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WCVB Channel 5 Interviews Anthony on The Housing Recovery

Related blog: A Look Ahead at Real Estate in 2013

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Keep your fingers crossed on this one, the local real estate market is now showing steady improvement, new tonight at 11, the towns seeing the fastest home sales and why experts say, this upswing will last.

Peter Mariano and his partner left the city for suburban surroundings last fall buying a condo in Medway and easily selling their old house in Brighton.

“The asking price was $799,000, we got offered after 4 days on the market, $815,000 and was very surprised.”

Mariano’s experience has become a promising trend, actually at or over asking price. It isn’t across the board but housing is making a slow steady return.

“2012 was a good year for many reasons, inventory was down, there were obviously a lot more buyers out there, especially December was another example, pending home sales were up.”

Broker Anthony Lamacchia points to his report on the Hottest Towns in Massachusetts last year as an indicator that things are looking up. Westwood home sales increased 52% last year, Falmouth 58%, and Gloucester, 13.9%.

“The town had to have at least 100 sales, and had to have double digit increases for both average price and total sales.”

And a report today by the Massachusetts Association of Realtors points to a market upswing that may stick. In December home sales were up for the 20th straight month. Single family home sales up 25% over 2011. Last month alone saw home sales up over 15% compared to the same time last year. Prices are slow to rise but are heading in the right direction, about 2 to 3%.

“I think we’re going to see the same thing in 2013. I don’t think prices are going to go crazy and skyrocket, but I also don’t think they’re going down. In fact I’m certain prices aren’t going down.”

Another positive indicator, new home construction permits are up over 10,000 for the first time in 4 years.

“Without a doubt, things are getting better.”

Experts say the extremely low interest rates are helping to heal the housing market they also suggest that with such low inventory interested buyers should make an offer sooner rather than later

 

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