I hope everyone is enjoying their summer. I wish I had more time myself, but mortgage rates are low and houses are moving fast. Therefore my vacations will be limited to long weekends and later afternoon beach trips.
So how do the numbers look and why are things so busy?
According to both the Warren Group and National Associations of Realtors, the median Massachusetts price for a single family home climbed 2.1% in June 2019 for a median price of $429,000.00. The surprising number is condo prices rose over 9% to a $420,000 median price. That means that a once affordable condo, now costs on average the same price of a single family home. The other misleading number is the median price as this takes into account all of Massachusetts. Not until recently, the housing market west of 495 was slow compared to the eastern mass belts within 495 and 95. So these numbers include Worcester, Springfield and in between. Finding a house around $400k today in the Cape Ann and North Shore area is pretty tough these days.
The other side of the story is the volume of sales for single family homes are down 9.3% in June according to the same associations. That means the higher prices and lack of inventory is hurting the overall volume of sales. Those homes that do hit the market, are often in a bidding war with multiple buyers. Thus that increases prices and hurts sales because sellers can’t afford to move to a new home. Historically low interest rates also feed into this competitive situation.
So with people staying in their homes, lower interest rates and higher property values, now is the time to refinance and put some of the new found equity into home improvements. You can often refinance and take cash out and have a similar mortgage payment. People are always surprised what you can do refinancing your mortgage.
More importantly, if you have an adjustable rate mortgage with a local bank, I can most likely refinance you into a fix rate around the same rate! No need to wait for later and higher interest rates, now is the time to see how you can take advantage of today’s low mortgage interest rates.
Contact me today for your no pressure mortgage consultation. I will review your credit, income and equity positions to see how you can take advantage of these low interest rates!!!
Brandon Pratt- NMLS 46922
CrossCountry Mortgage- 180 Main Street- Gloucester MA