Newton Real Estate Market’s Biggest Problem—Lack of Inventory!

Newton, MA. Realtor, Buyer/Seller Agent Newton, MA.

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!


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