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Is this the time to buy that Marblehead beach house?

March 29, 2017 · by Andrew Oliver · in Marblehead News, Market Reports

Watch the sunrise; walk Marblehead’s longest beach; watch the ocean from the second floor office; watch the ocean, watch the ocean, watch the ocean….

Price reduction today and Open House Sunday 11:30 -1:00 at 46 Gallison Avenue.

Marblehead beach house

Marblehead beach house
Marblehead beach house

If you are looking to buy, I will contact you immediately when a house that meets your needs is available. In this market you need to have somebody looking after your interests.

Andrew Oliver is a Realtor with Harborside Sotheby’s International Realty. Each Office Is Independently Owned and Operated

@OliverReports

Are you thinking about selling? Read  Which broker should I choose to sell my house?

Please contact me on 617.834.8205 or Andrew.Oliver@SothebysRealty.com for a free market analysis and explanation of the outstanding marketing program I offer

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11 New Listings in Marblehead

March 29, 2017 · by Andrew Oliver · in Market Reports

The market is heating up and new listings that come on early in the week may be under agreement before the weekend’s Open Houses.

I am going to start posting new listings on Wednesdays so that you can see what is new to the market. Be prepared to act!

New Listings Wednesday

andrewJoliver.com

Marblehead new listings
Swampscott new listings
Salem new lisitngs
Beverly new listings

If you are looking to buy, I will contact you immediately when a house that meets your needs is available. In this market you need to have somebody looking after your interests.

Are you thinking about selling? Read  Which broker should I choose to sell my house?

Please contact me on 617.834.8205 or Andrew.Oliver@SothebysRealty.com for a free market analysis and explanation of the outstanding marketing program I offer

Andrew Oliver is a Realtor with Harborside Sotheby’s International Realty. Each Office Is Independently Owned and Operated

@OliverReports

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Ritz Carlton or student dorm? Can you tell the difference?

March 27, 2017 · by Andrew Oliver · in Luxury Property, Market Reports

Not so long ago I read an article How did colleges become country clubs? commenting on the way that colleges have been developing luxury facilities to attract students. As this is a real estate blog, I will not comment about any possible link between luxury new facilities and soaring student debt, but I can say that I was stunned by these photos.

Of the photos below, two are from College Campuses and one from a Ritz Carlton. You can enter your guess as to which is the Ritz Carlton in the comment section below the post.

A
Student housing

B
Student housing

C
Student housing

 

Are you thinking about selling? Read  Which broker should I choose to sell my house?

Please contact me on 617.834.8205 or Andrew.Oliver@SothebysRealty.com for a free market analysis and explanation of the outstanding marketing program I offer

If you are looking to buy, I will contact you immediately when a house that meets your needs is available. In this market you need to have somebody looking after your interests.

Andrew Oliver is a Realtor with Harborside Sotheby’s International Realty. Each Office Is Independently Owned and Operated

@OliverReports

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Marblehead Oceanfront Open House today on Goldthwait Beach

March 26, 2017 · by Andrew Oliver · in Market Reports

Come and see this oceanfront house, perched at the top of Goldthwait Beach, the longest beach in Marblehead.

Perfect as a summer/weekend house for a city dweller, this house is also a year-round house for a family wanting to enjoy living in the wonderful community of Marblehead.

Open House is 12:00 -1:30 at 46 Gallison Avenue.

46 Gallison Avenue

46 Gallison Avenue

46 Gallison (more…)

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Open Houses Sunday March 26

March 26, 2017 · by Andrew Oliver · in Market Reports

Sunny and 40 degrees today – great weather to visit these Open Houses:

Open Houses March 26

andrewJoliver.com, MLS

Marblehead Open Houses
Swampscott Open Houses
Salem Open Houses
Beverly Open Houses

If you are looking to buy, I will contact you immediately when a house that meets your needs is available. In this market you need to have somebody looking after your interests.

Are you thinking about selling? Read  Which broker should I choose to sell my house?

