Market Info

EasyKnock

 

Our new normal during this pandemic means that we are all spending a lot more time at home.  It also means that many of us are realizing that our home just doesn’t quite fit our needs anymore.  Its been a seller’s market for some time now and with strong buyer demand it makes sense to take advantage of today’s market.  

So, do you buy first or sell first?  Contingencies in today’s market simply don’t work.  If you buy first, that could mean taking on two mortgages.  If you sell first, are you willing to rent, or do you have a place to go?  With the time and effort it takes to move, would you want to move twice?  Typically these were the only two options available to homeowners. Now there is a third option.  

We’ve partnered with a company called EasyKnock.  Through EasyKnock you can unlock the equity of your home, allowing you to put in a competitive offer without the contingency of selling your home first.  EasyKnock will buy your home and allow you to then rent it back.  You can then search for your dream home without worrying about your current value.  When you are ready to sell you can put it on the market to get full value.  Contact us to learn more about how this option might work for you!

 

North of Boston Real Estate Market November 8-14, 2020

Here's a look at the real estate market in the suburbs north of Boston specifically Middlesex and Essex counties, for single-family homes and condominiums, during the week of November 8th through the 14th. Not much has changed since the previous week. Last week we had 2,802 homes available on the market just a slight decrease of 2% compared to the week before. We had 531 homes come on the market last week that is a decrease of 7% compared to the week before. 616 homes went pending last week, that is a very slight decrease of 1% compared to the week before. And overall 22% of the market did get absorbed through pending listings which shows it remains a seller's market. That number has been very consistent over the past three weeks.

If you're currently searching for a home this is not the time to put your search on hold. Although we are seeing a decreasing in the amount of new listings come on every week, interest rates remain very 
low and competition from other buyers who may decide to put their search on pause during the holiday season, may be low. So keep at it and keep looking. For home sellers out there although the market isn't what it used to be in late summer, the market remains very strong and there is still a lack of inventory. As we mentioned before, we are seeing a decrease in the amount of new listings coming on the market. So although every situation is a little bit different, to discuss timing feel free to give us a call at 617-275-3379.

 

 

 

November 2020 North of Boston Real Estate Market Update

“Election results will lift the victors and devastate the party of the unsuccessful. It will not impact our local housing market,” proclaims Linda O’Koniewski, CEO Leading Edge. “Covid restrictions are dictated by the state. The work-from-home culture, appetite for more outdoor space, and the desirability of properties with home offices, views and more functional space determine our market neighborhood by neighborhood. Fueled by high demand, low supply and crazy, inexpensive borrowing power, some markets are red hot, while we see that some condos, particularly those that don’t reflect today’s trends, are starting to sit and price correct to sell. Sadly, we are going to start to see the financial impact of job loss on the market very soon, when people who cannot afford their mortgage decide to move.”

Check out the weekly market real estate market report for the suburbs north of Boston here.

If you're considering a move in the suburbs north of Boston we'd love to hear from you!

Call us at 617-275-3379 or Contact us here.

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

AndoverNorth AndoverNorth ReadingReadingWakefield and Stoneham

Be sure to like us on Facebook and follow us on Instagram for a behind the scenes of our day to day and favorite happenings north of Boston!

 

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4 Reasons Why the Election Won't Dampen the Housing Market

4 Reasons Why the Election Wont Dampen the Housing Market | MyKCM
 

1. Demand Is Strong among Millennials

The nation's largest generation began entering the housing market last year as they reached the age to marry and have children - two key drivers of homeownership. As the Wall Street Journal recently reported:

“Millennials, long viewed as perennial home renters who were reluctant or unable to buy, are now emerging as a driving force in the U.S. housing market’s recent recovery.”

2. Mortgage Rates Are Historically Low 

All-time low interest rates are also driving demand across all generations. Strong demand created by this rate drop has countered other economic disruptions (e.g., pandemic, recession, record unemployment).

In addition, Freddie Mac just forecasted mortgage rates to remain low through next year:

“One of the main drivers of the strong housing recovery is historically low mortgage interest rates…Given weakness in the broader economy, the Federal Reserve’s signal that its policy rate will remain low until inflation picks up, and no signs of inflation, we forecast mortgage rates to remain flat over the next year. From the third quarter of 2020 through the end of 2021, we forecast mortgage rates to remain unchanged at 3%.”

3. Prices Continue to Appreciate

The continued lack of supply of existing homes for sale coupled with the surge in buyer demand has experts forecasting strong price appreciation over the next twelve months.

4. History Says So

Though it’s true that the market slows slightly in November when it’s a Presidential election year, the pace returns quickly. Here’s an explanation as to why from the Homebuilding Industry Report by BTIG:

“This may indicate that potential homebuyers may become more cautious in the face of national election uncertainty. This caution is temporary, and ultimately results in deferred sales, as the economy, jobs, interest rates and consumer confidence all have far more meaningful roles in the home purchase decision than a Presidential election result in the months that follow.”

Ali Wolf, Chief Economist for Meyers Research, also notes:

“History suggests that the slowdown is largely concentrated in the month of November. In fact, the year after a presidential election is the best of the four-year cycle. This suggests that demand for new housing is not lost because of election uncertainty, rather it gets pushed out to the following year as long as the economy stays on track.”

Bottom Line

There’s no doubt this is one of the most contentious presidential elections in our nation’s history. The outcome will have a major impact on many sectors of the economy. However, as Matthew Speakman, an economist at Zillow, explained last week:

“While the path of the overall economy is likely to be most directly dictated by coronavirus-related and political developments in the coming months, recent trends suggest that the housing market – which has basically withstood every pandemic-related challenge to this point – will continue its strong momentum in the months to come.

