Newton, MA. Realtor, Buyer/Seller Agent Newton, MA. Newtonmasshomesforsale.com
Summer 2012 Real Estate Trends
You may have already heard these from many sources,Case Schiller Index, WSJ, but here is another article highlighting the 5 Real Estate trends (some good, some bad) to look out for this summer:
Newton has only 130 single families listed for sale and 166 are under agreement. A steady market is between 200 and 215 active listings, this is a supply and demand business. When Under Agreements outpace current inventory we are in an accelerating market. There are MANY buyers out there. I put a Brookline condo on the market last week and more than 6o people came to the open house…we had 4 offers by Monday and it is under agreement. Houses in good, crisp condition sell for a premium and houses with deferred maintenance
sell at a discount. If electric, boiler, roof, and plumbing need updating buyers will discount for that. If you can afford to fix the infrastructure of the house–by all means do it!
5 Housing Trends in Summer 2012
- Inventory-continues to be an issue in certain markets, like ours!
- Steady Home Prices-most experts predict 3% in home prices over next 18 months
- Interest Rates-will continue to hover around 4%
- HARP-is helping borrowers qualify
- Appraisals-issues will continue throughout summer
What does this mean? Now is the right time to sell-and to buy-there is no guarantee how long these circumstances will last, don’t waste time at the beach-get in the house hunt!(If you have not reviewed your mortgage rate in the past few months it may make sense to look again, fixed rates are well under 4% for most situations, be sure to tell your friends too) –
*Summer 2012 should be very busy with little vacation time for those of us in the industry!