By Judy Boyle
My youngest turned 21 a few months ago. I didn’t get to celebrate with him as he attends college in Florida but I am quite certain he did some form of socially distancing celebrating.
For young adults, turning 21 opens up a whole new world. It invites new opportunities and lends itself to new experiences. In a little more than a week, the whole world will be ringing in the new year. The whole world will be turning 21 together and there will be plenty of reasons to celebrate.
For much of 2020, the world has been in a state of influx. We were hit by a pandemic that temporarily shut down the planet. And just when we were thinking things were going back to normal, COVID-19 resurged and once again incapacitated life as we know it. More locally, our nation witnessed an explosive presidential election plagued by missing ballots, accusations of fraud and an incumbent refusing to concede. Each of these bizarre events overshadows many other historical events that would likely be discussed for years to come. One of these is the state of the real estate market.
By now it is cliché for me to say that there is not enough inventory to fulfill the needs of the buyers who are trying to take advantage of the lowest rates in history. But it is still an accurate statement and bears repeating. In fact, according to the Massachusetts Association of Realtors®, inventory is down 41 percent from this time last year. Additionally, Freddie Mac points out that the average mortgage rate last December was 3.72 percent which is at least a full percentage point higher than it is today. Complicated by the fact that many would-be sellers are holding off until COVID-19 subsides, we have ourselves a third bizarre situation.
BUT BETTER DAYS LIE AHEAD!
On Dec. 11, 2020, the U.S. Food and Drug Administration issued the first emergency use authorization (EUA) for a vaccine for the prevention of COVID-19. The emergency use authorization allows Pfizer to begin distribution in the U.S. effective immediately.
With regards to the presidential election, as the saying goes, “it isn’t over ‘til it’s over.” Eventually, we will know who will be leading our country for the next four years. No matter what the outcome or your political views, we need to put this to rest and get on with our lives.
And speaking of moving on, a new year is upon us! In 2020, we didn’t really have a spring market. We had a summer, fall and now winter market. That momentum isn’t going to stop and, if anything, will only accelerate after the New Year.
So buyers and sellers alike…buckle up, keep your foot on the gas because we are ready to party! Goodbye 2020! Hello ‘21!
Boyle lives in Northborough where she is also a Chapter Leader of the Neighbor Brigade, a non-profit charitable organization that assists families in times of crisis. She has been a Real Estate Agent since 2003 and consistently wins awards and accolades for excellence in customer service and sales volume, culminating with her induction into the RE/MAX Hall of Fame.
Her mission is to empower her clients to make smarter decisions through data-driven insights and local market knowledge. Her passion is helping others find quality of life through Real Estate. She invites you to follow her on Facebook at www.facebook.com/judyboylerealtor, call or email her for the WINTER 20/21 Home Buyer and/or Seller Guides or for a complimentary market analysis.
Judy Boyle, Realtor®
Proudly serving the Borough’s and Beyond with honesty and integrity since 2003