There are some negative reports in the media this week about the real estate market, including an article yesterday in the Boston Globe that cited a 26% dip in single-family home sales across the state in July. Well, a single statistic doesn’t tell the whole story. And it’s our job to help you put these reports in context, and to remind you that real estate is local!
In fact, a different article in the Globe todaysited Bedford, MA as one of 10 towns across the state where home sales are “thriving” and a “real real estate winner in July”!
A look at local statistics
In Lexington, MA (and our surrounding towns) the market remains active, and average days on market, according to MLS figures for Lexington sales of single families from $500-$800K, is averaging 66 days with average sale price of $648,578. In Bedford, MA, according to MLS figures for sales of single families from $375-$700K, the average market time has been 56.5 days with an average sale price of $506,178.
Low rates
Besides these statistics actually showing a favorable market, we have interest rates at historic lows not seen in the last 39 ½ years. Although we’re not experiencing the runaway prices and escalating values of the boom years, we are entering a more stabilized pricing market, which works well for both buyers and sellers in the long run.
Sellers
For sellers considering selling a home, this is an ideal time to consider doing so — low interest rates are expanding the pool of buyers, there tends to be a surge in activity after Labor Day, and the fall market begins in earnest. For sellers who are not considering a move at this time, we would encourage you to talk to a lender about refinancing. And as always, we’re happy to provide you with local lender resources.
Buyers
For buyers, this is the best time to buy a home, as this is a window of opportunity with low mortgage rates and more stabilized prices.
Looking ahead!
Now is the time for healthy dose of optimism and we’re anticipating it will be a busy fall market!
