Where’s the affordable housing?

Six.  That’s the amount of single family homes for sale in Gloucester under $500k as I write this post.  There are 61 single family homes for sale in Gloucester in total.  So that means 55 of the remaining homes for sale in Gloucester are listed at over a half a million dollars.  MLS shows the average list price of homes for sale in Gloucester currently at $1.389mil…that’s not very affordable.

The good news is that you don’t have to spend close to $1.5mil to buy a home in Gloucester.  It just means there is a shortage of homes for sale that are considered affordable.  The majority of the current homes for sale are on the water, marshes and beaches of Gloucester….some absolutely beautiful homes.   This is common with the spring market, as buyers would want to be in Gloucester for the summer.  This is prime second home buying season.  We are six or so weeks before Memorial Day, which is the typical length of a home-buying transaction.

There are more affordable homes for sale outside of Gloucester and Cape Ann, and that’s where things seem to be busiest as well.  People are moving further north to the border towns of Mass, and crossing the boarder into New Hampshire.  There are just more homes to buy that people can afford.

If you want to know what you can afford, and the towns that have the best affordable housing options, please contact me directly.  I am licensed as a mortgage banker in both Mass and NH, with offices in both downtown Gloucester and Danvers.  I can help you identify the best ways to get your offers accepted, connect you with great real estate agents (like the agents who are on CapeAnnHome.Wordpress.com) and find you a home you can afford!  Don’t wait for mortgage rates and home prices to increase more.

Brandon Pratt

NMLS 46922

brandon.pratt@myccmortgage.com

Pratt Sign

 

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