Christopher TerryEZ Home Search Real Estatechris@ezhomesearch.net
Get a scary good deal on a new house!
Have a friend or family member thinking about buying a new home? Lots of people think that now might not be a good time because it's not necessarily the "busy" real estate season. But as a buyer, that's not such a bad thing! October is a great month to be in the market to become a homeowner.
Many buyer's (and some sellers too) start there search by touring local open houses. Do you know someone that has thought about making a move? Here's two opportunities for this weekend! Consider sharing this newsletter with them. Who knows, one of these homes maybe just when they are looking for!
Swansea - Off Gardners Neck Rd
Great example of a Mid-Century Modern Contemporary Style Home!One block from the water off Gardners Neck Rd!Over 1700 s.f. on One Level3 Bedrooms, 2 Baths$379,900CLICK HERE to TOUR!
Somerset - Corner Lot on Lafayette St
Well Maintained Ranch Home Located on a Corner LotCentral AC Beautiful Hardwood Floors Partially Finished Basement3 Bedrooms, 1 Bath, Large Garage $340,000CLICK HERE to TOUR
Taunton - No Open House This Weekend But Easy to Show!
Tucked away in a very private setting, this immaculate raised ranch has allthe amenities your are looking for!3 Bedrooms, 2 Baths, Central Air, Hardwood Floors, Granite Tops$479,999CLICK HERE to TOUR
Thinking of Selling?
We analyze home values and determine market prices everyday. Many online sites off an automated valuation model, while our Realtor Valuation Model is much more detailed. CLICK HERE for DETAILS
9 Steps to Buying a New Home?
Think you are ready to buy a house? Make sure you know what the process entails! Check out our list of 9 steps you need to know to be ready!CLICK HERE to LEARN MORE
Spectacular Waterfront Home in Somerset MA
Sometimes the home of your dreams has been right there all along, you just never thought to look!
That could be said about this stunning home just off of Lees River Ave in Somerset MA. Wake up to scenic views every morning all while enjoying the tasteful interior this home has to offer.
429 Enterprise Drive, Somerset MA
4 Bedrooms | 3.5 Baths
There are certain basic expenses accompanying closing the sale of a house. These expenses are usually split between the buyer and seller, as directed in the sales contract. Many are conventional, but there are nuances to each, so you'll want a real estate expert in Massachusetts to help guide you through the transaction.
Sellers: As we get through the details of your deal, I'll not only work to get the optimal sales price, but I'll also advocate for reduced closing costs. And once we've reached an agreement, I'll walk you through the closing costs so you know exactly what you're paying for.
Buyers: If you're buying a house in Bristol County, you will be given a "Good Faith Estimate" (GFE) of closing costs within three days of submitting your loan application. The estimate is based on the loan officer's prior experience and is required to be within a suitable range so you're not startled when you come to the closing table. I'll be willing to look at the GFE with you, answering your questions and highlighting any estimates that are uncertain.
Update: If you saw this post from earlier in the month and have an interest in what has been going on with the local real estate market then you might find this latest graphic update interesting:
What a difference 3 weeks can make!
Inventory has fallen off by another 1000 homes in the state in only 3 weeks! Below is my post from earlier this month. Take a look and if you have thought about selling your home check out the seller section of our site for great information on how to prepare your home for sale, or just give me a call. I'll walk you though the process, from start to finish, all with no obligation!
I've been thinking about how to best convey what is happening in the real estate market here in Massachusetts and on the South Coast without sounding like I'm begging you to sell your home. So, I thought I'd start with a few graphics.
What a Difference a Year Makes!
Today, there are only 4361 single family homes on the market in all of Massachusetts! 5 years ago, at this time, we had over 11,200. And inventory is down over 50% from this time last year. In addition, this data tool includes homes that are in a "contingency" status when calculating on market inventory. So, when you factor in that a percentage of the listed inventory is "continent" then far last than 4361 homes are actually available. Until last week, inventory in Massachusetts had not fallen below 5,000 homes since records started being kept.
"That's interesting but what's happening locally?" Well, I'm glad you asked! Let's see.
It's not any better for home buyer's looking throughout Bristol County with inventory down over 57% from last year.
"What about Fall River?" Thanks for asking! Let's see...
You have to feel for these families trying to find a place to call home when in the entire city there are only 37 homes to consider. That's homes, some of which are "contingent", at all prices points! Challenging to say the least, especially when you are on a budget!
"Is there any good news if you are a home buyer?" Yes, yes there is! 30 year mortgage interest rates hit a new record low last week! When borrowing money at these incredibly low rates, even when factoring in the home price increases, it's still can be cheaper to buy a home this year than it was a year ago!
So, I'm not begging you to list your home for sale. But the market is starving for inventory, so if you have a property that you have considered selling I can't imagine a better market than now!
Check out the seller section of our site for great information on how to prepare your home for sale, or just give me a call. I'll walk you though the process, from start to finish, all with no obligation!
Christopher Terry EZ Home Search Real Estate www.ezhomesearch.net firstname.lastname@example.org 508-646-4777
P.S. I know there is a tendency to set this aside, but don't wait! The unique market conditions that we are seeing won't last forever! Call 508-646-4777 or email me today!
May Sellers: Don’t Wait—You Can Still Tackle A Home Sale During a Pandemic
The coronavirus may have transformed life as we know it, but the business of buying and selling homes? That’s still going strong.
