Blog :: 2021

The Most Desirable Home Feature of 2020-2021?

You may have guessed a bigger, more updated kitchen or a pool. I was a bit surprised myself. I knew a home office was our rising star due to the pandemic but I didn't think it would be at the top of the list. The top 3 most desired features tell the story of much needed interior space. Interesting. Thinking about making a move? Need more square footage? We can tell you today's market value of your current home; it's complimentary, and help you find your new home (office)! 

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Will There Be More Foreclosures in 2021?

Black Night Inc. gives us an inside look at mortgage data across the country, providing statistics on forbearance, which is an indicator of future foreclosures. What is a forbearance plan? A forbearance plan doesn’t erase the amount you owe on a mortgage, but it temporarily suspends or reduces your mortgage payment until your hardship is over. At the end of the forbearance plan, you must repay what you missed, but necessarily not all at once. Follow the track of these forbearance plans and you wind up with a lot of data.

Keeping Current Matters summarizes the data and points to the health of today's homeowner equity, downward 3-year foreclosure trend pre-pandemic, and what banks learned from their mistakes in 2008-2012 as reasons why we won't see the market flush with foreclosures despite joblessness due to the pandemic. But, will there be foreclosures in 2021? 

Yes, there will be foreclosures, but predictors say that the high demand and lack of inventory we are currently (and painfully) experiencing will be enough to absorb any increase. Trying to get your foot in the door of today's market? Find an experienced real estate professional, not just someone with a real estate license, and put them to work on your behalf; it's what we do! 

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Massachusetts Home Sales Hit 16-Year High During Pandemic - Ipswich MA - Windhill Realty - Massachusetts Real Estate

More single-family homes were sold last year in Massachusetts than in any other year since 2004, despite a once-in-a-century pandemic that threatened the financial security of thousands of residents and dramatically changed the process of buying and selling a home.

There were 61,469 single-family home sales in 2020, a 3.9 percent increase over the sales total of 2019, according to The Warren Group. The median sale price for those homes climbed 11.4 percent from 2019 to hit $445,500 last year.

“In the wake of the first COVID-19 lockdown way back in March, single-family home sales took a nosedive for the entire second quarter,” Warren Group CEO Tim Warren said. “If you told me back then that by the end of the year that the total number of sales would surpass 2019, there’s no way I would have believed you … yet here we are. Another record-setting year in the books for Massachusetts real estate.”

Warren said an unprecedented December helped to boost the 2020 totals. December 2020 saw 6,410 single-family home sales in Massachusetts — the most ever recorded for the month and up 28.6 percent from December 2019. The median sale price for the month jumped 14.4 percent to $455,000, an all-time high for the month and the sixth consecutive month with a median sale price greater than $450,000, Warren said.

“The hot market has continued right into December, four straight months of sales gains of 25 percent or more,” driven by low interest rates and people spending more time at home. “The more time they spend at home, the more they think about the home and some ask what they want to change,” he said on The Warren Group’s podcast.

Almost everyone who sold or purchased a home in 2020 probably had to deal with COVID-19 restrictions and safety measures in one way or another. Packed spring open houses gave way to virtual showings and eventually to tightly-scheduled and timed windows for prospective buyers to tour homes for sale.

But despite the new hurdles COVID-19 imposes on buying or selling a home, the virus and its accompanying shift towards remote work helped to fuel a migration away from cities and towards “vacation” areas in Massachusetts like Cape Cod and the Berkshires, Warren said.

He said that he expects the housing market will “continue to sell well” in 2021 but saw a concerning trend emerge at the end of 2020.

“The one thing I worry about is the rapidly-rising median price across the state,” Warren said. “For six straight years, we saw a very good market but with restrained growth in price — just two to five percent. The tail end of 2020 saw huge changes and prices rose by 14 percent or more for five straight months. For the year as a whole, prices rose 11.4 percent. I consider that to be unsustainable.”

He added, “I hope we see the market cool and consolidate its gains before we create a bubble in prices as we did in 2005. The collapse of the market in 2006 and beyond was very painful.”

Gov. Charlie Baker last week signed an economic development bill that included a housing production measure anchored to local zoning changes, and another initiative designed to boost housing near MBTA stations.

More single-family homes were sold last year in Massachusetts than in any other year since 2004, despite a once-in-a-century pandemic that threatened the financial security of thousands of residents and dramatically changed the process of buying and selling a home. Thank you whdh Boston for keeping us informed! 

Looking for a home on Boston's north shore

26 Island Park Road, Ipswich - Massachusetts Real Estate - North of Boston Homes for Sale

26 Island Park Rd Ipswich MA Spectacular open concept ranch with beautiful tidal marsh views located on a double lot and dead end street. This house has wide plank floors, a spacious living room with fireplace and adjacent sunroom and sliders that lets you enjoy views to Steep Hill. Central Air on main floor, 2 bedrooms and a gorgeous dining room with oversized skylight.Finished lower level with large family room and office space. Title V approved (2016) for 3 bedrooms! Island Park is a hidden jewel off Jeffreys Neck Road and a short distance from Pavilion Beach and Great Neck. Listed by Toni Riddle.

30 Redberry Lane, Peabody - Massachusetts Real Estate - North of Boston Homes for Sale

Exciting NEW offering at sought after Juniper Village...This undeniably impeccable, "Eastern" end unit townhouse impresses at every opportunity. With 2600+- sf over three levels it feels more like a single family. Granite and stainless kitchen with breakfast bar and adjacent dining area, lovely dining room opens to large LR with soaring ceilings and gas fireplace. Hardwood throughout all major living spaces. Second floor holds a generous master suite with huge walk-in closet and ample master bath. Guest room fits a king bed, lofted area for an office/study, separate laundry room and full bath. The finished, walk-out lower level with private entrance provides many options including third bedroom. 2 full/2 half baths. Heat/AC have been upgraded. Rinnai hot water heater. Oversized two car garage w/epoxy flooring and hot/cold running water to seal. This is a spectacular unit in pristine condition. Call for private viewings. Listed by Kathy Brown. For more homes for sale in Peabody, MA click here.

2021 Real Estate Tax Rates North Shore of Boston, MA

Across the North Shore, communities have announced their FY21 property tax rates.
 
Approximately two-thirds of Essex County cities and towns decreased their tax rates from 2020 to 2021. That doesn’t necessarily mean that property owners will see a decreased tax bill though as property values have been continually rising year after year.

How does your town compare? Full list below...

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