2016 Housing Report
The MLSPIN housing report for Massachusetts was just released and the numbers for our area in Bristol County were great! The report shows that the median sale price rose from $220,000 in 2012 to $270,000 in 2016. That’s great news for sellers. On the buyer side, we had historically low interest rates and improved loan programs which made mortgages more affordable and safe for buyers. Good home values and low interest rates resulted in a “win-win” for both sides of the real estate transaction in 2016 and early forecasts show another good year ahead in 2017. While interest rates may creep up a bit in the first part of the year, they will still remain extremely low for buyers. Historically, mortgage rates were in the upper single digits (8-9%avg.) for most of the 90’s and 2000’s with double digit rates in the mid-to-upper teens in the 80’s. So, having rates between 4-5% are still very good. For sellers, the market looks to improve as home prices will continue to rise and the inventory is low right now. So, if you have been thinking about selling, there are buyers out there and not as much competition on the market right now. Give me a call and we can talk more!