There have been some notable price reductions this week, but what caught my attention most was the number of properties that went under agreement in the last few weeks. A stunning amount of homes now have signed contracts, far outpacing the new listings being introduced in those same weeks. The under $2M range is the busiest which is interesting because one would think those are the people most reliant on a mortgage and despite the rates they are still moving forward with plans to buy!

Source from MLS

The race to win most of those properties were the result of bidding wars. (More than one person vying to win the seller's attention.) Not all traded much more than the asking prices, the houses that came on too high will ultimately trade for lower or just what it was listed for. That said, a few of my lenders are offering rates in the mid to high 6% range which is refreshing to see. Reach out as I am happy to share those contacts. 

 

Next week I will be releasing two beautiful and unique properties in Wellesley and I can already feel the strong demand for them through agents contacting me for more information. 

 

 

 

I believe all this positive news locally builds the case against a housing market crash. An historic view nationally of the inventory and number of foreclosures by Keeping Current Matters (charts below) clearly shows the healthier climate we are in now compared to the 2008 crash. The red lines below are in the range of the last crash- a dramatic point and reassuring as you look at the current time period in the blue. The supply numbers supports the claim, that there is nothing to crash because there are so few houses for sale!

 

I'm always available and more than happy to provide an analysis for you! Email me at teri@mgsgrouprealestate.com or call at 617-306-3642 to schedule a meeting.
 
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