How to buy a used jet
There are many pressing issues today – what will North Korea do? Are we experiencing global warming or global weirding? Or both. How will our children ever pay off those monstrous student loans? And, of course, where can I buy a used jet.
I can’t help with the first few of these concerns, but I have found an article in Barron’s explaining How to buy a used jet.
The most striking difference between the housing market and the used jet market is inventory. There are way too few homes for sale, but the good news for jet buyers is that supply is still plentiful.
Colibri Aircraft, a reseller of airplanes, reports that the average asking price across six different private-jet types plunged 35% from 2014 to 2017, as time on the market increased from 345 days to 391 days. It’s tempting for bargain hunters: There is simply too much airborne aluminum around—and not enough cash.
So, if you don’t find what you are looking for at today’s Open Houses, you can always buy a jet.
If you are looking to buy, I will contact you immediately when a house that meets your needs is available. In this market you need to have somebody looking after your interests.
Are you thinking about selling? Read Which broker should I choose to sell my house?
Please contact me on 617.834.8205 or Andrew.Oliver@SothebysRealty.com for a free market analysis and explanation of the outstanding marketing program I offer
Andrew Oliver is a Realtor with Harborside Sotheby’s International Realty. Each Office Is Independently Owned and Operated
@OliverReports
Strong Sellers’ Market heading into Fall
Click Strong Sellers’ Market to download this report detailing the current supply, by price, for the Both SFHs and Condos, for Marblehead, Swampscott, Salem, Beverly and Essex County overall.
A market is generally regarded as being in equilibrium when there is enough supply to accommodate 6 months of sales. When there is less than 6 months of supply it is called a sellers’ market – i.e. the market favors sellers rather than buyers. Currently, as shown in the report, supply is running at 1-3 months.
The numbers above are for the markets at all price points. In general there is more supply at higher price points, meaning that the market for buyers at lower price points is even tighter than these figures imply.
If you are looking to buy, I will contact you immediately when a house that meets your needs is available. In this market you need to have somebody looking after your interests.
Are you thinking about selling? Read Which broker should I choose to sell my house?
Please contact me on 617.834.8205 or Andrew.Oliver@SothebysRealty.com for a free market analysis and explanation of the outstanding marketing program I offer
Andrew Oliver is a Realtor with Harborside Sotheby’s International Realty. Each Office Is Independently Owned and Operated
@OliverReports
Housing Inventory really has fallen sharply
We know, in general, that housing inventory has dropped sharply in recent years. The following 4 charts show the detail: the first two for Marblehead, Swampscott, Salem, Beverly and Lynn; and the last 2 for Essex County and Massachusetts as a whole, for both SFHs and Condos.
Marblehead, Swampscott, Salem, Beverly and Lynn
(more…)
Inventory Challenges Continue
This chart from the National Association of Realtors sums up the continuing shortage of houses for sale:
If you are looking to buy, I will contact you immediately when a house that meets your needs is available. In this market you need to have somebody looking after your interests.
Are you thinking about selling? Read Which broker should I choose to sell my house?
Please contact me on 617.834.8205 or Andrew.Oliver@SothebysRealty.com for a free market analysis and explanation of the outstanding marketing program I offer
Andrew Oliver is a Realtor with Harborside Sotheby’s International Realty. Each Office Is Independently Owned and Operated
@OliverReports
Buyers gaining on Sellers – again
One of the unusual features of the housing market this year has been the absence of the normal seasonal increase in supply of homes for sale.
The table below shows inventory for the last three weeks for both SFHs and Condos (with current inventory in bold) and compares it with inventory at the beginning of the year.
Source: andrewJoliver.com
Why did inventory increase in the week ending May 20? Well, May 14 was Mother’s Day and there were no Open Houses. So Mum may have got flowers and a card, maybe brunch, but she didn’t get a new home as the number of houses receiving offers dropped sharply in the following week, leading to an increase in inventory.
Last weekend there was a full slate of Open Houses and this week the number of properties receiving offers jumped up again – and hence inventory dropped as there were fewer new listings.
But now, look at the last two columns and see that, with the exception of Swampscott and Lynn, the increase in SFHs for sale since the beginning of the year has been unusually low, while the supply of condos has actually dropped in 4 of the 5 towns.
Another phenomenon this year has been the slow pace of sale at the higher end, certainly above $1.5 million. I shall report on this in more detail in a later report, but look at these numbers for Marblehead so far this year:
Source: MLS
The lower average price is driven by the drop in sales over $1.5 million from 7 in 2016 to just one so far in 2017.
I have reported in recent weeks about 60 groups attending an Open House in Swampscott for a house priced in the $500ks and 90 at one in Marblehead priced in the $600ks, and this past week a house in the $700ks received 10 offers. Clearly, demand in this price range remains very strong and indeed seems to be growing.
And while sales of houses over $1 million have been slow, some 20 groups toured an Open House for a home listed above $1.3 million.
