Just Listed

Panoramic Boston skyline views from all levels. Extra large kitchen/dining area offers generous cabinet space, breakfast bar and stainless appliances. Pellet stove keeps this home toasty. Updated electrical, new roof in 2016. 5 minute walk to Wollaston T station and Wollaston center shops and restaurants.

Under Contract

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Spring Market Offers Opportunities for Buyers & Sellers

The signs are everywhere you look. Spring is here! And so is the spring housing market. So what's in store for us this year? Here's a look at the highlights.

Demand Up

The housing and economic reports for this January are in, and the numbers look good. Job creation, the key indicator of housing demand, was 151,000. Unemployment is now nearing record 10-year lows. From January 2015 to January 2016 existing home sales grew 11%. This positive news has Realtor.com experts anticipating a 3% increase in home sales for 2016.

Supply Low

Buyers are anticipated to outnumber sellers, creating a shortfall of inventory that drives up asking prices. The number of months it would take to sell the current inventory of available homes is generally six to seven but currently stands at only four. With fewer homes available, sellers are encouraged list higher. New home sales and construction remains consistent, but the median price of new homes is finally declining as builders offer more affordable homes which will help buyers get the most for their money.

Rates Low

Mortgage rates are near 3-year lows for a 30-year conforming fixed-rate, available around 3.8% currently. Rates will remain relatively static until summer when the Federal Reserve meets again and can consider raising rates in June. Economists' forecasts vary widely, ranging from status quo rates to reaching rates of 4-4.5% by years end. If the economy remains strong, by 2017 rates may potentially reach 4.89% – meaning 20% less buying power for borrowers. One negative is that stock values have declined which negatively impacts consumer confidence. But this fact also encourages the Fed to keep mortgage rates low. Lender confidence in jumbo mortgages, with limits higher than conforming loans $417,000 or up to $625,000 in some high-priced areas, is leading to lower down payment requirements for borrowers. Jumbo borrowers staying put less than ten years might opt for an adjustable-rate mortgage currently as low as 2.84%.

Tips for 2016

Buyers are encouraged to move quickly this year to take advantage of current rates and the higher buying power it affords. Choosing to get a pre-approal letter for a mortgage instead of simply getting pre-qualified will also improve buyer competitiveness, saving 7-10 days off closing times. In addition to low rates, find a lender reporting short closing times. Lenders can also be asked for extended lock-in periods beyond the standard 45 days, often for a premium of only one-eighth to one-quarter percentage point.

Ready to spring into your next chapter? Give me a call today!