When I first heard Salem Mayor Kim Driscoll talk of cruise ships coming in to the old Salem power plant wharf I was surprised and frankly sceptical. But this week Salem welcomed its second cruise ship, the Fred Olsen line’s Balmoral, a 750 ft vessel carrying 1,300 passengers.
A lot has been written about the shortage of houses for sale this year – the low inventory – so I decided to look at the current market in Marblehead and see how long houses have been on the market in the different price categories.
What I have noticed in the last few years is that sometimes, for no apparent reason, a house sits on the market for some time unsold. And therein can lie opportunity, so if you are looking to buy check out the full current list of Marblehead SFH for sale. (more…)
Well the Federal Reserve did not increase short-term interest rates this week and there was little movement in mortgage rates, which remain under 4% for the 30 year fixed rate (FRM) and close to historic lows:
The underlying assumption behind the Fed’s forecasts and those by groups such as the Mortgage Bankers Association (MBA) is that there will, inevitably, be an increase in inflation at some point and that interest rates will start to rise as that becomes more certain.
One question I get asked quite often is: “where are houses selling in Marblehead?”
The maps below show sales for the last three months in different price brackets. The maps may be a little small, but I hope you can see the way that houses get more expensive as they get closer to the water. (more…)
As we enter the second phase of the 2015 home-buying season, I have looked at the supply of houses for sale after Labor Day and compared it with this time last year for every city and town in Essex County.
Overall, the supply has dropped from 4.4 months* to 3.9 for Essex County overall (and from 5.4 months to 4.7 for the whole of Massachussetts). The number of towns with supply of less than 3 months has increased from 6 to 10, while the number with more than 10 months of supply has dropped from 4 to 1. (more…)