The South Coast Real Estate Round-Up

Investors still see opportunity in the Fall River multi-family home market pushing the year over year median sales price up more than 20% over the last year.  

From March 2022 to March 2023 Fall River saw the median sales price of multi-family homes appreciate by 20.45%. This is on top of the 15% appreciation seen from 2021 to 2022. 

To add fuel to the fire there were just 72 multi-family homes listed so far this year, down 27% from last year.  

With the months of supply remained steady at .66 months.  

Although higher mortgage rates have reduced the buyer traffic, the opportunities in Fall River continue to attract both owner-occupied multi family homeowners and investors.  

Of course, all real estate is local, so let us know if you want to know more about what is happening in your neighborhood and if you like these updates, please subscribe so you can stay in the know. 


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#realestate #massachusetts #marketinaminute #fallriverma #WeMakeItEZ #ezhomesearch

Posted by Christopher Terry on April 28th, 2023 3:31 PM


 The number of homes listing in February jumped 138% from the previous February.

There were 31 single family homes listed for sale in February compared to just 13 last February. That’s a 138% increase from the previous year.  This is good news for our inventory staved market. And more inventory means more options for buyers.  

Months of supply jumped 195%. But even with that large jump there is still only 1.18 months of supply on the market. Well below a healthy real estate market.  

Days to an offer was only up slightly, going from 21 days last February to 24 days this February.  

And, even with the higher interest rates side lining many buyers the median sales price was up 2.33 % to $375,000.  

Of course, all real estate is local, so let me know if you want to know more about what is happening in your neighborhood and if you like these updates, please like and subscribe so you can stay in the know.


Thinking of making a move? Get a copy of our Good Move Guide.

Moving can be stressful on you, but it can be even tougher on kids!

Get a copy of our FREE guide to making moving easier on you and your children. It's got tons of tips to turn your next move into a fun adventure for the whole family! 


 

#realestate #massachusetts #marketinaminute #fallriverma #WeMakeItEZ #ezhomesearch

Posted by Christopher Terry on March 12th, 2023 12:17 PM
January 2023 versus January 2022 year over year comparison.

Current Listing Data

Inventory, or should I say lack of inventory continues to plague the single-family housing market in Fall River MA. Last year there were 27 new homes listed in January, this year 25, both years being well below the normal inventory levels. The median list price in January 2022 was $399,900, this year it was $429,900, up a little over 7% with days on market doubling to 60 days.

Pending Data

The median list price for pending sales was $374,000, in line with last January’s numbers, however the year over year days to an offer doubled to 38 days.

Sold Data

The number of units closed in January was down 26.7%, with a median sales price of $380,000, up just 1.9% from the previous January with days on market being just 23 days. What is interesting to note that the list price to sells price ratio that was 100% in January 2022 has dropped to 96.7% in January 2023.

Summary
This information shows in interesting trend of more time on market for homeowners. Going from just 23 days for sold listings to 38 days for pending listings and 60 days for still on market listings. There is also a large price difference between the median pending prices and the new inventory list prices. This maybe one reason why the added length of time on market for current listings as buyers wait for sellers to make price improvements.

Of course, all real estate is local, and this data is for all of Fall River, so let me know if you want to know more about what is happening in your neighborhood and if you like these updates, please like, and subscribe so you can stay in the know.

I’m Christopher Terry with EZ Home Search Real Estate and RememberYes, you can buy.Yes, you can sell.Yes, I can help.

*All information referenced shows median data from MLS PIN area market reports.

Posted by Christopher Terry on February 10th, 2023 5:33 PM

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:

Listing Inventory 2019 vs 2020

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
 chris@ezhomesearch.net
 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! 

Posted by Christopher Terry on December 30th, 2020 10:40 AM

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.

Stay Safe,

 

Christopher Terry
EZ Home Search Real Estate
508-646-4777
chris@ezhomesearch.net

Posted by Christopher Terry on April 19th, 2020 2:29 PM
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$224,900.00
414 Bay St, Fall River, MA
Beds: 3 Rooms: 5
Full Baths: 2 Sq. Ft.:1568
Garage: 0 Built: 2017
 
 Looking at new construction? Then take a look at this 3 bedroom, 2 bath colonial currently under construction. The kitchen will feature an island with pendent lights, granite counter tops, and an appliance package. Other features include forced hot air with central ac, hardwood and tile flooring, laundry on the first floor, 3 nice size bedrooms and more. Interior photos are of a similar home from the same builder. Call today!

NEW CONSTRUCTION!


If you have any questions
about this property or
require more information,
please feel free to call.

Chris Terry
E Z Home Search Real Estate Inc.
5086464777
www.ezhomesearch.net



 
  Visit this listing here
Posted by Christopher Terry on July 27th, 2017 1:58 PM
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$299,900.00
1257 Robeson St. Fall River, MA
Beds: 4-5 Rooms: 11
Full Baths: 1.5 Sq. Ft.: 2033
Garage: 0 Built: 1900
 
This Gorgeous Classic Highlands Colonial with 4-5 bedrooms, 1.5 baths, has been meticulously maintained and updated without loosing its character and charm. The first floor is bright and cheerful and is filled with sunlight featuring a formal living room with a beautifully tiled fireplace, a formal dining room with pocket doors, and a lovely foyer entry to greet your guests. The kitchen has been beautifully remodeled, has a large island, stainless appliances, a half bath and access to the back yard. There is a lovely foyer on the second floor that leads to 3 bedrooms and a den (could also be a 4th bedroom), laundry facilities, and a beautifully remodeled bathroom. The 3rd floor has a 5th bedroom, a storage room and an art studio/playroom. The yard has beautiful perennial gardens, a lily pond with water fall, and a private patio area. This lovely home has a newer roof, updated electric service & panel, newer windows and much more! Don't miss your opportunity to own this lovely home.

