What’s Ahead for the 2024 Housing Market?

As we step into the new year, the real estate landscape is undergoing a shift. Economic experts anticipate a decline in rates, witnessed slightly in December 2023, signaling an upcoming surge of buyers and sellers entering the market.

Understanding that real estate is constantly evolving due to economic factors, generational trends, and societal shifts, let's delve into the key elements shaping the housing market in the coming years.

Plot Plan? Plat? Huh?

When searching for your new home it may surprise you to learn that most real estate agents and home sellers are not able to tell you the land boundaries with any degree of certainty.

Good news: Most of the time you can find the approximate land boundaries are located and where the buildings are located on the lot before you purchase the home.

As part of my first meeting with a prospective client (buyer or seller) I ask if they know how real estate agents get paid …. and they usually answer “YES, you get commission.” Ok then I ask if they know any more about that. …. I also hear “Real estate agents make a lot of money.”

So let’s get real and talk about money where it comes from and who receives it.

What happened in the Braintree real estate market in 2022? Are you hearing about the “shifting real estate market” in the national news and wondering if the Braintree Market is shifting?

Taking a look back at 2022 shows the market was very strong throughout the year - most properties listed sold quickly and sold at an excellent price. Let’s take a look at the numbers.

Does this sound like you? You dream of home ownership or real estate investing however the sales prices of homes in great condition are beyond your current budget. You look at lists of foreclosed homes or fixer-uppers and think “Gosh, I could buy that home!” You spot a home that appears to be for sale significantly below other homes and obsess about buying it. You dream of using “sweat equity” to rehab a home.

Glad you are here! I hear things like this from many clients, particularly those just starting their home buying journey. Buying a home where you can improve the condition is a great way to build equity in the home! Let’s talk about what’s involved in buying a cheap home.

The 2021 real estate market is more competitive for home buyers According to the National Association of Realtors (NAR) Economist’s Blog, there were 4 Offers for Every Home Sold in February 2021. So what options are available for home buyers? What are some creative ideas for getting an offer on a home accepted?

If you are looking to purchase a home for the outside of a city/metro or more urban setting, you may encounter homes that have a "septic system" and in Massachusetts you may see references to “Title V” or “Title 5” in the property descriptions.

What is a Septic System? A septic system is a private sewerage system located somewhere on the property.

First, let me apologize for our industry when you see a Home “for sale” online and you find out from me or your real estate agent that the home is already sold or no longer available. I know this info is always disappointing. There are a great number of reasons this happens - so let me try to talk about a few of them. …

If so, you are not alone!

8.9 Million People Relocated since the beginning of the pandemic according to the National Association of Realtors and USPS.

That is pretty amazing if you think about it! During a time where people were at home more, 8.93 million of those folks moved to another location between March and October 2020. Most people moved at the beginning of the pandemic and during the summer months. This is an increase of 94,000 people from the previous year!

So what makes a home “Smart?” The industry defines a Smart Home as having Internet connectivity, either home temperature controls or security and 2 additional smart connected devices

As a Realtor, I’d refine that only devices stay when the home sells. That is, things that are likely permanently attached to the home:

You have made the decision to start looking for a home! Congratulations! And you’ve mostly sorted out your budget - that’s great! Now what? The fun of searching and find a home begins, but this can also be a bit stressful while you figure out your priorities and what is really required in your next home.

So where do most first time homebuyers compromise?

When you start to think about buying a home, it can seem a bit overwhelming, particularly if this is your first time. It is OK to feel that way. Just break it down into bite sized pieces … below is an excerpt from the REBAC Home Buyer’s Toolkit re: credit and finances.

This is just an overview, if you want to talk about local financing options and next steps, get in touch and I can help or put you in contact with some fantastic lenders!

When searching for a home, my clients often challenged by narrowing down their search to a certain town or area. So many towns seem similar when they are comparing priorities. So they ask me, their real estate agent, which town is “better.”

A client asked me this week to find a “home just like this with lower real estate taxes” which led me to a larger conversation about real estate taxes.

As part of your home buying journey, you will have the opportunity to have a home inspected. Sounds pretty official, doesn’t it? So let’s talk about what what Home Inspections are and are not.

What is a Home Inspection?

A home inspection is a visual examination of the structure and systems of a home or condo. As a buyer you will hire the home inspector of your choosing. In Massachusetts the home inspections are completed usually after your Contract/Offer to Purchase is accepted and before the Purchase and Sale Agreement has been finalized.

As a market preparation expert, I am obsessed with ways to maximize a property’s appeal to buyers. Ideally any significant repairs or improvements can take place over a period of time when a homeowner isn’t actively preparing to sell. But that isn’t always practical, possible, or may not even be advisable in today’s low-inventory market.

As of September 2020 the price of “framing lumber” has increased 150% year over year which means any home improvement projects are that much costing more than the start of 2020.

Relocating home buyers who are unable to travel have been faced with some difficult choices during COVID-19 pandemic. Thankfully we have technology available to help make this easier. Your Buyer’s Agent should be able to provide a video-conference walkthrough of most properties on the market. The (sometimes) $1,00,000 question is: Would you purchase a home that you have not been inside?