Real Estate Market Predictions

Mortgage Rates Today and A Historic Perspective

Mortgage Rates Today and A Historic Perspective

Interest rates today have gone up a bit but are still at historic lows and they’re still very favorable for buyers. I’ve put together this simple chart to illustrate how historically low they really are.

  • Today……………………………….4.625 %
  • 2013………………………………………….4.125 %
  • 2004 & 2005……………………………..5.71 %
  • 2003………………………………………….5.92 %
  • 1998………………………………………….6.79 %
  • 1990’s (average)………………………….9.80%
  • 1979 – 1989 (double digits)………….10+ %
  • 1987 drop…………………………………..9.2 %
  • 1980’s (average)…………………………12.62 %
  • 1973-1980 (average)……………………9.43%
  • 1973-1982 (range)………………………7.44 – 17.49%

 

Note: these rates are for 30 year conventional fixed notes with grade A credit scores on single family homes, your experience may vary. Data courtesy of Keith Munsell at Leader Bank.

When I bought my first home, in the late ’80s, I remember paying an extra point to lock in the interest rate at 14.5%, and thought I had gotten such a fabulous deal as the rates were going up weekly Sure enough when we closed they had gone up to 15.75%.

Interesting aside, as of today the rate for a 30 year fixed JUMBO mortgage is lower (4.25%) than it has been in a long while. Great news for buyers looking to upsize.

Experts are predicting that all the rates will continue to stay low at least for the next year, so if you’re thinking of selling or buying, now is a really good time to call a realtor (shameless plug for me). I hope you found this interesting.

Average Sales Price per Square Foot for Greater Metrowest Boston from Jan 1, 2014 to Today

Average Sales Price per Square Foot for Greater Metrowest Boston from Jan 1, 2014 to Today

It’s been a great year in real estate, and there’s still a solid quarter to jump in and get your dream house or sell your current house. Buyers and Sellers alike find one statistic very useful. This is … what is the average price houses are selling for per square foot of living area for any given town.  Although the average is not a perfect number to apply to every home it can be useful to figure affordability and to set realistic expectations of success for any given group of towns. So, as of today, here’s the breakdown for Metrowest from the beginning of the year to today (from lowest to highest) :

  • Hudson   ($171)
  • Marlborough   ($171)
  • Maynard   ($195)
  • Ashland   ($197)
  • Northborough   ($197)
  • Stow   ($202)
  • Framingham   ($204)
  • Southborough   ($208)
  • Boxborough   ($213)
  • Acton   ($237)
  • Sudbury   ($248)
  • Natick   ($270)
  • Wayland   ($281)
  • Lincoln   ($336)
  • Concord   ($354)
  • Needham   ($356)
  • Weston   ($391)
  • Wellesley   ($441)
What is Average House Size in Greater Metrowest Boston Towns?

What is Average House Size in Greater Metrowest Boston Towns?

As most people know, real estate is not a liquid asset.  In order to convert it to cash you have to put it up for sale and find a buyer who is willing to buy it, which can take an unpredictable amount of time and effort. If you want to have your home as easy to sell as possible, my best advice, which I have followed in several of my own home acquisitions, is this:  When you buy a house in the average size for the town in which it is located it will always sell. 

So here’s a list of average house sizes for homes that have sold from January 1, 2014 to today for towns in the greater Metrowest Boston area.

They are listed from small to large.

  • Maynard   (1,715 sf)
  • Framingham   (1,945 sf)
  • Hudson   (2,005 sf)
  • Marlborough   (2,041 sf)
  • Ashland   (2,117 sf)
  • Northborough   (2,174 sf)
  • Natick   (2,182 sf)
  • Stow   (2,576 sf)
  • Acton   (2,609 sf)
  • Wayland   (2,730 sf)
  • Needham   (2,850 sf)
  • Southborough   (2,919 sf)
  • Sudbury   (3,112 sf)
  • Boxborough   (3,270 sf)
  • Concord   (3,298 sf)
  • Wellesley   (3,340 sf)
  • Lincoln    (3,512 sf)
  • Weston    (4,405 sf)
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