New Listings mid-week July 28

Here are the latest New Listings:


Click these links for details: (more…)

Which is Massachusetts’ most expensive County

7 Counties have a median price lower than the median for the State while 6 clock in above that level – which was $525,000 in the first half of 2021, up 20% from H1 2020 and 28 % from 2018.

(more…)

Open Houses Sunday July 25

This is the updated list of today’s Open Houses:

Click on these links for details: (more…)

Open Houses weekend July 24/25

Here are the Open Houses this weekend. Because of the quirks of MLS properties with OH’s both days so 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.

 

Click on these links for details: (more…)

New Listings week ending July 23

Here are the latest New Listings:

Click on these links for details: (more…)

New Listings mid-week July 21

Here are the latest New Listings as of Bastille Day:

Click these links for details: (more…)

Why Is the Market White Hot? No, It’s Not the Pandemic

Today’s market problems – a shortage of affordable housing, historically tight inventory of homes for sale and rising prices – weren’t caused by the latest pandemic-caused economic slowdown. It goes back to the Great Recession.

Experts say the U.S. housing market was already being roiled by forces fueling the current housing-price explosion even before the pandemic.

Matthew Murphy at New York University’s Furman Center for Real Estate & Urban Policy said supply shortages were evident heading into the pandemic, adding that “the context here to this current housing moment is that we were still recovering from the 2008-2009 foreclosure crisis.”

Meanwhile, the National Association of Realtors® has been pointing to an “underbuilding gap” of between 5.5 and 6.8 million housing units since 2001. (more…)

Mortgage refinancing just got cheaper

The Federal Housing Finance Agency (FHFA) announced that Fannie Mae and Freddie Mac will eliminate the Adverse Market Refinance Fee for loan deliveries effective August 1, 2021.

Lenders will no longer be required to pay Fannie and Freddie a 50-basis point fee when they deliver refinanced mortgages. The fee was designed to cover losses projected as a result of the COVID-19 pandemic. “The success of FHFA and Fannie and Freddie’s COVID-19 policies reduced the impact of the pandemic and were effective enough to warrant an early conclusion of the Adverse Market Refinance Fee.” FHFA’s expectation is that those lenders who were charging borrowers the fee will pass cost savings back to borrowers.

“Santa Claus has come early for homeowners looking to refinance their mortgages,” said Greg McBride, chief financial analyst for Bankrate.com. “The fee had often resulted in an increase of one-eighth percentage point in rate.” (more…)

Open Houses Sunday July 18

Here are today’s Open Houses:

Click on these links for details: (more…)

Essex County Mid-Year 2021 Market Report

The real estate market in Essex County continued to boom in the first half 2021 (H1 2021), with multiple offers the norm for most properties. The COVID-inspired slowdown in the second quarter of 2020 impacted sales – which were delayed – rather than prices. Thus, while Year- on- Year (YOY) increases in sales are from an artificially low base, the increase in median prices is real.

The median SFH price in H1 2021 broke through $600,000, just a year after reaching $500,000 for the first time.

In H1 2021 only 5 of the 34 cities and towns – Amesbury, Lynn, Methuen, Haverhill and Lawrence – had a median SFH price under $500,000, while 16 had median prices above $750,000. Every town except Middleton saw double digit increases YOY, while Marblehead was the only town where the H1 2021 median SFH price was lower than in H1 2020.

The median condo price increased more modestly, increasing by “only” 12.1% YOY to $379,000.
(more…)