Please contact me on 617.834.8205 or Andrew.Oliver@SothebysRealty.com for a free market analysis and explanation of the outstanding marketing program I offer

Andrew Oliver is a Realtor with Harborside Sotheby’s International Realty. Each Office Is Independently Owned and Operated

@OliverReports

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Are new home sales really booming?

March 26, 2017 · by Andrew Oliver · in Latest News, Market Reports, National News

Sales of new single-family houses in February 2017 were at a seasonally adjusted annual rate of 592,000. This is 6.1 percent above the revised January rate of 558,000 and is 12.8 percent above the February 2016 estimate of 525,000.

That sounds good, right?

And here’s the chart provided with the release:

New home sales

When my daughter was growing up I frequently (as her eye rolling testified) reminded her of the importance of understanding the difference between relative and absolute.

In relative terms, new home sales were good, recording the second highest monthly figure since February 2008.

But in absolute terms? Look at this chart going back to 1990:

New home sales

From June 1992 to February 2008 – a span of more than 15 years – the monthly figure dropped below that just announced just once – in 189 months. And most of that time sales were a good deal higher.

What about existing home sales?
Existing home sales have recovered from the low levels after the Great Recession and are roughly back to the levels of 15-20 years ago.

existing home sales
Population
In 1992 the population of the US was about 255 million. By 2000 it was 282 million and today it is 325 million. But home sales have not increased in the last 20 years.

So are new home sales good news? Well, relatively, maybe – but absolutely? I think not.

Are you thinking about selling? Read  Which broker should I choose to sell my house?

Please contact me on 617.834.8205 or Andrew.Oliver@SothebysRealty.com for a free market analysis and explanation of the outstanding marketing program I offer

If you are looking to buy, I will contact you immediately when a house that meets your needs is available. In this market you need to have somebody looking after your interests.

Andrew Oliver is a Realtor with Harborside Sotheby’s International Realty. Each Office Is Independently Owned and Operated

@OliverReports

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Tips for Preparing Your House For Sale

March 26, 2017 · by Andrew Oliver · in Home maintenenance, Market Reports

When listing your house for sale there are many small projects you can do to ensure that the house sells for the best price possible.

Preparing home for sale

Preparing home for sale

Are you thinking about selling? Read  Which broker should I choose to sell my house?

Please contact me on 617.834.8205 or Andrew.Oliver@SothebysRealty.com for a free market analysis and explanation of the outstanding marketing program I offer

If you are looking to buy, I will contact you immediately when a house that meets your needs is available. In this market you need to have somebody looking after your interests.

Andrew Oliver is a Realtor with Harborside Sotheby’s International Realty. Each Office Is Independently Owned and Operated

@OliverReports

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New Listings week of March 24

March 25, 2017 · by Andrew Oliver · in Market Reports

New listings continue to trickle onto the market:

New Listings March 24

source: andrewJoliver.com, MLS

Marblehead new listings

Swampscott new listings
Salem new listings
Bevery new listings

Are you thinking about selling? Read  Which broker should I choose to sell my house?

Please contact me on 617.834.8205 or Andrew.Oliver@SothebysRealty.com for a free market analysis and explanation of the outstanding marketing program I offer

If you are looking to buy, I will contact you immediately when a house that meets your needs is available. In this market you need to have somebody looking after your interests.

Andrew Oliver is a Realtor with Harborside Sotheby’s International Realty. Each Office Is Independently Owned and Operated

@OliverReports

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How Low Supply and High Demand impacts the real estate market

March 25, 2017 · by Andrew Oliver · in Market Reports, National News

Demand and Supply

Inventory

Housing inventory
Source: NAR

How Low Supply and high demand impacts the real estate market

Are you thinking about selling? Read  Which broker should I choose to sell my house?

