Sullivan Team

Essex County Jan through April; Inventory Down and Sales Prices Up

For First 4 months of 2018, Essex County inventory down and sales prices up. - breakdown by property type:

Single Family Inventory down 10.3% and Sale Prices Up 7.5%, 
Condo Inventory down 9% and Sale Prices Up 0.5%, 
Muilti-Family Inventory down 4.9% and Sale Prices Up 10.7%.

To view data for every Essex County town, go to:  http://www.sullivanteam.com/Properties/Reports/Public/Charts.php 

To dowload the full Housing Report go to: http://sullivanteam.com/pages/EssexCountyHousingReports

        

Rising Mortgage Rates Not Slowing Price Increases

 

Rising Mortgage Rates Not Slowing Price Increases 💸

 

Mortgage interest rates have risen by more than half of a point since the beginning of the year, and many assume that if mortgage rates rise, home values will fall. History, however, has shown this not to be true.

Where are home values today compared to the beginning of the year?

While rates have been rising, so have home values. Here are the most recent monthly price increases reported in the Home Price Insights Report from CoreLogic:

  • January: Prices were up 0.5% over the month before.
  • February: Prices were up 1% over the month before.
  • March: Prices were up 1.4% over the month before.

Not only did prices continue to appreciate, the level of appreciation accelerated over the first quarter. CoreLogic believes that home prices will increase by 5.2% over the next twelve months.

How can prices rise while mortgage rates increase?

Freddie Mac explained in a recent Insight Report:

“In the current housing market, the driving force behind the increase in prices is a low supply of both new and existing homes combined with historically low rates. As mortgage rates increase, the demand for home purchases will likely remain strong relative to the constrained supply and continue to put upward pressure on home prices.”

Bottom Line

If you are thinking about moving up to your dream home, waiting until later this year and hoping for prices to fall may not be a good strategy.

https://www.keepingcurrentmatters.com/?p=2060736

 

Essex County Housing Report April 2018

To view data for every Essex County town, go to:  http://www.sullivanteam.com/Properties/Reports/Public/Charts.php 

To dowload the full Housing Report go to: http://sullivanteam.com/pages/EssexCountyHousingReports

         

 

Essex County Housing Report February 2018

To view data for every Essex County town, go to:  http://www.sullivanteam.com/Properties/Reports/Public/Charts.php 

To dowload the full Housing Report go to: http://sullivanteam.com/pages/EssexCountyHousingReports

Essex County Housing Report January 2018

To view data for every Essex County town, go to:  http://www.sullivanteam.com/Properties/Reports/Public/Charts.php 

To dowload the full Housing Report go to: http://sullivanteam.com/pages/EssexCountyHousingReports

 

Where Americans Are Moving To?

Rent VS Buying October 2017

https://www.keepingcurrentmatters.com/?p=2059072

 

 

 

Buying Cheaper Than Owning In MA and 38 Other States

Buying Remains Cheaper Than Renting In 39 States!

 

In the latest Rent vs. Buy Report from Trulia, they explained that homeownership remains cheaper than renting with a traditional 30-year fixed rate mortgage in the 100 largest metro areas in the United States.

The updated numbers show that the range is an average of 3.5% less expensive in San Jose (CA), all the way up to 50.1% less expensive in Baton Rouge (LA), and 33.1% nationwide!

A study by GoBankingRates looked at the cost of renting vs. owning a home at the state level and concluded that in 39 states, it is actually ‘a little’ or ‘a lot’ cheaper to own (represented by the two shades of blue in the map below).

 

One of the main reasons owning a home has remained significantly cheaper than renting is the fact that interest rates have remained at or near historic lows. Freddie Mac reports that the current interest rate on a 30-year fixed rate mortgage is 3.91%.

Nationally, rates would have to reach 9.1%, a 128% increase over today’s average of 4.0%, for renting to be cheaper than buying. Rates haven’t been that high since January of 1995, according to Freddie Mac.

Bottom Line

Buying a home makes sense socially and financially. If you are one of the many renters who would like to evaluate your ability to buy this year, meet with a local real estate professional who can help you find your dream home.

 

https://www.keepingcurrentmatters.com/?p=2059028

Essex County Housing Report September 2017

To view data for every Essex County town, go to:  http://www.sullivanteam.com/Properties/Reports/Public/Charts.php 

To dowload the full Housing Report go to: http://findahomeinma.com/pages/EssexCountyHousingReports

US August Home Sales Up 0.2% and Prices Up 5.6% From Last Year, Inventory Drops

 

For full article http://rismedia.com/?p=134574