July

A slow recovery for Massachusetts real estate

The Bay State real estate market is slowly recovering—one month at a time. Check out these May numbers from the Massachusetts Association of REALTORS® (MAR)1:

  • Single-family home sales were up 8% from April (3,441 units sold) to May (3,712).
  • Sales dropped 30.3% from May 2019. However, the median price of a home did jump 4.7% from one year ago.
  • Inventory remains an issue, as new listings were down 33.6%.
  • Said MAR President Kurt Thompson: “The spring market will now be the summer market. Most likely, we’ll continue to see inventory levels decrease in the short term but will start to see a resurgence when we reach the other side of COVID‑19 issues.”

Here at Capstone Mortgage, the goal is to provide guidance and support. Please contact me if you have questions about the recovering real estate market.

1Alessia Girardin, “Massachusetts real estate market ‘took a pause,’” Boston Agent Magazine, last updated June 24, 2020.

June

Single women continue to buy

Single women are outpacing single men when it comes to homebuying—both nationwide and in the metro Boston area. Here’s more on this group of buyers:

  • A recent LendingTree analysis found that 12.3% of single women own homes in the metro Boston area‚ compared to just under 8% of single men.1
  • When totaling ownership among the country’s 50 largest metro areas‚ single women own roughly 1.5 million more homes than single men.
  • Properties located near public transportation are popular among single women‚ according to one Boston area loan officer.
  • Single women frequently take advantage of first‑time homebuyer programs that help with down payment and closing costs.

If you would like more information on the special programs that can assist in financing a home for a single buyer‚ please contact me.

1Kathleen Conti‚ “In Boston area‚ more single women are snapping up homes than single men‚” Boston.com Real Estate‚ last updated April 30‚ 2020.

June

Optimism abounds as economy reopens

As states begin to lift restrictions and reopen their economies‚ industry professionals are cautiously optimistic about the housing market’s ability to bounce back this summer. Count National Association of REALTORS® Chief Economist Lawrence Yun among them.1

  • At the 2020 REALTORS® Legislative Meetings on May 13‚ Yun pointed out that residential investment‚ which includes home building‚ home sales‚ and remodeling‚ was up 21% in the first quarter—a sign of the robust market that existed before the pandemic.
  • As the pandemic spread‚ personal savings jumped by 152%. “Are they waiting for the economy to reopen?” Yun asked. “Or does it imply pessimism? There is certainly more money available.”
  • Amidst steep declines in spending‚ there was a 10.4% increase in the amount devoted to building materials and gardening. Said Yun: “People are remodeling‚ working on lawn care. All things you do to sell a home.”

It’s possible that this year’s spring selling season was simply delayed until summer. I am always here if you have questions.

1Catherine Mesick‚ “Watch for home sales rebound as economy opens up‚” REALTOR® Magazine‚ last updated May 14‚ 2020.

June

The social media risks to be aware of

Maintaining a presence on social media is a key part of doing business in today’s digital world. Although it can both procure leads and keep lines of communication open‚ being active on social media does have its risks. Follow these tips to avoid any potential trouble1:

  • Exercise caution with comments. By nature‚ social media brings out different points of view from those engaged. To protect your brand‚ offer your opinion while avoiding insults or arguments.
  • Stay away from controversial topics like religion or politics‚ as it can cost you a customer or a referral.
  • To keep clients’ information confidential‚ do not post about recent closings.
  • Don’t let social media become the go-to option for interactions. A private conversation‚ whether via phone or in-person (if possible)‚ should be the goal.

As always‚ please contact me if you need assistance.

1Teah Hopper‚ “Real social-legal social media risks for REALTORS®‚” Massachusetts Association of REALTORS®‚ last updated May 12‚ 2020.

June

Demand for homes still there

The impact of the COVID-19 pandemic was apparent once April housing data began to roll in. The good news is the numbers weren’t as harsh as expected—especially in Greater Boston. Here’s more from RE/MAX’s National Housing Report1:

  • Home sales in April were down 16% year‑over‑year in the Boston metropolitan area‚ more than four percentage points lower than the national drop of 20.2%.
  • The median sale price in the Boston area was up 11.6% from April 2019‚ outpacing the national spike of 9.3%.
  • Inventory was down in all of the report’s 53 markets‚ falling 20.5% from a year earlier. Meanwhile‚ average days on the market dropped seven days to 46‚ accounting for a new low in the report’s 12-year history.

Capstone Mortgage is here to provide guidance and support to your business. Please contact me if you have questions about our ever-changing real estate market.

1Kerrie Kennedy‚ “Buyer demand remains strong despite pandemic‚ says new report‚” Boston Agent Magazine‚ last updated May 18‚ 2020.