Boston Realtor Mike Mahoney
Michael Mahoney
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Archive for the ‘Boston Real Estate Market Update’ Category

2018 is Out the Window: Here’s the Recap

January 24th, 2019 by Michael Mahoney

Greater Boston Real Estate Report by Realtor Michael Mahoney - click display images to see the full report

2018 is Out the Window: Here’s the Recap

The Massachusetts Association of Realtors announced the year end closed sales data for 2018.

The MAR released their year end closed data on January 23, 2019 for 2018. Here is a quick summary:

Closed sales for both single-family homes and condominiums dropped year-over-year from last DecemberThere was a small drop in median price for single-family homes and condominiums compared to this time last year and the month also saw the lowest number of single-family homes for sale in the month of December since MAR began reporting the data in 2004.

Year-end data for 2018 shows that total closed sales have had a two percent decrease for both single-family homes and condominiums. The year also saw an increase in average median prices for both single-family homes and condominiums compared to 2017.  Without an increase in inventory in 2019, closed sale decreases and median price increases are trends that will likely continue.

“Whether it was December or all of 2018, the phrase that best describes this real estate market, was ‘lack of homes for sale’,” said 2019 MAR President Anne Meczywor, broker/associate at Roberts & Associates Realty Inc. in Lenox. “It’s not too much of a stretch to imagine we’ll be using the same phrase to describe 2019 if we can’t do something to increase production and encourage more homeowners who are on the fence about selling to put their homes on the market.” Massachusetts Association of Realtors President, Anne Meczywor

In the report, the MAR president said the following about mortgage interest rates.

“Interest rates are a wild card. If they rise, it could make homes less affordable and cut demand for the upper-end but may fuel increased demand in the more affordable range, which is already facing short supply.” said Meczywor.

In all of my previous blog posts, all indicators show that interest rates will remain low. The did spike up at the end of 2018 and were blamed for some of the sales. You can read the blog post titled “Existing-Home Sales Plunge 6.4%, Mortgage Rates Blamed” here

Regarding rates and the market, Fannie Mae indicates that there will probably only be one interest rate increases in 2019. Here is the article titled “Fannie Mae: Housing market will stabilize in 2019

 

 

October 17th Boston Real Estate Market Update by Realtor Michael Mahoney

October 18th, 2018 by Michael Mahoney

Greater Boston Real Estate Report by Realtor Michael Mahoney - click display images to see the full report

According to CoreLogic’s latest Home Price Insights Report, national home prices in August were up 5.5% from August 2017. This marks the first time since June 2016 that home prices did not appreciate by at least 6.0% year-over-year.

CoreLogic’s Chief Economist Frank Nothaft gave some insight into this change,

One of the major factors that has driven prices to accelerate at a pace of between 6-7% over the past two years was the lack of inventory available for sale in many areas of the country. This made houses a prized commodity which forced many buyers into bidding wars and drove prices even higher.

According to the National Association of Realtors’ (NAR) latest Existing Home Sales Report, we are starting to see more inventory come to market over the last few months. This, paired with patient buyers who are willing to wait to find the right homes, is creating a natural environment for price growth to slow.

Historically, prices appreciated at a rate of 3.7% (from 1987-1999). CoreLogic predicts that prices will continue to rise over the next year at a rate of 4.7%.

Bottom Line

As the housing market moves closer to a ‘normal market’ with more inventory for buyers to choose from, home prices will start to appreciate at a more ‘normal’ level, and that’s ok! If you are curious about home prices in your area, talk to a local real estate professional who can show you what’s going on!

Have a question about the value of your house?

Houses and Condos We Need for Buyers

As I mentioned above, the inventory is quite low. This week, we have 4 buyers that we are working with to find houses and condos for.

We need homes for the following buyers now.

Buyer #1

The next person we are looking for is a buyer who is looking purchase a condo. The buyer can spend about $200k. The condo fee should not exceed 300/month. The ideal location would be Framingham, Natick, Holliston, Ashland but we are “open” to other areas.

Buyer #2

The next buyer is a 1st time buyer who is looking to purchase in Watertown, Natick or Framingham. This buyer can spend up to 475k.

Buyer #3

We have a buyer who is looking in Dedham for About 400k – One level living is the most important factor.

Buyer #4
A young first time buyer looking ideally to be in “The Bridgewaters, Raynham, Norton or Taunton. Their purchase price is up to 325k.

If you know of anyone who may have a house or condo which fits these folks, reach out to me @
617-615-9435 or send me an email

 

Career in Real Estate

Considering a career change to real estate, eXp realty and my team is growing – Reach out if you are considering a career change. You can call me if you would like. The best # is 617-615-9435.

I am currently looking for one or two agents to join me on my team. If you are not licensed, I am happy to explore what a career in real estate may look like and how to go about licensing.

