Thursday, November 6, 2008

Reverse Mortgage Seminar

Learn how reverse mortgages can blend with retirement assets to produce greater peace of mind, financial flexibility, and perhaps will allow you to leave a larger inheritence.

Topics include
"Shoul a Reverse mortgage be a part of your financial retirement strategy?"
"Medicaid issues relating to Reverse Mortgages"
"How does the interest rate affect the available proceeds?"
"Now or later - when should i consider a reverse mortgage?"
" Q & A"

Date: Friday Nov. 14th
Time: 11:00 am
Place: East Longmeadow Council on Aging
328 North Main St.
E. Longmeadow, MA 01028

Presented by: Flynt Lincoln, CAPS, CSA
Reverse Mortgage Consultant
Webster Bank
Tel. (413) 237-4653

Sunday, November 2, 2008

Longmeadow Home Sales- October 2008

Shown below are a series of charts summarizing recent single family home sales in Longmeadow, Massachusetts. These results include both MLS and FSBO transactions and are based upon public information obtained from the Hampden County Registrar of Deeds website.

The bargraph below shows that the number of Longmeadow home sales from January through October 2008 were significantly lower (-21.8%) vs. results for the corresponding periods in 2007 and 2006 (140 transactions in 2008 vs. 179 in 2007 and 172 in 2006).

One bright spot is that home sales results for the latest four months (July through October) were only slightly lower (-3.8%) than the corresponding periods in 2007 and 2006 (76 transactions in 2008 vs. 79 in 2007 and 78 in 2006).

[click to view larger chart]

As shown in the chart below median prices declined in October to $305,000 from $315,000 in September. The latest sales data showed that 12 out of 17 homes were sold this month below the median price (Keep in mind that the calculated median prices are trailing 6 month results.) This change in median price was a significant decrease (-12.9%) from last year's peak ($350,000) and the data is similar to the national trend. In addition, 10 out of 17 homes were sold below the current Longmeadow assessment value.

[click to view larger chart]

Current home inventory and sales figures indicate the average "time to sell" a home in Longmeadow remained at ~ 10-11 months.

All of the home sales data for these charts can be found at the Longmeadow-FSBO website.