Massachusetts Real Estate

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Foreclosures and the Milford Massachusetts Real Estate Market

If you live in the Boston Massachusetts or New England area you may have caught the news piece done by WBZ TV about foreclosures in Milford Massachusetts. I happened to be interviewed by Peg Rusconi, one of Channel 4's reporters.

The premise behind the story was how selling a home in Milford may be a tad more difficult than some of the other surrounding communities because of all the foreclosures, not to mention the short sales. According to the Warren group foreclosures were up in Milford by a staggering 230% last year.

In milford there were 28 foreclosures in 2007 v.s 92 last year.

So why all the foreclosures in Milford? If you look at the housing stock in Milford there are many more entry level properties as compared to most of the other local towns in the general area including Hopkinton, Holliston, Medway, Westboro, and Southboro.

All the aforementioned towns are also located along the 495 corridor yet have no where near as many homes that would be affordable to a 1st time or entry level buyer. Milford does have an affordability factor that attracts the 1st time buyer pool.

What has followed over the last few years is a number of borrowers that were marginally qualified getting loans that they had no business getting. Lax lending practices and the sub prime mess were unfortunately a big part of the landscape in the Milford Real Estate market.

What still remains in place is a Real Estate market that offers some compelling values for those looking for a new home. In fact Milford was the ONLY town in the area that had more sales in 2008 than in 2007! See the chart below for a break down of the market statistics comparing 2007 - 2008.

Milford Real Estate market snapshot

 

 

 

 

 

 

As you can see by the chart there was a jump of 65 properties sold between 2007 and 2008! So while there were more foreclosures in Milford the news was not all that bad.

277 Central Street Milford MassI am a glass half full kind of guy. I see plenty of opportunities right now for those that need a home and have a long term view. Prices have dropped substantially, interest rates are near historic lows and there is now a tax credit of $8000 for 1st time buyers!

In fact the property mentioned in the news piece is a fantastic home that I will be listing next week for $334,900 located at 277 Central Street. Nancy and Eric Rosenberger have done an outstanding job with maintaining and upgrading this home.

I will be writing about this home next week but here are some basics for those that may be interested. Ten year old home with 4 bedrooms, 2.5 baths, 2 car garage and lot with .35 acres. The home is in mint condition! Get in touch if you want to take a look!

Interested in buying a foreclosure? Make sure you read buying a foreclosed home or potential foreclosure property 1st!

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About the Author: The infomation about the Foreclosures and the Milford Massachusetts Real Estate Market was provided by Bill Gassett, aRE/MAX Executive Realty Milford Nationally recognized leader in his field. Bill can be reached via email at billgassett@remaxexec.com or by phone at 508-435-5356. Bill has helped people move in and out of Milford MA and other Metrowest towns for the last 23+ Years. 

Thinking of selling your home? I have a passion for Real Estate and love to share my marketing expertise! 

For Massachusetts and Milford MA Real Estate and homes see Milford Real Estate. Want to have MLS access to beat other buyers to your dream home? Sign up with no obligation at my MLS Property Finder Site.

I service the following towns in Metrowest MA: Hopkinton, Milford, Upton, Southboro, Westboro, Ashland, Holliston, Mendon, Hopedale, Medway, Grafton, Northbridge, Uxbridge, and Framingham MA.

Click here to view Bill Gassett's Real Estate profile

 

 

 

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Bill Gassett is a thirty-two year veteran to the real estate industry. He enjoys providing helpful information to buyers, sellers and fellow real estate agents to make sound decisions. His work has been featured on RIS Media, National Association of Realtors, Inman News, Placester, RESAAS, Credit Sesame and others.

Comment balloon 43 commentsBill Gassett • February 19 2009 10:46AM
Foreclosures and the Milford Massachusetts Real Estate Market
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