Blog :: 03-2016

Pending Home Sales Move Forward in February

Today's market report from the National Association of Realtors:

"Lawrence Yun, NAR chief economist, says pending sales made promising strides in February, rising to the highest index reading since last July (109.8). "After some volatility this winter, the latest data is encouraging in that a decent number of buyers signed contracts last month, lured by mortgage rates dipping to their lowest levels in nearly a year1 and a modest, seasonal uptick in inventory2," he said. "Looking ahead, the key for sustained momentum and more sales than last spring is a... Read the full story here.

 

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Real Estate Market Watch - Interest Rates & Affordability

NAR Chief Economist Lawrence Yun had this to say in a recent article by Robert Freedman for REALTOR MAG on interest rates and affordability:

rising mortgage interest rates

"Yun is forecasting the rate on a 30-year fixed loan to rise to 4.3 percent by the end of the year and then to about 5 percent at the end of 2017. These are “very low by historical standards,” he says.  

Concerns are shifting from escalating rates over to the lack of home inventory and affordability issues. Yun says home prices are rising about 7.5% annually on average and household income only at 2%. This scenario is playing out accross the U.S. and cities & communities are taking notice. From California's San Francisco Bay area to Newton, MA (part of the 10th most expensive housing market in the nation - NPR) teachers with 6-figure salaries are priced out, spending 50% and higher of their salary for rent/mortgage not including utilities. NPR has that story and you can LISTEN TO IT HERE.

We don't see a shortage of buyers, but here on the North Shore, there is a definite need for inventory. Thinking of selling? Now's a great time. How a 1-2% increase in interest rates will affect buyers in this market remains to be seen. Multiple offers, bidding wars and sales far over asking are a recurring scenario right now, provided the property is priced and marketed professionally and accurately.  Stay tuned, we'll keep you posted.

 

 

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Is Renovating Your Home Worth It?

The process can feel overwhelming.home renovations You may decide to just unload and move on. We can help you determine what's best for you. Estimating current, concise market value is our expertise. Establishing today's value 'as is' or estimating future value post-renovation is crucial information when weighing your options. It's no wonder there's confusion; this Yahoo spokesperson warns you to beware of adding an additional bathroom because it won't add much value.  

BUT, if you watch the entire video and listen to the President of the National Association of Realtors, he talks about kitchens and bathrooms having the most impact and appeal to potential buyers.  We agree with Tom.

Know the facts, do your research and lean on our complimentary advice. Our team is vested in the health of this community and that includes happy homeowners here for the long haul. Contact one of our professionals today

 

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