Is it just timing at the higher end or is there something more fundamental occurring? That is a question I shall try to answer in another post in the near future. What I can say is that there are currently only 19 SFHs for sale in Marblehead under $1 million – and at this date last year there were 45.
Are you thinking about selling? Read Which broker should I choose to sell my house?
Please contact me on 617.834.8205 or Andrew.Oliver@SothebysRealty.com for a free market analysis and explanation of the outstanding marketing program I offer
If you are looking to buy, I will contact you immediately when a house that meets your needs is available. In this market you need to have somebody looking after your interests.
Andrew Oliver is a Realtor with Harborside Sotheby’s International Realty. Each Office Is Independently Owned and Operated
@OliverReports
Thinking of Selling? Now Is the Time to Act
If you have been thinking about selling your home this year, now may be the time to do it. The inventory of homes for sale is well below historic norms and buyer demand is skyrocketing.
Read Sellers: now is the time to act.
Then read Which broker should I choose to sell my house? (more…)
Housing inventory: a town by town guide
The number of SFHs for sale in Essex County is down 16% from a year ago, while there are 28% fewer Condos for sale. In Massachusetts overall those numbers are declines of 24% and 19% respectively.
Here is a breakdown for each city and town in Essex County;
Single Family Homes (SFH)
Oliver Reports, MLS
Condos
AndrewJOliver.com, MLS
Comment
The law of supply and demand is quite straight forward: if demand exceeds supply prices rise. With mortgage rates also expected to rise this year, buyers are demonstrating urgency. With so little supply, sellers are also able to ask higher prices.
Are you thinking about selling? Read Which broker should I choose to sell my house?
Please contact me on 617.834.8205 or Andrew.Oliver@SothebysRealty.com for a free market analysis and explanation of the outstanding marketing program I offer
If you are looking to buy, I will contact you immediately when a house that meets your needs is available. In this market you need to have somebody looking after your interests.
Andrew Oliver is a Realtor with Harborside Sotheby’s International Realty. Each Office Is Independently Owned and Operated
@OliverReports
Housing Inventory plummets – no April Fool
Inventory is sharply down compared with a year ago. In Essex County the number of Single Family Homes (SFH) for sale has dropped by 25%, while the number of condos available is down 28%. In Massachusetts as a whole the declines are 24% for SFHs and 19% for condos.
As to be expected, the biggest declines are at the lower ends but we are seeing shrinking inventory in most price brackets.
This report breaks down inventory by price for 5 North Shore towns, plus Essex County and Massachusetts.
Marblehead and Swampscott
The cheapest SFH for sale in Marblehead is $534,900 and in Swampscott $474,900. There are just 15 SFHs for sale in Marblehead under $750,000 and 10 in Swampscott. Thee are just 5 Condos for sale under $500,000 in Marblehead and 6 in Swampscott.
Oliver Reports, MLS
Salem, Beverly and Lynn
There is a pretty consistent drop in inventory. The increase in Beverly SFHs in the $750,000 – $1 million range reflects new construction. There has also been a pick up in Salem condos in the $350-500,000 range.
Oliver Reports, MLS
Essex County and Massachusetts
And so also in both Essex County and Massachusetts: the decline in inventory has now reached up to higher price points.
Oliver Reports, MLS
Comment
As I keep saying: low inventory + strong demand + an improving economy is a recipe for higher prices. Now is a great time to sell and also to buy – if you can find a house that meets your needs.
If you are looking to buy, I will contact you immediately when a house that meets your needs is available. In this market you need to have somebody looking after your interests.
Are you thinking about selling? Read Which broker should I choose to sell my house?
Please contact me on 617.834.8205 or Andrew.Oliver@SothebysRealty.com for a free market analysis and explanation of the outstanding marketing program I offer
@OliverReports
How Low Supply and High Demand impacts the real estate market
Source: NAR
How Low Supply and high demand impacts the real estate market
Are you thinking about selling? Read Which broker should I choose to sell my house?
Please contact me on 617.834.8205 or Andrew.Oliver@SothebysRealty.com for a free market analysis and explanation of the outstanding marketing program I offer
If you are looking to buy, I will contact you immediately when a house that meets your needs is available. In this market you need to have somebody looking after your interests.
Andrew Oliver is a Realtor with Harborside Sotheby’s International Realty. Each Office Is Independently Owned and Operated
@OliverReports
What this week’s storm told us about housing prices in 2017
During Tuesday’s storm a tree came down on the roof of my house (fortunately the fall was cushioned and there was no damage to the house), but on Wednesday I wanted the tree removed before any further excitement. I contacted tree removal companies – and guess what? Yep, they were inundated with calls. So what happened to their prices do you think? Right again – they sky-rocketed, like Uber surge pricing on New Year’s Eve.
Both the tree removal and Uber pricing are examples of a simple economic law: that of supply and demand. In both cases, demand far exceeded supply and when that happens economic theory suggests prices rise. And they sure did on Wednesday!
