New Listings mid-week November 20
Here are the most recent New Listings.
Click on these links for details:
Marblehead New Listings
Swampscott New Listings
Salem New Listings
Beverly New Listings
Lynn New Listings
and click New Search to check on other towns.
Andrew Oliver
Market Analyst | Team Harborside | teamharborside.com
REALTOR®
Sagan Harborside Sotheby’s International Realty
One Essex Street | Marblehead, MA 01945
m 617.834.8205
www.OliverReports.com
www.TeamHarborside.com
Andrew.Oliver@SothebysRealty.com
Sotheby’s International Realty® is a registered trademark licensed to Sotheby’s International Realty Affiliates LLC. Each Office Is Independently Owned and Operated
7 Middle St in Boston Magazine
“To survive the long, frigid days of New England winter, we want a homebase that feels warm and cheerful on even the most below-zero of nights. Thankfully, this Marblehead Colonial is essentially the real estate version of a HappyLight. Not only does 18th-century charm permeate the original beams and floors, but vibrant splashes of color amp up the energy in each room. Not to mention, a total of six fireplaces radiate heat throughout the four bedrooms, the living room, and the kitchen. Prepare to canoodle away those winter days.”
Offered at $799,900 | 4 BR | 2.5 BA
Read Boston Magazine’s article on 7 Middle Street
Andrew Oliver
Market Analyst | Team Harborside | teamharborside.com
REALTOR®
Sagan Harborside Sotheby’s International Realty
One Essex Street | Marblehead, MA 01945
m 617.834.8205
www.OliverReports.com
www.TeamHarborside.com
Andrew.Oliver@SothebysRealty.com
Sotheby’s International Realty® is a registered trademark licensed to Sotheby’s International Realty Affiliates LLC. Each Office Is Independently Owned and Operated
Recession: what Recession?
It is only a short 3 months ago (well I guess in political terms that’s almost a lifetime) that all the pundits were cautioning – not of course forecasting – that a recession was possible.
Since the yield on the 10-year Treasury is the most sensitive to the economic outlook, and since mortgage rates are based on the 10T yield, mortgage rates followed the drop in the yield on 10T, but only to a limited extent.
Basically, the 30-year fixed Rate Mortgage rate went from 4.5% at the beginning of the year to 4% in June and 3.5% around Labor Day, when R talk was all the rage amongst commentators.
So what has happened recently? (more…)
Open Houses Sunday November 17
Here are today’s Open Houses:
Click on these links for details:
Marblehead Open Houses
Swampscott Open Houses
Salem Open Houses
Beverly Open Houses
Lynn Open Houses
And click Search any town to find Open Houses in other towns.
Andrew Oliver
Market Analyst | Team Harborside | teamharborside.com
REALTOR®
Sagan Harborside Sotheby’s International Realty
One Essex Street | Marblehead, MA 01945
m 617.834.8205
www.OliverReports.com
www.TeamHarborside.com
Andrew.Oliver@SothebysRealty.com
Sotheby’s International Realty® is a registered trademark licensed to Sotheby’s International Realty Affiliates LLC. Each Office Is Independently Owned and Operated
Open Houses weekend November 16/17
Here are the weekend’s Open Houses. Check back tomorrow at 8 am for an updated list for Sunday.
Click on these links for details (Note the OHs are listed by date order, today’s first, then tomorrow’s):
Marblehead Open Houses
Swampscott Open Houses
Salem Open Houses
Beverly Open Houses
Lynn Open Houses
Andrew Oliver
Market Analyst | Team Harborside | teamharborside.com
REALTOR®
Sagan Harborside Sotheby’s International Realty
One Essex Street | Marblehead, MA 01945
m 617.834.8205
www.OliverReports.com
www.TeamHarborside.com
Andrew.Oliver@SothebysRealty.com
Sotheby’s International Realty® is a registered trademark licensed to Sotheby’s International Realty Affiliates LLC. Each Office Is Independently Owned and Operated
New Listings week ending November 15
New listings are slowing as the holidays near and the temperature drops:
Marblehead New Listings
Swampscott New Listings
Salem New Listings
Beverly New Listings
Lynn New Listings
Andrew Oliver
Market Analyst | Team Harborside | teamharborside.com
REALTOR®
Sagan Harborside Sotheby’s International Realty
One Essex Street | Marblehead, MA 01945
m 617.834.8205
www.OliverReports.com
www.TeamHarborside.com
Andrew.Oliver@SothebysRealty.com
Sotheby’s International Realty® is a registered trademark licensed to Sotheby’s International Realty Affiliates LLC. Each Office Is Independently Owned and Operated
New Nahant Magazine
Click Nahant to read a digital copy of this new magazine covering Nahant.
