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North of Boston Real Estate Market January 10-16

(photo by Lea Bohm courtesy of Unsplash)

We're taking a look at the north of Boston real estate market during the week of January 10th through January 16th in the suburbs north of Boston specifically Middlesex and Essex counties for single-family homes and condominiums.  Last week we had 1,421 homes available on the market which is an increase of  5% from the week before.  348 new homes come on the market last week a decrease  of 5% from the week before.  We had a 17% increase in pending homes from the week before with 432 going pending last week.  Overall 30% of the market did get absorbed through pending listings last week which shows it remains a strong seller's market. This year has really started off strong. We haven't seen 30% since the second week of June 2020.  If you're considering selling your home this year earlier is better than later.  We anticipate that during the second half of the year we may start to see a little bit more inventory coming on the market. Part of the reason why the market is so strong right now is the lack of inventory. Essentially the less homes that are on the market and less competition for sellers means more money for you.  So if you are considering a move to the suburbs north of Boston give us a call at 617-275-3379. 

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    January 2021 North of Boston Real Estate Market Update

    Here's a look at how December of 2020 compared to December of 2019 in the suburbs north of Boston, specifically Middlesex and Essex counties.  Overall, total number of homes sold is up by about 21%. Total inventory the amount of homes available on the market down by close to 24%.  The time it's taking homes, to sell days on market, is down close to 35% and overall median sales prices are up close to 10.5%.  Overall December of 2020 was a much stronger market for sellers compared to December of 2019.

    If you are considering a move to the suburbs north of Boston give us a call at   617-275-337.  

    Curious about the numbers for your area?  Click the link for your town!

    AndoverNorth AndoverNorth ReadingReadingWakefield and Stoneham

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    Is This the Year to Sell My House?

    Is This the Year to Sell My House? | MyKCM
     

    If one of the questions you’re asking yourself is, “Should I sell my house this year?” consumer sentiment about selling today should boost your confidence in the right direction. Even with the current health crisis that continues to challenge our nation, Americans still feel good about selling a house. Here’s why.

    According to the latest Home Purchase Sentiment Index from Fannie Mae, 57% of consumer respondents to their survey indicate now is a good time to buy a home, while 59% feel it’s a good time to sell one:

    “The percentage of respondents who say it is a good time to sell a home remained the same at 59%, while the percentage who say it’s a bad time to sell decreased from 35% to 33%. As a result, the net share of those who say it is a good time to sell increased 2 percentage points month over month.”

    As you can see, many still believe that, despite everything going on in the world, it is still a good time to sell a house.

    Why is now a good time to sell?

    There simply are not enough homes available to meet today’s buyer demand, and they’re selling just as quickly as they’re coming to the market. According to the National Association of Realtors (NAR), unsold inventory available today sits at a 2.3-month supply at the current sales pace, which is down from a 2.5-month supply from the previous month. This record-low inventory is not even half of what we need for a normal or neutral housing market, which should have a 6.0-month supply of unsold inventory to balance out.

    With so few homes available for buyers to choose from, we’re in a true sellers’ market. Homeowners ready to make a move right now have the opportunity to negotiate the best possible contracts with buyers who are feeling the pull of intense competition when it comes to finding their dream home. Lawrence Yun, Chief Economist for NAR, notes how quickly homes are selling right now, further confirming the benefits to sellers this season:

    "The market is incredibly swift this winter with the listed homes going under contract on average at less than a month due to a backlog of buyers wanting to take advantage of record-low mortgage rates." 

    However, this sweet spot for sellers won’t last forever. As more homes are listed this year, this tip toward sellers may start to wane. According to Danielle Hale, Chief Economist at realtor.com, more choices for buyers are on the not-too-distant horizon:

    “The bright spot for buyers is that more homes are likely to become available in the last six months of 2021. That should give folks more options to choose from and take away some of their urgency. With a larger selection, buyers may not be forced to make a decision in mere hours and will have more time to make up their minds.”

    Bottom Line

    If you’re ready to make a move, you can feel good about the current sentiment in the market and the advantageous conditions for today’s sellers. Let’s connect today to determine the best next step when it comes to selling your house this year.

