Take the advice of Two Local North of Boston Experts!
Tom Patch, Loan Officer at Mortgage Equity Partners in Lynnfield and Geri Farrelly, Broker/Owner of Farrelly Realty Group in North Reading know the local market and want you to be in the know too!
“Everyone can benefit from low mortgage interest rates right now!” said Tom Patch.
You don’t want to miss out on the opportunities available right now in the housing market. Mortgage interest rates are the lowest they have been since October 2016. Everyone can benefit whether you want to buy a home, sell a home, or refinance your current home. It is a unique time in history where no matter where you fall in the housing market, everyone can benefit.
Home values have been appreciating for several years now. The annual appreciation rate has nearly doubled since 2012. It is projected to dip beginning 2020 and not come back up until 2023, according to Home Price Expectation Survey 2019 2Q. That means it is an excellent time to sell if you want to get the most for your home.
Mortgage Interest Rates are the lowest they have been in 3 years. That means it is a good time to buy, sell, or refinance. A lower interest rate means a lower monthly payment and the ability to afford more home for your money!
If you bought a home more than 2 or 3 years back and thought you didn’t want to move because you will never get a rate that low again, now you can move up to a bigger home and still get a super low rate.
If you already own a home and you don’t want to move, you should review your current interest rate. It has been widely shared that 8.2 million homeowners now have refinance opportunities. Anyone who owns a home right now should be contacting a loan officer. If you have a rate that is higher than 4.25% you can save money even with closing costs and the other charges associated with closing a loan, in most cases.
“Rates of 4% and, in some cases, even lower, create extremely attractive conditions for consumers. Buyers, for good reason, are anxious to purchase and lock in at these rates.”
~ Doug Duncan, Chief Economist for Fannie Mae
Geri Farrelly, Broker/Owner of Farrelly Realty Group believes that the data (specific to North Reading) continues to show a very strong housing market.
The North Reading Transcript has recently had several articles about the Real Estate market in general, but how does our Hometown North Reading market look? The market from Jan 2018 to July 31st, 2018 to the 2019 market in the same time period was surprisingly similar.
From January 2018 to July 31st, 2018 there were 96 homes sold, and 30 condominiums sold.
From January 2019 to July 31st, 2019 there were 101 homes sold, and 30 Condominiums sold.
The average days on market for single families in 2018 was 45.41.
The average days on market for single families in 2019 it was 68.27.
There was a significant increase to the days on market this year. The reason for this is twofold. List prices have started a little higher this year coming off such a successful and robust market from last year. Secondly, buyers were willing to sit back and wait for price decreases if they felt the property was priced on the higher end of the market. Also, buyers continue to be savvy, studying the internet, and determining the home’s value before ever stepping foot in the property.
“HOME PRICES ARE RISING!”-Geri Farrelly
In 2018 the average list price was $589,724.00 for single-family homes.
In 2019 the average list price was $617,602.00 for single-family homes. The average list price increased by approximately $28,000.00
In 2018 the average sale price was: $591,156.00
In 2019 the average sale price was: $622,168.00
An increase of $31,012.00, the increase appeared to be a steady climb as compared to last year as the prices were increasing at a much more rapid rate. A steady increase is much healthier for our community’s economic outlook.
The award-winning school system, amazing park system, the proximity to Boston and North Shore/New Hampshire Beaches, as well as the reputation of being such a great community which offers an excellent quality of life for its residents. North Reading housing inventory continues to be low which leads to a seller’s market, as of today there is 1.76 months’ worth of inventory. The market is balanced when there is 4-5 months’ worth of inventory on the market. So, you can see we are significantly below the balanced market, which indicates it is an opportune time to sell if you are thinking about doing so.
The combination of interest rates at the lowest they have been in years and a strong, healthy real estate market make both experts say the answer is YES to the question, “Is it the right time to buy or sell your home?” The good news is there’s still time to make a move before the school year starts and the fall weather arrives. Maybe it’s time to make that change. Reach out to your realtor and mortgage loan officer today to get things moving in the right direction.
Tom Patch, MLO#142695, is a mortgage professional at Mortgage Equity Partners, NMLS#1936.
Geralyn Farrelly is the Broker/Owner of Farrelly Realty Group, North Reading, MA License # 9533996