See more about eXp Realty here






logo Michael Mahoney Realtor, eXp Realty

617-615-9435
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mike@mmahoney.com

September/October 2018 Market Pulse in Greater Boston

October 10th, 2018 by Michael Mahoney

September/October 2018 Market Pulse Boston: Should We Get the Crash Cart?

According to the National Association of Realtors, the pace of existing home sales is expected to decline slightly by the end of 2018.  I will not argue that overall the economy is great with population and economic growth up and that these should be great things for the real estate market, however we are seeing an impact on the market with mortgage rates rising above 5%. Although this is still low compared to when I purchased my 1st home in 2001, the increase is affecting buyers. Declining affordability is the issue.

The market has been cooling off a bit in recent weeks, as more homes are available and demand is less. We’re already seeing prices move lower as a result. Expect this trend to continue especially if the market moves closer to a buyer’s market.

Boots on The Ground: What Did You Hear on the Frontline?

I don’t like to working in vacuum, so I often solicit real time data from people in and around my business. The most obvious place for a Realtor® to get an understanding would be from a loan officer. I recently had a meeting with Adam Bibber, a loan officer with Loan Depot and asked him what he was seeing with buyers and loans.  Here is what he had to say:

“A lot of potential buyers seem to have become fed up with the super high sales prices this year, and losing out to cash buyers. A lot of them are sitting out – waiting for prices to go down – which creates a shift in the market as there is now less demand.”

The only thing I would add is that if you wait too long, then you will pay a higher interest rate. You can always buy a less expensive home, but chances are you will not be able to change the interest rate too much. To get the latest on rates and loans, please reach out to Adam Bibber at The Loan Depot

Why “Well If Thinking” Leads to the Slaughterhouse?

Is the Market Slowing or are People Just Being More Realistic?

I think that we see a typical run up in prices in the 2nd and 3rd quarter in any given year. Each year sellers eyewitness what their neighbors homes sell for and then randomly add some factor onto the value of their house and find a real estate agent who is dumb enough to listen to them.  This moved is based largely on their own personal perspective and what I like to call “well if thinking”.   “Well if thinking” is simply a stance that sellers take which essentially says well if the neighbor’s house is worth that, then mine is certainly worth more.

If you base your pricing on “well if thinking” and not true market value, then you will certainly become one of the 13 of 15 homes on the market who have to reduce their price by 4.6% just to get interested parties to look at it.

Properties seem to be taking a little longer than they had been taking to get under agreement.  In my opinion, it’s not crashing – it’s simply balancing out.

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A Real Snapshot: Market Pricing in Walpole Massachusetts

To put this into context, I recently was working on property in Walpole, Massachusetts which is a suburb just outside of Boston by about 15 miles.  The property I was working on was priced under 500k.   This property should have gone under agreement rather quickly based on where the market has been in the last year or so. It actually took about 30 days to get an offer on the property.

As of today, there are 15 properties on the market in Walpole with a list price under 500k. The average time these have been on the market is 57 days.  Of the 15 properties on the market, 13 properties have been reduced.

In a couple of instances, some of properties were reduced twice. The average price adjustment was about 4.6% or just around $20,000.

Walpole MA Homes Chart with Recent Price ReductionsThe Bottomline

Regardless of interest rates and  “buyer frustration” families are created everyday and people need to live somewhere. The right house in the right condition with the right price sells everyday. In the United States, 5.5 million homes sell on average per year.  Essentially, 15,068 homes sell per day in the United States.  If you are planning on making a move, it’s always best to get the advice of professional.

Have a question about the value of your house?

 

 

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Michael Mahoney
Realtor
eXp Realty
Serving Greater Boston
617-615-9435
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Michael Mahoney | Greater Boston Realtor with EXP Realty

Some of the area Michael Mahoney services:
AshlandAttleboro Bellingham Boston Canton Dedham Dorchester Dover Foxboro Framingham
Franklin Holliston Hopedale  Hyde Park Mattapan Medfield Medway Milford Millis Milton Natick
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Reviews

5suzannechapman1208

I selected Mike after having a very unsuccessful experience with a previous broker. He had excellent ideas in helping to sell my house and continued to advertise it with a fresh perspective. His experience helped in a number of ways and I only wish we had... (more)

5goodlife99

This is the second property I have sold in Weymouth MA with Mike as my broker. He research the area and give you all the information you need to decide what to list your property for, so it sells timely. He also helps review and negotiate all offers and is... (more)

5SullyLemmons

We had been trying to sell our condo for well over a year and decided to give Mike a shot at it as he came well recommended. It was not easy for him but he persisted and had success. Even though it wasn't a big sale or profit for him, he acted as though it... (more)

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