Katie McBride's Blog

One of the biggest questions on everyone’s minds these days is: What’s going to happen to the housing market in the second half of the year? Based on recent data on the economy, unemployment, real estate, and more, many economists are revising their forecasts for the remainder of 2020 – and the outlook is extremely encouraging. Here’s a look at what some experts have to say about key areas that will power the industry and the economy forward this year.

Mortgage Purchase Originations: Joel Kan, Associate Vice President of Economic and Industry Forecasting, Mortgage Bankers Association

“The recovery in housing is happening faster than expected. We anticipated a drop off in Q3. But, we don’t think that’s the case anymore. We revised our Q3 numbers higher. Before, we predicted a 2 percent decline in purchase originations in 2020, now we think there will be 2 percent growth this year.”

Home Sales: Lawrence Yun, Chief Economist, National Association of Realtors

“Sales completed in May reflect contract signings in March and April – during the strictest times of the pandemic lock down and hence the cyclical low point…Home sales will surely rise in the upcoming months with the economy reopening, and could even surpass one-year-ago figures in the second half of the year.”

Inventory: George Ratiu, Senior Economist, realtor.com

“We can project that the next few months will see a slow-yet-steady improvement in new inventory…we projected a stepped improvement for the May through August months, followed by a return to historical trend for the September through December time frame.”

Mortgage Rates: Freddie Mac

“Going forward, we forecast the 30-year fixed-rate mortgage to remain low, falling to a yearly average of 3.4% in 2020 and 3.2% in 2021.”

New Construction: Doug Duncan, Chief Economist, Fannie Mae

“The weaker-than-expected single-family starts number may be a matter of timing, as single-family permits jumped by a stronger 11.9 percent. In addition, the number of authorized single-family units not yet started rose 5.4 percent to the second-highest level since 2008. This suggests that a significant acceleration in new construction will likely occur.”

Bottom Line

The experts are optimistic about the second half of the year. If you paused your 2020 real estate plans this spring, let’s connect today to determine how you can re-engage in the process.

Kitchen and bathroom drawer slides are built to take a beating. You've undoubtedly had an item stuck and had to force the drawer open. Somehow it still worked after that. Children pull down on them, trying to climb up onto the cabinet. Mindless adults or teens slam them shut from time to time. 

All of this wear and tear leaves you with a frustrating drawer that won't close smoothly or stay closed. But the great news is you don't have to live with lousy drawer slides. There's a straightforward fix.

What you'll need

• A screwdriver (probably a phillips head, but take a look at the screws)
• New slides, also called glides
• Straight edge
• Tape measure
• 3/32-inch drill bit
• Pencil
• Power drill with screw tip
• Level

Step one: prepare your area

Start by taking everything out of the drawer. Make some room on the counter to set your supplies as you work. *Pro tip* It's amazing how quickly little screws can disappear. Please put them in a bowl rather than laying them on the counter and hoping they stay there. You may reuse them.

Step two: remove the drawer slides

Remove the drawer and unscrew the slides from each side of the drawer. You'll find their counterparts inside the space where the drawer came out. Unscrew those as well.

Step three: attach new drawer slides

You'll have a left and right drawer slide. Each will have two parts, one for under the cabinet and one for on the drawer. Place the right pieces and left pieces together so you don't mix them up.

In the community of Framingham, MA in the past month there have been 42 homes sold.  The average sale price of these homes was $541,193 and the homes were on the market an average of 30 days.  There have been 18 homes listed for sale during the past month in Framingham, MA.
 
We are here to serve all your real estate needs in the surrounding communities.  We welcome your business, and we promise to take exceptional care of you or any of your referrals.



According to the latest FreddieMac Quarterly Forecast, mortgage interest rates have fallen to historically low levels this spring and they’re projected to remain low. This means there’s a huge incentive for buyers who are ready to purchase. And homeowners looking for eager buyers can take advantage of this opportune time to sell as well.

There’s a very positive outlook on interest rates going forward, as the projections from the FreddieMac report indicate continued lows into 2021:

“Going forward, we forecast the 30-year fixed-rate mortgage to remain low, falling to a yearly average of 3.4% in 2020 and 3.2% in 2021.”

