Realtor Mike Mahoney: The Greater Boston Voice | Clarity in Real Estate

NAR Report Prices Up - Rates Down - Inventory Low

Mike Mahoney
Remax / Realtor
Sales Agent of Boston

www.HomesinBostonMass.com 

I would like to share with you some recent data release by the NAR. It is really showing some great signs of recovery in the real estate market. The formula for a turn around really seams to be building. More sales, less inventory, and rates at the lowest they have been at in history. You can see my video below. 

There was a press release made available this week by the National Association of Realtors. 

Download Print - April 2012 Existing Home Sales Up, Improvements in Sales and Prices Were Broad Based Across All Regions_ realtor

 

 

 

Experts Say the Real Estate Market is Rebounding

Experts Say the Real Estate Market is Rebounding

On Tuesday, I gave a presentation to about 27 members of the Back Bay BNI group @ Sonsie on Newbury Street in Boston.  The basis for my presentation is that the residential real estate marketing is making a rebound.

The sources for the information were largely collected by using Steve Harney's information from Keeping Current Matters. Some of the slides used included information from Lawrence Yun who is the chief economist at the National Association of Realtors and also information from Goldman Sachs as well as Bank of America Merrill. 

The bottom line was that the majority of people who predicted the economic meltdown are now more bullish on the real estate market recovery making a tremendous turn around this year.  

I Download 5 22 2012 BNI_Presentation that I used for the premise of my presentation the other day. One interesting slide to note is that 12,575 homes sell in the United States. This figure is tracked by the National Association of Realtors.   Homes are selling everyday in the US. Not only that, but people are getting mortgages. In fact, 8300 get a mortgage everyday in the United States.  

Thea Simolari, from The Mortgage Network was at the meeting. She presented on the various programs that are available for buyers to purchase homes with as little as 3.5% down. 

If you are considering a purchase - You Can Search for Your Next Home Here

If you are wondering how well you could do on your property if you were to sell it, you may considering setting a time to meet to have me review your property and identify the costs and benefits of selling in this market. To get started, fill out the "considering selling my home form"

Mike, So House is the Real Estate Market?

 
ReMax Boston Agent
Mike Mahoney
http://www.HomesinBostonMass.com.

This is an overview of material I collected from various places on the real estate market overall. According to many credible sources, the market seems to be rebounding. We are seeing multiple offers in some towns. Bottomline, there is not better time to purchase a home. The interest are below 4%. Ask your parents what the interest rate was on their first home. I am sure you will fall over when you hear it. 

The real estate market has outperformed the DOW and Nasdaq by leaps and bounds in the last 10 years.  

Thanks for taking time to view. Mike Mahoneyhttp://www.HomesinBostonMass.com

Massachusetts Association of Realtors Announced Condo Sales in September

Massachusetts Association of Realtors Announced Condo Sales in September

The Massachusetts Association of Realtors Announced their numbers for condo sales in the State of Massachusetts.

The press release below focuses on the single family market. My video focuses on reviewing the condo market. Please click here to see the condo market numbers. Massachusetts Single-Family Pending Home Sales up for Fifth Straight Month

10/4/2011

WALTHAM, Mass. – October 4, 2011 – The Massachusetts Association of REALTORS® (MAR) reported today that the number of single-family homes put under agreement in September went up for the fifth straight month compared to the same time in 2010. Condominium pending sales were down only nine units from September 2010. On a month-to-month basis, the number of single-family homes and condos put under agreement were down from August.

Boston Massachusetts Real Estate Market Numbers A Report on Homes Sales Jumping 15 Percent

Boston Massachusetts Real Estate Market Numbers A Report on Homes Sales Jumping 15 Percent. A quick overview of some recent market data release by The Banker and Tradesman.

Boston area home sales increase by 15% over August 2010. Watch the video as Michael Mahoney Boston area real estate agent describes the report recently released the Banker and Tradesman.

