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November 17, 2022
Top Questions About Selling Your House This Winter
Top Questions About Selling Your Home This Winter
There’s no denying the housing market is undergoing a shift this season, and that may leave you with some questions about whether it still makes sense to sell your house. Here are three of the top questions you may be asking – and the data that helps answer them – so you can make a confident decision.
1. Should I Wait To Sell?
Even though the supply of homes for sale has increased in 2022, inventory is still low overall. That means it’s still a sellers’ market. The graph below helps put the inventory growth into perspective. Using data from the National Association of Realtors (NAR), it shows just how far off we are from flipping to a buyers’ market:
While buyers have regained some negotiation power as inventory has grown, you haven’t missed your window to sell. Your house could still stand out since inventory is low, especially if you list now while other sellers hold off until after the holiday rush and the start of the new year.
2. Are Buyers Still Out There?
If you’re thinking of selling your house but are hesitant because you’re worried buyer demand has disappeared in the face of higher mortgage rates, know that isn’t the case for everyone. While demand has eased this year, millennials are still looking for homes. As an article in Forbes explains:
“At about 80 million strong, millennials currently make up the largest share of homebuyers (43%) in the U.S., according to a recent National Association of Realtors (NAR) report. Simply due to their numbers and eagerness to become homeowners, this cohort is quite literally shaping the next frontier of the homebuying process. Once known as the ‘rent generation,’ millennials have proven to be savvy buyers who are quite nimble in their quest to own real estate. In fact, I don’t think it’s a stretch to say they are the key to the overall health and stability of the current housing industry.”
While the millennial generation has been dubbed the renter generation, that namesake may not be appropriate anymore. Millennials, the largest generation, are actually a significant driving force for buyer demand in the housing market today. If you’re wondering if buyers are still out there, know that there are still people who are searching for a home to buy today. And your house may be exactly what they’re looking for.
3. Can I Afford To Buy My Next Home?
If current market conditions have you worried about how you’ll afford your next move, consider this: you may have more equity in your current home than you realize.
Homeowners have gained significant equity over the past few years and that equity can make a big difference in the affordability equation, especially with mortgage rates higher now than they were last year. According to Mark Fleming, Chief Economist at First American:
“. . . homeowners, in aggregate, have historically high levels of home equity. For some of those equity-rich homeowners, that means moving and taking on a higher mortgage rate isn’t a huge deal—especially if they are moving to a more affordable city.”
Bottom Line
If you’re thinking about selling your house this season, let’s connect so you have the expert insights you need to make the best possible move today.
November 04, 2022
December 17, 2020
November Real Estate Activity in Massachusetts Persists
November Real Estate Activity in Massachusetts Persists
Massachusetts Association of Realtors Press Release for November 2020
November Real Estate Activity in Massachusetts Persists
Buyers confidence fuels another month of growth
WALTHAM, Mass . – December 15, 2020 - The Massachusetts Association of REALTORS ® (MAR) reported today closed sales and new listings continued to climb in November. Compared to the same time last year, closed sales for single-family homes increased 15.7% and condominium sales increased 12.3%. In addition, 4,224 new single-family homes were listed (an increase of 16.1% over last year) and 1,747 new condominiums were listed (an 19.9% increase over last year). The median price for single-family homes last month was $480,000, an increase of 18.5% and condominium prices rose by 7.8% to $415,000, when compared to November 2019. Both median sales prices are a slight increase from October 2020.
In November, the Dow Jones Industrial Average topped 30,000 for the first time and mortgage rates reached new record lows again, both contributing to strong buyer confidence that is expected to continue through the end of the year. Inventory remains constrained in most market segments. Months supply of inventory* decreased 60.7% for single-family homes and 12% for condominiums.
“In addition to increased closed sales last month, we saw homes being scooped up more quickly than last year due to buyer demand that has spilled over into the late fall season. The continued uptick in activity is largely due to the delayed start in the spring, a shortage of inventory and extremely low-interest rates,” said Kurt Thompson, 2020 MAR President.
Download the Full Report Here
Good News Story
“If we dream together, it can change our hearts.”
As the pandemic continues, six North Carolina choir groups have come together to craft a very encouraging musical video.
The Winston-Salem/Forsyth County Schools explains, The video includes an original song, “We Rise,” written by Adam Mitchell, the music teacher at Cash Elementary. The song is about how the community of musicians has come together to support each other during the pandemic.
The Kernersville Virtual Choir Project was organized by Mitchell and includes students from Cash, Piney Grove and Sedge Garden elementary schools as well as East Forsyth and Glenn high schools and the Heart of the Triad Choral Society. Singers range in age from 9 to 80 years old.
“This project took over 600 hours to write, arrange, learn, record, mix, master, and produce,” said Mitchell. “Each singer learned and rehearsed the song during virtual rehearsals with their director. They then recorded audio and video on their own. After all of the recordings were complete, I compiled, mixed, and mastered the audio before sending on to the video production team to complete the video.”
Source: K-Love Website
December 16, 2020
Mortgage Rates Remain Flat
Mortgage Rates Remain Flat
Freddie Mac reports each Thursday on mortgage rates and comments on rate movement.
"Mortgage rates remain at record lows, resisting their typical correlation to Treasury yields, which have recently been moving higher. Mortgage spreads – the difference between mortgage rates and the 10-year Treasury rate – are declining from their elevated levels earlier this year. Although today’s mortgage spread is about 1.8 percentage points and still has some room to move down if the 10-year Treasury continues to rise, it’s encouraging to see that the spread is almost back to normal levels."
Purchase Mortgage Applications in 2020
The amount new purchase mortgage applications has consistently been up over 20% over where it was compared to activity in the same period in 2019. The chart below depicts the purchase applications for new home purchases not refinancing of existing mortgages. You will see the activity has been consistently hovering at 20% over where it was last year. As we go into 2021, housing seems to continue to lead the economy out the any economic downturn.
Mortgage Rates Remain Flat
Mortgage Rates Remain Flat
Freddie Mac reports each Thursday on mortgage rates and comments on rate movement.
"Mortgage rates remain at record lows, resisting their typical correlation to Treasury yields, which have recently been moving higher. Mortgage spreads – the difference between mortgage rates and the 10-year Treasury rate – are declining from their elevated levels earlier this year. Although today’s mortgage spread is about 1.8 percentage points and still has some room to move down if the 10-year Treasury continues to rise, it’s encouraging to see that the spread is almost back to normal levels."
Purchase Mortgage Applications in 2020
The amount new purchase mortgage applications has consistently been up over 20% over where is was compared to activity in the same period in 2019. The chart below depicts the purchase applications for new home purchases not refinancing of existing mortgages. You will see the activity has been consistently hovering at 20% over where it was last year. As we go into 2021, housing seems to continue to lead the economy out the any economic downturn.
December 13, 2020
Median Home Sales Price in Greater Boston Up 17 Percent
The Median Sales Price was up 17.7 percent to $470,900 for single-family homes
and 9.5 percent to $405,000 for condominium properties. Months Supply of
Inventory decreased 60.6 percent for single-family units and 16.7 percent for
condominium units. Report furnished by Massachusetts Association of Realtors
Massachusetts Association of Realtors Report
You can download the latest MAR report for closed sales and see how single families, condos and , multifamily homes are doing overall in the market.
Download the Full Massachusetts Association of Realtors Report Here
December 09, 2020
Realtor Michael Mahoney
Boston Realtor Michael Mahoney Specializes in Boston Area Residential Homes Real Broker, LLC in Boston
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