This is such a unique time in the real estate market – moreso than I’ve seen in my 25 years selling here in Shrewsbury. It’s not merely the fact that prices have adjusted to levels we haven’t seen in years, but moreover that mortgage rates have followed suit, to the point where fixed rates in the low 4% range are possible. For the first time Buyers, it’s easy to see why it’s such a great marketplace to be out buying in, yet in many cases it’s even better for those who currently own a property in town. While it’s certainly true that many are lamenting the fact their homes aren’t worth what they may have been a few years ago, the good news is that the homes they are looking to purchase have done the same exact thing.
I was chatting with a client the other day who had been looking to make a move back in 2006. At the time, right at the peak of the market, her home was worth close to $450k. She was looking to purchase a home in a different area of town that was much larger, with a brick front, and priced at 690k. In the end, there were multiple bidders on the property, and she didn’t really want to get into a bidding war, so she opted to wait it out, and the deal never happened. Now, five short years later, it’s true that her home has dropped in value from the $450k mark, down to about $410k. At the same time, however, the home she wanted to purchase back then is only worth $580k – so her “net” differential between the two has dropped from $240k to $170k. At the same time, because of the change in interest rates, her mortgage will likely be close to $1000 less now, than it would have been had she bought and sold back at the peak of the market.
As we bid farewell to the summer of 2011, and enter the gorgeous fall market here in Shrewsbury, I’m delighted to provide the samples below for you to check out. Some have been on my hot list before, and others are new, but all are just really special.
When people talk about “premier “in town” locations, there is always one neighborhood that stands out above all others. Colton and Westwood have always represented one of the most desirable spots in town. Mature trees and lush grounds frame the properties in the neighborhood, and this stunning home is no exception. Heavily upgraded throughout, this homes has a fantastic kitchen, hardwood floors, a fantastic first floor sunroom, and an amazing backyard. Priced in the mid 300′s, this is the kind of property that rarely comes along…
As spectacular as these five properties are, they are but a small sample of the dozens of prime properties I’ve got for you to look at.
Courtesy of The Shrewsbury Lantern