Trees and real estate prices
What does this mean for real estate prices in 2017?
Well look at this chart, produced by the National Association of Realtors (NAR). Inventory has dropped year over year for 20 months in a row
A mismatch between supply and demand can occur either through too much demand or too little supply – think of how OPEC used to keep oil prices high by reducing production – i.e. reducing supply.
Now look at the chart above. The dotted line represents 6 months of supply – the level at which house prices are regarded as being in equilibrium between buyers and sellers. If there is more than 6 months of supply, equilibrium swings in favor of buyers who they have plenty of choices and so can determine prices. But when, as for the last few years, supply is less than 6 months, equilibrium swings in favor of sellers. So what happens to prices? They go up.
Nationally, according to the Federal Housing Finance Agency, home prices in the last 5 years have increased by 5%, 7%, 5%, 6% and 6% – pretty consistent and steady gains.
Should I wait for a better time to buy?
I don’t think the issue is one of timing as much as finding the right house, as I expect house prices to continue to rise (supply and demand) while mortgage rates are also likely to head higher as the year progresses.
A lot of buyers are hoping that there will be new inventory come the spring. That should indeed happen and when it does there is likely to be a lot of competition, which is why it is important for buyers to put themselves in the best position to be able to buy. And that means using a buyer agent to work on your behalf.
If you are looking to buy, I will contact you immediately when a house that meets your needs is available. In this market you need to have somebody looking after your interests
If you are planning to sell read Which broker should I choose to sell my house?
Please contact me on 617.834.8205 or Andrew.Oliver@SothebysRealty.com for a free market analysis and explanation of the outstanding marketing program I offer
Andrew Oliver is a Realtor with Harborside Sotheby’s International Realty. Each Office Is Independently Owned and Operated
@OliverReports
Housing Inventory continues to decline
The number of Single Family Homes (SFH) for sale at the beginning of December in both Essex County and Massachusetts has fallen by nearly a quarter over the last two years, with most of that decline coming in the last year, as shown in the charts below: (more…)
Housing Inventory down 20%
Housing inventory is down just over 20% from last year in the whole of Essex County and is down by a quarter since 2014. The drop from 2014 to 2015 was quite modest, but has been sharp over the last year. Just 3 of Essex County’s 34 cities and towns show an increase in supply from last year, with 31 showing declines, in many cases substantial ones.
As sales for September are updated in MLS over the next few days I will publish an article showing the inventory in terms of months of supply based upon sales for the last 3 and last 12 months.
Here are the numbers by town:
Source: MLS, Oliver Reports
Comment
Low mortgage rates, an economy growing steadily if not spectacularly and low inventory continue to drive the market in Essex County.
If you are considering selling your home please contact me on 617.834.8205 or Andrew.Oliver@SothebysRealty.com for a free market analysis and explanation of the outstanding marketing program I offer.
Not sure which broker to use to sell your home? Read Which broker should I choose to sell my house?
If you are looking to buy, I will contact you immediately when a house that meets your needs is available. In this market you need to have somebody looking after your interests.
Andrew Oliver is a Realtor with Harborside Sotheby’s International Realty. Each Office Is Independently Owned and Operated
@OliverReports
Mid-Year housing inventory down sharply
Preliminary data (a lot of sales scheduled to close by 6/30 have not been entered into MLS as yet) suggest that sales were up 14-20% in Essex County and Massachusetts in the first half of the year, and median price up 3-4%. The following table shows current inventory for local towns, Essex County and Massachusetts as a whole. The highlighted last column shows the change from a year ago. There are some huge changes, all showing lower inventory.
If you are considering selling your home please contact me on 617.834.8205 or Andrew.Oliver@SothebysRealty.com for a free market analysis and explanation of the outstanding marketing program I offer.
Read Which broker should I choose to sell my house?
If you are looking to buy, I will contact you immediately when a house that meets your needs is available. In this market you need to have somebody looking after your interests.
Andrew Oliver is a Realtor with Harborside Sotheby’s International Realty. Each Office Is Independently Owned and Operated
@OliverReports
How long have Marblehead houses been on the market?
A lot has been written about the shortage of houses for sale this year – the low inventory – so I decided to look at the current market in Marblehead and see how long houses have been on the market in the different price categories.
What I have noticed in the last few years is that sometimes, for no apparent reason, a house sits on the market for some time unsold. And therein can lie opportunity, so if you are looking to buy check out the full current list of Marblehead SFH for sale. (more…)
Supply of houses for sale after Labor Day
As we enter the second phase of the 2015 home-buying season, I have looked at the supply of houses for sale after Labor Day and compared it with this time last year for every city and town in Essex County.
Overall, the supply has dropped from 4.4 months* to 3.9 for Essex County overall (and from 5.4 months to 4.7 for the whole of Massachussetts). The number of towns with supply of less than 3 months has increased from 6 to 10, while the number with more than 10 months of supply has dropped from 4 to 1. (more…)
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