond contributing to the possibility that the piano is not near Butler road as originally thought by Kevin,  but in another location near Lakeshore Drive, which has been confirmed by some Sudbury Old Timers.

Steve and Charlie Barry, remember what happened to the piano since,  in around 1963, as young boys they had taken to cleaning up and burning the debris near the shore of the pond – old tires, an old sofa and some other litter that had been dumped there,  including a motorcycle and the piano.  They didn’t know at the time that the piano probably belonged to Babe Ruth. After burning the piano, the boys say they moved the harp portion of it into Willis Lake.

As the story goes, according to lore, a man witnessed in 1919 that Ruth had taken the piano outside onto the frozen Willis Lake during a party.  He was pretty popular and attracted a lot of attention.

Kevin Kennedy and the Barry brothers recently visited the lake together  when Kennedy heard the story of the brother’s childhood escapades on the Lake.  He is awaiting state approval to perform an archeological dig there to try and find the piano’s harp, hopefully undisturbed.

I know I have heard the story of Babe Ruth’s piano.  Do any other Sudbury old timers like me have any knowledge of the piano?  If so please comment below.

This solidly built,  and well maintained, 3 Bedroom Ranch located in Framingham, MA, offers single-story living and a large lot with a private and serene backyard.  The lot has been professionally landscaped with mature trees and flowering shrubs.

The house is  in “move in” condition. The private back yard is covered with mature, flowering, Rhododendrons which can easily be seen from the large picture window in the living room. A babbling brook borders one side of the property and a screened in porch overlooks the backyard.

The neighborhood where the house is located is quite friendly!

This all adds up to one thing – if conditions warrant creative deals and you aren’t offering them then you could find yourself at a competitive disadvantage.  Yes, the house may sell, but did you allow yourself to be pressured into lowering the price in order to sell? Did you lose some of your money in the transaction while thanking the Realtor for being aggressive and “getting results”?

It is important to find a Realtor who understands creative financing in order to increase the number of potential buyers for your home and ensure that the deal doesn’t fall through. To create buying incentives  the seller just may want to consider introducing creative financing solutions to the buyer instead of the typical alternative of lowering the price of the house, which many Realtors typically pressure sellers to do in today’s housing market.
Motivated sellers have several cards to play if they truly want to sell their homes in a sluggish market keeping in mind the goal of attracting the right buyer.   Important considerations include establishing exactly who you are marketing to and what are the potential barriers that buyers may need to negotiate. Let’s look at three requirements of purchasing a home:
1. The buyer must have the appropriate income and assets to afford the home
2. The buyer must have good credit
3. The buyer must qualify for a mortgage in an environment of increased lending scrutiny and standards.

Sellers can actually assist in all three areas. In other words sellers have the ability to help buyers who don’t have the income or down payment funds available to qualify for a loan amount,  or who may have less than perfect credit.

Below are three areas of creative financing worth considering for seller, buyers and lenders:

Creative things Sellers Can Do to Sell Their House

1.Seller Contributions
2.Seller-Funded Permanent Buydown
3.Seller-Funded Temporary Buydown
4.Owner Financing
5.Contract for Deed
6.Seller Second
7.Lease Option and Lease Purchase
8.Wraparound and Assumable Mortgage

In addition to seller concessions listed above, Buyers and Lenders can offer unique solutions as well:

Creative Things Buyers Can Do to Purchase a Home
1. Gift Funding
2. Selling and Refinancing Existing Assets
3. Non-Occupant Co-Borrowers
4. Using 401K
5. Temporary IRA Transfer
6. Pledged Asset Mortgage
7. Equity Transfer and Bridge Loan
8. Employer-Assisted Mortgage

Creative Things Lenders Can do to Finance a Transaction
1. Lender-Funded Buydown
2. Fannie Mae’s “My Community Mortgage”
3. Running Scenarios With Automated Underwrtiting Systems
4. Adjusting Amortization Period to Lower Payment
5. Adjusting Interest Rates to Cover Closing Costs
6. State, Province, and Local Grant or Bond Programs
7. Mortgage Credit Certificate
8. Private Lending

As you can see, the buyer, seller and lender can all bring creative solutions to the table to get a house sold. Make sure your Realtor is well versed on creative solutions that help get your house sold in today’s market so that you aren’t faced with having to lower the price and leaving money on the table.