Ellen had some fun on her show looking at a few houses for sale. All of a sudden, the Medford area seems quite pedestrian!

Beautifully updated corner condo. Enlarged kitchen has nickel appliances incl microwave & refrigerator. Both baths have new fixtures & CT floors. Bamboo floors in main living area and Berber in the bedrooms for warm feet in the morning. Screened balcony extends living space. In unit laundry hook ups. Large closets & extra storage on balcony. Enjoy the pool or barbecue in spacious common area. Officially 1 car parking but owners park 2 cars tandem. Near buses to Orange Line & Haymarket. Pet friendly. Low condo fee of $170/month. Great first time buyer condo!

Visit www.35Washington.com for full information.

Let’s compare these figures to what was happening in December (which reflects the fall market in Stoneham)

What we see is the number of properties has remained pretty level. In a “normal” market we see a lot more properties come on the market in the spring. (Of course we’re definitely not in a normal market now!) The number of properties that have sold has gone down a bit and that has lengthened the amount of months of inventory that is currently for sale. However, keep in mind that properties take on average 2 months to close, so these figures are still reflecting the winter market. In keeping with the rest of the country, the average sales prices in the city have continued to come down.

If you’d like more information on homes for sale in Stoneham just ask!

The real estate market in Melrose has slowed down, but it’s still doing much better than most of the rest of the country. Let me show you:

The Average Days on Market are also showing that sales of single family homes remain brisk while condos and multi family homes are taking longer to sell.

Average Days on Market as of February 26, 2009 (based on the last 6 months of sales)
Single Family Homes – 97 days
Condos – 149 days
Multi Family Homes – 162 days

Let’s compare this to what was going on in November:

There are 2 big changes that we see in the real estate stats:

Just like our New England weather, the real estate market is constantly changing. It will be interesting to see what spring brings!

Lovingly cared for home for sale in Medford, MA with inviting farmer’s porch. Sunny, modern kitchen with island. 1st floor BR and full bath. The 2nd floor addition was adding in 2006 along with new roof, hot water and insulation. Large MBR with walk in closet. Convenient 2nd floor laundry & full bath. New gas heat & central air conditioning will keep you comfortable no matter the temperature. Hardwood floors throughout. Double wide driveway. Close to Route 93, the express bus to Boston & swimming at Wright’s Pond.

Visit www.20Fellsview.com for full information.

However, I’m finding more and more of my business happening in the virtual world. Yesterday I was having a conversation with a person who had questions about buying a condemned house in Medford to tear it down and rebuild. We met each other through Zillow. Each day I’m also on Trulia, Twitter, Facebook and LinkedIn meeting people from all over the globe. But I’m not just meeting people online – my meetings are moving there, too. Buyers were referred to me, but they have 2 small children and lived an hour away. They were having a hard time coordinating a time that worked for both of them for us to have our initial meeting/interview/class. I suggested we just meet online. I use a service called Vyew. I can upload a variety of documents from PowerPoint, Word, PDF files and even videos. Vyew even lets me share what on my screen along with my webcam in the corner to help make it even more personable. I’ve now used Vyew to meet with both prospective sellers and buyers and it works great.

As I get a video ready for a new house I’m bringing on the market, I realize that we may not have virtual reality showings yet, but we’re certainly moving closer!

1) Can you get a rate at least 1 percent lower than what you’re paying now? If not, it normally doesn’t make sense because of closings costs and adding years back to your mortgage which I’ll talk about in the next two points.

2) How much in closing costs will you have to pay? You need to determine how long will it take you to break even and save enough each month to make those closing costs worthwhile.

3) How many years will you end up adding back to your mortgage? You’ve already paid 5 years on your mortgage. If you refinance and go back to a 30 year loan, you will basically be paying those 5 years all over again. Many people don’t take this into consideration. They only look at the fact that they’re saving some money each month.

This refinancing calculator from BankRate.com can help you determine if it makes sense financially.

4) Do you need or want any extra cash now? I’m hoping the answer to this is no because this is one of the reasons why so many people right now owe more on their homes that what their houses are currently worth. While the market was hot, many people looked at their homes as a piggy bank and took extra money out when they refinanced. If you’re going to take some extra money and then put the money into the house, that can make sense, but otherwise it’s normally not a smart financial move.

Although 2 and 3 family homes are only a small percentage of the properties in Stoneham, this segment of the market has the highest change in the amount of time taking properties to sell. Although there are 4 less multi family homes for sale this year versus the same time last year, it is now taking on average 2 months longer to put these homes under agreement.

There have been changes in the condo market in 02180 as well. There are currently 43 condos for sale right now where there were only 22 condos for sale at this point last year. It is now taking about a month longer to sell condos in Stoneham as well with days on market now up to 190 days.

The Stoneham single family market has remained a steady market over the last year. There are currently 50 single family homes for sale right now and according to MLS, there were 50 single family homes for sale this time last year. The average days on market has also stayed the same at 136 days in order to have an accepted offer on a property.

Winchester’s housing inventory is primarily made up of single family homes. As you can see from the chart above, both the single family homes and condos in the city are still selling in an average time frame and the real estate market for these properties is pretty much at equalibrium. Winchester doesn’t have many multi family homes (at least those that haven’t been converted into condos during the past few years). Unlike most of the surrounding communities where multi family homes sell for more than single family homes, the reverse is true in Winchester and the numbers are showing us that it’s still a buyers’ market for multi family homes in 01890.