November housing prices holding steady

While you may be hearing spooky stories about the housing market right now, don’t be frightened! The market is still good if you’re thinking about selling, and prices are holding pretty steady.

Homeowners who haven’t taken advantage of this insanely high and seller-favored market shouldn’t wait; prices will likely come down eventually if rates continue on this path. At this time, rates are ranging from the mid 6-7.25% for a 30-year fixed, which is more than double where they were in the spring. Anyone who follows me knows I am a proponent of this rate increase…the unbalanced market that we have been experiencing for the past few years is stressful for all involved and needs correction. This correction will bring a more reasonable home-buying and selling experience for all involved. Seller and agent expectations are completely out of control and continuing this path will lead to other problems down the road.

On this flip side of things, many buyers may be feeling the crunch with higher rates making their ideal homes out of range now. The good news—there are other ways to afford the home you want if you’re a buyer. Several options include buying down the rate, paying MI upfront, 80/10/10 loans, considering alternate towns or styles of homes and even potentially condos instead. New construction projects sometimes offer special rates, variable rate loans and even a few other creative options are available depending on the lender. Another exciting option was rolled out this month; MASSHOUSING announced a new program MassDREAMS which is a grant product that does not require repayment. Along with income limitation requirements that must be met, there are other criteria involved to qualify. Buyers need to live in what’s considered disproportionately impacted communities, which include: Attleboro, Barnstable, Boston, Brockton, Chelsea, Chicopee, Everett, Fall River, Fitchburg, Framingham, Haverhill, Holyoke, Lawrence, Leominster, Lowell, Lynn, Malden, Methuen, New Bedford, Peabody, Pittsfield, Quincy, Randolph, Revere, Salem, Springfield, Taunton, Westfield, and Worcester. The homes they are purchasing can be anywhere in Massachusetts and are not limited to those same communities. Condos, single-family and multi-family properties up to 4 units qualify as long as the buyers are first-time home buyers, and the property will be their primary residence. This is an amazing opportunity for buyers who live in those areas to get a significant amount of financial help.

If you or anyone you know is interested in finding out more, here are 2 companies I use often that provide excellent service and rates: Kelly Lizotte at Rhome Mortgage, 508 523-6409, [email protected] or Brian Tankersley, VP and Sales manager at Security First Mortgage Lending, 508 853-3000 x230, [email protected]. You can also check out the details online at www.mymasshome.org.

Bottom line is that it’s a new season in the real estate market and changes are happening. Nothing that will stop people from buying and selling, just different ways to do it. Please feel free to email or call me with any questions you may have, [email protected] 508 826-7661.