My Blog: How’s The Market?
This has been an amazing year. Last year, 2013, you might recall, was a very strong year in the sale of homes in the Newton Brookline area. Single family home prices went up around 13% in Newton last year. Condo prices in Brookline were way up, too.
2014 started somewhat slowly, fewer sales than last year, prices inching up but not shooting up. Normally, the market slows down in the summer and picks up slightly in the fall. This year, however, 2014, the market never slowed down in the summer and the fall has been a blockbuster. Our company has more closings in November and December than ever before. I’m not sure what accounts for this, but it will become clear in the next few months,.
By June 30, 2014, prices of single families in Newton had gone up another 5-6%. We are now all waiting for end of year statistics to verify what we are seeing in the market. These are the kinds of price increases that we saw in the 1990’s. I get a little nervous about steady and continuous price increases because I know they are not sustainable.
My guess is that 2015 will be a much better time for buyers, and not as good for sellers. We’ll see.
And finally, let me say how happy I am to be back on line with my new website. It took much longer than I had anticipated but the new finished product is very nice. Hope you like it. If you have any glitches, or have any suggestions, please let me know.
And thanks to each one of you for your past referrals. The best advertising I’ve ever had: Word of Mouth!!
Summer has arrived. Things are slowing down a bit, but it’s now a good time to buy. Prices are not going up any more, and the number of buyers is decreasing, due to vacations and slow downs. Of course, there aren’t as many properties on the market to look at, but if you can find a good one, you might be in a good bargaining position.
On the other hand, the properties that are priced right, even in the summer, are attracting lots of interest and may multiple bid situations are happening.
I met some new client buyers today. I’m putting on a new listing. In Waban next Tuesday, and I have several “ irons in the fire,” so it’s a busy time for me. Which is all good!!!.
And thank you for your referrals. You make my day!!
Consumer confidence is up, interest rates are low, mortgage lenders are hungry for business, the Massachusetts economy is strong, and finally, after a 6 year hiatus, buyers of residential property have returned to the fold. We just received data from 2013 which showed a 13.8% increase in median price for a single family home in Newton.
The first time buyers start the wheels turning. Their purchase allows the move up buyers to purchase a large home, and the “older” owners of the larger homes now can look for the empty nester cottage or the condo in the Back Bay.
If you need any help with real estate questions, please email me or call me anytime. Free advice is often the best advice.
And to thanks again to those of you who referred me to friends or family. 2013 was my best year ever, and it is mostly thanks to word of mouth support from you!!
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