Blog :: 02-2019

Home Buyer Update!

Home Buyers

Home Buyer Alert! Mortgage Rates just hit a 12 month low! John Ternullo and John Marroni discuss what that means for buyers in the Suburbs North of Boston.

From Sam Khater, Chief Economist at Freddie Mac: "The combination of cooling inflation and slower global economic growth led mortgage rates to drift down to the lowest levels in a year. While housing activity has clearly softened over the last nine months and the lingering effects of higher rates from last year are still being felt, lower mortgage rates and a strong job market should rekindle demand for the spring homebuying season."

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    323 West Street For Sale!

    Master Bedroom at 323 West Street, Reading, MA

    Interested in taking a closer look at 323 West Street? Located in Reading, MA this 3 bed, 2 bath house is equipped with a fireplace and is located in a convenient neighborhood. Watch this video below for a tour of your next home! Questions about the listing? Contact the Ternullo Real Estate Team at 617-275-3379. 

    For more details visit the listing page here.

     

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      February 2019 North of Boston Market Report

      "Hi Everyone!  We are talking today about the North of Boston February Real Estate Report. Specifically, we are looking at Middlesex and Essex counties and how they preformed in January this year compared to last year. Last month, more homes were listed for sale. Approximately 5% more than last year. Those homes are staying on a bit longer by approximately 13%.  We have also seen the number of sales drop by approximately 7%.  The bad news for buyers is that prices still climbed up by about 6%. Now what does all this mean? For Sellers the good news is prices are still appreciating. However, a word of caution, pricing and preparation is crucial. The market is less forgiving today and homes that don't get it right the first time risk languishing on the market and potentially getting rejected by buyers. For buyers the good news is that there is now some relief. Interest rates hit a 10 month low and there is finally some options to choose from and less competition at every open house. Bear in mind, it still is overall mostly a Sellers Market." - John Ternullo

       

      If you are considering a move in the suburbs North of Boston and would like to learn how this information may impact your purchase, please contact us. If you currently own a home and would like more information on the value of your home, please let us know and we can provide a detailed estimated report. If you would like to know how much you could sell your home for in the 2019 spring market, we are happy to schedule an in-person visit and provide a detailed report. 

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        Mortgage Rates Fall to 10-Month Low

        National Mortgage Rates February 2019

        Borrowing costs were cheaper this week, as mortgage rates continued inching down. “The U.S. economy remains on solid ground, inflation is contained, and the threat of higher short-term rates is fading from view, which has allowed mortgage rates to drift down to their lowest level in 10 months,” says Sam Khater, Freddie Mac’s chief economist. “This is great news for consumers who will be looking for homes during the upcoming spring homebuying season. Mortgage rates are essentially similar to a year ago, but today’s buyers have a larger selection of homes and more consumer bargaining power than they did the last few years.”

        Freddie Mac reports the following averages with mortgage rates for the week ending Feb.7:

        • 30-year fixed-rate mortgages: averaged 4.41 percent, with an average 0.4 point, dropping from last week’s 4.46 percent average. Last year at this time, 30-year rates averaged 4.32 percent.
        • 15-year fixed-rate mortgages: averaged 3.84 percent, with an average 0.4 point, dropping from last week’s 3.89 percent average. A year ago, 15-year rates averaged 3.77 percent.
        • 5-year hybrid adjustable-rate mortgages: averaged 3.91 percent, with an average 0.3 point, falling from last week’s 3.96 percent average. A year ago, 5-year ARMs averaged 3.57 percent.

        If you have any questions about the real estate market in the North of Boston communities, contact the Ternullo Real Estate Team!

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