The South Coast Real Estate Round-Up

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
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$246,900.00
Newton St. Fall River MA
Beds: 3 Rooms: 6
Full Baths: 2 Sq. Ft.: 1815
Garage: 1 Built: 1945
 
TO BE BUILT. 3 Bedroom, 2 Bath Colonial Home in Fall River South End.

New Construction Homes for Sale in Fall River MA.


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 13th, 2016 9:22 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
Welcome to the most current 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 September 2016 Newsletterhttp://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 October 7th, 2016 7:25 AM

Don't Miss This One!



$239,900.00
39 Heritage Ct Fall River MA
Beds: 3 Rooms: 5
Full Baths: 1.5 Sq. Ft.: 1484
Garage: 1 Built: 2011
 
This immaculate 3 bedroom, 1.5 bath home is located on a dead end cul-de-sac in a new neighborhood in Fall River's south end near the Tiverton line is just waiting for you! Relax and enjoy privacy on your deck and patio overlooking a wooded conservation area. This home is move in ready and features a large living room with beautiful hardwood floors. There's a half bath off the kitchen includes the appliances and get plenty of natural light form the slider leading to the deck. Upstairs you'll find 3 large bedrooms all with good size closets. The basement walks out to the back yard and several windows to let in natural light. This home is beautifully maintained and just waiting for you!

 This lovely colonial home is now available! Could this be your new home? This 6 years old colonial is on a dead end in a beautiful neighborhood of new homes!


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 September 23rd, 2016 12:24 PM

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