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    North of Boston Real Estate Market Update December 27-January 2, 2021


    Welcome to 2021 and our first weekly market update of the year. We're taking a look at the north of Boston real estate market. Specifically Middlesex and Essex counties for single-family homes and condominiums during the week of December 27th through 
    January 2nd.  So there's not much to report as the last couple weeks were slower due to the holidays.  We had 1,501 homes available on the market last week, a decrease of 13% from the week before.  Those numbers were closer to 3,000 in the fall.  We had 156 homes come on the market last week an increase of 193% from the week before. Now, although we had 156 homes come on the market we had 221 homes go pending last week which is a decrease from the week before of 22%.  Overall 15% of the market did get absorbed through pending listings it still remains a seller's market.  A few weeks ago that number was closer to 23%.  We do anticipate that that number will rise over the next few weeks.  Buyers are out looking for homes, they did not take a break for the holidays. So if you are considering selling you may not want to wait until the spring. For buyers out there, keep searching!  We anticipate new listings trickle on the market every week, possibly starting as soon as this week.  If you are considering a move in or out of the suburbs north of Boston give us a call at 617-275-3379.

     

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      Four Expert Views on the 2021 Housing Market

      Four Expert Views on the 2021 Housing Market | MyKCM
       

      The housing market was a shining star in 2020, fueling the economic turnaround throughout the country. As we look forward to 2021, can we expect real estate to continue showing such promise? Here’s what four experts have to say about the year ahead.

      Lawrence Yun, Chief Economist, National Association of Realtors (NAR)

      “In 2021, I think rates will be similar or modestly higher, maybe 3%...So, mortgage rates will continue to be historically favorable.”

      Danielle Hale, Chief Economist, realtor.com

      “We expect sales to grow 7 percent and prices to rise another 5.7 percent on top of 2020’s already high levels.”

      Robert Dietz, Senior Vice President and Chief Economist, National Association of Home Builders (NAHB)

      “With home builder confidence near record highs, we expect continued gains for single-family construction, albeit at a lower growth rate than in 2019. Some slowing of new home sales growth will occur due to the fact that a growing share of sales has come from homes that have not started construction. Nonetheless, buyer traffic will remain strong given favorable demographics, a shifting geography of housing demand to lower-density markets and historically low interest rates.”

      Mark Fleming, Chief Economist, First American

       

       

      “Mortgage rates are expected to remain low for the foreseeable future and millennials will continue forming households, keeping demand robust, even if income growth moderates. Despite the best intentions of home builders to provide more housing supply, the big short in housing supply will continue into 2021 and likely keep house price appreciation flying high.”

       

      Bottom Line

      Whether you’re ready to buy or sell a home in 2021, if you’re planning to take advantage of the market this winter, let’s connect to talk about the opportunities available in our local market.

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        3 Reasons to Be Optimistic about Real Estate in 2021

        3 Reasons to Be Optimistic about Real Estate in 2021 | MyKCM
         

        This year will be remembered for many reasons, and optimism is one thing that’s been in short supply since the spring. We’re experiencing a global pandemic, social unrest, an economic downturn, and natural disasters, just to name a few. The challenges brought on by the health crisis have also forced many homeowners to reevaluate their space and what they need in a home going into 2021. So, experts are forecasting that next year is one in which we can be optimistic about real estate for three key reasons.

        1. The Economy Is Expected to Continue Improving 

        Tim Duy from the University of Oregon puts it this way:

        “There is nothing fundamentally ‘broken’ in the economy that needs to heal…there was no obvious financial bubble driving excessive activity in any one economic sector when the pandemic hit…With Covid-19 cases surging again, it is understandably hard to look optimistically to the other side of this winter…Don’t let the near-term challenges distract from the economic stage being set for next four years.” 

        2. Interest Rates Are Projected to Stay Low 

        In the latest projections from Freddie Mac, interest rates for a 30-year fixed-rate mortgage are expected to remain at or near 3% next year. These low rates will continue to make homes more affordable, driving demand for housing in 2021.3 Reasons to Be Optimistic about Real Estate in 2021 | MyKCM

        3. Future Home Sales Are Forecasted to Grow

        While the economy improves and interest rates remain low, homes are also expected to continue appreciating as more people buy in the coming year. Danielle Hale, Chief Economist at realtor.com, says:

        “We expect home sales in 2021 to come in 7.0% above 2020 levels, following a more normal seasonal trend and building momentum through the spring and sustaining the pace in the second half of the year.”