 

September 2011 - This Month in Real Estate by Keller Williams

September 2011 Market Update The U.S. housing market has shown notable stability in 2011 compared to the previous two years when the tax credit made a clear impact. Although recent economic indicators have been less than expected, including a downward revision of GDP and consumer confidence that mirrors early 2009, owning a home is still valued by the majority of Americans. 72% of renters say owning is a top priority for their future, up from 68% a year earlier. However, most aspiring homeowners are held back by two main factors: funds for a down payment (82%) and confidence in their job security (80%). Federal Reserve Chair Ben Bernanke emphasized the importance of a healthy housing market to a robust recovery. He stressed the adverse effects of tighter credit conditions for borrowers, urging Congress to take tax and policy measures to help stabilize the market. He also noted the significance of addressing long-term fiscal policies including debt levels, upcoming expenses to support an aging population, and taxes. Buyers continue to benefit from historically favorable buying conditions, and sellers are encouraged by increased market stability. Although the Fed made a commitment to keep its interest rate at the current level until mid-2013, mortgage rates can, and often do, still fluctuate. In the midst of these reports, it is important to keep in mind the path to recovery was always expected to be a long and uneven road. As we progress toward a stronger recovery, economic improvement typically spurs rising interest rates in order to keep inflation in line. Home Sales in millions Home sales in July were up by 21% from the same month last year when the expiration of the tax credit resulted in a significant drop in sales. However, they were down 3.5% compared to June. This could be due in part to NAR’s report that 16% of members experienced a contract failure from issues in underwriting and appraisals during July. NAR President Ron Phipps states, “For both mortgage credit and home appraisals, there’s been a parallel pendulum swing from very loose standards, which led to the housing boom, to unnecessarily restrictive practices as an overreaction to the housing correction.” Home Price in thousands Home prices dipped by less than 1% in July with median home price at $174,000. This is 4.5% below the year-ago level which followed a strong spring season of sales driven by the tax credit. Median home prices remain close to 2002–2003 levels. Distressed sales continue to count for almost 1 in 3 homes sold. The combination of low prices and record-breaking low interest rates means that home affordability is extremely favorable. Inventory- Month's Supply in months The supply of homes measured in months on the market at their current pace of sales was up slightly during July compared to June. This is in keeping with historical trends, which show that inventory levels typically rise during the summer months. The month’s supply remained 25% below the peak of 12.5 months in July 2010 and 13% above April of 2010 when the home buyer tax credit was in full swing. Source: National Association of Realtors Interest Rates Mortgage rates hit a new record low in August of 4.15%, primarily due to uncertainty in the global and domestic economies. While these incredible rates represent a significant savings for home buyers, experts note that for the benefits to be fully realized, lending conditions must loosen to enable more buyers to take advantage of them. As overall economic activity gets back on track, rates will likely rise to keep inflation in check. In other words, the window of opportunity for buyers to lock in these historically low interest rates will not last forever. Source: Freddie Mac This Month's Video Topics For Home Owners, Buyers & Sellers As the weather gets cooler, some homeowners could be considering undertaking home renovations or updates before the holiday season. Here are a few findings about updates and home sales: Homeowners typically spend considerably more on updates to their home when planning to live in and enjoy it, with an average of nearly $9,000. In contrast, they only spend an average of $3,400 when making updates in preparation to sell. The most common updates sellers performed before listing were paint, flooring, and light fixtures. Although the majority of buyers were least likely to compromise on the location, 16% were least likely to compromise on updates. 75% of homes sold were either fairly updated or very updated. Sellers began repairing their home 1 to 8 weeks in advance of listing. Source: KW Market Navigator and KW Research	Contact me, your local real estate expert, for information about what's going on in our area.
Brought to you by KW Research. For additional graphs and details, please see the This Month in Real Estate PowerPoint Report. The opinions expressed in This Month in Real Estate are intended to supplement opinions on real estate expressed by local and national media, local real estate agents and other expert sources. You should not treat any opinion expressed in This Month in Real Estate as a specific inducement to make a particular investment or follow a particular strategy, but only as an expression of opinion. Keller Williams Realty, Inc., does not guarantee and is not responsible for the accuracy or completeness of information, and provides said information without warranties of any kind. All information presented herein is intended and should be used for educational purposes only. Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision. All investments involve some degree of risk. Keller Williams Realty, Inc., will not be liable for any loss or damage caused by your reliance on information contained in This Month in Real Estate.

Selling Your House? 5 Reasons To Do It NOW!

Selling Your House? 5 Reasons To Do It NOW!

