Time on market

[495neighbor]

I seem to keep hearing about a lot of people who are moving to Amesbury, so maybe it isn't long until it is comp. I haven't actually ever visited that town, but I get the impression its the Maynard of the north shore.

[magicshark]

Originally Posted by Pstoep

Thanks for the tip that Amesbury wouldn't be considered comp. This is one of the most difficult things about buying in a new area - what are the local's perceptions of certain towns/areas. My husband wants to rent first to get a feel for the area, but amongst other concerns, I'm afraid it will be difficult to find a 3-bedroom that allows dogs. Thoughts?

Renting in this area with dogs is a little difficult but not impossible. I rent a 3 bedroom house with two big dogs. I mean BIG, my female is 125 and my male is 71lbs.
You will probably need to pay a little more and do not expect a "showroom" quality house. It's only temporary so try not to be too picky. Good luck.

[flowbe202]

Originally Posted by jayrandom

All of which can be made up for by the price. Very few properties are worth nothing, so everything will sell at the right price. In fact, that's often how economists define the right price.

I wasn't starting a neoclassical economics argument; was illustrating a critical issue the OP may have overlooked when RE shopping in New England/Massachusetts based only on known market factors.

If you're making housing comparisons strictly from an online source (Zillow), you're missing crucial local information. Our housing market is different from other parts of the country and people new to small towns may not think to check out the local zoning board, town inspector for building permits, MassDEP or local papers for community/neighborhood associations.

For example, two similar homes can have different outcomes if one property encompasses wetlands while the other doesn't. I've had to explain to clients from New York who want work done on their Cape Cod property why they can't have/or it takes longer/or more money but their neighbor across the street can.

[MikePRU]

Originally Posted by luvmyhoss

Danvers, beverly and Newburyport for sure. Amesbury not so much, but taxes are super high.

I don't know these towns very well, but I ran some reports on MLS to add some statistics which might help this conversation a bit. Danvers & Beverly had about the same average Days On Market (DOM) for single family homes. They were in the mid to high 50's which isn't bad at all. Newburyport's DOM was in the high 40's. So, it seems Newburyport is moving a bit faster. Amesbury on the other hand has an average DOM of just over 100. This is a little more than 3 months so without really doing an in depth analysis I'm guessing this market is doing OK, but it's not "hot."

[Bruins_Fan]

Originally Posted by MikePRU

I don't know these towns very well, but I ran some reports on MLS to add some statistics which might help this conversation a bit. Danvers & Beverly had about the same average Days On Market (DOM) for single family homes. They were in the mid to high 50's which isn't bad at all. Newburyport's DOM was in the high 40's. So, it seems Newburyport is moving a bit faster. Amesbury on the other hand has an average DOM of just over 100. This is a little more than 3 months so without really doing an in depth analysis I'm guessing this market is doing OK, but it's not "hot."

Interesting. If you don't mind looking, what is the avg. DOM for Lynnfield, Marblehead, and Swampscott?

[MikePRU]

Originally Posted by Bruins_Fan

Interesting. If you don't mind looking, what is the avg. DOM for Lynnfield, Marblehead, and Swampscott?

Lynnfield - 51
Marblehead - 65
Swampscott - 83

Keep in mind first that these are averages. I'm finding in many towns some price points are far hotter than others. Also, these numbers are only for single family homes.

[Shizim]

makes sense. we bought this past fall in lynnfield and it was on the market for 2 weeks or so before we put an offer in. and a house in our neighborhood went up and was under agreement in less time recently.

[luvmyhoss]

Dogs are always a problem. You may have to pay a separate security deposit for one.
Also some insurance policies charge extra.

[MikePRU]

Originally Posted by luvmyhoss

Dogs are always a problem. You may have to pay a separate security deposit for one.
Also some insurance policies charge extra.

Keep in mind when renting that state law only allows a landlord to collect 3 deposits and none of the deposits may exceed the amount of 1 month's rent. I've had some landlords try to collect first, last, security, and a pet deposit in the past and that's illegal.

As a side note, I recently saw an interesting pet arrangement where the lease rate was higher if you had a pet.

[magicshark]

Originally Posted by MikePRU

Keep in mind when renting that state law only allows a landlord to collect 3 deposits and none of the deposits may exceed the amount of 1 month's rent. I've had some landlords try to collect first, last, security, and a pet deposit in the past and that's illegal.

As a side note, I recently saw an interesting pet arrangement where the lease rate was higher if you had a pet.

I have come across the higher rent option a couple times while looking. It's not common but it's out there. I have never been asked to pay a pet deposit but I have been asked to prove they are spayed and up to date with shots. I have been asked to meet them. I think making a point to be accommodating as possible and with all politeness to any requests before hand goes a long way.