Buying a Home in 2024? Top MA Realtor, Lender & Attorney Spill Essential Secrets

So I've been looking at data regarding the state of our housing market, and it's too critical to ignore.

Reflecting on the '90s, when the median home price in the US was merely 2.2 times the median household income, homeownership was within reach for the average American. Fast forward to our current reality: the median home price has skyrocketed to $417,700 in the U.S. against a stagnant median household income of roughly $79,000.

To revert to the '90s level of affordability, we're faced with two nearly inconceivable options:

• An unprecedented 140% surge in median household income, pushing it to an astounding $189,840.

• A drastic plunge in home prices by 58.40%, dragging the median down to a more palatable $173,800.

These figures are not just numbers but a glaring testament to the dire straits of our housing market. So I'm going to ask you...What seems more plausible in our current economic climate?

#1 Will we witness an unimaginable hike in incomes?

#2 Will the housing bubble burst, leading to a catastrophic drop in property values?

Also, this isn't just about market speculation; it's about the sustainability of the American dream of homeownership. Share your insights, concerns, and predictions below. The time for a serious conversation is now.

YOUTUBE
2024 First-Time Home Buyers Guide: Insider Tips You Can't Afford to Miss

Join us on a deep dive into the Massachusetts real estate market, featuring insights from top professionals: Realtor Mike Urban from eXp Realty 🏠, Loan Officer Lacey Faria from Cross Country Mortgage 💰, and Attorney Liz Barletta from Ligris 📜.

This comprehensive discussion illuminates the path for home buyers through the current market's challenges, including low inventory, fierce competition, and the nuances of rising interest rates.

What You'll Learn:

• 🔄 The Importance of Mortgage Pre-Approval: Understand why getting pre-approved for a mortgage is a crucial first step in your home buying journey.

• 🤝 Partnering with a Seasoned Real Estate Agent: Discover how collaborating with an experienced agent can give you an edge in today's competitive market.

• 🚉 The Influence of Public Transportation and School Districts: Learn why these factors are key in determining housing prices and how they can impact your buying decision.

• 🔍 Broadening Your Search: Tips for first-time buyers on expanding their search criteria or considering properties that might need a little extra love.

• 🏚️ Pre-Offer Inspections and Renovation Loans: Explore the benefits of conducting a pre-offer inspection and how a renovation loan could make a less-than-perfect property your dream home.

• 🔄 Making Concessions in a Tight Market: Gain insights on the necessity of flexibility and making concessions to secure a home in a competitive landscape.

LETS WORK TOGETHER
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Hey there 👋 I'm Mike, an award-winning Realtor here in Boston, Massachusetts with a successful track record of selling hundreds of homes over the last eight years. My professional background extends beyond real estate sales, encompassing over a decade of experience as an electrician. I lead a team of over 90 agents throughout multiple states, each dedicated to providing exceptional service.

Through this newsletter, we aim to equip you with insightful information, enabling informed, data-driven decisions for buying or selling properties. So if you’re looking to stay up to date on the market and prevent EXPENSIVE mistakes most people make, reach out!
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We work with clients from all over the world who are relocating here and we LOVE IT! Reach out to us day/night/weekends if you're moving here we would love to help you make the best possible decision!

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Mike Urban, Boston Realtor - License #1000776