interest rates: My Area Market
- 03/10/23 12:11 PM
It's hard to fathom that we are entering the middle of March. Spring is about to happen here in northeastern Massachusetts.
I am affiliated with Keller Williams Evolution which provided this market report for us. and includes the counties we primarily provide Real Estate services.
The market is awakening and becoming more active with the advent of Spring. Inventory is growing and buyer demand is still very robust. Average interest rates for Massachusetts are currently 6.79% for a 30-year fixed-rate mortgage and 6.04% for a 15-year note.
If you are considering buying a home this Spring then the best advice I can give you … (2 comments)
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interest rates: Are You Preapproved?
- 11/02/22 08:52 AM
Besides hiring a Professional Licensed Realtor® the next most important step to purchasing a home is being pre-qualified and/or pre-approved for a mortgage. A serious seller rarely considers a buyer that has not presented an offer that includes a pre-qualification/pre-approval letter. Don't wait to the last minute to accomplish this important step.
Pre-Approval Is a Critical First Step on Your Homebuying Journey If you’re planning to buy a home this year, one of the first steps on your journey is getting pre-approved. Especially in today’s market when mortgage rates are higher than they were just a few months ago, getting a mortgage pre-approval can be a game changer. Here’s … (10 comments)
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interest rates: Higher Prices?
- 07/22/22 08:08 AM
We live in crazy times
I still say, 3 or so years ago we all went to bed and while sleeping we were secretly transported to Bizarro World, a world where everything we had grown accustomed to was thrown in a bag, shaken up, and tossed like dice.
Just the other day I saw a news piece that said mortgage applications had fallen to a 22-year low. Inventory is still low and could be getting lower and interest rates are rising, BUT home prices are still appreciating. At some point, I would think the "normal" business cycle would bring about an easing in … (12 comments)
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interest rates: Good News or Not? You Decide.
- 05/05/22 05:26 AM
First, Happy Cinco da Mayo, which is widely celebrated in the United States.
So, the good news is sellers are generally happy about price increases, BUT, are buyers and sellers looking for a new home before their closing? One of our sons just placed their home on the active market last week. Within 5-days they had an all-cash, no contingency, well over asking price, offer. They've been looking for a rental while their new home is being built. As a seller he is happy, As a buyer he is frustrated.
As interest rates rise, now 5.25% for a 30-year fix in MA, buyers … (16 comments)
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interest rates: Spring Market Expectations
- 03/31/22 12:19 PM
Spring has Sprung in many parts of the nation. There are still some areas in the northern reaches and higher elevations of the country where it is cold and snowy still, but nonetheless, Spring is here and the Spring Market for Real Estate is preparing to enter into high gear. I've noticed increased listings for some communities in our area and... they are being sold quickly.
Below is an article prepared by the folks at KCM on their view of the Spring Market and what to expect.
What You Can Expect from the Spring Housing Market As the spring housing market kicks … (4 comments)
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interest rates: Is Mortgage Pre-Approval Important?
- 03/14/22 11:53 AM
Is mortgage pre-approval/pre-qualification important?
Simply answered...Yes.
Rates are rising, inventory is continuously low, both buyers and sellers are experiencing challenging times finding new homes to purchase. That being the case, do you want your financing to be an added challenge to an already challenging situation? Getting pre-approved for a mortgage is one card that helps you emerge from the offer pack as the buyer of choice.
When you decide to enter the active real estate market, as a buyer, make sure you speak with your lender of choice. You want to be ready to make an offer when you find the right home. Financing … (16 comments)
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interest rates: Is Now the Time to Act?
- 01/24/22 07:00 AM
This is an interesting article from KCM regarding interest rates. It is my opinion there's always some demand for Real Estate and people will buy no matter what the rates may be. The proof can be found, (let's all hop into Mr. Peabody's Way Back Machine) in the middle 1980's Real Estate market when rates went as high as 18%. I know we bought our home when rates were 13%. The rising rates DID give us the motivation to get with it...lol
With Mortgage Rates Climbing, Now’s the Time To Act Last week, the average 30-year fixed mortgage rate from Freddie Mac jumped from 3.22% to … (17 comments)
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interest rates: To Sell or Not to Sell?
- 02/04/21 09:56 AM
...That is the question.
Are you contemplating selling your home in 2021? Many are... but are not totally confident about what to do. That's why it's important to find a qualified Real Estate Professional to help you through the process of selling, buying, and negotiating a home sale or purchase. Remember, interest rates are low, inventory is low and demand is high.
Below is a thumbnail sketch showing some high view information about the market last year, year over year. What you see may surprise you BUT believe it or not the market is hot and homes don't stay on the market for … (6 comments)
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interest rates: Back to Work...
- 01/04/21 08:35 AM
It's back to work for me! I took the month of December off as our 2nd son got married and the holiday season was in full swing.
Now the holidays are over, the new year has arrived, covid remains with us, still causing uncertainty, BUT, the Real Estate market is a resilient market as are Real Estate professionals.
What does the Real Estate market have in store for us in 2021? I don't know, yet, I suspect we will see more of the same with low inventory, high buyer demand, rising prices, low interest rates, and Realtors® taking the proper precautions … (10 comments)
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interest rates: How Low Can They Go???
- 11/20/20 10:00 AM
Interest rates have hit a low for the 13th time this year! With prices escalating the interest rates have been very friendly to the buying & selling public.
Buyers, this is a great time to get prequalified/approved for a mortgage and begin your search.
Sellers, this is a great time to ready your house and place it on the active market.
Inventory is low, but, one of the reasons for this is houses being placed in the active market are getting scooped up. So be prepared to submit your highest and best offer and avoid the games some play.
