Blog :: 08-2020

For Sale! 45 17th Avenue, Haverhill, MA 01830

Welcome to 45 17th Avenue!

This home offers classic curb appeal along with character, charm and a spacious layout  . The first level offers plenty of space to entertain in the dining room and space to relax in the living room.  The eat in kitchen offers plenty of room for everyday living and adjacent to a covered porch, ideal for morning coffee with some fresh air.   Upstairs, there are 3 bedrooms and a bonus room with just enough space for  for a desk for homework.   The master bedroom is anything but typical!  The extended space could be a dressing room, tv room, or home office.  The deck, also attached to the master bedroom, provides a great place to unwind! The partial finished basement also offers additional flexibility, as a playroom or additional workspace. Convenient to shopping and restaurants downtown and minutes away from tax free shopping in NH!

More information here!

Click here for a 3D virtual tour!

Check out the video virtual tour below!

View brochure here!

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Social Distancing and The North of Boston Real Estate Market Week 22

Here’s a look at the 22nd week of social distancing and its effect on the north of Boston real estate market, specifically Middlesex and Essex counties for single-family homes and condominiums.  There 2,694 homes available on the market, very similar to what we saw the week before. 705 homes came on the market last week which was slight decrease of 4% from the week before. 756 homes went pending last week. Overall 28% of the market did get absorbed through pending listings, which indicates it is a strong seller's market.  If you are considering selling your home, don't worry, you have not missed your opportunity!  Although we are very close to fall, the real estate market remains very strong, it's a great time to sell! For home buyers out there it is a tough market, however the good news is interest rates are low, making homes the most affordable they've been since 2016.  Check out our previous post for more information on that.

 

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    Homes Are More Affordable Right Now Than They Have Been in Years

    Homes Are More Affordable Right Now Than They Have Been in Years | MyKCM
     

    Today, home prices are appreciating. When we hear prices are going up, it’s normal to think a home will cost more as the trend continues. The way the housing market is positioned today, however, low mortgage rates are actually making homes more affordable, even as prices rise. Here’s why.

    According to the Mortgage Monitor Report from Black Knight:

    “While home prices have risen for 97 consecutive months, July’s record-low mortgage rates have made purchasing the average-priced home the most affordable it’s been since 2016.

    How is that possible? 

    Black Knight continues to explain:

    “As of mid-July, it required 19.8% of the median monthly income to make the mortgage payment on the average-priced home purchase, assuming a 20% down payment and a 30-year mortgage. That was more than 5% below the average of 25% from 1995-2003.

    This means it currently requires a $1,071 monthly payment to purchase the average-priced home, which is down 6% from the same time last year, despite the average home increasing in value by more than $12,000 during that same time period.

    In fact, buying power is now up 10% year-over-year, meaning the average home buyer can afford nearly $32,000 more home than they could at the same time last year, while keeping their monthly payment the same.”

    This is great news for the many buyers who were unable to purchase last year, or earlier in the spring due to the slowdown from the pandemic. By waiting a little longer, they can now afford 10% more home than they could have a year ago while keeping their monthly mortgage payment unchanged.

    With mortgage rates hitting all-time lows eight times this year, it’s now less expensive to borrow money, making homes significantly more affordable over the lifetime of your loan. Mark Fleming, Chief Economist at First American, shares what low mortgage rates mean for affordability:

    “In July, house-buying power got a big boost as the 30-year, fixed mortgage rate made history by moving below three percent. That drop in the mortgage rate from 3.23 percent in May to 2.98 percent in July increased house-buying power by nearly $15,000.”

    The map below shows the last time homes were this affordable by state:Homes Are More Affordable Right Now Than They Have Been in Years | MyKCM

    In six states – Arkansas, Iowa, Kentucky, Louisiana, Maryland, and West Virginia – homes have not been this affordable in more than 25 years.

    Bottom Line

    If you’re thinking of making a move, now is a great time to take advantage of the affordability that comes with such low mortgage rates. Whether you’re thinking of purchasing your first home or moving into a new one and securing a significantly lower mortgage rate than you may have on your current house, let’s connect today to determine your next steps in the process.

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    Social Distancing and the North of Boston Real Estate Market Week 21

    Welcome to week 21 of social distancing and its effect on the north of Boston real estate market, specifically Middlesex and Essex counties. We’re also taking a look at how July compared to last July of 2019. Last week we had 2709 homes available on the market, a slight decrease of 2% compared to what we saw the week before.  There were 735 new homes on the market last week which was an increase of 6% from the previous week. As for pending homes, 746 homes went pending last week which is a slight decrease of 1% from the week before.  Overall 28% of the market did get absorbed through pending listings, which shows that it remains a strong seller's market.

    For the month of July the number of units sales did go down slightly by about 5% due to inventory being down close to 27.5% .  We have less homes on the market in July of 2020 than what we saw in 2019. The days our market, the time is taking homes to sell, remains the same and overall.  Median prices from July 2020 compared to July 2019 are up 5.1%. 

    The real estate market for Middlesex and Essex counties remains strong.  We are continuing to see multiple offers on homes and many homes are going for way over asking. There are plenty of buyers out there and there is little inventory. Usually during this time things start to tick down a bit until we get to labor day but that is not the case this year.

    If you have specific questions on the market feel free to reach out to us at 617-275-3379

     

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    Social Distancing and The North of Boston Real Estate Market Week 20

    For week 20, 2770 homes were available on the market, a slight decrease of 2% compared to what we saw the week before.  There were 695 new listings to come on the market last week which is also a slight decrease of 2% compared to the week before.  751 homes went pending last week which is a decrease of 6%. And overall 27% of the market went pending last week, which still indicates that it is a strong seller's market.   So if you have any questions on the market, if you're looking to buy or sell in the north of Boston suburbs feel free to give us a call at 617-275-3379.

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