2005 vs. 2020; Changing Times, Changing Markets

Many people are approaching this year anticipating another recession. However, times have changed, and there are quite a few differences between the years that led up to 2008 and today that may ease these concerns.

For instance:

• At the end of 2019, the U.S. jobless claims were at a 50-year-low.
• When adjusted for inflation, today’s home prices are lower than those in 2006 that contributed to the crash.
• Subprime or nonprime loans (granted to borrowers unable to qualify for conventional mortgages) only made up a small percentage of loans in the past five years compared to 20% in 2005.
• Stricter lending standards reduce the likelihood of borrowers defaulting on their mortgages.
• Homeowners are more cautious, choosing to retain equity in their homes instead of borrowing against them.

Don’t hesitate to call us with your questions on the state of the real estate market! We are honored to share more updates and serve all of your buying and selling needs this year.

*Sources for this post include: U.S. Department of Labor, Bureau of Labor Statistics, 2019; Seeking Alhpa; U.S. News; and The Mortgage Reports.

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Real Estate 2020: National Market Outlook

It’s impossible to predict the future, but here’s a look at where the real estate market stands at the beginning of 2020.

First-Time Buyers Toss Their Hats in the Ring
First-time buyers comprised 33% of all home buyers, according to a NAR 2019 Home Buyers and Sellers Generational Trends Report.
Explained: Many older millennials (ages 29 to 38) are getting into the market.
Bigger Picture: Low rates make a monthly mortgage more appealing than the monthly rent, encouraging young people to purchase a home and build equity.

Home Prices Continue to Rise
Home prices crept up slowly year-over-year in 2019.
Explained: Inventory is still tight, contributing to a steady increase in prices.
Bigger Picture: Despite this steady increase, historically low mortgage rates make the monthly payment more affordable.

Existing Home Sales Looking Up
Existing home sales increased in 2019.
Explained: Buyers took advantage of low interest rates, leading to more homes being sold.
Bigger Picture: It’s a good time for sellers, with homes spending about a month on the market.

The market is always changing so don’t hesitate to call us at 617-699-8928 to get the latest real estate outlook for your city or town!

*Sources for this post include: National Associate of REALTORS Existing-Home Sales Data, 10/19; CoreLogic Home Price Index Report, 10/19; NAR 2019 Home Buyers and Sellers Generational Trends Report.

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Pack Like a Pro

Last week we shared a post on how to Travel Like a Pro. This week we’re sharing how to pack like one. Even if you’re only traveling for a few days, a well-packed suitcase can save you tons of time and stress, both at the airport and at your final destination. These tips will help you pack like a pro!

1. Always making a packing list ahead of time!
2. Roll, don’t fold. Organize clothing and toiletries in packing cubes, and use vacuum bags for bulkier items.
3. Swap out the old broken zipper suitcase for a lighter, more modern one. Checking luggage can be a hassle. Try to travel with your carry-on only.
4. Wear heavier shoes and coast during travel to save space in your suitcase.
5. Download eBooks and movies onto your mobile device, tablet or laptop for more room in your carry-on bag.
6. For the perfect long-haul trip, invest in some good quality, noise-cancelling headphones.
7. Earplugs can come in handy both on the plane and in your hotel. Don’t forget to bring a pair.
8. Portable chargers can save the day when power outlets are in short supply. If you can’t live without your device, bring a charger with you.

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Travel Like a Pro!

Are you traveling for the holidays this year? If your travel plans are taking you up in the air, make the trip more enjoyable by reducing the stress of your airport experience.

Before you embark on your big vacation, read these travel hacks including packing tips, apps to help track flight prices, ways to streamline your security experience and more.

1. Find cheap flights with these apps:
   Skiplagged – Show you hidden-city ticketing options to get you a flight for up to 50% less.
   Hopper – Predicts upcoming price trends.
2. Has your flight fare lowered since you booked? Contact the airline — some will give you the difference back in airline credit.
3. Skip long security lines. Apply for TSA Precheck ($85 for five years) to save time and stress. For international travel, apply for Global Entry ($100 for five years) to expedite the customs process. Fun fact: In February 2019, 92% of TSA Precheck passengers waited less than 5 minutes.
4. Give up your seat for a travel voucher. If you’re not in a rush to get to your destination and you find yourself on an over-booked flight, let the ticketing counter know. They may offer you travel vouchers for giving up your seat.
5. Long day of travel ahead? Head to the airport’s website to pre-book an airport lounge pass. Gain access to a quiet space with complimentary refreshments, magazines, WiFi, etc. There is an upfront fee, but if provides a relaxing start to your travels.

And one more pro tip: Email yourself a digital copy of your driver’s license and passport in case they are lost or stolen!

Whether you’re a frequent flyer or making your annual visit home for Christmas, we hope these tips will help you spend less time stressing about the journey and more time enjoying your destination.

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