June Housing Inventory: still way below 2020 levels
There has been a sharp increase in the number of properties for sale in the last three months, but while this takes inventory of SFHs above the year ago level, it remains well below that of 2020:
Single Family Homes
Condos
The number of Condos available has also jumped, but in this case still remains below year ago levels:
Free Property and Mortgage Fraud alert notification for homeowners
It has been reported by the FBI that one of the quickest growing white collar crimes in America is property and mortgage fraud. This happens when a person knowingly records a fraudulent document making it appear that they own another person’s property or that the owner owes them money.
Southern Essex’s state-of-the-art Property Watch Service allows you to view the document the same day it was recorded and print it at no cost.
How it works: (more…)
Swampscott House on over 1 acre with HUGE potential
This property has HUGE potential. It offers a large (3,376 sq. ft.), home on over 1 acre of land located on top of a hill situated in the middle of tranquility and privacy. The home offers plenty of space and is ready for your updating and great ideas. Very convenient to the Swampscott train station, restaurants, shopping, the high school and less than a mile to the beach. Great opportunity to create your own dream home in a wonderful seaside community.
Click 41 Spinale Road for more details and call me on 617.834.8205 to arrange a private showing.
Andrew Oliver, M.B.E.,M.B.A.
Market Analyst | Team Harborside | teamharborside.com
m.617.834.8205
www.OliverReportsMA.com
ajoliver47@gmail.com
“If you’re interested in Marblehead, you have to visit the blog of Mr. Andrew Oliver, author and curator of OliverReportsMA.com. 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, Salem, Beverly, Lynn and Swampscott.”
Licensed in Florida
www.OliverReportsFL.com
Why This Housing Market Is Not a Bubble Ready To Pop
According to this report from Keeping Current Matters the major reason for the housing crash 15 years ago was a tsunami of foreclosures. With much stricter mortgage standards and a historic level of homeowner equity, the fear of massive foreclosures impacting today’s market is not realistic.
Homeownership has become a major element in achieving the American Dream. A recent report from the National Association of Realtors (NAR) finds that over 86% of buyers agree homeownership is still the American Dream.
Prior to the 1950s, less than half of the country owned their own home. However, after World War II, many returning veterans used the benefits afforded by the GI Bill to purchase a home. Since then, the percentage of homeowners throughout the country has increased to the current rate of 65.5%. That strong desire for homeownership has kept home values appreciating ever since. The graph below tracks home price appreciation since the end of World War II:
Myths about today’s Housing Market
Andrew Oliver, M.B.E.,M.B.A.
Market Analyst | Team Harborside | teamharborside.com
www.OliverReportsMA.com
m.617.834.8205
Licensed in Florida
www.OliverReportsFL.com
5 tips on how not to disappear in the hybrid workplace
When remote work was mandatory and all or most of your co-workers, your boss, and many of your external stakeholders were remote, the playing field was level. There was a real sense that we were all “in this together.” People were remarkably understanding and accepting of quirky situations, whether IT related or the result of the blurred line between home and work (think dogs barking and children crying during meetings). That kind of tolerance is now rare. And it’s just one of many pitfalls for remote workers.
Whether you are fully remote or in a hybrid work environment, avoid the “Zoom ceiling” by understanding and working around the potential pitfalls that come from lowered visibility in the office.
Knowledge at Wharton, a business journal from the Wharton School of the University of Pennsylvania, has suggested five steps to position yourself better for greater visibility to ensure that you are getting recognition for your accomplishments and staying in line for promotions and desirable assignments. Make sure your employer knows you aren’t stepping off the ladder. (more…)
Why are Mortgage Rates so high?
Yes, interest rates are rising and with that so are mortgage rates, but the 30-year Fixed Rate Mortgage (FRM) seems to be about 0.5% higher than I would expect.
First, current rates:
In my recent article The Federal Reserve and Mortgage Rates I explained the link between the FRM and the 10-year Treasury yield (10T). The difference – the spread – has average around 1.7% over time, but with significant fluctuations during periods pf stress.
Here is the chart highlighting the spread at the time of Federal Funds rate changes – and as of this week: (more…)
Did You Know?
* Though just 17% of the U.S. population is 65 or older, United Van Lines reports that seniors in that age group completed 29% of all its moves in 2020. Sumter County, Florida has one of the highest levels of inbound migration of seniors in the U.S. thanks in large part to the Villages, a sprawling retirement community more than 50 miles northwest of Orlando. But large cities are seeing an influx of older people seeking the excitement and variety/volume of entertainment/restaurant options. (WSJ)
* In the 4th quarter of 2021, investors bought 18.4% of the US homes that were purchased, a record high. And possibly one of the biggest drivers of housing inflation? Higher purchase prices + higher rents = essential demand for higher wages. (FT)
* The median monthly payment on a new mortgage is now taking up a much larger share of a typical consumer’s income. It jumped 8.3% in February compared with January. The average rate on the 30-year fixed mortgage shot significantly higher yesterday, rising 24 basis points to 4.95%. The quicker-than-expected rise in rates has weighed on demand for mortgages and refinancing loans. With both rates and prices considerably higher, the median mortgage payment is now more than 20% higher than it was a year ago. And so is pricing in some parts….Now comes the question: are incomes that much higher to sustain this? (CNBC)
* The average bonus paid to securities industry employees in New York climbed 20% to a record $257,500 for 2021, the largest increase in bonuses since 2009. Securities industry jobs make up just 5% of private sector roles, but accounted for 18%, or $14.9 billion, of state tax collections in the 2021 fiscal year. (CNBC)
And read these recent articles: (more…)
New Listings mid-week March 23
It may be Spring but there is no spring in New Listings:
Click on these links for details:
Marblehead New Listings
Swampscott New Listings
Salem New Listings
Beverly New Listings
Lynn New Listings
And inventory remains chronically low: (more…)
New Listings mid-week March 16
Here are the latest New Listings:
Click on these links for details:
Marblehead New Listings
Swampscott New Listings
Salem New Listings
Beverly New Listings
Lynn New Listings
While inventory is always low at this time of year, this year it is really low:
And read these recent articles:
Federal Reserve: “Make me responsible…. but not yet”
Marblehead’s disappearing Inventory
Is Real Estate seasonal?
