Meredith has been involved in Boston real estate for over ten years and built a successful business working with buyers, sellers, renters, and investors throughout Greater Boston. This month, she was recognized as the top agent at her office for the first half of 2020. Her clients appreciate her professionalism and responsiveness as they navigate their transactions. She has worked with many first time buyers and sellers and makes sure to educate them on the process and answer questions along the way so they feel comfortable - especially in competitive market conditions. Meredith understands that the Boston area market changes rapidly and invests in staying on top of changing trends and market statistics. She also knows that an educated client is

What Are Experts Saying about Home Prices?

Last week, a very well-respected real estate analytics firm surprised many with their home price projection for the next twelve months. CoreLogic, in their latest Home Price Index said:

“The economic downturn that started in March 2020 is predicted to cause a 6.6% drop in the HPI by May 2021, which would be the first decrease in annual home prices in over 9 years.”

The forecast was surprising as it was strikingly different than any other projection by major analysts. Six of the other eight forecasts call for appreciation, and the two who project depreciation indicate it will be one percent or less.

Here is a graph showing all of the projections:

There’s a simple formula to

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