Everyone is ready to buy a home at different times in their lives, and despite the health crisis, today is no exception. Understanding how affordability works and the main market factors that impact it may help those who are ready to buy a home narrow down their optimal window of time to make a purchase.

There are three main factors that go into determining how affordable homes are for buyers:

1. Mortgage Rates
2. Mortgage Payments as a Percentage of Income
3. Home Prices

The National Association of Realtors (NAR), produces a Housing Affordability Index, which takes these three factors into account and determines an overall affordability score for housing. According to NAR, the index:

“…measures whether or not a typical family

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Nick looks at what many experts are saying in regards to home prices as we enter into the second part of 2020. He also explains the unique aspects of the Boston real estate market and what buyers and sellers can expect if they plan to make a real estate transaction through the end of the year.

In a recent blog post, we looked at what many experts are saying about future home prices. What do you think about their predictions?

While I don't have a crystal ball, the lack of inventory due to the pandemic in most major markets across the country has caused a bit of an imbalance in supply and demand.  In the Boston area, we are already seeing a buyer feeding frenzy in many locations and more specifically in certain price-points. As things slowly

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A worldwide pandemic and an economic recession have had a tremendous effect on the nation. The uncertainty brought about by both has made predicting consumer behavior nearly impossible. For that reason, forecasting home prices has become extremely difficult.

Normally, there’s a simple formula to determine the future price of any item: calculate the supply of that item in ratio to the demand for that item. In housing right now, demand far exceeds supply. Mortgage applications to buy a home just rose to the highest level in 11 years while inventory of homes for sale is at (or near) an all-time low. That would usually indicate strong appreciation for home values as we move throughout the year.

Some experts, however, are not convinced the current

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Craig Brody & Ali Melignano are a part of Brody Real Estate Co. and bring a combined level of experience and proven success to the world of Boston real estate. Craig has worked with Berkshire Hathaway HomeServices Warren Residential for over 2 years after a successful career working with his family in the liquor and wine industry. Ali recently joined the office and team after years as an agent navigating the luxury real estate market. Together, utilizing the resources of the company, they work with buyers, sellers, and investors throughout Boston and its many neighborhoods. Each of their clients appreciates their attention to detail and service and attentiveness as a team. They know there is always someone there to help answer questions they may

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As Boston continues through its reopening phases and summer arrives, Nick gives his projections on what buyers and sellers can expect in the Boston real estate market over the next few months. He also shares some ways to enjoy this wonderful time of year in the Boston area!

What can buyers expect over the next few months and how can they best navigate the market during this time?

The past few months have been a rollercoaster ride for people in the real estate market.  Instead of seeing new inventory come to market this past March, COVID-19 caused many sellers to put their plans of listing on pause.  This caused an extreme imbalance of supply and demand and left a lot of buyers frustrated with what they had to choose from.  Luckily, over the past

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Every year, Gallup conducts a survey of Americans to determine their choice for the best long-term investment. Respondents are asked to select real estate, stocks/mutual funds, gold, savings accounts/CDs, or bonds.

For the seventh year in a row, real estate has come out on top as the best long-term investment. Gallup explained:

“Real estate remains the most favored investment to Americans, as has been the case since 2013, when the housing market was on the rebound. More than a third of Americans have named real estate as the top investment since 2016.”

This year’s results indicated 35% of Americans chose real estate, followed by stocks at 21%. The full results covering the last decade are shown in the chart below:

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I wanted to say something earlier but was afraid it would come out wrong or that I wouldn't be able to find the words to express how I really feel.  However, I’ve realized that staying silent is far worse because, like you; I am outraged and heartbroken by the loss of life and the unequal treatment of the Black community.  The murders of George Floyd in Minneapolis, Breonna Taylor in Kentucky, and Ahmaud Arbery in Georgia are the most recent names added to a lengthy list of horrors faced by black people over the past several hundred years.  

During this troublesome time, even when most people are craving normalcy, we must not turn a blind eye to injustices and continue to stand on the sidelines.  Returning to the status quo will only perpetuate…

With more U.S. states reopening for business this summer, and as people start to return to work, we can expect the economy to begin improving. Most expert forecasts indicate this economic recovery will start to happen in the second half of this year. As we get back to work and the financial landscape of the country begins to turn around, many experts also agree that real estate has the potential to lead the way in the recovery process.

According to Ivy Zelman of Zelman & Associates:

 “Housing will fare better than expected during this severe downturn.”

In addition, CNBC notes:

“Mortgage demand from home buyers shows unexpectedly strong and quick recovery…The quick recovery has surprised most forecasters.”

Robert

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As we enter the summer months and work through the challenges associated with the current health crisis, many are wondering what impact the economic slowdown will have on home prices. Looking at the big picture, supply and demand will give us the clearest idea of what’s to come.

Making our way through the month of June and entering the second half of the year, we face an undersupply of homes on the market. Keep in mind, this undersupply is going to vary by location and by price point. According to the National Association of Realtors (NAR), across the country, we currently have a 4.1 months supply of homes on the market. Historically, 6 months of supply is considered a balanced market. Anything over 6 months is a buyer’s market, meaning prices

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Josh has been an award-winning agent with Berkshire Hathaway HomeServices Warren Residential since 2013 and a true innovator in the world of Boston real estate. He recently was named the number one agent in Massachusetts for the entire first quarter of 2020 alongside his team, Moving Greater Boston. This achievement comes after numerous monthly and annual awards over the past years as a result of his hard work with clients and referral network. Josh was also chosen to serve on the Berkshire Hathaway HomeServices national REthink Council, a position bestowed by BHHS executives to 15 agents among thousands of applicants. Truly his achievements speak to his incredible work ethic and the passion he brings to the Boston real estate market.

A Few

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