New Listings week ending December 11
Very few New Listings this week and very little inventory: (more…)
“Mortgage rates low, housing prices high for three years”
CoreLogic has released its Three-Year Housing and Mortgage Outlook and the report says millennials will add substantial demand for housing, while finding low rates and high prices.
“Low mortgage rates, growing numbers of first-time buyers, and gradually rising home values are three housing market trends we expect during the next three years.”
Here is a link to the full Corelogic report: Mortgage and Housing Market Outlook
Conforming Mortgage Loan Limits raised for 2021
Mortgage Markets Return to Normal
How Marblehead’s 2021 Property Tax Rate is Calculated
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.”
New Listings mid-week December 9
These are the first New Listings after Thanksgiving. Of particular note are three of the new condos at BRIX in Salem. These units are priced at $500-550 per sq.ft. The median price of the 386 condos sold this year in Salem was $322 with just 9 selling over $500 psf.The sales prices at BRIX are a good example of the the attraction of Salem and of new, high-quality construction.
Click on these links for details:
Marblehead New Listings
Swampscott New Listings
Salem New Listings
Beverly New Listings
Lynn New Listings (more…)
Open Houses Sunday December 6
Just a handful of Open Houses again – but there again there are not many properties on the market. (more…)
Old North Festival Chorus Virtual 40th Celebration
Mortgage Markets Return to Normal
Before delving into the details, let me show you the answer, the chart showing the spread – difference- between the 30-year Fixed Rate Mortgage (FRM), as reported weekly by Freddie Mac, and the yield on the 10-year US Treasury Note (10T):
In recent years the 30-year Fixed Rate Mortgage (FRM) has averaged a spread of about 1.7% above the yield on the US 10-year Treasury (10T). (more…)
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…)
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