Greater Boston Real Estate For the Week of May 20th
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.
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.”
Current Snapshot of Southern Norfolk and Suffolk County
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.
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.