I am tired of the massive housing market lies. The narrative that the housing market is going to crash has now been wrong for more than two years. And these lies are costing good and honest people a lot of money in lost opportunities. Let’s look at if Marry the house, date the rate, home prices going down and home sales going down as a reason that will crash the market are lies or truth.
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What is in store for the 2024 Real Estate market? Each Real Estate market is local, some housing markets might be seeing down pricing, others (and most) are seeing home price appreciation. What’s going to happen with home prices 2024? Will a housing market crash 2024 actually happen?
#RealEstate2024 #RealEstateCrash #RealEstateInvesting
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Wondering what the Massachusetts Real Estate Market Conditions are in 2022? Then this is the place to visit each week. Jeffrey is a Massachusetts Real Estate Agent that will give an update on Massachusetts Real Estate for Massachusetts Single Family and Massachusetts Condo homes. Whether you are looking for a Boston Market Update or an entire Massachusetts Market Update, then this data will be helpful! He will provide the weekly market stats as well as some weekly market color as to what is going on in the Massachusetts Housing Market and whether Massachusetts Real Estate appreciating or Massachusetts Real Estate depreciating. Whether it is Boston Real Estate or anywhere else in the state, the market reports matter!
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Einstein, your kidding right?
Well Done
So, prices are correlated with inventory levels. And we are near historically low inventory levels, and historically high prices. Are we expecting inventory levels to stay this low for years to come?
For any first-time buyers today who are following "marry the house, date the rate", I would be wary of putting a low down payment like the 3.5% minimum for an FHA loan. If inventory does go up, and prices do come down, you will be stuck in a situation where you need to bring additional cash to the table in order to refinance. If you can only afford 3.5% down payment, you will be stuck with your mortgage rate for a while if inventory rises. But if you can put 20% down, prices would need to fall a LOT to give you trouble with the refinance, it is a much safer bet.
We live in Beverly in Essex county. I've been watching sales and listings for the past 3 years. And we've viewed I don't know how many open houses. A lot of them were houses I wouldn't buy for half of what they were asking. They were small, in bad shape, and a place I would not want to come home to.