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At Peace of Mind, we help you BUY the HOME you love, SELL the HOUSE you’re ready to leave, and BALANCE your INVESTMENT portfolio, “so you can sleep at night.”

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Statistics

June 29, 2021

How Federal Rate Increases Affect Credit Cards and Loans…

If you’ve ever noticed a rise in interest rates in the news or saw your credit card bill get a little higher, there’s one federal agency that you can look to: the Federal Reserve Board.

When the Fed raises interest rates, most borrowers with car and home loans won’t see their rates change because they’ve locked in rates. People getting new loans, however, will see the higher rates, as will credit card users.

For a U.S. household with the average credit card debt of $10,995, a .25 percent hike in interest rates will make carrying a credit card balance a bit more expensive.

Technically called the federal funds rate, the interest rate the Fed sets is the rate banks use to trade federal funds. It is almost exactly correlated with the prime rate, which is what credit card companies typically charge their largest, most credit-worthy corporate clients.

From there, a change in the prime rate follows with credit card interest rate changes that consumers see. Credit card interest rates will usually increase during a day of increased federal funds rates, and usually by the same amount.

Carrying a credit card balance, also known as revolving credit, is where credit card users will feel the pain of a Fed interest rate hike. An estimated 40 percent of credit card users carry a balance from month to month, and should see their costs climb immediately after a Fed rate hike.

Most credit cards have variable interest rates. As banks see their borrowing costs rise, they raise rates on credit cards.

If the Fed increases interest rates during the middle of a credit card billing cycle, for instance, customers may not see the increase until their next statement is due. But their rate may rise on new purchases immediately.

Credit card minimum payments are typically set at 1 – 2 percent of the principal balance, plus any interest accrued during the billing period. Rising interest rates will increase the accrued interest and minimum due, though not dramatically.

A .25 percent increase in interest rates causes the minimum amount due on a credit card to jump by $2 for every $10,000 of credit card debt. That’s not a lot of money, but two or three more Fed rate jumps in a year and it can add up.

Filed Under: Statistics

June 29, 2021

 Median sales price for Massachusetts homes continued to rise in April due to strong buyer demand ..

                   Median sales price for Massachusetts homes continued to rise in April due to strong buyer demand ..

Inventory of single-family homes and condos are hit new record lows…
Foxborough , Mass. – May 18, 2021 – The number of closed sales of homes continued to rise in April from the previous month, according to The Massachusetts Association of REALTORS® (MAR), substantiating the expectations of a busy spring market that will likely last well into summer.
For single-family homes in March 2021, there were 3,385 closed sales and 5,804 new listings, while in April there were 3,923 closed sales and 6,721 new listings. For condominiums, March saw 1,959 closed sales and 3,040 new listings, whereas April brought 2,109 closed sales and 3,394 new listings. The market continues to see many multiple-offer situations, driving sales above asking price. Median sales price for single-family homes increased by 9% since March, from $485,00 to $529,000, and condominiums by 5.5%, from $459,945 to $485,000.
Though the market paused slightly in early Spring of 2020, thanks to an increase in buying activity throughout the pandemic, the market landscape has seen quite a change since then.
Months’ supply of inventory for single-family homes in April 2020 was 2.3, dropping by 65.2% YoY to 0.8 for the same month this year. A similar trend was noted for condominium supply, dropping 44% YoY from 2.5 to 1.4. Compared to April 2020, the median sales price for single-family homes rose by almost $100,000, increasing by 20.8%, and 11.5% for condominiums. “As anticipated, April 2021 was another strong month for home sales,” says Steve Medeiros, 2021 President of MAR and REALTOR® at Keller Williams Realty. “While housing affordability remains an area to watch as prices continue to rise, strong buyer demand and limited housing supply show no signs of easing soon, pointing to a continuation of this market trend through
spring and into summer.”

Filed Under: Statistics

December 15, 2020

Massachusetts Single-Family Home, Condo Sales Showed No Sign of Slowing Down in November

Massachusetts Single-Family Home, Condo Sales Showed No Sign of Slowing Down in November

Median single-family home price up nearly 25 percent from November 2019.

