Boston MA housing recovery continues

Low interest rates and sparse inventory are leading to a highly competitive market for buyers, according to Realtor.com’s Weekly Recovery Report for the week ending July 11. The report also found that the U.S. housing market is returning to pre-COVID-19 levels, with a Housing Market Recovery Index of 98.5, which is just 1.5 points below the pre-COVID baseline and 0.7 points higher than the previous week.

The baseline market level was determined by a comparison to January, prior to the effects of COVID-19 on the market. Both total inventory and new listing were down, by 32% and 19%, respectively, partially due to increased buyer demand.

Time on market was on average one day longer than last year, and median listing prices grew 7.9%. “Today’s market remains tipped in favor of sellers as would-be spring buyers are shopping well into what would normally be summer vacation season,” said Danielle Hale, chief economist for realtor.com. “Home buyers, trying to take advantage of record-low mortgage rates and make up for lost time, are finding limited and more expensive options.

Although sellers are slowly acclimating to this unexpected surge in buyer interest, inventory is still lagging behind demand which is driving quick time on market and listing price growth on par with this time last summer.”

Boston, Massachusetts continues to lead the nation with a Recovery Index score of 114.1. This is down almost 6 points from the previous week, however. Northeast market is helping lead the recovery, with a Recovery Index score of 102.6, according to Realtor.com.

The post Realtor.com: Boston housing recovery continues appeared first on Boston Agent Magazine.

FIRST TIME HOMEBUYERS

First Time Home Buying in Massachusetts

MABA Buyer Agents help first time home buyers reduce the stress and frustration normally associated with buying a home or condo – especially for first time home buyers.

As a first time homebuyer in Massachusetts, you can turn to our non-profit organization to help you understand and navigate the complexities of the entire Massachusetts real estate transaction, from mortgage pre-approval until you are handed the keys to your new home or condominium. Each of our member buyer's brokers and agents works only for their buyer-clients and never for the seller of the home or condo that their buyers want to buy.

MABA Buyer Agents will take the time to learn about you and your real estate goals, help you understand your options, including first time home buyer programs, properties and/or condominium associations, estimate real property values and put together a negotiating strategy to help you increase the odds of getting your offer accepted in our competitive Massachusetts real estate market. After advocating to get your offer accepted, your MABA buyer's agent will be there for you at your home inspection and help you protect your deposit through the inspection, purchase & sale and financing contingency periods.

You can buy your first home or condo with confidence knowing that your MABA buyer agent is committed to saving you time and money and helping you make your best home buying decision.

Selecting the Right Homebuyer's agent

Unlike most other real estate agents, a MABA home buyer's broker never represents both a buyer and seller in the same transaction so you never have to worry whether a MABA agent is really looking out for your best financial interests. A MABA buyer's agent acts as your advocate, real estate educator, advisor and negotiator, always loyal to you and dedicated to helping you find and buy the best home with the best terms at the price and showing you which homes to avoid along the way.

Fewer than one percent of the agents and brokers in Massachusetts meet our high standards. 

Whether you are ready to buy now or just beginning your home buying journey, click here to choose a Great Buyer's Agent to answer all of your home buying questions!