Real Estate Market

September 2017 News

September Data Update

Note: Data below is from July, the most recent data compiled by the National Association of Realtors®.

While July's listings went under contract in less than 30 days for the fourth consecutive month due to high buyer demand, overall sales of existing homes declined as sales dips in the Northeast and Midwest outweighed sales gains in the South and West, based on data from the National Association of Realtors® (NAR).

Total sales of existing homes -- measuring transactions for single-family homes, townhomes, condominiums and co-ops -- dipped 1.3% to a seasonally adjusted annual rate of 5.44 million in July from 5.51 million in June. July’s sales pace remains 2.1% higher than a year ago, but is the lowest this year.

  Existing Home Sales By Region
NAR's chief economist, Lawrence Yun, said the latter half of the year started off on a bit of a sour note as July's existing sales inched backward. “Buyer interest in most of the country has held up strongly this summer and homes are selling fast, but the negative effect of not enough inventory to choose from and its pressure on overall affordability put the brakes on what should’ve been a higher sales pace,” Yun said, adding that “Contract activity has mostly trended downward since February and ultimately put a large dent on closings last month.”

Housing Data Takeaways

  • Nationally, July's median existing-home price for all housing types was $258,300, up 6.2% from July 2016 ($243,200). This represents the 65th consecutive month of year-over-year gains.
     
  • Total housing inventory by the end of July fell 1.0% to 1.92 million existing homes available for sale, is now 9.0% lower than a year ago (2.11 million) and has fallen year-over-year for 26 straight months. Nationally, unsold inventory offers a 4.2-month supply at the current sales pace, down from 4.8 months one year ago.
     
  • First-time buyers nationally drove 33% of sales in July, up from 32% both in June and a year ago. The share of first-time buyers for all of 2016 was 35%.
     
  • Freddie Mac data shows the average commitment rate for a 30-year, conventional, fixed-rate mortgage rose to 3.97 percent in July, up from 3.90 percent in June. The average rate for all of 2016 was 3.65%.

What's Your Credit Score?

Credit Score image from Credit.comYour credit score is a composite snapshot of your credit history. A high credit score takes time to cultivate, and is not likely to raise much in a short period of time. Generally speaking, you want to make sure you pay your bills on time, keep outstanding debt levels to a reasonable amount for each account, and avoid closing accounts you've successfully paid-off and managed. Don't lose hope if you have less than perfect credit, there are still good loan programs out there for responsible borrowers.

We have a list of preferred local lenders who can help you find the best financing programs for your specific needs. Contact us and take advantage of today's low interest rates!

Here are some great resources to learn more about credit scores, and to get a free credit score and report:

Warranties for Older Homes

Older Craftsman BungalowNew homes come with warranties to protect the buyer in case of the unexpected. But what about existing homes? Fortunately, there are a number of companies today who offer warranties for existing homes. Sellers can now offer their buyers a level of assurance that was previously reserved for new construction, and buyers can buy with confidence!

If you are in the market to buy or sell, ask us about the advantages of a home warranty. You might be surprised at how much protection is offered at a very reasonable price.

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Contact Information

Photo of Eric Glassoff Realtor®, MBA ABR, ASP, SRES, e-PRO, Real Estate
Eric Glassoff Realtor®, MBA ABR, ASP, SRES, e-PRO,
Coldwell Banker
1375 Beacon Street
Brookline MA 02446
Direct: (617) 233-6210
Office: (617) 731-2447
Fax: Fax: (617) 431-5010

Testimonials

I was a first time home buyer looking a place in Brookline, and Newton area for a quite well, and tiredly had worked with several agents in 2008-2009.  I decided to find a place myself, and it happened that I found that sales agent Eric Glassoff had lots of the hot units in Brookline for sale.  So why not work with him as buyer agent then?After I started to work with him, I was so impressed with his professional knowledge, ability to educate clients, working efficiency, honesty, loyalty, and the capability to make a deal happen in the best interest of his client.  After I looked at 2-3 properties, I happily bought a dream home at Newton.  I strongly recommend Eric to any home buyers, as his excellence in business as well as his loyalty to his clients will bring you satisfaction in purchasing your dream home.  "Susan Zhang"

 

