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.
Christopher Terry EZ Home Search Real Estate 508-646-4777 chris@ezhomesearch.net
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
A common question I get every time mortgage interest rates drop is: "I hear rates are dropping, should I refinance?" And with rates dropping again it's a questions that is asked of me almost daily. So, how do I answer that question?
If your monthly mortgage payment will be less by refinancing then the answer seems obvious, but just because you are saving money does not mean that refinancing is right for you. I believe it's important to consider how long you plan to keep the new mortgage and how much it will cost you to refinance. Let me give you an example. If the cost to refinance is $5,000 and your savings is $50 per month. You would have to plan to keep the new mortgage for 100 months (8+ years) before you would recoup the cost to refinance in your new monthly payment. This calculation does not take into consideration the interest savings on the total loan. There's a link below to help you calculate if refinancing is right for you.
Refinance Savings and Break-even - Should you refinance your mortgage? Use this calculator to determine what your new payment will be, how much you'll save in interest and when you will break even.
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MAR (Massachusetts Association of Realtors) Releases August 2019 Pending Sales Data Report
Pending Single Family and Condominium Home Sales were UP in August of 2019 when compared to August 2018.
This new data marks the 12th straight month of year over year increases for single family homes adding more pressure to an already tight inventory market. Single family prices also saw a 2.8% year over year increase.
The condominium data showed similar gains with pending sales either flat or up 9 of the last 12 months and a year over year price increase of 3.1%.
These continues gains are bringing home affordability down causing many potential buyers to continue to be only potential buyers.
Pending home sales are considered a leading indicator of future existing home sales and is generally considered a more accurate measure of the strength of the real estate market. This is believed because a majority of the labor involved in selling a home are performed that lead up to signing an agreement for the sale of a house. The mortgage process represents the end of the sales cycle but is a technicality and can take 4 - 8 weeks on average. Generally pending home sales is an accurate measure of existing home sales one to two months in the future.
Check out the full Press Release here.