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Boston Real Estate Blog

The Right Expert Will Guide You Through This Unprecedented Market | MyKCM

In a normal market, it’s good to have an experienced guide coaching you through the process of buying or selling a home in the Boston area. That person can advise you on important things like pricing your home correctly or the first steps to take when you’re ready to buy. However, the market we’re in today is far from normal. As a result, an expert isn’t just good to have by your side – an expert is essential.

Today’s Boston housing market is full of extremes. Mortgage rates hovering near record-lows are driving high buyer demand. On the other hand, an absence of sellers is creating record-low housing inventory. This imbalance in supply and demand is leading to a skyrocketing rate of bidding wars and more houses selling over their asking price.

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In Today’s Market, Listing Prices Are Like an Auction’s Reserve Price | MyKCM

For generations, the process of buying and selling a home in the Boston area never really changed. A homeowner would try to estimate the market value of their house, then tack on a little extra to give themselves some negotiating room. That figure would become the listing price. Buyers would then try to determine how much less than the full price they could offer and still get the home. As a result, the listing price was generally the ceiling of the negotiation. The actual sales price would almost always be somewhat lower than what was listed. It was unthinkable to pay more than what the seller was asking.

Today is different.

The record-low supply of homes for sale coupled with very strong buyer demand is leading to a rise in bidding wars on

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Where Do Experts Say the Housing Market Is Heading? | MyKCM

As we enter the middle of 2021, many are wondering if we’ll see big changes in the Boston housing market during the second half of this year. Here’s a look at what some experts have to say about key factors that will drive the industry and the economy forward in the months to come.

realtor.com

“. . . homes continue to sell quickly in what’s normally the fastest-moving time of the year. This is in contrast with 2020 when homes sold slower in the spring and fastest in September and October. While we expect fall to be competitive, this year’s seasonal pattern is likely to be more normal, with homes selling fastest from roughly now until mid-summer.”

National Association of Realtors (NAR)

Sellers who have been hesitant to list

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Think Smarter with Nick

This month Nick gives his advice to buyers looking to make a move this spring/summer. With a highly competitive Boston real estate market, it can be challenging, but there are ways to be competitive and purchase the home of your dreams!

There is a lot of talk about “contingencies” right now - can you explain these?

Contingencies are clauses in an offer that define a condition or action that must be met for the purchase contract to become legally binding.  

Typical contingencies buyers use in offers include:

  • Inspection Contingency - Allows the buyer to have a professional home inspector inspect the property and then decide whether they want to move forward with the purchase, potentially renegotiate the price/terms, or back out and

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Don’t Forget to Budget for Closing Costs | MyKCM

When buying a home in Boston, it’s important to have a budget and make sure you plan ahead for certain homebuying expenses. Saving for a down payment is the main cost that comes to mind for many, but budgeting for the closing costs required to get a mortgage is just as important.

What Are Closing Costs?

According to Trulia:

“When you close on a home, a number of fees are due. They typically range from 2% to 5% of the total cost of the home, and can include title insurance, origination fees, underwriting fees, document preparation fees, and more.”

For example, for someone buying a $300,000 home, they could potentially have between $6,000 and $15,000 in closing fees. If you’re in the market for a home above this price range, your

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Your House Could Be the Oasis in an Inventory Desert | MyKCM

Homebuyers are flooding the Boston housing market right now to take advantage of record-low mortgage rates. Many have a sense of urgency to find a home soon since experts forecast a steady rise in both rates and home prices this year and next. As a result, buyer demand around Boston greatly outweighs the current housing supply. Here’s how the shortage of houses for sale sets yours up to be the oasis in an inventory desert.

According to the National Association of Realtors (NAR), today’s housing inventory sits at an incredibly low 2.1-month supply, far below the 6-month mark for a neutral market. Inventory of single-family homes a year ago was already very low, and as you can see in the graph below, this year’s levels are even lower:

Due to

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The housing market keeps sailing along. The only headwind that could take it off course is the lack of inventory for sale. The National Association of Realtors (NAR) reports that there were 410,000 fewer single-family homes for sale this March than in March of 2020. The key to continued success in the residential housing market is for more listings to come on the market. However, many homeowners are concerned that selling their homes could be challenging for several reasons.

Recently, Homes.com released the findings of a survey that identified these concerns, as well as what it will take for homeowners to feel comfortable selling their houses. Here are the four major homeowner concerns and a quick explanation of what’s actually happening in the housing

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The Inventory Crisis

Over the past few months, there hasn’t been a morning that my notifications weren’t filled with headlines talking about the real estate inventory crisis.  I can’t even escape hearing about it while mindlessly scrolling through TikTok!  

But, while we are all well aware of the crisis, understanding why it is happening isn’t as clear, even to those in the real estate industry.  So I figured I’d try to summarize my thoughts on what is happening in “this crazy real estate market!”.

The Perfect Storm

There isn’t just one factor that created the situation we are experiencing.  It is more of a “perfect storm” of multiple scenarios playing out at the same time.  Below are, in my opinion, some of the biggest culprits.

  • A

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4 Tips to Maximize the Sale of Your House | MyKCM

Homeowners ready to make a move are definitely in a great position to sell today all around Boston. Housing inventory is incredibly low, driving up buyer competition. This gives homeowners leverage to sell for the best possible terms, and it’s fueling a steady rise in home prices throughout Greater Boston.

In such a hot market, houses are selling quickly. According to the National Association of Realtors (NAR), homes are typically on the market for just 18 short days. Despite the speed and opportunity for sellers, there are still steps you can take to prep your house to shine so you get the greatest possible return.

1. Make Buyers Feel at Home

One of the ways to make this happen is to take time to declutter. Pack away any personal items

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Josh Stephens and the Moving Greater Boston Team were recently recognized as the top sales team for all of Berkshire Hathaway HomeServices in Massachusetts for the fourth quarter of 2020. With thousands of agents in the state, this accomplishment showcases the dedication and hard-working qualities of this sales team. Only a few months ago, they achieved another huge milestone as they closed over $100 Million in career sales. These achievements come after only 7 years in the business while working with numerous buyers, sellers, and investors throughout the Greater Boston area. 

This team has been recognized at both the local and national levels, achieving top awards for sales over the past few years. They are consistently recognized as sales and listing

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