 With mortgage rates hovering at such compelling places, ongoing buyer interest is bound to keep driving the housing market forward. Rates also reached another record low last week, so homebuyers are in what FreddieMac is identifying as the buying mood:

“While the rebound in the economy is uneven, one segment that is exhibiting strength is the housing market. Purchase demand activity is up over twenty percent from a year ago, the highest since January 2009. Mortgage rates have hit another record low due to declining inflationary pressures, putting many homebuyers in the buying mood. However, it will be difficult to sustain the momentum in demand as unsold inventory was at near record lows coming into the pandemic and it has only dropped since then.”

There’s no doubt that even though buyers are ready to purchase, it’s hard for many of them to find a home to buy today. Mortgage rates aren’t the only thing hovering near all-time lows; homes available for sale are too. With housing inventory as scarce as it is today – a nearly 20% year-over-year decline in available homes to purchase – keeping buyers in the purchasing mood may be tough if they can’t find a home to buy (See graph below):

What does this mean for buyers?

Competition is hot with so few homes available for purchase and low mortgage rates are helping to drive affordability as well. Getting pre-approved now will help you gain a competitive advantage and accelerate the homebuying process, so you’re ready to go when you find that perfect home you’d like to buy. Working quickly and efficiently with a trusted real estate professional will help put you in a position to act fast when you’re ready to make your move.

What does this mean for sellers?

If you’re thinking of selling your house, know that the motivation for buyers to purchase right now is as high as ever with rates where they are today. Selling now before other sellers come to market in your neighborhood this summer might put your house high on the list for many buyers. Homebuyers are clearly in the mood to buy, and with today’s safety guidelines and precautions in place to show your house, confidence is also on your side.

Bottom Line

Whether you’re looking to buy or sell, there’s great motivation to be in the housing market, especially with mortgage rates hovering at this historic all-time low. Let’s connect today to make sure you’re ready to make your move.

If you plan to purchase a house in the foreseeable future, it generally is a good idea to plan ahead for all of your potential homebuying costs. That way, you can secure the funds you need to purchase your dream house.

Now, let's take a look at three costs that every homebuyer needs to consider during the property buying journey.

1. Credit Report

A lender likely will request a verified credit report before it provides you with a mortgage. The fee for a credit report usually is minimal, but it is important to note that this fee adds to the overall cost of purchasing a house.

Oftentimes, a homebuyer can get pre-approved for a mortgage and pay a credit report fee prior to conducting a house search. On the other hand, if a buyer wants to secure financing from a lender after he or she discovers the perfect house, the cost of a credit report may be incorporated into this individual's home closing costs.

2. Home Inspection

A property inspection is crucial, as it ensures a property expert can analyze a house and identify any underlying problems with it before a buyer finalizes his or her home purchase. As such, it is paramount to account for home inspection fees to ensure you have the funds available to hire an inspector who can perform an in-depth evaluation of a house.

The cost of a home inspection varies based on the size of a residence. Meanwhile, there is no need to forgo this evaluation. Because if you ignore a home inspection, you risk encountering costly, time-intensive problems after you buy a residence.

3. Pest or Mold Inspection

A pest or mold inspection is not a requirement if you purchase a new house. Conversely, if you purchase an older residence, it typically is beneficial to inspect it for pests and mold prior to finalizing your house purchase.

Pest or mold inspection costs vary based on a home's size and location. And if you feel a home may be susceptible to pests or mold, you should pay the necessary fees to conduct a pest or mold inspection. Otherwise, you could encounter home pests or mold that may cause major problems down the line.

As you prepare to pursue your dream residence, you may want to hire a real estate agent as well. If you have a real estate agent at your side, you can receive comprehensive guidance as you navigate the homebuying journey.

In addition to teaching you about homebuying costs, a real estate agent is happy to educate you about all aspects of the housing market. Plus, a real estate agent will respond to your homebuying queries and help you make informed decisions as you search for your ideal residence.

When it comes to purchasing a house, it helps to budget accordingly. If you consider the aforementioned homebuying costs, you can craft a homebuying budget and speed up your quest to discover your dream house.