New Listings mid-week July 28
Here are the latest New Listings:
Click these links for details: (more…)
Open Houses Sunday June 27
Here are today’s Open Houses (note that the one on 26 Lafayette St, Marblehead has been postponed until July 3):
Click on these links for details: (more…)
Marblehead Town Elections TODAY
The youth and exuberance of Marblehead can be seen in two way:
– the number of young people out and about with strollers (and, of course, dogs)
– the large number of candidates in the town elections this coming Tuesday
The most contested positions are Selectmen (15 candidates for 5 members), Light Commissioner, School, and Recreation and Park.
Here is the sample Marblehead ballot (more…)
Team Harborside recognized on America’s Best Real Estate Professionals list
Team Harborside’s team of agents has been recognized amongst the 2021 REAL Trends America’s best real estate professionals. This list, now in its 9th year, consists of the top 1.5% of more than 1.4 million licensed Realtors® nationwide.
It is an honor to be ranked alongside the top real estate professionals in the nation. We are grateful to our colleagues and clients who made this possible. It is our privilege to assist you in selling, buying or investing in real estate.
While this accolade is truly humbling, having repeat clients and our team recommended time and time again means more to us than anything. When looking back at our business over the past year, it was primarily driven by referrals. It is our privilege to assist you in selling, buying or investing in real estate.
June Housing Inventory: same old same old
Housing inventory for the 34 cities and towns of Essex County in pictures:
Single Family Homes
Condos
Mortgage rates
After moving up for several weeks the 30-year Fixed rate Mortgage dropped blow 3% again. Note how cheap 15-year mortgages are for those who can afford the extra payment.
Comment (more…)
The Real Estate Market Isn’t in a Bubble
The soaring housing market is prompting more “bubble” fears in some corners, but economists say the housing market isn’t getting overinflated: it’s just too much demand and too little supply.
“We have strong conviction that we are not experiencing a bubble in U.S. housing,” Vishwanath Tirupattur, a Morgan Stanley strategist, wrote in a note to clients this week.
Lawrence Yun, chief economist of the National Association of Realtors®, agrees. He told Axios last month: “This is not a bubble. It is simply lack of supply.”
Morgan Stanley points out that this isn’t 2006. (more…)
New Listings on Cinco de Mayo
No Cinco de Mayo celebration for New Listings which remain at a low level:
Click on these links for details: (more…)
Open Houses Sunday May 2
Here is today’s updated Open House list:
Team Harborside is moving to a new website this weekend and I cannot link directly to the Open Houses for individual towns yet. To see the list of Open Houses, go to www.teamharborside.com/search-homes and enter the town(s) and check Open Homes:
May Housing Inventory: massive decline continues
Housing inventory for the 34 cities and towns of Essex County in pictures:
Single Family Homes
Condos
Mortgage rates
After moving up for several weeks the 30-year Fixed rate Mortgage has dropped blow 3% again. Note how cheap 15-year mortgages are for those who can afford the extra payment.
(Freddie Mac weekly survey)
Comment (more…)
New Listings mid-week April 28
A modest number of New Listings again this week:
Click on these links for details: (more…)
Naples Housing Market – onwards and upwards
The March 2021 Market Report, released by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island), shows that March was the highest performing month in the 13 years NABOR has tracked these metrics.
Sellers are raising prices and multiple offers are still coming in,” said Budge Huskey, CEO, Premier Sotheby’s International Realty. “This is because inventory is limited, and more sellers are realizing now is a good time to place their home on the market and get top value in the current market conditions!”
Broker analysts predict the level of demand experienced in March is sustainable and should be expected to continue for the next few months, or longer. “Season was disrupted this year because many people elected to hold off relocating until they were fully vaccinated,” added Huskey. “Agents also report that many seasonal visitors are staying longer than in previous years, possibly because they can afford to wait in anticipation of more homes becoming available in the luxury market. I believe we’ll continue to see more newcomers from northern states looking for homes in the high end in the coming months. Beyond that, and as we enter the summer season, we might begin to see a second wave of international buyers entering our market as travel restrictions begin to relax.”
Median closed prices in March increased 12.2 percent to $415,000 (the highest median price increase month/month on record since 2008) from $370,000 in March 2020. In March 2021, there were just 1,819 homes in inventory (the lowest it has been since 2014), which was a 73.2 percent decrease from 6,795 homes in inventory in March 2020.
The March report revealed that the Naples area now has only a 1.6 month supply of homes available to buyers
The following charts give a visual summary of market activity: (more…)
Hello sub 3% mortgages – again
This week’s drop below 3% – again – reminded me that the only one thing more fraught than commenting on mortgage rates is trying to predict where rates are headed. (see below for some of my posts about mortgage rates.)
After rising steadily from 2.65% at the beginning of the year to 3.18% by the end of March, the 30-year Fixed Rate Mortgage (FRM) has backed off again and this week the rate dropped back under 3%.
Freddie Mac weekly survey
The US is 3.8 Million Homes Short
The U.S. housing market needs nearly 4 million single-family homes to meet the nation’s demand, according to a new analysis from Freddie Mac. The 3.8 million shortfall marks a 52% increase in the housing shortage since 2018.
“This is what you get when you underbuild for 10 years,” says Sam Khater, Freddie Mac’s chief economist. “We should have almost four million more housing units if we had kept up with demand the last few years.”
Lawrence Yun, chief economist of the National Association of REALTORS®, has been among real estate economists leading the calls over the last few years for greater inventory and more homebuilding to meet demand. “We need to build more homes,” Yun told NPR, adding that since the housing crisis more than a decade ago, homebuilders have been building too few homes.
The housing shortage mixed with strong buyer demand since the pandemic is prompting home prices to rise rapidly. The median existing-home price for all housing types in February was $313,000, up 15.8% compared to a year earlier, according to the National Association of REALTORS®.
New Listings mid-week April 21
A modest number of New Listings again this week:
Click on these links for details: (more…)
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