The net result of today’s market conditions: more affluent buyers, young and old, are now dominating the real estate market across the Bay State.
The type of buyers of single-family houses and condominiums in Massachusetts still fall into four main categories: first-time buyers, trade-up buyers, downsizing buyers and “everybody else.” But within those major categories are major shifts about who’s buying or not buying.
A new report out Tuesday shows surprising and potentially worrisome data points: single-digit percentage declines in the statewide and Greater Boston median home sale prices.
The chilly wind blowing through the Massachusetts housing market this fall has pushed brokers to launch a range of initiatives aimed at helping their agents survive and thrive in 2023.
Last year was one of the busiest on record for the state’s loan originators. So, who came out ahead in the $127.2 billion market? Banker & Tradesman has analyzed the results and identified the top loan originators in Massachusetts.
Boston-based Guaranteed Rate loan originator Shant Banosian has originated $1 billion in loans nationwide this year, the company said, citing internal data that runs through June 15.
The pandemic challenged loan originators to find ways to meet the rapidly changing needs of consumers and the real estate industry. And a select few rode this wave to the top of their industry.
Loan originators who have focused on maintaining relationships with and acting as advisers for their customers have been able to take advantage of the low-rate environment.
With lower down payment and credit requirements compared to other mortgages, FHA loans have been a key resource for first-time homebuyers. But during the economic crisis caused by the coronavirus pandemic, investors have raised their criteria for purchasing these loans.
While online real estate giant Zillow’s foray into mortgage lending might seem scary initially, it is unlikely to have too much of a detrimental impact on local, more personalized lenders, those same lenders say.
Mortgage rates dropped into the low 4 percent/high 3 percent range last week and applications ticked up as a result, according to the Mortgage Bankers Association’s latest report.