… (10 comments)
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interest rates: Interest Rate Update...
- 10/08/20 05:10 PM
Can Interest Rates be lower? Who knows? I didn't think they'd be this low. One of my clients just refinanced at 2.75% fixed 30 years. BUYERS do not procrastinate! Now to get inventory numbers up. SELLERS. we know you are out there...lol
… (10 comments)
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interest rates: Considering a Move?
- 09/23/20 09:10 AM
Moving has never been one of my favorite things to do, although, we've moved a few times during our marriage. The question posed is; Is Now a Good Time to Move? It'll be a different answer for each seller or buyer.
There are many reasons to move... (not in any specific order)
* Need more space or a home office due to COVID-19
* New job
* Downsize after the kids are grown
* A move-up move
* Be closer to family or multi-generational arrangement
* School District
* More rural area or be closer to the city
* A less expensive area
* OR... Just a complete change in scenery
Whatever … (16 comments)
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interest rates: Would You Believe...
- 09/19/20 11:56 AM
...that the Real Estate Market is...hot, hot, hot? I don't need to tell Realtors® that cuz they're all scrambling looking for listings to satisfy the demand of buyers. Prices are up, Interest rates are down, down, down, and properly maintained and priced property is here today and gone tomorrow. Multiple offer situations are almost a normality, these days.
So, what's a buyer to do? Be Prepared is the best thing and the next best thing? Be Patient, don't play games, make your offer your highest and best. Many buyers these days are foregoing home inspections (not something I recommend) but they are doing … (26 comments)
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interest rates: Are You Thinking Of...?
- 09/12/20 08:29 AM
I think after the 1st of the year, this year, we all went to bed and while we were sleeping some alien force teleported us to Bizarro World where things are not anything like we are used to!
Who would have thought that during a "worldwide" health crisis, where economies and people were locked down, and people suddenly became unemployed, and businesses closed OR, where business was transacted over ZOOM, GoToMeeting, BlueJeans, or any of those streaming services, just who would have thought that many, many Real Estate professionals would have a banner year? Even in States where Real Estate was … (25 comments)
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interest rates: Will The Rates Keep Falling or...
- 08/19/20 12:10 PM
Holy Moly! In 1985 when we purchased our home I never would have thought or even believed the interest rates would be where they are today! I almost fell off my feet when one of our sons called and told me the interest rate he just locked in on a refinance of his home. 2.75% 30-year fixed!! We paid over 13% in 1985. I can remember asking my father why he wouldn't pay off his house, to which he replied "Where am I goin' find 6% money...lol
Thus, ALL you folks considering the purchase of a home in 2020 NOW is the … (12 comments)
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interest rates: Is It A Good Time?
- 07/22/20 07:06 AM
People always wonder whether it's the right time to place their home(s) on the active market. I guess it would depend on your reason for considering that option. There are many reasons for selling. Job relocation, avoid foreclosure, downsize, upgrade, end of relationship, death, and so on. In my mind, whatever the reason you decide, it is the right time.
BUT, in this market of low inventory, high demand, and low-interest rates it may be easier to sell your home than buying another. Take that into consideration and be prepared to compete.
Thinking of Selling Your House? Now May be the Right … (18 comments)
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interest rates: Buyers...Interest Rate Information!
- 05/09/20 05:39 AM
This is STILL a favorable interest rate time for Buyers! Home prices are up but Interest rates are hovering close to record lows. This article appeared in the REALTOR® Magazine published by the National Association of Realtors yesterday May 8th.
Mortgage Rates Hover Near All-Time LowsMay 8, 2020 © REALTOR® MAGAZINE
The 30-year fixed-rate mortgage inched up slightly this week to average 3.26%, but remains near its record low.
“Mortgage rates stayed at or near record lows for the fifth straight week and homeowners are taking advantage with refinance activity remaining high,” says Sam Khater, Freddie Mac’s chief economist.
30-year fixed-rate mortgages: … (6 comments)
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interest rates: Market Impact & You
- 01/21/20 07:46 AM
In our town and the 4 towns bordering us, there are only 22 listings. One of those 4 has 10 listings with the lowest priced listing at $779,000 and the highest-priced is listed at $2.250,000 and median Days on Market is 150 days. The other 3 towns have 12 listings between them. This is creating a fiercely competitive market and driving prices up and could force some buyers out of the market or cause them to look further out than they desire. With low inventory and low interest rates...
How is this impacting your client's ability to purchase a home?
Housing Inventory Vanishing: What … (8 comments)
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interest rates: 2020 Projections
- 01/02/20 09:28 AM
These are always interesting. For 2019 our little town of 8700 we had an increase in the number of closed sales from 100 in 2018 to 113 in 2019 a 13% increase. I fully expect 2020 to be a GREAT YEAR for people looking to buy and sell. As far as a potential recession all I have to say is markets go up and markets go down. The same holds true with economies. People buy and sell in ALL markets.
The 2020 Real Estate Projections That May Surprise You This will be an interesting year for residential real estate. With a presidential … (8 comments)
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interest rates: Considerations for 2020
- 12/12/19 07:12 AM
A 365 Day Difference in Homeownership
Over the past year, mortgage rates have fallen more than a full percentage point. This is a great driver for homeownership, as today’s low rates provide consumers with some significant benefits. Here’s a look at three of them:
Refinance: If you already own a home, you may want to decide if you’re going to refinance. It’s one way to lock in a lower monthly payment and save substantially over time, but it also means paying upfront closing costs too. You have to answer the question: Should I refinance my home? Move-up or Downsize: Another option is to … (10 comments)
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It's hard to fathom that we are entering the middle of March. Spring is about to happen here in northeastern Massachusetts.
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