Apr 5, 2016|
Anthony Lamacchia, Broker/Owner-CEO of Lamacchia Realty, on the Real Estate Market in the Suburbs
Transcript - Not for consumer use. Robot overlords only. Will not be accurate.
Joining us this morning unit is in the Lamotte gap he is a broker and the owner and CEO of Slovakia realty and it's good to have you with Casey Anthony. Thank you need him to tell me why you think the prices in the suburbs around Boston are starting to drop. I actually don't think they're starting to drop as all that was true monster it was junior in February compared to last January and February. And when you look at one month at a time like pattern in this case two months at a time like there can be deceiving. Just last month we get a housing report for February and one of the county and Hampshire it was up. 50% Herbert oh my god my innocence and work 50% more no not one month compared one month so. Overall I don't think that's happening. But it is interesting to see the prices a little bit lower their compared to the previous January February when there's no denying what's that. I was just miserable what do you think would be the reasoning in 2016. Deceit it. As I say this every year in every year people think I'm just being assailed the best time of the year to buy it in the fall in the best time to sell. Is late winter early spring. And we're getting you know to the end of the best time here to sell now. Because back and the zealot when inventory is below the best and the fires are victorious higher so late summer and fall inventories higher now remember. These statistics that are quoted here in this article talk about January and February go to closed transactions those deals likely came together. I'm not likely almost. You know what definitely came together in November and December inventory would hire people grab and houses before the holidays and and he closed. You know in January or February. Anthony is it pure release a cyclical thing is you cited the seasons or. Do we have numbers on it are their families from the suburbs which traditionally obviously go to the suburbs schools and more room bigger houses. Or our families moving to the city or is it just a cyclical thing. Well yeah you both say you know it does happen and it's typical fashion like you mentioned. While we do see the same trend every year late winter early spring low inventories seller's market late we're late summer. All type inventory buyer's market bought. Years back people were totally happy to live in the suburbs OK in that in mind the commute. Then the market tanked and people said well why am I gonna live in the suburbs and house that's. You know in in many cases upside down on their mortgage I'll just move back closer to the city I don't wanna commute. So it will back closer because then prices became affordable care now the opposite is happening now that prices are going not so much in Boston in the immediate terms. Around Boston people are starting to move back out again so. I actually think that I don't think I know from the numbers that. I'm the pricing in the suburbs are increasing and it will continue to be this year is just citing two months. Compared to two months and I don't and aren't those statistics they're accurate but. Overall six months from now you look back if you are going to be the case you're going to see. A bit of an increase not an increase at the rate that you will not bought and in the immediate towns or Boston but it is increasing we're seeing no way out west are old price was Kirk. Carney are finally starting to come up with consistency. Now Kim here in North Shore girlfriend. I was wondering Anthony how are I don't each town each city's different but. How or the taxes in the suburbs I mean are are they high you know they go are they going higher because a lot of times people could afford the mortgage but he can't afford the taxes because they're crazy. You know that's the tough question to answer because it's very towns specific there are some power and that there are very horrible accident and in the town right next door is much much higher. That is something that buyers take into account belliard you're definitely right up that you do have an eye on that people you talk about it. About inventory. I've noticed that the inventory like we were saying. You know in the late fall seem to increase now. Is this partially because people can put now put their houses on the market you know that may be those who were upside down are starting to get straightened out. There's more job movement people are on the go more. Is that part of it is pretty. Well it all those reasons or reasons that people child but you know the same thing happened every single year. People in the winter bit people that was in the winter enlist in the early spring do better and then by the late spring and those houses start selling. In the neighbor starts and oh my god my neighbor's house sold for this number my neighbor's house so that number and then Natal at their houses at a higher number than when their they'll probably take. Why in my house felt. My neighbor outsold Ford arch itself the more within all realized by the time they're listening. Did you know there's much much burning more homes on the market and then by the time we get all that in abundance of homes on the market and that's why. It slows down the more choice is that fires have the slower the market is the last choices you're fired at tractor. Make him a lot of a lot of people don't realize that there their neighbors renovated kitchen and bathrooms go a long way to making it's all right if that's so very true world. Doubt about it and look we run into this every year and nurses out of market works and we try. Are they explained that the buyers and sellers and you know some people understand it and then some don't but that's okay. So let's just talk about the market overall give us an overall view of the housing market is weak heading to you don't nicer weather. Yeah are so they say are so they say. I there's no doubt that the market is continuing to improve now last year. On price just went up 4% would actually just under 4% but homes sales were up what 90%. I can the same kind of thing happening this year we're we're we're continuing. To see an improvement. And I don't really see any reason and that's gonna change at least in the near term. I'd been easier and easier for buyers to obtain mortgages they've loosened some of the mortgage guidelines not nearly as loose as they were. Pac ten years ago. The economies that are there is demand out there more people are listing their homes now so I think we're in a good market. And I am excited about that. Hey if any when it comes to young people in the city are they. I live that a lot of different areas of the country and the young people always tend to migrate towards the city's gonna you know that's where the action is I guess they feel but they they have to do the roommate situation. I'm nowadays are our younger people. On the line meals I guess falsely are they biting or are they ranting and if there rating is at roommate situations how are sales doing with the younger folks. Well you're certainly right that go to younger folks that are lending are often times oftentimes travel remains but it's a very good question that you ask because. Historically speaking. The percentage of first time buyers among all buyers get over 40%. But the last two years it was right around 30% now say the biggest reason in my opinion and his student loan debt. Not a lot of these younger folks you know thirty years old and younger how a lot of student loan debt and it is packing their ability. To be able to obtain mortgages yeah and that's delaying their purchase so. I'm actually excited to see what happens over the next few years because. The market has still been strong and there's still that a lot of the man but as people were caught that's student loan debt you get themselves and a better position to buy. That's gonna bring even more buyers to the market. Anti U Lamotte get great information he has broker owner CEO of LaMont Keogh realty thank you for being a part of the show next. You're much gravity and very.