Can the Federal Reserve prevent a Recession?
How Marblehead’s 2022 Property Tax Rate is calculated
Essex County 2022 Property Tax Rates: Town by Town guide
Guide to Buying and Selling in Southwest Florida
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 ajoliver47@gmail.com.
Andrew Oliver, M.B.E.,M.B.A.
Market Analyst | Team Harborside | teamharborside.com
REALTOR®
m 617.834.8205
www.OliverReportsMA.com
“If you’re interested in Marblehead, you have to visit the blog of Mr. Andrew Oliver, author and curator of OliverReportsMA.com. 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, Salem, Beverly, Lynn and Swampscott.”
__________________
Andrew Oliver, M.B.E., M.B.A.
Real Estate Advisor
Andrew.Oliver@Compass.com
www.TheFeinsGroup.com
www.OliverReportsFL.com
————
Compass
800 Laurel Oak Drive, Suite 400, Naples, FL 34108
m: 617.834.8205
Sunday Snippets: Did You Know?
* Tech meets TREES? 🤔 Trees help with stormwater attenuation, store carbon, improve air quality, provide shade for humans and offer habitats for wildlife…..but as the climate changes, some trees are not surviving/thriving in their current habitat and arborists are identifying the trees that will survive and thrive going forward. i-Tree is a state-of-the-art, peer-reviewed software suite from the USDA Forest Service that provides urban and rural forestry analysis and benefits assessment tools. (FT)
* The median age of a US homebuyer has risen from 31 in 1981 to around 45! If we average leaving home around the age of 20 and rent for 25 years before buying, that equates to $300k lost to rent if your rent is $1,000/month….. $600k if it’s $2,000/month…..and $ 1million if you average $3,333/month! (FT)
* Gen Z — those born between 1997 and 2012 — has become the most active faction in the housing market, flocking to major cities that some claimed were doomed in the pandemic. Manhattan’s social scene and job climate led to a 63% jump in Gen Z rental applications year-over-year. Zoomers made up 27% of Manhattan renters last year, up from 17% the year before as they contend with an increasingly tight market. Other major cities to see a spike in its share of Gen Z renters include San Jose (52%), Los Angeles (45%) and Irving, Texas (37%). Gen Z is the only generation to have its activity surge in the past year. There were 220,000 more rental applications from Zoomers in 2021 than the year before, making up 27% of the rental application market, trailing only millennials (45%). So yes, I was not hallucinating when I noticed everyone around me getting younger and prettier in Manhattan! (RENT CAFE)
* The number of unincorporated self-employed people in the U.S. reached 10 million in February, or 400,000 more than when the pandemic began. It soared as high as 10.3 million last summer. Being a self-employed, independent contractor has pro’s and con’s! (WSJ) (more…)
New Listings week ending March 11
Here are the latest New Listings:
Click on these links for details:
Marblehead New Listings
Swampscott New Listings
Salem New Listings
Beverly New Listings
Lynn New Listings
While inventory is always low at this time of year, this year it is really low:
And read these recent articles:
Federal Reserve: “Make me responsible…. but not yet”
Marblehead’s disappearing Inventory
Is Real Estate seasonal?
Can the Federal Reserve prevent a Recession?
How Marblehead’s 2022 Property Tax Rate is calculated
Essex County 2022 Property Tax Rates: Town by Town guide
Guide to Buying and Selling in Southwest Florida
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 ajoliver47@gmail.com.
Andrew Oliver, M.B.E.,M.B.A.
Market Analyst | Team Harborside | teamharborside.com
REALTOR®
m 617.834.8205
www.OliverReportsMA.com
“If you’re interested in Marblehead, you have to visit the blog of Mr. Andrew Oliver, author and curator of OliverReportsMA.com. 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, Salem, Beverly, Lynn and Swampscott.”
__________________
Andrew Oliver, M.B.E., M.B.A.
Real Estate Advisor
Andrew.Oliver@Compass.com
www.TheFeinsGroup.com
www.OliverReportsFL.com
————
Compass
800 Laurel Oak Drive, Suite 400, Naples, FL 34108
m: 617.834.8205
Quick Upgrades to Transform Your Property
Photo by Blue Bird from Pexels
If you own a home, chances are you’ll make improvements at some point. Whether you’re looking to increase your property value or make your space better suited for your needs, there are many reasons you should follow through with these updates.
However, knowing where to start can be challenging. What renovation has the biggest impact on my property value? What upgrade is best suited for my family’s needs? Answering these questions can help point you in the right direction. But to help you find your starting point, we’ve listed a few popular home upgrades that can take your property to the next level. (more…)
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