Please contact me on 617.834.8205 or Andrew.Oliver@SothebysRealty.com for a free market analysis and explanation of the outstanding marketing program I offer

If you are looking to buy, I will contact you immediately when a house that meets your needs is available. In this market you need to have somebody looking after your interests.

Andrew Oliver is a Realtor with Harborside Sotheby’s International Realty. Each Office Is Independently Owned and Operated

@OliverReports

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Freddie Mac rediscovers link between Mortgage Rates and Treasury Yields

March 25, 2017 · by Andrew Oliver · in Market Reports

The 30 year Fixed Rate Mortgage, as reported by Freddie Mac, dropped to 4.23% this week. In a statement Freddie’s chief economist wrote: “The 10-year Treasury yield fell about 10 basis points this week. The 30-year mortgage rate moved with Treasury yields and dropped 7 basis points to 4.23 percent.”

Just four weeks ago the same economist wrote: “This week’s survey once again displays the disconnect between mortgage rates and Treasury yields.”

My article Lies, damned lies and statistics*: mortgage rates demonstrates the very clear correlation between mortgage rates and the yield on 10 year Treasuries and provides a quick way to know where mortgage rates are headed.

If you are looking to buy, I will contact you immediately when a house that meets your needs is available. In this market you need to have somebody looking after your interests.

Are you thinking about selling? Read  Which broker should I choose to sell my house?

Please contact me on 617.834.8205 or Andrew.Oliver@SothebysRealty.com for a free market analysis and explanation of the outstanding marketing program I offer

Andrew Oliver is a Realtor with Harborside Sotheby’s International Realty. Each Office Is Independently Owned and Operated

@OliverReports

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4 Great Reasons to Buy This Spring!

March 20, 2017 · by Andrew Oliver · in Market Reports
blank blank blank blank blank blank blank blank

4 Great Reasons to Buy This Spring!*

4 Great Reasons to Buy This Spring! | MyKCM

Here are four great reasons to consider buying a home today instead of waiting.

1. Prices Will Continue to Rise

CoreLogic’s latest Home Price Index reports that home prices have appreciated by 6.9% over the last 12 months. The same report predicts that prices will continue to increase at a rate of 4.8% over the next year.

The bottom in home prices has come and gone. Home values will continue to appreciate for years. Waiting no longer makes sense.

2. Mortgage Interest Rates Are Projected to Increase

Freddie Mac’s Primary Mortgage Market Survey shows that interest rates for a 30-year mortgage have remained around 4% over the last couple months. The Mortgage Bankers Association, Fannie Mae, Freddie Mac & the National Association of Realtors are in unison, projecting that rates will increase by at least a half a percentage point this time next year.

An increase in rates will impact YOUR monthly mortgage payment. A year from now, your housing expense will increase if a mortgage is necessary to buy your next home.

3. Either Way, You are Paying a Mortgage 

There are some renters who have not yet purchased a home because they are uncomfortable taking on the obligation of a mortgage. Everyone should realize that, unless you are living with your parents rent-free, you are paying a mortgage – either yours or your landlord’s.

As an owner, your mortgage payment is a form of ‘forced savings’ that allows you to build equity in your home that you can tap into later in life. As a renter, you guarantee your landlord is the person with that equity.

Are you ready to put your housing cost to work for you?

4. It’s Time to Move on with Your Life

The ‘cost’ of a home is determined by two major components: the price of the home and the current mortgage rate. It appears that both are on the rise.

But what if they weren’t? Would you wait?

Look at the actual reason you are buying and decide if it is worth waiting. Whether you want to have a great place for your children to grow up, you want your family to be safer or you just want to have control over renovations, maybe now is the time to buy.

If the right thing for you and your family is to purchase a home this year, buying sooner rather than later could lead to substantial savings.

* article by Keeping Current Matters

If you are looking to buy, I will contact you immediately when a house that meets your needs is available. In this market you need to have somebody looking after your interests.

Andrew Oliver is a Realtor with Harborside Sotheby’s International Realty. Each Office Is Independently Owned and Operated

@OliverReports

Are you thinking about selling? Read  Which broker should I choose to sell my house?