Check out This Gorgeous Highlands Colonial! 4-5 Bedrooms, 1.5 Baths, Immaculate!

If you have any questions
about this property or
require more information,
please feel free to call.

Chris Terry
E Z Home Search Real Estate Inc.
5086464777
www.ezhomesearch.net



 
  Visit this listing here
Posted by Christopher Terry on February 4th, 2017 7:45 AM

Out with the old and in with the new. New Years brings a fresh start to many aspects of our lives, but some of those new beginnings might not be for the best. In December of 2016, The Federal Reserve increased interest on mortgage rates by 0.25%. The 30-year-fixed mortgage rates also already increased by 0.5% between the presidential election and the December Fed meeting, and will likely continue to climb well into 2017.

Though a 0.25% increase doesn’t sound like much, it can cost homeowners thousands of dollars more over time. For example, homeowners with a 30-year mortgage of $300,000 with a 4% rate will have monthly mortgage payments of 1,578. If that rate goes up by as a little as 0.25% the monthly payments will be $41 dollars higher; a total of $14,760 over the course of the 30-year loan. 

Buyers shouldn’t let small increases scare them from buying a home. Here are some precautions homebuyers can take to save money in the long run.

First-Time Homebuyers

First-time homebuyers might want to consider reducing their target price as the mortgage rates inch up. In order to ensure long-term affordability, homebuyers might think about looking at smaller homes or home with fewer wish-list traits. Another option is delaying the home buying process, and taking the time to save up for a more expensive property.

First-time buyers should also try improving their credit score, because the better the score, the lower the interest rate will be. They should also check their credit reports for errors, try to reduce their debt, and save up as much as possible to put on their down payment.

Repeat Homebuyers

Current homeowners who are looking to move, might be a bit shocked to see the difference in monthly costs between their current mortgage and their new one. There are things that can be done though to minimize the financial impact of a move. Doing your research on the cost of living in different communities can help, as well as starting the process of moving sooner rather than later.

Current Homebuyers

If you are currently living in the home you want to live in for a while, look into refinancing to a fixed-mortgage rate before the rates increase too much.

It is impossible to predict what mortgage rates will look like throughout 2017, but by doing your research and covering all bases, you can save yourself thousands of dollars in the long run. 

Christopher Terry is a licensed real estate broker in Ma and RI, has completed the Accredited Buyer Representative Certification, is a graduate of the Certified Distressed Property Institute, holds the prestigious CDPE designation, is a 4-Time winner of the Master Sales Society's 5/50 Award and is the founder of EZ Home Search Real Estate Inc.

Posted by Christopher Terry on January 14th, 2017 9:42 AM
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$99,900.00
587 Slade St
Fall River, MA

Beds: 2 Rooms: 6
Full Baths: 1.5 Sq. Ft.: 954
Garage: 0 Built: 1930
 
The exterior of this cottage style home has been well maintained with recent updates to the siding, fresh paint and a recent roof. The interior needs work but this home is larger than it appears with 2 bedrooms and 2.5 baths. Has a nice size yard, Great opportunity for a winter project.

Check out one of our newest listings. This Fixer Upper is priced right and will make a great winter project!

If you have any questions
about this property or
require more information,
please feel free to call.

Chris Terry
E Z Home Search Real Estate Inc.
5086464777
www.ezhomesearch.net



 
  Visit this listing here
Posted by Christopher Terry on November 15th, 2016 8:54 AM
Welcome to Octobers Edition of our Housing Trends eNewsletter. This eNewsletter is specially designed for you, with national and local housing information that you may find useful whether you’re in the market for a home, thinking about selling your home, or just interested in homeowner issues in general. 

Please click on this link to view the Housing Trends October 2016 Newsletter http://ezhomesearch.housingtrendsenewsletter.com 

The Housing Trends eNewsletter contains the latest information from the National Association of REALTORS®, the U.S. Census Bureau, Realtor.org reports and other sources. 

Housing Trends eNewsletter is filled with local and national real estate sales and price activity provided by MLSs and the National Association of Realtors, U.S. Census Bureau key market indicators, consumer videos, blogs, real estate glossary, mortgage rates and calculators, consumer articles, and REALTOR.com local community reports. 

If you are interested in determining the value of your home, click the “Home Evaluator” link for a free evaluation report: 

http://www.ezhomesearch.net/FreeHomeValuation

Sound decisions can only be made with accurate and reliable information, and I am happy to be a trusted resource for you. Thank you for the opportunity to provide you with this monthly eNewsletter, and I look forward to answering any questions you may have and to the opportunity to be your REALTOR® in the future. 

Christopher Terry
E Z Home Search Real Estate
798 Stafford Rd Fall River MA 02721 508-646-4777 105 | chris@ezhomesearch.net 
Posted by Christopher Terry on November 8th, 2016 5:54 PM

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