KR Boston Recap
Happy 2022! The past 12 months of real estate have been quite the joy ride. From pandemic recovery to the inventory shortage, we witnessed before our own eyes. Many are questioning what will happen in 2022? Will we see skyrocketing prices and low rates? Whether you are selling, buying, or renting following the data is key to staying up to date. Inventory is still at historic lows, while property prices and interest rates continue to rise. As students return to Greater Boston, the rental market is also starting to pick back up. The connections we’ve built over the past few years with our local landlords have been one of a kind. We look to provide value to you as a property owner and hope the information in this monthly newsletter aids in that.
The Boston Rental market has bounced back to pre-pandemic levels. It will continue to recuperate and improve as students and professionals move back to the city. Over 200 rental units went on the market the past week with rental prices averaging $3,000.00 in Metro Boston. There has been an influx in interest for September 1 lease start dates, but the supply is yet to match the demand. We expect to see more units become available as lease renewals roll in.
Buyer Focused Information
Q1 of 2022 has started off with a rise in interest rates, the first of 3 spikes predicted by analysts for this year. The most prevalent 30yr rates are now averaging 3.6% up from 3.25% at the end of December. We may start to see these numbers moderating for the remainder of the winter months. Despite the fact, mortgage applications increased 2% last week compared with the previous week. Inflation grew 7% in December and although hourly wages also increased, that amounts to a pay cut of almost 2%. This is the highest level since 1982.
If you want to refinance or get a mortgage, we’re happy to connect you with a trusted mortgage professional.
Seller Focused Information
The national mortgage delinquency rates declined for the 7th consecutive month in October. These are the lowest rates for mortgage delinquencies since March 2020. There is still time for people to tap into their home equity with either a home equity line of credit or a refinance.
When rates are low, a cash-out refinance is appealing. Homeowners can refinance their current mortgage, take out a bigger mortgage and lower the interest payment at the same time.
A home equity line of credit or a HELOC which is a revolving line of credit but with better rates, is another way to borrow against the equity you’ve accumulated in your property.
Agent of the Month
Brandyn, a senior agent at KR Boston brought astonishing numbers in 2021 and is on track to double those numbers this year.
2021 YEAR REVIEW
- 99 deals closed
- $222,976 Gross Transaction Volume
2022 PROJECTED NUMBERS
- 215 Deals Closed
- $480,435 Gross Transaction Volume
His passion for photography translates to the everyday work he does to keep our database up to date. In 12 days, Brandyn has photographed and collected other media for over 40 units!
Customer Review Spotlight
Great Boston Monthly Data