2021 Market Kickoff: Record Low Rates and High Stakes

2021 Market Kickoff: Record Low Rates and High Stakes

Welcome to 2021. As of the first week of January, mortgage rates have hit a staggering all-time low of 2.65%. This is a historic opportunity for anyone looking to enter expensive towns in MA.

The 'Buy-In' Advantage

A 2.65% rate means your purchasing power has increased by nearly 15% compared to just two years ago. A $1M home in Newton now has the same monthly carry as an $850k home did previously.

The Inventory Crisis

While rates are low, inventory is also at an all-time low. This is creating a 'pressure cooker' environment.

Expect Bidding Wars: Most homes in Somerville and Arlington are receiving 10+ offers. Appraisal Gaps: We are seeing many buyers pay cash over the appraised value to win the deal.