New listings this week
The slow pace of new listings continues, but this weekend’s rainy weather gives buyers a good opportunity to get out and visit Open Houses, a list of which I shall publish as usual tomorrow morning: (more…)
Lock box turns me into James Bond
A couple of weeks ago I published Just say no to a lock box.
This week I had several experiences with lock boxes, all of which confirmed and reinforced my previous comments and advice to sellers – do not agree to having a lock box installed!
This week’s misadventures included:
– dealing with the alarm company after I took too long to find the code in the emailed instructions
– walking into a house which had no lights on and having my buyers say “it’s so dark it feels like the middle of the night”
– having to call a listing office to get instructions (not provided to me in advance) on how to open the lock box (see below)
– being expected to provide a written response to a questionnaire after the showing so that the listing agent could send it to the seller
– trying to reach the listing agent while at the house to ask questions which she would have been able to answer had she been present
How I became James Bond
Why interest rates and mortgage rates are falling
Two weeks ago in Mortgage rates dip below 4% – again I wrote this in answer to the question about the impact on mortgage rates when the Fed does increase rates: The Fed’s move will affect short-term interest rates. As the Wall Street Journal stated this week:”Rates for fixed-rate, 30-year-mortgage loans key off the 10-year Treasury yield. So, with most observers predicting 10-year yields will remain fairly stable as the Fed begins to tighten, people with relatively good credit standing should continue to see loan rates near 4% or only a little higher.”
My point, that even if the Fed does raise rates in September – which seems less likely after the setback in world stock markets this week – the impact on mortgage rates will be limited, was reinforced by this Why are Bond Yields falling if the Fed is going to raise interest rates? Charles Schwab article. (more…)
Top 10 home wish-list items
This Boston Globe article reviews home features that were the rage in past decades and the top 10 wish-list items today.
1950s: Dens
Source: Christian Montone
Today’s Open Houses
The most notable aspect of this list is the relatively high number of SFHs in Swampscott – a market which has experienced very limited inventory this year – where today’s Open Houses range in price from $330,000 to $1.7 million. (more…)
Lynn Mid-Year 2015 Housing Market Review
The first half of the year in Lynn saw a 6% increase in the median price of a Single Family Home (SFH), steady sales and a shortage of inventory.
Median Prices
The median price for the first half of 2015 was $269,000, up 6% from $249,900 in 2014, but still 10% below the 2005 peak of $293,000:
Source: MLS, Oliver Reports
In Essex County overall, the median SFH price in the first half of 2015 was $385,000, less than 2% below the 2005 peak of $390,000. (more…)
New listings remain subdued
Another quite week for new listings and, disappointingly, still no private islands: (more…)
Essex County Mid-Year Housing Review
In the first half of 2015 the median price of a Single Family Home (SFH) increased slightly, while sales were basically flat, despite the low inventory. Distressed sales – foreclosures and short sales – were steady year on year, but are way down from the levels of 2010-2012.
Median Prices
The median price for the first half of 2015 was $385,000, up from $380,000 in 2014, and close to the 2005 peak of $390,000..
Source: MLS, Oliver Reports
This castle is “Britain’s most romantic property”
It has been described as England’s most romantic home thanks to its heart-shaped lake, believed to have been built by a former owner for his fiancée. (more…)
AAA rated Marblehead – again
As this For seventh consecutive year Marblehead attains AAA bond rating Marblehead Reporter article points out, Marblehead is one of just 45 of Massachusetts’ 351 cities and towns to be rated AAA by Standard & Poor’s.
S&P cited Marblehead’s “very strong economy, strong management with good financial policies and practices, strong budgetary performance, very strong liquidity and budgetary flexibility, strong debt and contingent liability position, and strong institutional framework” as positive credit factors, according to the Town’s press release.
These factors contribute to a robust real estate market, described thus in the Town’s Comprehensive Financial Report:”… continues to be in the revitalization stage of the real estate cycle as demonstrated by the continued number of “tear downs” and redevelopment of 17 new dwellings. Additionally, smaller subdivisions are in the planning stages. Local realtors continue to maintain that this market has seen the strongest demand since the peak of the market in 2006. Average marketing time for properties is less than 3 months if priced properly. Demand continues to outweigh supply resulting in a seller’s market and an upward trend in values.” (more…)
Still no Private Islands for sale in Essex County
One of the advantages of being part of the Sotheby’s International Realty network is that it provides access to luxury homes throughout the world, for example Elvis’s Honeymoon Hideaway.
The search options therefore include a couple of non-standard features:
Today’s Open Houses
Today may not be a great beach day so it is a good day to go to Open Houses. (more…)
First Elvis’s house, now…..
If you can’t afford the $6.9 million asking price on Elvis’s Honeymoon Hideaway( see Elvis HAS left this building) then perhaps an item from this August 13 Auction at Graceland of Elvis memorabilia will appeal. (more…)
This week’s new listings
This week’s new listings continued to be at a slow summer pace : (more…)
Summer ice in Boston and Maine
I played golf yesterday in York, Maine, and noticed that the greens were not as immaculately smooth as they usually are. I was told that the indentations were the result of Monday’s hailstorm.
And then I saw these photos in the Boston Globe with the title Summer ice in Boston. And understood the dents. (more…)
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