Check out the Q&A with Dick and Matt on page 3.
Andrew Oliver
Market Analyst | Team Harborside | teamharborside.com
REALTOR®
Sagan Harborside Sotheby’s International Realty
One Essex Street | Marblehead, MA 01945
m 617.834.8205
www.OliverReports.com
www.TeamHarborside.com
Andrew.Oliver@SothebysRealty.com
Sotheby’s International Realty® is a registered trademark licensed to Sotheby’s International Realty Affiliates LLC. Each Office Is Independently Owned and Operated
EXPERIENCE MARBLEHEAD AT ITS FINEST IN THIS AUTHENTIC “OLD TOWN” COLONIAL
7 Middle Street,Marblehead, Massachusett Open House: Sunday 11:30-1:00 PM Or call me on 617.834.8205 for a private showing.
Time-honored properties occupy a different place in the world than do other homes. Homes that have acquired charm, quirks, and storied pasts add their own lives to yours.
We take great pride in presenting 7 Middle St, in Marblehead. This thoughtfully updated antique offers timeless appeal at every turn.
Offered at $799,900 | 4 BR | 2.5 BA. LEARN MORE
Andrew Oliver
Market Analyst | Team Harborside | teamharborside.com
REALTOR®
Sagan Harborside Sotheby’s International Realty
One Essex Street | Marblehead, MA 01945
m 617.834.8205
www.OliverReports.com
www.TeamHarborside.com
Andrew.Oliver@SothebysRealty.com
Sotheby’s International Realty® is a registered trademark licensed to Sotheby’s International Realty Affiliates LLC. Each Office Is Independently Owned and Operated
New Listings mid-week November 13
Here are the most recent New Listings:
Click on these links for details:
Marblehead New Listings
Swampscott New Listings
Salem New Listings
Beverly New Listings
Lynn New Listings
Andrew Oliver
Market Analyst | Team Harborside | teamharborside.com
REALTOR®
Sagan Harborside Sotheby’s International Realty
One Essex Street | Marblehead, MA 01945
m 617.834.8205
www.OliverReports.com
www.TeamHarborside.com
Andrew.Oliver@SothebysRealty.com
Sotheby’s International Realty® is a registered trademark licensed to Sotheby’s International Realty Affiliates LLC. Each Office Is Independently Owned and Operated
Buyer Demand is Growing
Foot traffic – the number of home showings – is increasing in all areas of the country, with back to back monthly gains for the first time in almost two years, according to this Buyer Demand Growing in Every Region report in Keeping Me Current. (more…)
Magnificent Marblehead Harbor View: OPEN HOUSE TODAY
The next phase of your exceptional life starts right here. For those who appreciate refined elegance, this 5 bedroom, 3.5 bathroom Marblehead home reflects the grace and grandeur of a bygone era.
You have to experience this timeless home in person. There is an Open House TODAY 11:30-1:00 or you can arrange a private tour by contacting Dick McKinley on 617.763.0415 or dick.mckinley@sothebysrealty.com.
Click 76 Bubier Road to go to the website, 3D for a 3D tour inside the house and Marblehead Reporter review for the Reporter article about the property.
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Andrew Oliver
Market Analyst | Team Harborside | teamharborside.com
REALTOR®
Sagan Harborside Sotheby’s International Realty
One Essex Street | Marblehead, MA 01945
m 617.834.8205
www.OliverReports.com
www.TeamHarborside.com
Andrew.Oliver@SothebysRealty.com
Sotheby’s International Realty® is a registered trademark licensed to Sotheby’s International Realty Affiliates LLC. Each Office Is Independently Owned and Operated
Open Houses Sunday November 10
Here are today’s Open Houses: (more…)
$20,000 reduction on Lynn Condo: Open House Today
$20,000 price reduction! OPEN HOUSE TODAY 12:00-1:30 at 50 S Common Street #507 or contact Cynda Rohmer on 781.696.3646 or Cynda.Rohmer@SothebysRealty.com for a private showing.
Come and see this top floor 2 bedroom, 2 full bath condo located in well maintained brick building with stackable washer dryer hook up in unit. Large spacious vaulted ceiling living room features a private balcony with ocean view that can also be accessed from large master with walk in closet and master bath.