        Bottom Line

        Experts forecast that buyers and sellers are going to be active in 2021. If you’ve thought about buying or selling your home this year but have held off, now may be the time to take advantage of this market. Let’s connect to take the first step toward your new home today.

        North of Boston Real Estate Market December 6-12, 2020

        We're taking a look at the north of Boston real estate markets, specifically Middlesex and Essex counties for single-family homes and condominiums during the week of December 6th through the 12th.  Last week, there were 2,150 homes available on the market, an increase of 3% from the week before. New listings decreased by 5.5% with 378 homes coming on the market. 494 homes went pending last week that is an increase of 25% from the week before. Overall, 23% of the market did get absorbed through pending listings which shows it remains a strong seller's market.  Last week was one of the better weeks that we've seen since October. So, if you're still looking for a home now is not the time to put your search on pause. Keep looking- and if you're thinking about selling your home over the next 12 months now is the time to come up with a plan. Sooner very well may be better than later for this upcoming year.  If you're considering a move to the suburbs north of Boston give us a call at 617-275-3379.

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        The Holidays Aren't Stopping Homebuyers This Year

        The Holidays Arent Stopping Homebuyers This Year | MyKCM
         

        Black Friday and Cyber Monday are behind us, yet finding the perfect holiday gifts for friends and family is certainly still top of mind for many right now. This year, there’s another type of buyer that’s very active this holiday season – the homebuyer.

        Each month, ShowingTime releases their Showing Index which tracks the average number of appointments received on active U.S. house listings. The most recent index notes:

        “The Showing Index reported a 60.9 percent jump in nationwide showing traffic year over year in October, the sixth consecutive month to see an increase over last year.”

        Here’s the breakdown of the latest activity by region of the country compared to this time last year:

        • The Northeast increased by 65.5%
        • The West increased by 64.7%
        • The Midwest increased by 55.7%
        • The South increased by 54.7%

        Why is the traffic so active?

        The health crisis definitely put homebuying plans on pause for many earlier this year. Buyers, however, are in the market and making moves well past the typical busy homebuying seasons of spring and summer.

        One of the main reasons buyer traffic has continued to soar in the second half of 2020 is how dramatically mortgage rates have fallen. According to Freddie Mac, the average mortgage rate last December was 3.72%. Today, the rate is a full percentage point lower.

        Bottom Line

        There are first-time, move-up, and move-down buyers actively looking for the home of their dreams this winter. If you’re thinking of selling your house in 2021, you don’t need to wait until the spring to do it. Your potential buyer is very likely searching for a home in your neighborhood right now.

        December 2020 Real Estate Market Update

        We're taking a look at the north of Boston real estate market's specifically for Middlesex and Essex counties and comparing November 2020 to November of 2019.  Total inventory, the amount of homes available for sale, went down close to 27%.  Days on market, the time it's taking homes to sell, averaged about 30 days, another decrease of 27%.  The amount of homes sold went up 12%. Median prices went up to $560,000 an increase of 12% from last November. 

        This past November was definitely a lot stronger for sellers compared to November of 2019.  If you are considering a move to the suburbs north of Boston contact us!

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        The Stevens-Coolidge Place Community Spotlight

        We were thrilled to be invited to decorate a tree for The Stevens-Coolidge Place Holiday Stroll & Festive Parade of Trees in North Andover.  The Stevens-Coolidge Place has been a favorite to visit in any season, but the flower gardens are especially beautiful in the spring and summer seasons.  This holiday event is smaller than previous events but still a wonderful way to enjoy the holiday season safely outdoors.  If you visit be sure to bring some canned goods to leave at your favorite tree.  Canned goods will be donated to Neighbors in Need.  Along with this video The Stevens-Coolidge Place will be giving away 2 complementary tickets to a Friday night fire-spinning hike.  

        Check out Facebook and Instagram pages for details. 

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