Real Estate Blog

Optimism in the market is high heading into Q4 and beyond

The Global Luxury 2024 Mid-Year Report has found, after speaking with hundreds of luxury agents and consumers across the country, that optimism in the market as we move into Q4 and beyond is high.  Across the nation, the optimism is highest in the Northeast with 91.42% of people surveyed expressed this sentiment.  68.6% of agents are predicting prices will remain stable, and 60% are predicting slight increases in inventory - which is on track with how the market has been trending in the first half of 2024.  

Another reason to be optimistic about the market is the rate at which home buyers are paying cash: 32%, which is the highest rate since 2014, according to the National Association of Realtors (NAR).  There has also been a noticeable shift in…

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Boston has been one of the nation's fastest-growing luxury markets in the post-Covid era

According to the Global Luxury 2024 Mid-Year Report, Boston was in the top 25 of cities across the nation with the growth percentage in the top 10% of homes sold increasing by 44% from 2020 to 2024.  Among the top 5% of homes, only Miami and Los Angeles had higher growth rates than Boston, which increased by 43.3% during that time.  There is a lot of consumer confidence and optimism among the top agents in the Northeast about the luxury market, particularly in the resilience of high net worth individuals to external economic pressures.  As consumers have adjusted to the new landscape of higher rates and prices, the luxury market in Boston has continued to flourish.

For a copy of the report, give me a call or text at (617) 875-8331 or email me at:…

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Market Trending Upward According to the Coldwell Banker Global Luxury Mid-Year Report

Coldwell Banker's Global Luxury Division has released the 2024 Mid-Year Report: Market in Review.  According to the data and research compiled over the last 18 months, the luxury market remains strong with prices and inventory up slightly, but definitively from 2023 to 2024.

With single family homes, the price has been up consistently every month in 2024 compared to the same month in 2023, with inventory increasing as well.  The average days on market is slightly higher at 29 days in 2024 compared to 26 days in 2023.  The trends indicate the single family homes market shifting from a balanced market to more of a seller's market.

The luxury condo market is indicating similar trends, with the price, $/sq ft and inventory levels up from 2023…

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Why a Condo May Be a Great Option for Your First Home

Having a hard time finding a first home that's right for you and your wallet? Well, here's a tip – think about condominiums, or condos for short.

They're usually smaller than single-family homes, but that's exactly why they can be easier on your budget. According to the latest data from the National Association of Realtors (NAR), condos are typically less expensive than single-family homes (see graph below):

So, if you're comfortable with a smaller space and want to buy your first home this year, adding condos to your search might be easier on your wallet.

Besides giving you more options for your home search and maybe fitting your budget better, living in a condo has a bunch of other perks, too. According to Rocket Mortgage:

“From…

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New hotel coming to Canal Street in Bulfinch Crossing!

Plans have been submitted to redevelop an empty office building at 110 Canal Street in Bulfinch Crossing into an 82-room hotel.  The plans also include a restaurant on the first floor.  Rhino Capital Advisors acquired the building earlier this year, and seek to spur the revitalization of the Canal Street corridor with this project.  Click here to read more.

Bulfinch Crossing is arguably the most up-and-coming neighborhood in Boston.  Click here to learn more about this neighborhood's rich history and how it is trending in the years to come.

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The Best Way To Keep Track of Mortgage Rate Trends

If you’re thinking about buying a home, chances are you’ve got mortgage rates on your mind. You’ve heard about how they impact how much you can afford in your monthly mortgage payment, and you want to make sure you’re factoring that in as you plan your move.

The problem is, with all the headlines in the news about rates lately, it can be a bit overwhelming to sort through. Here’s a quick rundown of what you really need to know.

The Latest on Mortgage Rates

Rates have been volatile – that means they’re bouncing around a bit. And, you may be wondering, why? The answer is complicated because rates are affected by so many factors.

Things like what’s happening in the broader economy and the job market, the current inflation rate, decisions made…

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Is It Better To Rent Than Buy a Home Right Now?

You may have seen reports in the news recently saying it’s more affordable to rent right now than it is to buy a home. And while that may be true in some markets if you just look at typical monthly payments, there’s one thing that the numbers aren’t factoring in: and that’s home equity. Here’s a look at how big of an impact equity can have and why it’s worth considering as you make your decision.

What the Headlines Are Based on

The graph below uses national data on the median rental payment from Realtor.com and median mortgage payment from the National Association of Realtors (NAR) to compare the two options. As the graph shows, especially if you’re not looking for a lot of space, it can be more affordable on a monthly basis to rent:

…

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Should I Wait for Mortgage Rates To Come Down Before I Move?

If you’ve got a move on your mind, you may be wondering whether you should wait to sell until mortgage rates come down before you spring into action. Here’s some information that could help answer that question for you.

In the housing market, there’s a longstanding relationship between mortgage rates and buyer demand. Typically, the higher rates are, you’ll see lower buyer demand. That’s because some people who want to move will be hesitant to take on a higher mortgage rate for their next home. So, they decide to wait it out and put their plans on hold.

But when rates start to come down, things change. It goes from limited or weak demand to good or strong demand. That’s because a big portion of the buyers who sat on the sidelines when rates were…

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Should I Move with Today’s Mortgage Rates?

When mortgage rates spiked up over the last few years, some homeowners put their plans to move on pause. Maybe you did too because you didn’t want to sell and take on a higher mortgage rate for your next home. But is that still the right strategy for you?

In today’s market, data shows more homeowners are getting used to where rates are and thinking it may be time to move. As Mark Zandi, Chief Economist at Moody’s Analytics, explains:

“Listings are up a bit as life events and job changes are putting increasing pressure on locked-in homeowners to sell their homes. Homeowners may also be slowly coming to the realization that mortgage rates aren’t going back anywhere near the rate on their existing mortgage.”

A recent study from Bank of…

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Don’t Let Your Student Loans Delay Your Homeownership Plans

If you have student loans and want to buy a home, you might have questions about how your debt affects your plans. Do you have to wait until you’ve paid off those loans before you can buy your first home? Or is it possible you could still qualify for a home loan even with that debt? Here’s a look at the latest information so you have the answers you need.

A Bankrate article explains:

“Roughly 60 percent of U.S. adults who have held student loan debt have put off making important financial decisions due to that debt . . . For Gen Z and millennial borrowers alone, that number rises to 70 percent.”

This includes one of the biggest financial decisions you’ll ever make, buying a home. But you should know, even with student loans, waiting to buy a…

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