PEABODY, December 15, 2020 –Single-family home and condo sales continued to surge across Massachusetts in November, setting new records in the process, according to a new report from The Warren Group, the leading provider of real estate transaction and property data.

Last month, there were 5,773 single-family home sales in Massachusetts – the most transactions ever recorded in November. This marked a 24.8 percent increase from November 2019 when there were 4,625 transactions. Meanwhile, the median single-family home price increased 17.6 percent on a year-over-year basis to $460,000 – an all-time high for single-family homes in the month of November. The median single-family home price in Massachusetts has now exceeded $450,000 for five consecutive months.

“The frenzy for single-family homes in Massachusetts showed no sign of slowing down in November,” said Tim Warren, CEO of The Warren Group. “Normally, the number of closed sales slow down in the fourth quarter of the year. This year November sales exceed June sales. The pandemic has shifted sales from the second quarter to later in the year. Sales in vacation communities such as Nantucket and Martha’s Vineyard are especially strong while sales in Suffolk county fell by 11.0 percent. Buyers are taking advantage of rock-bottom interest rates and the ability to work from home to set their sights on communities further and further from their offices now that community is less of a factor for many prospective buyers.”

Year-to-date, there have been 55,034 single-family home sales – a 1.5 percent increase from the first eleven months of 2019. Meanwhile, the median single-family sale price hit $445,000 – an 11.3 percent increase on the same basis.

Additionally, there were 2,115 condo sales in November, an 11.4 percent increase from November 2019 when there were 1,898 transactions. Meanwhile, the median sale price increased 8.5 percent of a year-over-year basis to $410,000 – a new all-time high for the month of November. Year-to-date, there have been 21,644 condo sales – a 3.5 percent decrease from the first eleven months of 2019 – with a median sale price of $415,000, a 9.2 percent increase on the same basis.

“The condo market also saw healthy gains in November, but not on the same level of single-family homes,” Warren continued. “The median price of condos in Suffolk and Middlesex counties actually fell in November.”

Filed Under: Blog, Statistics

November 30, 2020

Massachusetts Residential Sales and Prices Continue to Surge in October

Massachusetts Residential Sales and Prices Continue to Surge in October

 

Median single-family home price spikes by 17 percent on a year-over-year basis.

PEABODY, November 17, 2020 – The Massachusetts real estate market continued to show no signs of slowing down in October as both single-family home and condominium sales surged on a year-over-year basis, according to a new report from The Warren Group, a leading provider of real estate and transaction data.

 

Last month, there were 6,655 single-family home sales in Massachusetts, a 27.1 percent increase from October 2019 when there were 5,235 transactions. This marked the second consecutive month that the number of statewide sales increased by more than 27 percent on a year-over-year basis – a clear sign that there is no shortage of demand from buyers. Meanwhile, the median single-family home price increased 17.0 percent on a year-over-year basis to $455,000 – an all-time high for single-family homes in the month of October.

 

“Despite higher COVID-19 infection rates, consumers across Massachusetts continued their real estate buying binge in October,” said Tim Warren, CEO of The Warren Group. “Strong demand from buyers, scant supply from sellers, and rock bottom interest rates continued to push the median single-family home price higher, and it has now been above $450,000 for four consecutive months.”

 

Year-to-date, there have been 49,240 single-family home sales – a 0.7 percent decrease from the first ten months of 2019. The median sale price of $442,500 is 10.6 percent higher than last year.

 

Additionally, there were 2,477 condo sales in October, a 16.9 percent increase from October 2019 when there were 2,119 transactions. Meanwhile, the median sale price increased 10.8 percent of a year-over-year basis to $410,000 – an all-time high for the month of October. Year-to-date, there have been 19,516 condo sales – a 4.9 percent decrease from the first ten months of 2019 – with a median sale price of $416,000, a 9.2 percent increase on the same basis.

 

“The condo market slightly trailed the trends in the single-family market in October,” Warren continued. “Condo sales and prices are showing healthy gains, but not quite the frenzied interest buyers are showing for single-family homes.”

 

Filed Under: Blog, Statistics

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