Marblehead Christmas “Walk” weekend
The first weekend in December sees Marblehead’s Christmas Walk. No surprise, it will be somewhat different this year….
Last night saw a drive-by viewing of the Christmas Tree in National Grand’s parking lot, while those venturing out today will be greeted by heavy rain turning into snow later. Thank you 2020!
At least tomorrow’s weather looks better. (more…)
New Listings week ending December 4
Just a handful of New Listings this week:
Click on these links for the New Listings: (more…)
Essex County housing inventory plunges even further
Single Family Homes
After years of decline, the number of SFHs for sale in Essex County on the first of the month compared with a year earlier (YOY) increased from August 2018 until June 2019. The decline then resumed, and has accelerated throughout 2020:
Open Houses weekend December 5/6
Here are this weekend’s Open Houses. This list will be updated on Sunday morning (because of the quirks of MLS some of the Sunday Open Houses don’t show up on Saturday.)
(more…)
Conforming Mortgage Loan Limits raised for 2021
The Federal Housing Finance Agency (FHFA) has announced the maximum conforming loan limits for mortgages to be acquired by Fannie Mae and Freddie Mac in 2021. In most of the U.S., the 2021 maximum conforming loan limit for one-unit properties will be $548,250, an increase of 7.4% from $510,400 in 2020. FHFA has determined that the average U.S. home value increased by that amount between the third quarters of 2019 and 2020.
Essex County
The first table shows the limit both nationally and in Essex County in recent years, as well as the maximum home price that would qualify for a conforming loan. Since 2012 the limit has increased 31% nationally and 55% in Essex County.
Massachusestts (more…)
New Listings after Thanksgiving
These are the first New Listings after Thanksgiving: (more…)
How Marblehead’s 2021 Property Tax Rate is Calculated
This article, which explains how the tax rate is calculated, is a follow up to Marblehead’s 2021 Property Tax Rate
The formula is actually very simple: take the $ amount of the previous year’s Tax Levy, add 2.5% for Proposition 2 1/2, and also add any New Growth (such as new construction or a condo conversion). This figure is the new tax levy. To this figure is added debt service – the Principal and Interest payable on the town’s debt. – to produce the new Tax Levy.
Here are the numbers for Fiscal Years 2020 and 2021, remembering that FY 2021 runs from July 2020 to June 2021. (more…)
Open Houses Sunday November 29
Some things don’t change. Normally there are few Open Houses on the Sunday after Thanksgiving. Well maybe a slight change – there are even fewer than usual. (more…)
New Listings post Thanksgiving
Just a handful of New Listings in Thanksgiving week: (more…)
Marblehead’s 2021 Property Tax Rate
Marblehead’s property tax rate for FY 2021 (July 1, 2020 – June 30, 2021) has been certified by the State at $10.42, compared with my estimate of $10.40. Note that the certified rate is 1 ct less than the rate approved by the Board of Selectmen. I suspect that the difference is due to the State rounding down and the town rounding up as by my calculation the actual rate was $10.423.
The FY2021 proposed assessments are based primarily on calendar 2019 market sales and reflect the value as of January 1, 2020. The median SFH assessment for 2021 increased 4.1% from $674,000 to $702,000, and the median tax bill will increase 4.6% from $7,003 to $7,322.
As usual, Marblehead will have the same rate for commercial property and for residential.
I will post an article explaining how the rate is calculated when I have the full details, and will also post my regular articles showing the tax rates for all 34 cities and towns in Essex County when they have all been certified. – only 7 have been to date.
How is Marblehead’s 2020 Property Tax rate calculated?
Essex County 2020 property tax rates: a Town by Town guide
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
www.OliverReports.com
Andrew.Oliver@SothebysRealty.com
Sotheby’s International Realty® is a registered trademark licensed to Sotheby’s International Realty Affiliates LLC. Each Office Is Independently Owned and Operated
“If you’re interested in Marblehead, you have to visit the blog of Mr. Andrew Oliver, author and curator of OliverReports.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.”
Some people use stats the way a drunk uses a lamppost: for support rather than for illuminatio.
Open Houses weekend November 28/29
Rather like the turkey by this stage, it’s slim pickings for this weekend’s Open Houses. This list will be updated on Sunday morning (because of the quirks of MLS some of the Sunday Open Houses don’t show up on Saturday.)
Click on these links for details:
Marblehead Open Houses
Swampscott Open Houses
Salem Open Houses
Beverly Open House
Lynn Open Houses
Mortgage Rates: Another new low
Goodbye Boston, Hello Marblehead
Why now is a GREAT time to sell (more…)
Last New Listings before Thanksgiving
These are the last New Listings before Thanksgiving: (more…)
Mortgage Rates: Another new low
As if in response to my questioning whether mortgage rates were about to rise in Mortgage Rates: another Head Fake or Early Warning? the 30-year Fixed Rate Mortgage (FRM) as reported by Freddie Mac dropped to yet another new low this week of just 2.72%.
This is the moment when you turn to a friend or family member – probably the latter at the moment – and say “when I bought my house in 19xx the rate was – fill in the blank, 7%,8% or whatever.” My highest was 7.3% in 1999. (more…)
Last Open Houses before Thanksgiving
Here are today’s Open Houses (as always, rather more Open Houses are scheduled for today than were shown when the list was published yesterday): (more…)
Open Houses weekend November 21/22
Here are this weekend’s Open Houses. This list will be updated on Sunday morning (because of the quirks of MLS some of the Sunday Open Houses don’t show up on Saturday.) (more…)
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