Please contact me on 617.834.8205 or Andrew.Oliver@SothebysRealty.com for a free market analysis and explanation of the outstanding marketing program I offer

 

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Spring is coming – buy this house now and enjoy summer on the beach

March 19, 2017 · by Andrew Oliver · in Market Reports

Spring starts tomorrow and Memorial Day is just over 2 months away!

Come and see  the Open House today at 46 Gallison Avenue from 12:00-2:00 and this is how you could be spending your summer.

46 Gallison Avenue

46 Gallison
46 Gallison

 

If you are looking to buy, I will contact you immediately when a house that meets your needs is available. In this market you need to have somebody looking after your interests.

Andrew Oliver is a Realtor with Harborside Sotheby’s International Realty. Each Office Is Independently Owned and Operated

Are you thinking about selling? Read  Which broker should I choose to sell my house?

Please contact me on 617.834.8205 or Andrew.Oliver@SothebysRealty.com for a free market analysis and explanation of the outstanding marketing program I offer

 

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Open Houses March 19 – Spring is almost here

March 19, 2017 · by Andrew Oliver · in Market Reports

Winter storm Stella has left and Spring is about to arrive. It’s time to buy a new home! (more…)

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New Listings week of March 17

March 18, 2017 · by Andrew Oliver · in Market Reports

Here are this week’s new listings: (more…)

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What this week’s storm told us about housing prices in 2017

March 18, 2017 · by Andrew Oliver · in Market Reports, Massachusetts Housing News, National News

During Tuesday’s storm a tree came down on the roof of my house (fortunately the fall was cushioned and there was no damage to the house), but on Wednesday I wanted the tree removed before any further excitement. I contacted tree removal companies – and guess what? Yep, they were inundated with calls. So what happened to their prices do you think? Right again – they sky-rocketed, like Uber surge pricing on New Year’s Eve.

Both the tree removal and Uber pricing are examples of a simple economic law: that of supply and demand. In both cases, demand far exceeded supply and when that happens economic theory suggests prices rise. And they sure did on Wednesday!

Trees and real estate prices

What does this mean for real estate prices in 2017?
Well look at this chart, produced by the National Association of Realtors (NAR). Inventory has dropped year over year for 20 months in a row

Housing inventory

A mismatch between supply and demand can occur either through too much demand or too little supply – think of how OPEC used to keep oil prices high by reducing production – i.e. reducing supply.

Now look at the chart above. The dotted line represents 6 months of supply – the level at which house prices are regarded as being in equilibrium between buyers and sellers. If there is more than 6 months of supply, equilibrium swings in favor of buyers who they have plenty of choices and so can determine prices. But when, as for the last few years, supply is less than 6 months, equilibrium swings in favor of sellers. So what happens to prices? They go up.

Nationally, according to the Federal Housing Finance Agency, home prices in the last 5 years have increased by 5%, 7%, 5%, 6% and 6% – pretty consistent and steady gains.

Should I wait for a better time to buy?
I don’t think the issue is one of timing as much as finding the right house, as I expect house prices to continue to rise (supply and demand) while mortgage rates are also likely to head higher as the year progresses.

A lot of buyers are hoping that there will be new inventory come the spring. That should indeed happen and when it does there is likely to be a lot of competition, which is why it is important for buyers to put themselves in the best position to be able to buy. And that means using a buyer agent to work on your behalf.

If you are looking to buy, I will contact you immediately when a house that meets your needs is available. In this market you need to have somebody looking after your interests

If you are planning to sell read  Which broker should I choose to sell my house?

Please contact me on 617.834.8205 or Andrew.Oliver@SothebysRealty.com for a free market analysis and explanation of the outstanding marketing program I offer

Andrew Oliver is a Realtor with Harborside Sotheby’s International Realty. Each Office Is Independently Owned and Operated

@OliverReports

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A good overview:
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