Weekly Real Estate Market Update Suburbs North of Boston October 18-24

 

Here's a look at the real estate market for the suburbs north of Boston,  specifically Middlesex and Essex counties from October 18th through the 24th.  Last week we had 3,066 single family homes and condominiums available on the market, an increase of 4% compared to what we saw the week before.  To give you some perspective last year at this time we had close to 4,800 properties on the market.  Last week 659 new homes come on the market, a decrease of 13% compared to what we saw the week before. There was an increase of 15%  for pending homes as compared to the week before as 742  homes went pending last week. Overall 24% of the market did get absorbed through pending listings,  which shows it remains a strong seller's market.  

Things did go up slightly since last week and overall things are down slightly from the summer. However, going into November it is a very strong seller's market especially for the fall market that we're in.  If you are considering a move to the suburbs north of Boston give us a call at 617-275-3379.

 

 

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Weekly Real Estate Market Update for October 11-17, suburbs north of Boston

We're taking a look at the real estate market between October 11th and the 17th in the suburbs north of Boston, specifically Middlesex and Essex counties, for single-family homes and condominiums. So last week we had 2,955 homes available on the market, a slight increase of 2% compared to what we saw the week before. We had 755 new homes come on the market last week, no significant change from the week before. We did have 646 homes go pending that is a decrease of 13% compared to what we saw the week before.  Outside of holiday weeks we've seen numbers closer to 750 homes go pending every week.  So this is the first time in awhile that we've seen the numbers drop under 700.  Overall 22% of the market did get absorbed through pending listings. The week before it was 26% of the market. However, it still remains a strong seller's market. If you are considering buying a home, hang in there. However, keep in mind that we are still seeing multiple offers and the right homes are going for over asking. If you are considering a move to the suburbs north of Boston give us a call at 617-275-3379 or contact us here.

 

 

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Weekly Real Estate Market Update Suburbs North of Boston

We're reviewing the market between September 27th through October 3rd for the suburbs north of Boston. Last week we had 2,937 homes available on the market an increase of 3% compared to the week before.  New listings decreased by 4%, compared to the previous week with 769 homes coming on the market. 746 homes went pending last week an increase of 3% compared to the week before. Overall 25% of the market did get absorbed last week through pending listings, which shows it remains a strong seller's market.  

The story hasn't changed much over the past few months the market has remained very stable and very strong for sellers. For buyers out there, the right properties are still getting multiple bids way over asking.  For sellers this could still be a great time to sell.  Watch the video below to learn more. 

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Social Distancing and The North of Boston Real Estate Market Week 28

We're taking a look at the week of September 20th through the 26th in the suburbs north of Boston.  Specifically, Middlesex and Essex counties for single-family homes and condominiums.  Last week we had 2845 homes available on the market, very similar to what the numbers were the week before. New listings decreased by 3% compared to the previous week with 800 homes coming on the market. The number of homes to go pending last week was 724 - a decrease of 11% compared to the week before. Overall 25 of the market out there did get absorbed through pending listings. Which shows that it remains a strong seller's market. Although that number ticked down slightly from what we've seen in the last few weeks, for sellers out there, if you are considering a move, we suggest coming on the market sooner rather than later.  Especially with the approaching holidays. For buyers out there there is a strong seller's market, we are seeing multiple offers all the way from Boston to New Hampshire.  

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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Social Distancing and The North of Boston Real Estate Market Week 27

Here’s a look at the week of September 13th-19th in the suburbs north of Boston, specifically Middlesex and Essex Counties, for single-family homes and condominiums.  Available homes had an increase of of 17%, with 2,830 homes available on the market.  Very much in line with what we saw in July.  We had 825 new listings come on the market, a decrease of 15% from the week before. Again more than what we've seen lately, however, in line again with what we saw mid July.  Pending homes increased by 37% compared to the week before with 814 going pending. Overall 29% of the market did get absorbed through pending listings which shows that it is a very strong seller's market.  That number is a little bit higher than what we've seen lately and again closer to what we saw mid July.  For sellers out there considering selling your home, the time is still right to put your home on the market.  The numbers remain strong, buyer demand remains high. For buyers out there, unfortunately there's no release just yet. There still is a lack of inventory in our area and certainly high buyer demand. 

If you are considering moving to the suburbs north of Boston give us a call at 617-275-3379.

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Social Distancing and The North of Boston Real Estate Market Week 26

Here’s a look at the north of Boston real estate market, for Middlesex and Essex counties.  So last week we had 2,424 homes available on the market a decrease of 7% compared to the week before. New listings had a huge increase of 74% as 965 homes came on the market last week. Now that's most likely due to many home sellers deciding not to put their home on the market right before Labor Day and wait until after the holiday weekend.  Pending homes decreased by 18% from the week before.  Overall 25% of the market did get absorbed through pending listings which shows that it's still a strong seller's market.  Although those numbers dipped from what we saw the previous week, we are anticipating that that is due to the holiday weekend.  We’ll continue to watch the numbers to see if that is a seasonal trend.  We are still seeing multiple offers out there and the market does remain strong.

So the total number of units sold went down 5% compared to August of 2019, that's due to the lack of inventory. Homes available for sale went down by about 19%. It's taking less times for homes to sell as days on market is down 5.5%.  However, homes are selling for more money as median prices are up 12.1%.

If you're considering a move in the suburbs north of Boston we'd love to hear from you!

Call us at 617-275-3379 or Contact us here.

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

AndoverNorth AndoverNorth ReadingReadingWakefield and Stoneham

Be sure to like us on Facebook and follow us on Instagram for a behind the scenes of our day to day and favorite happenings north of Boston!

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