My wife and I worked with Eric to buy our condo in Brookline.  He was recommended by a friend who had also recently purchased a condo in Brookline. We were moving to Boston from outside the region and were on a very tight timetable.   I spoke with Eric and let him know what we were looking for, and he was able to quickly arrange a full day of visits to condos that were exactly the type we were looking to buy.  He did a great job of keeping us on track, and adjusting when our focus changed slightly.  I thought he did a wonderful job of walking the fine line between being assertive and offering his professional opinion, but without being too pushy or brash.  When the time comes for our next  move, I will certainly look to Eric to help sell this condo and look for our next home.  "Kent Mouw"

 

My wife and I were first time homebuyers, nervous about the scale of the purchase and the complexities of navigating through the Boston housing market.  Eric had great recommendations, was very professional, friendly, responsive, and engaging throughout the whole process.  Eric made the experience rather easy and exciting as we bought our first home, and we have kept in touch ever since.  He has been our first choice for all our real estate related work, and we gladly recommend him.
Sincerely,  "Alexei and Guiti"  Brighton

 

When I and my wife were looking for a condo in Brookline, we had very specific requirements in choosing a realtor. Unlike many other people, we really did not like our realtor to look for potential properties for us. We preferred to monitor the market ourselves, and wanted to only contact Eric when we needed to get additional information about the condo that we liked, or if we wanted to see the particular property. Eric immediately adapted to our style. Sometimes, we did not call him for weeks, waiting for the condo that suited our needs to appear on the market. But when that finally happened,  we  called Eric. He immediately tuned himself into our game plan, promptly providing us with all the requested information. That helped us a lot when we found a home of our dream - with Eric's help, we were able to get all the information about the condo, schedule an appointment to see it and make the offer on the same day that it appeared on the market! After our offer was accepted, Eric helped us to take the stress out of preparation for the closing of the most important deal in our lives. In a professional and knowledgeable manner,  he guided us through all the necessary steps and made us feel that everything was under control. I would definitely recommend Eric to anybody who is looking for a property in Brookline".  "Alexey Advokhin"

 

"Anyone who has you for a Realtor knows just how fun, knowledgeable, tenacious, you are, and it's a pleasure to have you there when buying/selling such a huge investment!" "Rebecca Corkin"

 

My wife and I had barely a weekend to fly in and look for a new home, and we thought there would be no way we would find a home before we  left. That was before Eric worked his magic. He gave us great insights  that helped our online search before we got to town, but once we arrived, he not only gave us a great introduction to Brookline, he helped us find the place that fit our needs, and were able to make an offer before the weekend was out. It didn't stop there. Although we were thousands of miles away, he helped us navigate the rest of the process and avoid all kinds of unnecessary hassles. We would recommend Eric with enthusiasm and without hesitation.
"Todd Curtis"

 

"Thanks to Eric I accepted a great bid on my Brookline condo within a month.  He is a   down to earth hard working guy who works with you to get results. I would definitely recommend him for your real estate needs." "Lennie Kleinberg"

 

"We've worked with Eric for the purchase of two properties -- and his professionalism, market knowledge and guidance just can't be beat.  With his support and insight, we were able to get exactly what we wanted both times....and I am confident we will look to him again for our next transaction. "Eric was the only real estate broker that truly understood our needs, and made us feel 100% comfortable. He educated us on the process, negotiated on our behalf, and acquired the property we wanted....all in the timeframe we needed. We couldn't be happier."  "If you are looking for a savvy yet thorough real estate professional, Eric Glasoff should be at the top of your list.  His experience, contacts and intuition are what every buyer or seller needs." "Alison & Dan S."

 

We wanted to write to voice our appreciation for Eric Glassoff’s efforts to help us find and purchase our recent Brookline home.  Eric worked with us for many months looking at properties before we finally found one that worked for us.  We found him always good-natured, extremely responsive, flexible, and highly capable.  As soon as we identified properties we wanted to see, Eric had appointments set up for us to see them (given the competitive pace of the Brookline housing market, this was essential).  We made a few offers on places before we found the “right one” and Eric played a major role in helping us navigate the offer process with individual sellers.  We always felt like we had good guidance and this helped us gain confidence in our own ability to pick the right place for us.  When we finally found our current home, Eric again played a major role in helping us negotiate a favorable offer price with the seller, and then continued to play an enormous role throughout the entire process right up until closing.  Even the day before closing, when the seller’s broker noted a small oil leak in the basement, Eric was there to call the oil company, get it fixed, and negotiate for the seller to pay for it, avoiding one last issue that could have affected our closing.  
We really do feel that we could not have successfully obtained this home without him.  We will strongly recommend him to our friends looking for properties in the area.  
Thanks,
"Nira Pollock and Rick Ruberg" Brookline, MA