Reprinted with Permission from Steve Harney of Keeping Current Matters
The conventional wisdom when selling a home has always been to wait until the ‘Spring Buying Season’. Over the years, that has seemed to make sense and is now accepted as a good strategy for those who want to sell their house and receive the best possible price. This real estate market has shattered many previously held beliefs. The wisdom of waiting for a spring market is another belief that is about to fall. Here are five reasons why?

1.) Interest Rates Are On the Rise

Interest rates have spiked up rather dramatically over the last ninety days and are now over 5%. Initially, an increase in rates has a positive effect on the market as it forces buyers off the fence. However, it also eats into a buyer’s purchasing power. As rates increase, the mortgage amount a buyer qualifies for decreases. This will eventually have a negative impact on prices.

2.) Your Dream Home Will Never Be Cheaper

If your family goal is to sell your current house and take advantage of the fabulous selection of properties currently available to buy the home of your dreams, DO IT NOW! Prices will continue to soften in most markets. However, if you are buying, COST should be more important than PRICE. Cost can be dramatically impacted by rising mortgage interest rates. Do the math and decide if now is the time.

3.) Buyers Are Out Early

There is mounting evidence that buyers are coming out earlier this year. A belief that now is a good time to buy coupled with the increase in interest rates has started the buying season early.

Pete Flint, CEO of Trulia:

“We’re seeing a national resurgence of buyer and seller activity on Trulia.com. In January alone, we experienced an unprecedented level of site traffic including 11 million unique visitors – which is more than 70 percent year-over-year growth. We’ve are now experiencing 100,000 property views per minute.”

The National Association of Realtors just reported that the number of house  sales increased 12.9% over last month.

4.) Inventory Increases Every Spring

Every year there is an increase of inventory which comes to market as we approach the spring. Here is the number of listings available for sale in 2010.

• February – 3,531,000
• March – 3,626,000
• April – 4,029,000

We believe there will be an increase in these numbers in 2011 as there is a pent-up selling demand created by the weak market of the last few years. You won’t have to worry about this increasing competition if you sell now.

5.) We Are in the Eye of the Foreclosure Storm

While banks are trying to rectify their foreclosure procedures, there is a large supply of discounted properties which has been delayed coming to market. This inventory will be released sometime in the next few months. Foreclosures sell on average at a 41% discount. When released they will be competing with your house for the buyers in the marketplace. If you are looking to sell in 2011, you want to sell before this inventory becomes your competition.

CNN Money quoted the leadership Of RealtyTrac on this issue:

“We’ve now seen three straight months with fewer than 300,000 properties receiving foreclosure filings, following 20 straight months where the total exceeded 300,000,” said James Saccacio, CEO of RealtyTrac.

“Unfortunately,” he added, “This is less a sign of a robust housing recovery and more a sign that lenders have become bogged down in reviewing procedures, resubmitting paperwork and formulating legal arguments related to accusations of improper foreclosure processing.”

“We expect a spike in the first quarter,” said Rick Sharga, a RealtyTrac spokesman.

Bottom Line

These are five strong reasons to sell now instead of waiting until later in the year. Sit down with a local real estate professional today and decide the best options for you and your family.

Home Sales Jump In Bay State

Home Sales Jump In Bay State

State Sees First Year-Over-Year Increase Since June

From TheBostonChannel.com
POSTED: 9:51 am EST January 25, 2011

UPDATED: 10:02 am EST January 25, 2011

BOSTON -- Sales of single-family homes in Massachusetts were up last month when compared to the previous December, the first year-over-year increase since June. The Warren Group, which tracks the real estate market, reports Tuesday that sales of single-family homes jumped nearly 7 percent when compared to December 2009. The Massachusetts Association of Realtors reported a more than 5 percent increase. The organizations use slightly different numbers to make their calculations. Warren Group Chief Executive Timothy Warren called the number "remarkable" and the best December since 2006. Both organizations said the median price of single-family homes fell in December due to several months of sales declines. For the year, sales were down slightly when compared to 2009, although median prices were up.

Copyright 2011 by The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

 

Milton Mass Real Estate Market Activity for 1 21 2011

 One new listing came on the market in Milton and there were tow closed sales and 2 properties put under agreement.  Download Milton Mass Market activity for 1 21 2011

Have a GREAT DAY!

Milton Mass Hot Sheet - 2 New Listings One at Lantern Lane and 1 at Governor Stoughton Lane in Milton Mass

Today's Milton Mass Market Update -

 

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