It’s true that selling a home looks very different during COVID-19 than it does in normal times. However, that doesn’t mean that sellers need to wait until the pandemic has passed in order to sell their home and move on to their next one.
In fact, according to a HomeLight survey of top real estate agents shortly after the pandemic struck in March 2020, more than 60 percent of agents still characterized their local housing markets as sellers’ markets.
So how do you tackle a home sale during a pandemic? Here are some selling tips to help you during the coronavirus.
Get creative with virtual showings and tours.
While in-person showings are greatly reduced due to concerns about spreading the virus, video tours and virtual walk-throughs can give potential buyers the information they need to either move forward or look elsewhere.
Invest in a video tour by hiring a real estate video company. Ensure that the company you work with takes safety precautions, like having any videographers wear a mask, gloves, and booties while they’re in your home.
If you’d rather not have someone else in your home, work with your agent to record your own video on your phone—it’s not ideal, but it’s certainly permissible in this environment! Buyers want to be able to tour homes during coronavirus from the safety of their devices, so anything you can do to make that easier will help you immensely.
Ask your agent to carefully screen buyers.
Sight-unseen home purchases are occurring, but they’re still very few and far between. Most buyers will still want to see your home in person before making an offer.
The difference now is that most agents are screening buyers very carefully before granting any in-person showing requests. This could mean requiring that buyers be pre-qualified for the amount of the mortgage they’d need, and have a pre-approval letter or proof of funds they can show you, as well as having buyers do a “preliminary showing” by driving or walking by the home and exploring the surrounding neighborhood or environs.
Take safety precautions at all times.
Exercise social distancing from your agent and anyone else you need to engage with during the process at all times. This may mean doing things a bit differently, like driving in a separate car from your agent while looking for your own new home.
If you’re allowing people into your home for a showing, do whatever you can to reduce the need for them to touch anything: turn on all lights, open all doors, and ask that buyers wear gloves, masks, and booties. You or your agent should disinfect everything before and after the showing, and wear your own protective gear if you’ll be on the property while anyone else is.
Selling your home during coronavirus will be different, but it can absolutely be done. By working with a great real estate agent and taking the right precautions, you’ll be placing a “Sold” sign in your yard in no time.
What is the number 1 question both buyers and sellers are asking right now? I bet you know what it is...
With Covid-19 running rampant, work stoppage and skyrocketing unemployment, and with mortgage lending getting tighter and tighter everyone wants to know what is going to happen to the real estate market. But what they are really asking is what will happen to the price of homes.
I wish I could answer that question, but I can tell you that based on the amount of available inventory I would say that I don't believe it will go down, at least not in any significant way. Take a look at this chart of Inventory of Single Family Homes in Bristol County spanning the last 5 years:
Notice the number of listing units. One of the biggest issues we have had over the last few years is lack of inventory. Now look at the inventory level for 2020. It is down 25% from this time last year and down 45% from 5 years ago.
Now look at the months of supply. A stable market, a market in balance (equal number of buyers and sellers) is usually indicated when there is a 6 month supply of homes available. We are currently at 1.7 months of supply.
Now, let's take a look at this chart for Multi-Family homes in Bristol County:
See a trend here? Very similar statistics as the single family chart. Now let's look at condominiums:
Again, similar story.
There is no doubt that the effects of the corona virus will have a chilling effect on the economy and the number of home buyers in the market place but with so little inventory the likelihood of any long term and significant downward pressure on pricing is low.
However, if there is one constant in real estate it's change! I do expect that once we are on the other side of this, and businesses are able to re-open and we all start to become more accustom to this new normal that there will be a flood of homes hitting the market. So when that happens we will have to see how the market responds.
EZ Home Search Real Estate
The 2008 crash was caused by subprime loans and speculators. Together, they drove prices to unsustainable levels. It was a perfect storm of events that had a devastating impact.
But if you think we’re headed for the same rough waters today — think again.
Today’s housing market is much different than it was in 2008 — and therefore more stable today.
There are key differences in this market then 2008. Don’t believe me? Check out this article that shows 8 Reasons the Coronavirus Won’t Crash the Housing Market.
Buying and selling real estate is still a good idea right now — if you have the right agent on your side.
Contact me to find out how we can guide you through these uncharted waters.
We Wish You All The Hope, Joy and Wonder of the Holiday Season!
One day at a little over a month ago as I was pulling into the parking lot EZ Home Search Real Estate when a car pulled in behind me driven by an older couple. They asked if I could help them find a new home.
It turns out that they had sold their home to a life long family friend and had stayed on as tenants in one of the units.
It was heartbreaking when they told me that their friendship with their life long friends had become strained and that had no choice but to find another place to call home.
Unfortunately living on retirement income meant that paying today’s current market rent would be nearly impossible.
I connected them with Nina Despres @ St Anne’s Credit Union who qualified them for a great loan program and we went to work in search of an affordable option for them. In just a few days we found a great entry level condo, in a beautiful condominium building, that was right in their budget.
This lovely retired couple, who were so worried about where they were going to live and whether it would be affordable are now owners of a beautiful condo...and it’s less than what they would have had to pay for rent.
It's stories like this one, and many others over the years that make us all at EZ Home Search Real Estate so grateful and blessed to have the opportunity to help families find their dream home, plant roots and build long term equity through home ownership.
Everyone here at EZ Home Search Real Estate would like to wish you all the Hope, Joy and Wonder this holiday season can bring and a Happy, Healthy and Wealthy 2020.
Christopher TerryEZ Home Search Real Estate508-646-4777 x105