In 2020, buyers got a big boost in the housing market as mortgage rates dropped throughout the year. According to Freddie Mac, rates hit all-time lows 12 times this year, dipping below 3% for the first time ever while making buying a home more and more attractive as the year progressed (See graph below):

When you continually hear how rates are hitting record lows, you may be wondering: Are they going to keep falling? Should I wait until they get even lower?

The Challenge with Waiting

The challenge with waiting is that you can easily miss this optimal window of time and then end up paying more in the long run. Last week, mortgage rates ticked up slightly. Sam Khater, Chief Economist at Freddie Mac, explains:

“Mortgage rates jumped

As we head into cooler months and the holiday season, the Boston real estate market historically cools off a bit as well. Nick gives his thoughts on what we can expect this year as well as some tips for staying on top of the latest changes in Boston real estate.

How do you predict the market will trend as we head into cooler months in Boston?

Generally you can expect the real estate market to slow down during the winter months, especially if we get one of those terrible New England winters that makes you want to just sit on your couch with a blanket and binge watch Netflix until April.  With that said, this winter, like most of 2020, might be slightly different.  

There is still lots of demand for housing and with rates still remaining near

In the second half of this year, the housing market surged with activity. Today, real estate experts are looking ahead to the winter season and the forecast is anything but chilly. As Lawrence Yun, Chief Economist for the National Association of Realtors (NAR), notes:

“It will be one of the best winter sales years ever.”

The typical winter slowdown in the housing market is simply not on the radar. Here’s why.

While today’s historically low mortgage rates are expected to remain low, they won’t be this low for much longer. This could be the last chance for homebuyers to secure such low rates, and they’re ready to take action. In a recent article, Bankrate explained:

“If you’re looking to buy a home…expect mortgage rates to remain

In today’s real estate market, the buzz is all about how it’s a great time to sell your house. Buyer demand is high, and there simply aren’t enough homes available to buy to meet that growing need. This means now is the time to make a move so you can close the deal on your ideal terms.

Even in today’s strong sellers’ market, there are homeowners who are choosing not to sell due to ongoing concerns around the health crisis, financial uncertainty, and life in general. According to Zillow, here are the top three reasons homeowners who are thinking of selling sometime in the next three years are not putting their houses on the market right now:

• 34% - Life is too uncertain right now
• 31% - Financial uncertainty
• 25% - COVID-19 health

Berkshire Hathaway HomeServices, part of the HSF Affiliates LLC family of real estate brokerage franchise networks, today announced its first franchised office on Hawaii Island. The independently owned and operated real estate office will operate as Berkshire Hathaway HomeServices Hawai’i Island Properties.

The Hawaii Island entity was developed by Berkshire Hathaway HomeServices Maui Properties, an established network member since 2014.

“As the only current Berkshire Hathaway HomeServices network member on the Island of Hawai’i, our initial goal is to gain market share in the West Hawai'i real estate market,” said Alex Iskenderian, CEO of Hawai'i Island Properties. “We feel confident that our full service, hands-on approach coupled with the

Berkshire Hathaway HomeServices, part of the HSF Affiliates LLC family of real estate brokerage franchise networks, today announced its second franchisee in Mexico. The company will operate as Berkshire Hathaway HomeServices Cancun Properties.

Serving a luxury locale with prestige service, Cancun Properties made the decision to join the Berkshire Hathaway HomeServices network “because of the professionalism and the name behind it,” said Luis Mirabent, CEO of Cancun Properties. “We are known for the type of properties we manage, the service we provide and the prestige that we have achieved over the last 15 years. Berkshire Hathaway HomeServices is a great match for us because the network shares our mission to provide quality and service to exceed

Equity continues to rise, helping American homeowners secure a much more stable financial future. According to the most recent data from CoreLogic, the average homeowner gained $9,800 in equity over the past year. In addition, experts project 2020 home prices to continue rising. With prices going up, equity gains will also keep accelerating. Black Knight just reported:

“The annual percent change in the overall median existing single-family-home price has skyrocketed in the past several months, with recent numbers at three to five times higher than rates seen in the past several years.”

Jeff Tucker, Senior Economist at Zillow, just qualified recent price increases as “jaw-dropping” and “within a hair's breadth of double-digit

As we enter the final months of 2020 and continue to work through the challenges this year has brought, some of us wonder what impact continued economic uncertainty could have on home prices. Looking at the big picture, the rules of supply and demand will give us the clearest idea of what is to come.

Due to the undersupply of homes on the market today, there’s upward pressure on prices. Consider simple economics: when there is high demand for an item and a low supply of it, consumers are willing to pay more for that item. That’s what’s happening in today’s real estate market. The housing supply shortage is also resulting in bidding wars, which will also drive price points higher in the home sale process.

There’s no evidence that

Zack has proven himself to be an exceptional agent with a focus on creative marketing, customer service, and exceptional knowledge of the market. He has won numerous monthly sales and listing awards and been recognized as one of the top agents for last year. His clients appreciate his direct and honest approach to the industry and commitment to educating them to help them get the most out of their real estate transactions. Because of this, he has worked with many client referrals and continues to grow his business substantially.

A few questions with Zack:

What brought you to Berkshire Hathaway HomeServices Warren Residential?

Berkshire Hathaway HomeServices Warren Residential has an amazing marketing and web presence. I loved the combination

This month, Nick takes a look at the Boston luxury market and discusses how it has changed over the past six months in both condominium and single-family sales. He also explains how the market for luxury rental homes has changed in the city and around the Boston downtown area.

As buyer preferences shift, what changes have you seen in the Boston luxury condo market, specifically in downtown neighborhoods?

Since COVID arrived, we’ve seen a dramatic shift in buyer preferences.  With people spending more and more time at home, the demand for larger square footage and outdoor space has increased dramatically.  This, combined with the fact that many people are no longer location dependent due to working from home, has caused many buyers to shift their