IS IT A GOOD TIME TO BUY A HOME?

In comparing the same time period for 2006, 4 of the 7 towns above had a decrease in the average selling price.  Acton real estate dropped 4.5%, to $545K from $571K.   Maynard, Westford, and Concord real estate dropped 11%, 1%, and 15% respectively.    Concord’s average selling price for this time period last year was $1,058,000, and this year it is $891,000.    It may be a good time to buy in Concord as prices are 15% on average lower than last year.    However, not all towns are down in price,   Ayer, Bedford, and Littleton real estate prices are up 23%, 42%, and 3% respectively.    The average selling price in Ayer for the same time period in 2006 was $336K, now it is $415K.    Bedford’s average selling price was $494K for the same time period in 2006, this year the average selling price is $702K, a 42% increase from 2006.  

Is it a good time to buy?     If you plan to stay in your home for 2 or more years, then this is an excellent time to buy.    Owning a home provides you with a safe place for you and your family, tax savings incentives, ability to build equity,   and a way for you to leverage your finances.  A home should be a long term investment, similar to your retirement fund.     Just like the stock market,   the real estate market has its ups and downs, trying to time the market, may have you losing in the end.   It’s a Buyer’s Market, take advantage of it while you can.    

 

 

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MARKET STATISTICS UPDATE
Sept 16, 2007 – Dec 16, 2007 *
Single Family Home Sales

Acton Real Estate
# Sold Homes 27
Average Days on Market 88
Average Selling Price $544,592

Ayer Real Estate
# Sold Homes 12
Average Days on Market 244
Average Selling Price $415,045
 
Bedford Real Estate
# Sold Homes 26
Average Days on Market 135
Average Selling Price $702,026
 
Concord Real Estate
# Sold Homes 32
Average Days on Market 129
Average Selling Price $891,366
 
Littleton Real Estate
# Sold Homes 24
Average Days on Market 123
Average Selling Price $399,444
 
Maynard Real Estate
# Sold Homes 18
Average Days on Market 152
Average Selling Price $337,883

Westford Real Estate
# Sold Homes 44
Average Days on Market 133
Average Selling Price $499,932

*data provided by MLS Property Information Network, Sept 16, 2007- Dec 16, 2007