📉 U.S. Housing Crisis Deepens

🏙 Welcome to 'the boston brief. Dive into everything Boston with us – from homes to hotspots! Whether you're house-hunting, reinvesting, or just eager to know more, we've got your back.

This isn't just about Beacon Hill homes or Cambridge Condos. We'll share top places to eat, upcoming events, news, fun things to do, market insights, off-market homes, and our latest listings YouTube videos.

Your all-in-one guide to Boston is right here. Let's enjoy the city's best, together.

— Mike Urban, Realtor & Team Leader

MARKET

YOUTUBE
U.S. Housing Crisis Deepens: Unpacking the Seismic Shift in the Market

🏠 The Challenge of the Housing Shortage 

Since August 2023, the U.S. housing market has plunged into its lowest inventory ever recorded. In 2008, the nation had a robust 3.5 million homes listed. A mere 15 years later, that number has plummeted to a shocking 950,000—a staggering fourfold decrease.

🇺🇸 The American Dream under Threat

Owning a home has long been synonymous with the American dream. But while this aspiration remains strong, the means to achieve it have drastically changed. For many, what was once an opportunity is now a challenging ordeal, affecting both buyers and sellers.

📉 Echoes from the Past: The 2008 Financial Crisis

The ripple effects of the 2008 financial crisis still haunt the housing market. A significant slowdown in the construction of new homes and the aftermath of the pandemic—with historically low interest rates—have skewed the balance between supply and demand.

💸 The New Homebuyer's Dilemma

Increasing housing prices and intense bidding wars are pushing many potential buyers out of preferred neighborhoods and into secondary or even tertiary choices. This 'artificial appreciation' is inflating other markets, making housing unaffordable for many. Furthermore, a shift from low to high mortgage rates is deterring many from selling.

📊 Stats Highlight

Between 2010-2020, while over 400,000 people moved to Massachusetts, only 164,000 housing units were built. This vast disparity speaks volumes about the severity of the housing crisis. Additionally, 110,000 individuals aged 26-35 have left the state in the past three years, likely influenced by housing affordability issues.

REAL ESTATE
Millennials feel they missed 'golden opportunity' to buy a home

🏠 A notable segment of millennials feels they've missed the optimal time to own homes amidst today's challenging housing landscape. With elevated interest rates and housing costs, compounded by limited inventory, homeownership seems increasingly distant. A recent Redfin survey disclosed that approximately 20% of millennials doubt they'll ever purchase a home.

Here’s a fun fact. You did miss out.

Most home owners are now staying in their homes longer than ever now, at least around 9 years up from around 7 years.

Here’s two tips I provide all my clients:

• Consider New Construction: builders are currently offering lower mortgage rate incentives and buying down your rate out of THEIR pocket.

• Buy a Fix-N-Flip: I’ve done so many fix and flips over the years and every single home buyer had a TON of equity after its done. Consider getting a home renovation loan so you can roll both your mortgage AND renovation under the same loan.

I’ll have a future video on this but the reality is, the time to buy is now.

Original Article on Fox5 found: Here

LOCAL SPOTLIGHT
Joe’s Pizza opens in Cambridge

Born in Boston, owner Joe Pozzuoli has brought the iconic Joe's Pizza from Greenwich Village to its new location at 3 Brattle St. in Harvard Square. Partner Pino Vitale was excited to share the news of the opening.

Joe spoke with the Globe, highlighting his deep connection to the area and his aspiration for the eatery to become a staple in the neighborhood. "This spot is special," he emphasized.

With its legacy dating back to 1975, Joe's Pizza is celebrated for its traditional, authentic New York pizza slice. "We've maintained our classic recipe throughout the years," Joe proudly stated, indicating there's no need to change what's already perfect.

The pizzeria provides a cozy setting with approximately 30 indoor seats, and it will feature outdoor seating during the warmer months. And if you're looking for a recommendation, Joe suggests trying the ever-popular cheese slice.

A bonus for the late-night crowd: Joe's caters to the after-hours appetite, staying open from 10 a.m. to 2 a.m. from Sunday to Wednesday and extending to 3 a.m. on Thursdays through Saturdays.

LOCAL EVENTS
Boston Lights: A Must-See Lantern Experience

Save with Plan-Ahead Pricing: Get Your Boston Lights Tickets Now!
https://www.zoonewengland.org/bostonlights

Boston Lights is lighting up Franklin Park Zoo's 72 acres with a fresh collection of lanterns and lights! Here's what's in store:

• Encounter an ice-breathing dragon and other mythical creatures in a frosty realm.

• Journey through ancient Egypt, marveling at grand pyramids, a massive 33-foot sphinx, and stunning wildlife.

• Embark on an underwater odyssey showcasing marine wonders from Down Under.

• Celebrate China's rich history with traditional lantern displays, including a 200-foot pagoda scene and an 80-foot luminous dragon tunnel.

TESTIMONIALS & SUCCESS STORIES
1 of 100+ 5 Star Reviews

“Mike Urban is the utmost professional, and the ONLY person I would trust to help me sell or buy. He helped my family sell multiple homes and will help you to navigate the process with his amazing professional expertise and insight every step of the way.

Selling a home is not an easy task and can seem overwhelming at times, but having Mike made all the difference for us. He is quick to reply to text or calls, and is always available no matter what day of the week. I can go on and on, but to make a very long story short, you are doing yourself a disservice if you don’t choose him for your home buying or selling needs.” - Stefanie Armillay, Home Seller

EDUCATE
Question of the Week:

“How much down payment is needed to buy a house?"

Answer: Typically, you'd need a down payment between 3% to 20% of the house price. The exact amount depends on the loan type and your lender.

Here's a quick guide:

• Conventional Loans: Usually 20%, but some lenders go as low as 3%.

• FHA Loans: Often just 3.5% thanks to support from the Federal Housing Administration.

• VA Loans: If you're a veteran or in the military, you might not need any down payment.

• USDA Loans: Great news for rural and suburban buyers - some of these loans require $0 down.

Remember, each option has its perks, so find what fits you best!

— Mike Urban

Reply with any questions you'd like us to address!

LETS WORK TOGETHER
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