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Is the Real Estate Market Going to Crash?

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Here’s what you need to know about the Reading market right now.

While many areas of the economy have contracted, the housing market has stayed remarkably strong. But can the good news last?

When COVID-related shutdowns began in March, real estate brokers and clients scrambled to respond to the shift. Record-low interest rates caused some lenders to call a halt to new underwriting, and homeowners [...]

What You Can Do To Keep Your Dream of Homeownership Moving Forward

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While the coronavirus has many of us sidelined from our usual activities , you don't have to press pause on your real  estate plans just because you are staying home.   Here are four things you can do right now to keep your home search on track, so you are ready to go when this health crisis [...]

Is it Time to BUY or SELL your Home?   2 Local North of Boston Experts answer this question!

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Is it Time to BUY or SELL your Home?  2 Local North of Boston Experts answer this question!

 

Geri Farrelly, Broker/Owner of Farrelly Realty Group in North Reading and Tom Patch, Loan Office of Mortgage Equity Partners in Lynnfield know the local market and want you to be in the know too.

Tom Patch says, “Everyone can benefit from low mortgage interest rates!”

You don’t want to miss out on the opportunities available right now in the housing market.  Mortgage interest rates are the lowest they have been since October 2016.  Everyone can benefit whether you want to buy a home, sell a home, or refinance your current home.  This is a unique time in history where no matter where you fall in the housing market, everyone can benefit.

Home values have been appreciating for several years now. The annual appreciation rate has nearly doubled since 2012.  It is projected to dip beginning 2020 and not come back up until 2023, according to Home Price Expectation Survey 2019 2Q.  That means it is an excellent time to sell if you want to get the most for your home.

Mortgage Interest Rates are the lowest they have been in 3 years.  That means it is a good time to buy, sell, or refinance. A lower interest rate means a lower monthly payment and the ability to afford more home for your money! 

If you bought a home more than 2 or 3 years back and thought you didn’t want to move because you will never get a rate that low again, now you can move up to a bigger home and still get a super low rate.

If you already own a home and you don’t want to move, you should review your current interest rate.  It has been widely shared that 8.2 million homeowners now have refinance opportunities.  Anyone who owns a home right now should be contacting a loan officer. If you have a rate that is higher than 4.25% you can save money even with closing costs and the other charges associated with closing a loan, in most cases.

 

 “Rates of 4% and, in some cases even lower, create extremely attractive conditions for consumers. Buyers, for good reason, are anxious to purchase and lock in at these rates.”

--Doug Duncan, Chief Economist for Fannie Mae

 

Geri Farrelly, Broker/Owner of Farrelly Realty Group believes that the data (specific to North Reading) continues to show a very strong housing market

The North Reading Transcript has recently had several articles about the Real Estate market in general, but how does our Hometown North Reading market look?  The market from Jan 2018 to July 31st, 2018 to the 2019 market in the same time period was surprisingly similar. 

From January 2018 to July 31st 2018 there were 96 homes sold, and 30 condominiums sold.

From January 2019 to July 31st 2019 there were 101 homes sold, and 30 Condominiums sold.

The average days on market for single families in 2018 was 45.41.

The average days on market for single families in 2019 it was 68.27.

There was a significant increase to the days on market this year.  The reason for this is twofold.  List prices have started a little higher this year coming off such a successful/robust market from last year.  Secondly buyers were willing to sit back and wait for price decreases if they felt the property was priced on the higher end of the market. Also, buyers continue to be savvy, studying the internet and determining the home’s value prior to ever stepping foot in the property. 

“HOME PRICES ARE RISING!”-Geri Farrelly

In 2018 the average list price was $589,724.00 for single family homes.

In 2019 the average list price was $617,602.00 for single family homes. The average list price increased by approximately $28,000.00

In 2018 the average sale price was: $591,156.00

In 2019 the average sale price was: $622,168.00

An increase of $31,012.00, the increase appeared to be a steady climb as compared to last year as the prices where increasing at a much more rapid rate. A steady increase is much healthier for our community’s economic outlook.