Air conditioning was replaced in 2016. The building has a Community room and additional storage. Close to shopping, bank, City Hall, Square and Bus Lines. 10 min walk to MBTA central Square, commuter rail and North shore Community College. Enclosed parking garage space
Click Lynn Condo for more details and photos.
Andrew Oliver
Market Analyst | Team Harborside | teamharborside.com
REALTOR®
Sagan Harborside Sotheby’s International Realty
One Essex Street | Marblehead, MA 01945
m 617.834.8205
www.OliverReports.com
www.TeamHarborside.com
Andrew.Oliver@SothebysRealty.com
Sotheby’s International Realty® is a registered trademark licensed to Sotheby’s International Realty Affiliates LLC. Each Office Is Independently Owned and Operated
Open Houses weekend November 9/10
A chilly start to the day but it will warm up in time for these Open Houses. Remember to check back tomorrow at 8 a.m. for an updated list for Sunday.
Marblehead Open Houses
Swampscott Open Houses
Salem Open Houses
Beverly Open Houses
Lynn Open Houses
Andrew Oliver
Market Analyst | Team Harborside | teamharborside.com
REALTOR®
Sagan Harborside Sotheby’s International Realty
One Essex Street | Marblehead, MA 01945
m 617.834.8205
www.OliverReports.com
www.TeamHarborside.com
Andrew.Oliver@SothebysRealty.com
Sotheby’s International Realty® is a registered trademark licensed to Sotheby’s International Realty Affiliates LLC. Each Office Is Independently Owned and Operated
Forget the Price of the Home. The Cost is What Matters.
The article points out the impact on affordability of, amongst other things, this year’s drop in mortgage rates from 4.5% to around 3.7% currently. In the same period last year, of course, mortgage rates went up by almost 1%.
Comments about “affordability” – like those experts who say that 82% of the cost of such and such a renovation will be reclaimed on sale – are fine in theory and may, like all statistics, be accurate over very large numbers.
But most people are buying just one house at the time that is appropriate for them, based upon what they can afford at the time – and what is available.
Puzzled by why mortgage rates have been so volatile over the last couple of years? Read
https://oliverreports.com/mortgag…/mortgage-rates-forecasts/ for informed commentary about North Shore real estate markets, mortgage rates, property taxes and anything else that influences real estate markets.
Forget the Price of the Home. The Cost is What Matters.
Home buying activity (demand) is up, and the number of available listings (supply) is down. When demand outpaces supply, prices appreciate. That’s why firms are beginning to increase their projections for home price appreciation going forward. As an example, CoreLogic increased their 12-month projection for home values from 4.5% to 5.6% over the last few months.
The reacceleration of home values will cause some to again voice concerns about affordability. Just last week, however, First American came out with a data analysis that explains how price is not the only market factor that impacts affordability. They studied prices, mortgage rates, and wages from January through August of this year. Here are their findings:
Home Prices
“In January 2019, a family with the median household income in the U.S. could afford to buy a $373,900 house. By August, that home had appreciated to $395,000, an increase of $21,100.”
Mortgage Interest Rates
“The 0.85 percentage point drop in mortgage rates from January 2019 through August 2019 increased affordability by 9.7%. That translates to a $40,200 improvement in house-buying power in just eight months.”
Wage Growth
“As rates have fallen in 2019, the economy has continued to perform well also, resulting in a tight labor market and wage growth. Wage growth pushes household incomes upward, which were 1.5% higher in August compared with January. The growth in household income increased consumer house-buying power by 1.5%, pushing house-buying power up an additional $5,600.”
When all three market factors are combined, purchasing power increased by $24,500, thus making home buying more affordable, not less affordable. Here is a table that simply shows the data:
Bottom Line
In the article, Mark Fleming, Chief Economist at First American, explained it best:
“Focusing on nominal house price changes alone as an indication of changing affordability, or even the relationship between nominal house price growth and income growth, overlooks what matters more to potential buyers – surging house-buying power driven by the dynamic duo of mortgage rates and income growth. And, we all know from experience, you buy what you can afford to pay per month.”
Andrew Oliver
Market Analyst | Team Harborside | teamharborside.com
REALTOR®
Sagan Harborside Sotheby’s International Realty
One Essex Street | Marblehead, MA 01945
m 617.834.8205
www.OliverReports.com
www.TeamHarborside.com
Andrew.Oliver@SothebysRealty.com
Sotheby’s International Realty® is a registered trademark licensed to Sotheby’s International Realty Affiliates LLC. Each Office Is Independently Owned and Operated
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