Here is What’s Happening Right Now in Greater Boston Real Estate
Overall, there is a shortage of homes for sale. Many of the homes going on the market that are in good condition are receiving multiple offers. Many buyers are waiving their contingencies. Can you imagine making an offer on a multi hundred thousand dollar item and waiving your right to inspect it? Some buyers are waiving their home inspections due to the competitiveness of the Greater Boston market today. If you are buyer, you need the right agent in order to make sure you get the house under agreement, but to also protect your interest.
We have seen the lowest number of homes for sale since April 2004. I have attached the latest pending sales report for you.
What I Am Telling People Who Say Their House is Not Ready for Sale
For many of my older clients, I am telling that them that if they are contemplating a sale in the next few years, it may be better to move up the timeline. Most people who are putting off the sale of their home for a couple of years do so, because they think they need to do a lot to get the house ready for sale. The market right now is very forgiving. Buyers are so nervous about the potential of rising interest rates and multiple offer scenarios that sellers can “get away with a little more”. If it were a buyer’s market, you would need to prepare your property more so than today. If you are curious about your value, check your current value here
What the President of The Greater Boston Real Estate Board is Saying
“Despite the increase in new listings for sale, the reality is buyer demand continues to far exceed housing supply and that’s putting upward pressure on home prices. As a result, homes and condos are selling quickly, typically in a month to five weeks if priced right, and most are selling at or above asking price”
Whats Happening with Mortgages?
Mortgage interest rates and a borrower’s ability to get a loan go hand in hand…I asked Jason Evans from The Loan Depot to provide some insight on what’s happening with mortgages today.
“As the Federal Reserve has continued to raise the Prime Rate, first mortgage rates have been holding steady with the current 30 year fixed at 4.500% (APR 4.514%). Investors will be keeping a close eye on the economic reports this summer for confirmation of continued strength in the US economy or potential signs of activity slowing down. That will be a big driver for rates going forward and also the expectation for future increases to the Prime Rate by the Federal Reserve.” Want to refinance or shop for a new mortgage? Reach out to Jason Evans
What I Would Buy If I Won the Lottery this Week
I thought it would be fun to daydream a little. I have chosen a house that I would buy if I won the lottery this week.
The house I would buy if I hit the lottery would be the magnificent home located at 461 Main Street in Barnstable. I thought with summer here, I would look for a home that had both the ocean and a pool. This home has an amazing infinity pool and sits on the ocean.
See 461 Main Street in Barnstable here
The Most Expensive Home Sold in Norfolk or Suffolk County Last Week
The most expensive home sold last week was in Norfolk County. It was in Wellesley at 59 Carisbrooke Road. The property was comprised of 11 rooms, 6 full baths and 2 half baths. It was sited on just over an acre. It was listed for $5.9mm and sold for $5,850mm.
Here is how the broker describe the property:
“59 Carisbrooke Road is an absolutely stunning Patrick Ahearn designed family residence on one of Wellesley’s most coveted streets. Custom 6 bedroom home features 3 expansive floors and nearly 10,000 square feet of luxurious living, with top of the line systems, fixtures and finishes throughout. Open concept kitchen and family room opens to rear deck overlooking meticulously landscaped grounds and resort quality swimming pool. Dramatic 2 story entrance hall leads to a thoughtfully designed floorpan. First and second floor master suites provide tremendous flexibility. Lower level includes wine room, bar, lounge, theater, and incredible home gym. Ideal for entertaining or everyday family living alike. This rarely available estate offering is shown by appointment only” See 59 Carisbrooke Road Here