The award-winning school system, amazing park system, the proximity to Boston and North Shore/New Hampshire Beaches, as well as the reputation of being such a great community which offers an excellent quality of life for its residents.  North Reading housing inventory continues to be low which leads to a seller’s market, as of today there is 1.76 months’ worth of inventory.  The market is balanced when there is 4-5 months’ worth of inventory on the market.  So, you can see we are significantly below the balanced market.  Which indicates it is an opportune time to sell, if you are thinking about doing so.

The combination of interest rates at the lowest they have been in years and a strong healthy real estate market make both experts say the answer is YES to the question “Is it the right time to buy or sell your home?”   The good news is there’s still time to make a move before the school year starts and the fall weather sets in. Maybe it’s time to make that change. Reach out to your realtor and mortgage loan officer today to get things moving in the right direction. 

 

 

Tom Patch, MLO#142695,  is a mortgage professional at Mortgage Equity Partners, NMLS#1936. 

Geralyn Farrelly is the Broker/Owner of Farrelly Realty Group, North Reading, MA License # 9533996

 

Tips for Taking the Stress Out of Moving into an Accessible Home

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Tips for Taking the Stress Out of Moving into an Accessible Home

 

Are you in the market for a new accessible home? Navigating the home-buying process can be stressful, especially when mobility issues are a concern. With a few tips and tricks, however, you can make your move so much easier. Here’s how to get started.

 

Take Some Stress Out of Your Home Search 

 

Before you find your perfect home, you may want to spend some time planning to reduce stress and tension for your family, and this includes the four-legged family members. Make the time you spend searching for a home and moving less of an issue by making pet care more simple. An automatic pet feeder is a perfect solution to keep those furry bellies full and happy while you are dealing with all the extra stress. Many of the top models allow you to adjust feeding schedules to fit your pets so you can manage their care and their weight with minimal effort.

 

Of course, you may also need someone to help you out with other pet-parenting responsibilities if you do need to spend a lot of time away from home. You can look online to find a dog walker who can drop in on your pet and make sure he or she gets some exercise during those hectic days. You should also ask your dog walker about additional pet boarding services, which can come in handy if movers will be in and out of your home. Moving with dogs can be stressful, but dealing with a lost or frightened pet will only lead to more tension.

 

Find Accessible Homes Without Spending Hours Searching

 

If you are living with a disability, finding a home with features that fit your mobility needs can feel like a hassle. Online searches tend to leave out filters for accessibility features, which can make shopping for a new home a struggle. That’s why working with a realtor is always a smart first move when it comes to buying a new home. Licensed local real estate professionals will have more access to pertinent information about available properties and can more easily locate homes with mobility features already built-in.

 

If you and your realtor are having a hard time finding a home with accessibility options, you can also consider looking for a property at a price that will allow you to make your own upgrades. With the help of an experienced contractor, remodeling for accessibility can be fairly easy and inexpensive for prospective homeowners. Plus, your contractor will be able to tweak these adjustments so that they fit your own mobility needs and lifestyle. You may even be able to factor modification grants into your remodel budget, which can give you more options for making an offer on your dream home.

 

Hire Professional to Make Your Move Safe and Simple

 

Helping your pets stay calm and comfortable during this big change can relieve some tension, but you also need to make sure your move is safe for you. If you are living with a disability, chronic pain, or mobility issues, packing and moving boxes can put a lot of unnecessary strain on your body. So, think about looking for experienced professional movers who can take care of all of those tedious tasks for you. They often bring their own supplies too, which can leave more room in your budget for other moving expenses.

 

You can use the savings to pay for other new home and moving expenses. You will want to do a deep clean of your new home to make sure it is free of any allergens or pollutants that could make your family sick. This means stocking up on cleaning tools and supplies that will make the work easier, or you can think about hiring professional cleaners to help you with this chore as well. Professional cleaners take the work out of getting your new house clean and leave you with more time to relax and feel at home.

 

Moving with mobility issues does not have to be a hassle. You can plan ahead to make the whole process smoother and take the stress out of settling into your perfect new home.

 

Photo Credit: Pexels

 

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