Welcome this weeks Boston real estate market update. As we start phasing back into life, the buyers are phasing into home purchases in droves. The amount of showings on properties has rebounded like a Spaulding basketball on steroids.
The Greater Boston Market is on fire. The amount of pending sales is outstripping the number of available homes at a feverish pace.
Here are this week’s topics:
Greater Boston Real Estate Numbers are “hotter than Georgia asphalt”
If You Are in the Market: You Need a Buying Plan
“Weekly Housing Inventory showed continued tightening. New Listings declined 28% compared with a year ago, as sellers grappled with uncertainty and hesitated bringing homes to market. Total Listings dropped 20% YoY, a faster rate than in prior weeks, leaving very few homes available for sale. As Time on Market was 15 days slower YoY, asking prices moved up 1.5% YoY.”
Mortgage rates are extremely low and the inventory is low.
These unprecedented rates have certainly made an impact as purchase demand rebounded from a 35 percent year-over-year decline in mid-April to an 8 percent increase as of last week—a remarkable turnaround given the sharp contraction in economic activity. Freddie Mac
This combo seems to make an interesting combination which is benefitting sellers more than buyers.
Speaking of mortgages, I was speaking with a couple of lenders yesterday on the phone. If you know someone who was on furlough, they will qualify for financing as soon as they receive their first check when then get back to work.
“FYI – If you had been furloughed as soon as you receive your 1st paycheck you will be able to qualify for financing again”