Michael Mahoney - Boston Realtor with Century 21
Michael Mahoney
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Greater Boston Real Estate For the Week 20 May 2020

Greater Boston Real Estate For the Week of May 20th

“There is a taste of freedom the protected will never know”

Michael Mahoney reviews the real estate market each week and publishes what is happening in the Boston real estate market.

The biggest issue that still challenges the residential real estate market is the lack of inventory.  You could really capitalize on the property you are in now if you were to market it.  Not to mention you have been sick of it since you have been in it for 10 weeks. Maybe time for a home search

Home Feeling Like a Prison – Find Your Escape Below

Watch the video below to see the detail.

After watching the two minute video below you will get a good understanding of what is happening in the Norfolk and Suffolk Counties of Massachusetts.

Greater Boston Real Estate Market Update Video

 

National Association of Realtors Economist – Worst is Over

The National Association Realtors economist, Lawrence Yun says “the worst is over”.

Lawrence Yun spoke at the National Association of Realtors Mid Year Forum and predicted that the worst is over.

Most of us are familiar with the need to flatten the COVID-19 curve, but according to National Association of Realtors Chief Economist Lawrence Yun, we also need to get back to work.

At NAR’s midyear forum last week, Yun addressed the coronavirus epidemic’s impact on the economy , Yun predicted a gradual improvement in unemployment numbers as lockdowns end, allowing more Americans to go back to work.

While Americans are already coming off of unemployment at a rate of about one million per week, another three million are filing for the first time. That’s expected to change when schools, daycare facilities, surgical centers and doctor and dentist offices reopen, allowing education and healthcare workers to return to their jobs. The health-care sector alone lost 1.4 million jobs in April, with half a million jobs cut from dentists’ offices and nearly a quarter-million cut from physicians’ offices.

“Those areas are expected to improve once the lockdown ends,” Yun said, noting education and health represent the second largest number of jobless claims after leisure and hospitality. “At least 80% of job losses right now are temporary.”

You can see the whole slide presentation given by Lawrence Yun here

Current Snapshot of Southern Norfolk and Suffolk County

The Southern Norfolk County Section of Massachusetts

Southern Norfolk County Real Estate Review

Metro Boston Real Estate Review

Metro Boston Real Estate Market Review

Mortgage Matters


Mortgage Rates Generally Hold Steady
May 14, 2020 from Freddie Mac web site

Mortgage rates have stabilized at very low levels over the last few weeks as homebuyer demand slowly improves. Although purchase applications reached a new low in mid-April, today purchase demand is only down ten percent from one year ago. While demand is improving, inventory is low and declining with no signs of a turnaround yet.

Here are the most recent mortgage rates as published by Freddie Mac and their Primary Mortgage Market Survey

If you are considering a move or want to know what kind of equity you have in your home now, check out www.YourEquityFinder.com to get a snapshot of what your property may yield.

See How Much Your Place is Worth @ YourEquityfinder.com

See How Much Your Place is Worth @ YourEquityfinder.com

 

 

One Response to “Greater Boston Real Estate For the Week 20 May 2020”

  1. May 22, 2020 at 11:32 pm, Existing-Home Sales Wane 17.8% in April | Michael Mahoney – Boston Realtor with Century 21 said:

    […] “Record-low mortgage rates are likely to remain in place for the rest of the year, and will be the key factor driving housing demand as state economies steadily reopen,” Yun said. “Still, more listings and increased home construction will be needed to tame price growth.” […]

    Reply

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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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