Real Estate Blog - February, 2023

What You Should Know About Rising Mortgage Rates

After steadily falling over the winter, mortgage rates have started to rise in recent weeks. This is concerning to some potential homebuyers as the combination of higher mortgage rates and higher prices have made homes less affordable. So, if you’re planning to purchase a home this year, you too may be wondering if now’s the right time to buy or if you should hold off on your search until rates come back down.

The recent uptick in rates has been driven by what’s happening with inflation. Joel Kan, Vice President and Deputy Chief Economist at the Mortgage Bankers Association (MBA), explains:

“Mortgage rates increased across the board last week, pushed higher by market expectations that inflation will persist, thus requiring the Federal Reserve to…

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How To Make Your Dream of Homeownership a Reality

According to a recent Harris Poll survey, 8 in 10 Americans say buying a home is a priority, and 28 million Americans actually plan to buy within the next 12 months. Homeownership provides many financial and nonfinancial benefits, so that interest is understandable.

However, it’s unlikely all 28 million Americans will accomplish that goal in the coming year. Experts project a total of around five million homes will be sold in 2023. Why is there such a big difference? It’s partly because there can be challenges to buying a home.

In the same survey, when asked, “Which of the following are preventing you from pursuing homeownership at this time?”:

• 34% answered, “I don’t have enough saved for a down payment”

• 30% answered, “My…

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The Two Big Issues the Housing Market’s Facing Right Now

The biggest challenge the housing market’s facing is how few homes there are for sale. Mark Fleming, Chief Economist at First American, explains the root causes of today’s low supply:

“Two dynamics are keeping existing-home inventory historically low – rate-locked existing homeowners and the fear of not finding something to buy.”

Let’s break down these two big issues in today’s housing market.

Rate-Locked Homeowners

According to the Federal Housing Finance Agency (FHFA), the average interest rate for current homeowners with mortgages is less than 4% (see graph below):

But today, the typical mortgage rate offered to buyers is over 6%. As a result, many homeowners are opting to stay put instead of moving to another home with a…

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Spring into Action: Boost Your Home’s Curb Appeal with Expert Guidance

To sell your home this spring, it may need more preparation than it would have a year or two ago. Today’s housing market has a different feel. There are more homes for sale than there were at this time last year, but inventory is still historically low. So, if a house has been sitting on the market for a while, that’s a sign it may not be hitting the mark for potential buyers. But here’s the thing. Right now, homes that are updated and priced at market value are still selling fast.

Today, homes with curb appeal that are presented well are still selling quickly, and sometimes over asking price. According to Danielle Hale, Chief Economist at realtor.com:

“In a market where costs are still high and buyers can be a little choosier, it makes sense…

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Somerville has the most rapid startup funding growth in the U.S.

Boston always prides itself on being #1 in everything, but in the most rapid growth in startup funding, Somerville is #1 not just in Massachusetts, but all of America.  According to York IE, Somerville startups raised the most venture capital funding during Q4 of 2022.   This ranking is all the more impressive when considering VC funding was down across the nation in 2022.

Four Somerville-based startups raised a combined $638,400,000 in the last quarter of 2022: Form Energy, Cellarity, LineVision and Owl Labs.  You can read more about it here in Bostinno.

As a Somerville resident myself, I have a deep appreciation for what makes the city so special and an innate understanding of the market.  Thinking of buying, selling or renting in Somerville? …

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Mandarin Oriental and Four Seasons at One Dalton earned five-star rating from Forbes

The Forbes five-star list is out, and 7 Massachusetts hotels are on it, including 2 here in Boston: The Mandarin Oriental and the Four Seasons at One Dalton.  You can read more about it in the Boston Globe.

The Mandarin Oriental and the Four Seasons at One Dalton aren't just hotels; both properties also have residences. The Four Seasons at One Dalton, completed in 2019, was one of Boston's most anticipated new buildings. The 174 condos, starting on the 24th floor, have floor-to-ceiling windows and unparalleled views reminiscent of tourist favorite Top of the Hub. The building amenities are the height of luxury and include: 24-hour concierge, doorman, separate owner’s entrance, two restaurants including an owner’s only restaurant on the…

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True 3 bedroom home in boutique building checks every box

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Stunning Penthouse Home at the Residences at the InterContinental

Stunning PH at the Residences at the InterContinental! This 2,913 sq ft home has 3 large bedrooms, 4.5 bathrooms with a custom designed Poggenpohl kitchen that opens up to a massive living room & dining room. Take in the amazing views from every room of the Seaport & Boston Harbor from its floor to ceiling windows. Other features include: 10 ft ceilings, wide plank oak h/w floors, granite counters, Wolf double oven, Miele dishwasher, Subzero fridge w/double freezer drawers, extra double beverage drawer, custom designed wet bar w/subzero wine cooler, gas fireplace & smart home Lutron lighting throughout. The master suite includes his-and-hers walk-in closets & bathrooms, full-sized washer & dryer w/custom California closets cabinetry, motorized…

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Fidelity Plans To Make 4,000 Hires in 2023, Including Boston

Although other corporations have been making mass layoffs, Fidelity is planning on doing the opposite and it is anticipated they will concentrate their efforts on Boston.  CEO Abigail Johnson said "it is during periods of market and economic volatility that that we see surges in the number of customers."  You can read more about it here in the Boston Business Journal.

Fidelity has a large presence in Boston, with their corporate headquarters located in the Seaport.  Making potentially thousands of new hires will bring more people to the Boston area, especially to what is already one of the city's most desirable neighborhoods.  With inventory still very low and rates coming down from their highs, coupled with a strong demand in the Boston market, my…

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The Spring Housing Market Could Be a Sweet Spot for Sellers

Some Highlights

• The biggest challenge in the housing market is how few houses there are for sale compared to the number of people who want to buy.
• The number of homes for sale is up from last year but below pre-pandemic numbers, and that means we’re still in a sellers’ market.
• The housing market needs more homes for sale to meet the demand of today’s buyers. If you’ve thought about selling, let’s connect today.

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