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Think Smarter with Nick

August is here and we hope you have been enjoying the wonderful weather and some outdoor time at home, on the Cape, or wherever you may be! This month, Nick takes a look at the Boston rental market and the changes being seen over the past few months. He also gives tips on how you can enjoy these wonderful summer days!

Over the past few months, we have seen some shifts in the rental market in and around Boston, can you talk a bit about this? 

The rental market here in Boston has taken a significant hit over the past few months.  As of today (August 17th) we have 4740 units currently on the market vs 1807 at the same time last year (per MLS).  This is an increase of 162.31%!  We now have 6.41 months of supply just sitting there vs 2.33 last

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The Beginning of an Economic Recovery | MyKCM 

The news these days seems to have a mix of highs and lows. We may hear that an economic recovery is starting, but we’ve also seen some of the worst economic data in the history of our country. The challenge today is to understand exactly what’s going on and what it means relative to the road ahead. We’ve talked before about what experts expect in the second half of this year, and today that progress largely hinges upon the continued course of the virus.

A recent Wall Street Journal survey of economists noted, “A strong economic recovery depends on effective and sustained containment of Covid-19.” Given the uncertainty around the virus, we can also see what economists are forecasting for GDP in the third quarter of this year (see graph below):

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Current Buyer & Seller Perks in the Housing Market | MyKCM

Today’s housing market is making a truly impressive turnaround, and it’s also setting up some outstanding opportunities for buyers and sellers. Whether you’re thinking of buying or selling a home this year, there are perks today that are rarely available, and definitely worth looking into. Here are the top two.

The Biggest Perk for Buyers: Low Mortgage Rates

The most impressive buyer incentive today is the average mortgage interest rate. Just last week, mortgage rates hit an all-time low for the eighth time this year. The 30-year fixed-rate is now averaging 2.88%, the lowest rate in the survey’s history, which dates back to 1971 (See graph below):

This is a huge advantage for buyers. To put it in perspective, it means that today you can

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Berkshire Hathaway HomeServices San Miguel

Berkshire Hathaway HomeServices announces their first network member in Mexico located in the American expatriate and retiree destination of San Miguel de Allende in central Mexico. The brokerage will operate as Berkshire Hathaway HomeServices Colonial Homes San Miguel.

Already renowned as the “#1 City in the World” as designated twice each by Condé Nast Traveler and Travel & Leisure magazines, San Miguel de Allende is an ideal expansion for the Berkshire Hathaway HomeServices brand which has widespread name-recognition among Americans.

“We’ve been eyeing Mexico for some time as part of our global expansion,” said Gino Blefari, chairman of Berkshire Hathaway HomeServices. “With its strong American and Canadian population, San Miguel de

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Experts Weigh-In on the Remarkable Strength of the Housing Market | MyKCM

America has faced its share of challenges in 2020. A once-in-a-lifetime pandemic, a financial crisis leaving millions still unemployed, and an upcoming presidential election that may prove to be one of the most contentious in our nation’s history all continue to test this country in unimaginable ways.

Even with all of that uncertainty, the residential real estate market continues to show great resilience. Here’s a look at what the experts have said about the housing market over the past few weeks.

Ivy Zelman, CEO of Zelman & Associates:

“Whether in terms of pending contract activity or our proprietary buyer demand ratings, the various measures of demand captured in this month’s survey can only be described as shockingly strong, in spite

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Meredith Kiep Boston Realtor

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

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What Are Experts Saying about Home Prices?

What Are Experts Saying about Home Prices? | MyKCM

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

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Taking Advantage of Homebuying Affordability in Today’s Market | MyKCM

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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Think Smarter with Nick

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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boston home prices 2020

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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