Despite persistently low mortgage rates, home sales have hit a wall. While homebuyer appetite remains robust, the scarce inventory has effectively put a limit on how much higher sales can increase. Unfortunately, the record low supply combined with strong demand means home prices are rapidly escalating and eroding the benefits of the low mortgage rate environment.
The inventory shortage continues around the country. It's been trending down consistently making it super competitive for buyers.
I am not entirely sure the super low rates are good thing for the buyers out in the market now. The low rates are causing people to be able to bid up houses which is affecting affordability.
Time will tell if buyers get fatigued. More inventory on the market would be a good all around.
For Longer Term Owners with Mortgages
If your current mortgage rate is over 3%, there is no question you should refinance. Reach out if you need a referral to a good loan officer.
Here is what inventory has been doing for the last 12 months.
About an Hour Ago on Twitter....No Not the President....
There has been a slight increase this week with new inventory, however it's still too low causing buyers to outbid each other. You can read the latest report on housing here
Think of me...
If you know anyone who has been kicking the tires with selling, there honestly could not be a more perfect time to commence the plan of readying the property for the market. If you want to explore readying and retailing your property and would like to explore how well the property would perform, call me @ 617-980-9025.
WOW - Who Said Getting Old is a Bad Thing?
Here is a new community being introduced for age 55+ homebuyers.
64 Abbey Road
Westwood, MA 02090
From our MLSPIN affiliate Coldwell Banker in Westwood
"Introducing The Homes at 45, an Exceptional over 55 community nestled in the heart of Westwood. Enter this Award Winning Fresco 3 Home & experience the outdoor oasis its Signature Summer Room & Private Courtyard offers. Perfect for Outdoor Entertaining & Casual Everyday Enjoyment. Features include impressive chef's designer kitchen w/ island, custom cabinetry, stone counters & pantry; Open Concept to dining room, great room w/ gas fireplace & den; Luxurious Master Suite w/tray ceiling, walk-in closets, ensuite bath w/ two vanities & tiled walk-in shower. Upper level features loft/office, generous guest bedroom & full bath. A California style contemporary home is the perfect balance of Comfort & Sophistication w/interior rooms seamlessly oriented to embrace patio amenities. Attached 2 car garage; options for screened porch, finished lower level & your selections. If you are ready to rightsize, schedule an appointment to tour these thoughtfully designed, conveniently located homes today!"
From our MLSPIN affiliates at Coldwell Banker Westwood
Photos courtesy of MLSPIN
See this spectacular opportunity
See All Homes in Greater Boston Over 1 Million