Comparing Homes in Tewksbury

Two homes in Tewksbury, Massachusetts sold yesterday.

Home # 1 at 588 North Street had 1258 sq ft of living, a lot of 12,690 sq ft, 7 rooms, 3 bedrooms, 1.5 baths, built in 1960, on a busy street.

Home # 2 at 10 Woodcrest Drive had 1600 sq ft of living, a lot of 43,560 sq ft, 8 rooms, 3 bedrooms, 2.5 baths, built in 1965, on a cul de sac.

Based upon the above information (I did not see either home), it would be reasonable to assume that home #2 sold for $20,000-$50,000 more that home #1. They both sold for the same amount $290,000.

The reason is that home #1 was renovated/updated and home #2 was not. Conclusion - renovate/update before selling.

Last Week In The News

Looks like the overall economy is picking up (read below) but not the housing market.

Initial claims for unemployment benefits fell by 20,000 to 368,000 for the week ending February 26. Continuing claims for the week ending February 19 fell by 59,000 to 3.77 million. The monthly unemployment rate fell to 8.9% in February from 9% in January.

The Institute for Supply Management reported that the monthly composite index of manufacturing activity rose to 61.4 in February after a revised 60.8 in January. A reading above 50 signals expansion. It was the 19th straight month of expansion and the highest reading in almost seven years.

The National Association of Realtors reported that its pending home sales index, a forward-looking indicator based on signed contracts, fell 2.8% in January after a revised 3.2% decrease in December. On a year-over-year basis, pending sales are down 1.5%.

Total construction spending fell 0.7% to $791.8 billion in January, following a revised 1.6% decrease in December. Economists had anticipated a decrease of 0.8% in January.

The Mortgage Bankers Association said its seasonally adjusted composite index of mortgage applications for the week ending February 25 fell 6.5%. Refinancing applications decreased 6.5%. Purchase volume fell 6.1%.

The Institute for Supply Management reported that the monthly composite index of non-manufacturing activity rose to 59.7 in February from 59.4 in January. A reading above 50 signals expansion. It was the 14th straight month of expansion in the services sector and the fastest pace since August 2005.

Factory orders rose 3.1% in January to a seasonally adjusted $445.6 billion, following a revised 1.4% increase in December. Excluding the volatile transportation sector, orders rose 0.7%.

Upcoming on the economic calendar are reports on wholesale trade on March 9 and retail sales on March 11.

Virtual Tour of 394 Whipple Road, Tewksbury, MA

http://www.visualtour.com/shownp.asp?T=2411689

Housing market Still Fragile

RISMEDIA, March 4, 2011—The U.S. Department of Housing and Urban Development (HUD) and the U.S. Department of the Treasury released the February 2011 edition of the Obama Administration’s Housing Scorecard. The latest housing figures show increased existing home sales as home affordability remains high, but officials caution that the market remains fragile, as prices are unsettled.

“In the face of the deepest economic recession and housing crisis in decades, the Obama Administration has taken unprecedented action to promote stability in the market—keeping millions of families in their homes and helping millions more to save money by refinancing. But the data clearly show that the market remains extremely fragile,” said HUD Assistant Secretary Raphael Bostic. “While we cannot stop every foreclosure, we know that many responsible homeowners are still fighting to make ends meet. Through the broad range of programs this Administration has put in place, we can put help in reach to those homeowners as early as possible.”