Blog :: 06-2020

Giveaway with Velofix Boston!

 We recently caught up with our former client Guenther Anger from Velofix Boston for a Community Spotlight and giveaway! We’ve been riding our bikes a lot this season and Velofix Boston makes it really easy to get your bike tuned up without leaving your home! Watch the video to learn a bit more about this mobile bike and ski shop!

GIVEAWAY DETAILS!!
Velofix Boston is giving away a gift card for 50% off a basic tune up. We’ll announce a winner next Friday July 3rd!  Check out our Facebook and Instagram pages to enter to win!!

 

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Social Distancing and The North of Boston Real Estate Market Week 14

 During the 14th week of social distancing we had a total of 3,093 listings available on the market, and increase of 3% compared to the previous week.  The amount of new listings went down slightly by about 2% with 845 new listings to hi the market last week. We also had 1,020 listings go pending last week which is the most that we've seen all year.  That is an increase of 12% compared to the week before.  Once again we're seeing a strong seller's market as 33% of the market did get absorbed through pending listings last week.  For sellers out there, keep in mind that although the market is strong there are definitely still pitfalls along the way. We are seeing more appraisal issues as well as buyers getting cold feet and getting caught up in the multiple offer situations.  For buyers out there it certainly is frustrating.  We are happy to chat with you to go over specific strategies on how to get your offer accepted!  Contact us here! 

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Social Distancing and The North of Boston Real Estate Market Week 13

   The north of Boston real estate market is certainly heating up! Last week we had 3,004 listings available on the market, an increase of 2.3% compared to the week before.   There were 860 new listings that came on the market last week.  This  was the highest amount of listings in a week for 2020,  an increase of 2% compared to what we had the week before.   912 homes went pending last week, that is the highest amount of homes to go pending in a week for the year, an increase of 16% compared to the previous week.  Overall 30% of the market last week was absorbed through pending sales, so it is remains a very strong seller's market. For buyers hang in there, more listings are coming on the market, but it is still very competitive.  For sellers, coming on the market sooner is probably better than later as more competition will be coming on the market soon,  as we've been seeing an increase of listings every week.  If you have any questions on the market Contact us Here!

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Is a Recession Here? Yes. Does that Mean a Housing Crash? No.

Is a Recession Here? Yes. Does that Mean a Housing Crash? No. | MyKCM
 

On Monday, the National Bureau of Economic Research (NBER) announced that the U.S. economy is officially in a recession. This did not come as a surprise to many, as the Bureau defines a recession this way:

“A recession is a significant decline in economic activity spread across the economy, normally visible in production, employment, and other indicators. A recession begins when the economy reaches a peak of economic activity and ends when the economy reaches its trough. Between trough and peak, the economy is in an expansion.”

Everyone realizes that the pandemic shut down the country earlier this year, causing a “significant decline in economic activity.”

Though not surprising, headlines announcing the country is in a recession will cause consumers to remember the devastating impact the last recession had on the housing market just over a decade ago.

The real estate market, however, is in a totally different position than it was then. As Mark Fleming, Chief Economist at First American, explained:

“Many still bear scars from the Great Recession and may expect the housing market to follow a similar trajectory in response to the coronavirus outbreak. But, there are distinct differences that indicate the housing market may follow a much different path. While housing led the recession in 2008-2009, this time it may be poised to bring us out of it.”

Four major differences in today’s real estate market are:

  1. Families have large sums of equity in their homes
  2. We have a shortage of housing inventory, not an overabundance
  3. Irresponsible lending no longer exists
  4. Home price appreciation is not out of control

We must also realize that a recession does not mean a housing crash will follow.  In three of the four previous recessions prior to 2008, home values increased. In the other one, home prices depreciated by only 1.9%.

Bottom Line

Yes, we are now officially in a recession. However, unlike 2008, this time the housing industry is in much better shape to weather the storm.

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June 2020 North of Boston Real Estate Market Update

This week we take a look at how the north of Boston real estate market for May performed compared to last May along
with week 12 and the effect of social distancing on the market, specifically for Middlesex and Essex counties. Last week we had 2,928 homes available for sale which is an increase of 4% compared to what we saw the week before.  Last week marked the highest number of homes to come on the market year to date at 844 homes, an increase of 15% compared to the week before.  We also had 789 homes go pending last week which is an increase of 21%.  This is also highest amount of pending sales that we had year to date.  Overall 27% of the market was absorbed through pending listings which shows that it is still a strong seller's market.  In May, the amount of homes sold compared to last May went down 40%.  However, inventory also went down about 42%.  Days on market is down 80%.   Median prices are in fact up 4% despite the pandemic. 

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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168 Wakefield Street, Reading, MA 01867 For Sale!

Welcome to 168 Wakefield Street, a stately colonial with an abundance of curb appeal and practical space for everyone!  The chef’s kitchen has plenty of space for family & friends to gather and offers professional appliances including a 48 in. range, wet bar & wine fridge. The mudroom helps keep messy shoes & backpacks organized. 9ft ceilings create an airy 1st level and handsome moldings and millwork add detail.  Essential 1st floor office. Upstairs you will find 3 generous sized bedrooms, with master suite complete with separate shower, tiled bathtub and customized walk-in closet. The 4th bedroom over the garage is separated from the main living area and would be ideal for extended family, a workout room, or a home-based business. The walk out, finished lower level with wet bar is ready for family movie nights! Includes space for future bath.  The walk up attic provides additional possibilities! Beautiful backyard and gorgeous patio adds additional living space outdoors to enjoy summer evenings!  Easy commuting, located close to Routes 93, 95 and 28!

Check out the virtual tour online here!

 

Click here to learn more about this property!

Send us a message for details or contact us at (617) 275-3379.

Watch the video virtual tour for 168 Wakefield St., Reading, MA 01867 below!

 

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Social Distancing and The North of Boston Real Estate Market Week 11

Inventory remains low for Middlesex and Essex counties north of Boston, but we are slowly seeing an increase in listings. 737 homes came on the market last week, which is the most we've seen in recent weeks.  23% of the market was absorbed, so it remains a seller's market.  For home buyers, it will be tough to find a deal out there, the good news is new listings are coming on the market every week, so hang in there home buyers!

Watch the video for more!

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