Here are the Open Houses this weekend. Because of the quirks of MLS properties with OH’s both days do not show up in both days’ lists but do if you click on the individual properties. I will publish the updated list for Sunday tomorrow at 8 a.m.
One of the major story lines over the last year is how well the residential real estate market performed, with home prices are skyrocketing this year.
This article from Keeping Current Matters shows that prices have been rising across the country and at all price points, while expert forecasts call for price increases of 5-8% in 2022. The article concludes “If you’re thinking of buying, consider buying now as prices are forecast to continue increasing through at least next year.”
Here are the latest percentages showing the year-over-year increase in home price appreciation:
Changes are coming to the flood insurance policy sector taking effect October 1st on new policies and April 1, 2022 on any outstanding renewal policies. I will write further as more details are revealed but these are the highlights from the FEMA Risk Rating 2.0 announcement:
1. Flood zones and Elevation Certificates will no longer be a rating factor (Flood zones will still be present for mortgage purposes)
2. Elevation Certificates will no longer be needed to determine rate
3. No more preferred rate tables for X,B,C Flood zones
4. Flood Vents (2 openings on 2 walls on lowest level) will no longer provide significant savings
5. Machinery on ground floor will impact rate (ex:a/c, water heater, washer/dryers)
6. Grandfathering: (more…)
A month or so ago I migrated my site to a new hosting program at Go Daddy – on their advice.
As with most writers, I use a short link to post articles to my website. Unfortunately, on migrating the site all the old short links no longer worked.
Which means that if you clicked on a post that was more than a month old – say, my reports on property taxes or mortgage rates, or even market reports – you got a note saying the site could not be reached.
I spent most of yesterday afternoon restoring links to the old posts so they should now be readable again.
PLease accept my – and I assume Go Daddy’s – apologies for any inconvenience. And, by the way, I love Go Daddy – their people are both helpful and knowledgeable.
This chart shows the median price of the Single Family Homes sold in each of the 34 cities and towns in Essex County in the first 8 months of 2021, together with Condo prices overall in Essex County, Boston and Massachusetts. Read my comments below the chart:
With the strength of the market over the last year or so, it is important to understand that properties are available at a wide range of prices in Essex County.
Over the years I have said to my sons that sometimes you know where you are going and it is like sailing with a tailwind – and sometimes you have to tack. Maybe right now you can’t afford Marblehead, but you can afford Salem and in a few years, as your circumstances improve, you may be able to afford Marblehead. So you tack.
The other thing – and I think this is really important – is the understand what the median price means. Let’s take Marblehead as an example. The median price YTD is $821,500 on 142 sales. That does NOT mean that you have to pay $821,500 to live in Marblehead. What it DOES mean is that, while there were more than 70 houses which sold for more than $821,500, there were also more than 70 houses that sold for LESS than $821,500.
I have mentioned Salem, but Beverly is another dynamic and vibrant town. The median price of 196 sales was $625,000 YTD, so again there were over 90 sales BELOW $625,000.
Yes, inventory remains in short supply, but widening the search may just provide a solution. And I do have market reports available for each of the 34 cities and towns so please reach out to me to receive a copy of any ones in which you are interested.
If you – or somebody you know – are considering buying or selling a home and have questions about the market and/or current home prices, please contact me on 617.834.8205 or Andrew.Oliver@SothebysRealty.com.
“If you’re interested in Marblehead, you have to visit the blog of Mr. Andrew Oliver, author and curator of Oliver Reports . He’s assembled the most comprehensive analysis of Essex County we know of with market data and trends going back decades. It’s a great starting point for those looking in the towns of Marblehead, Sale, Beverly, Lynn and Swampscott.”
Andrew Oliver Market Analyst | Team Harborside | teamharborside.com REALTOR® Sagan Harborside Sotheby’s International Realty One Essex Street | Marblehead, MA 01945 m 617.834.8205
Sotheby’s International Realty® is a registered trademark licensed to Sotheby’s International Realty Affiliates LLC. Each Office Is Independently Owned and Operated
Andrew Oliver Sales Associate | Market Analyst | DomainRealty.com REALTOR®
Naples, Bonita Springs and Fort Myers Andrew.Oliver@DomainRealtySales.com m. 617.834.8205 www.MarbleheadSouth.com
Here are the Open Houses this weekend. Because of the quirks of MLS properties with OH’s both days do not show up in both days’ lists but do if you click on the individual properties. I will publish the updated list for Sunday tomorrow at 8 a.m.
For those considering joining the tiny-house movement while working remotely, Stephanie Burrows, founder of the Tiny Homes of New England Meetup group, offered advice. (more…)
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