Greater Boston Home Prices and Sales Broke Records in October

According to a report by the Greater Boston Association of Realtors released last Tuesday, The Greater Boston single-family and condo home markets saw record sales in October. 

The 1,433 single-family homes sold last month reflected a 36.9 percent year-over-year increase in sales, while the median sales price rose to a new record for the month: $700,000. It was $593,000 last October.

Meanwhile, the condo market boasted a 9.3 percent year-over-year increase, at 949 units sold. The median sales price, $575,000, also broke records for the month. The median sales price in October 2019 was $549,700.

The multifamily home market saw a 6.4 percent increase in sales, with 198 properties sold.

The COVID-19 pandemic pushed the spring sales rush off to the fall. The prices reflect high buyer demand amid low interest rates and low inventory.

Long-term Mortgage Rate Falls to Record Low For 13th Time in 2020

US long-term mortgage rates fell this week, reaching record lows for the 13th time this year, amid fresh signs of weakness in the pandemic-ravaged economy. 

Mortgage buyer Freddie Mac reported Thursday that the average rate on the 30-year benchmark loan declined to 2.72 percent from 2.84 last week. For contrast, the rate averaged 3.66 a year ago. 

Meanwhile, the average rate on the 15-year-fixed-rate mortgage slightly declined to 2.28 percent from 2.34 percent. 

Home loan rates have trended downwards throughout most of the year, stimulating buying interest from potential home-owners. 

However, fresh signs emerged this week, revealing that the Coronavirus is likely continuing to slow the economy and force businesses to cut jobs. The government reported Tuesday that retail sales in the United States (which represent a third of overall consumer spending), grew a sluggish 0.3 percent in October, despite retailers offering early holiday discounts online and in stores. 

Furthermore, a recent report from the Labor Department showed that the number of Americans seeking unemployment aid rose last week to 742,000, the first increase in five weeks. The worsening pandemic and arrival of cold weather could encourage layoffs in the weeks ahead. Of the roughly 20 million Americans receiving some form of jobless benefits, about half will lose that aid when two federal programs expire at year's end. 

4 Powerful Ways To Freshen Your Space

1. Embrace natural light

Throw open the curtains, let the breeze in and brighten your home decor. Open those blinds and bask in the natural light. Instead of flipping on your lights in the morning, pull back the curtains and let sunshine light the way. The simple act of opening your windows can help lift your mood, and you’ll save a little on your electric bill too. Don’t have big windows? By using large mirrors you can reflect light and brighten up your room.

2. Freshen up your furniture

A white, beige, or light gray couch is a perfect and cozy nesting spot. Light neutral chairs set the tone, reflect light and set a peaceful atmosphere. If you don’t want to commit to white furniture, invest in slipcovers that you can use seasonally and remove whenever you desire. 

3. Incorporate natural tones 

Incorporate lightweight natural materials into your decor — think wicker, woven baskets, light wood grain and cotton curtains. Keep it airy and light, leaning on nature to inspire you.

Switch out heavy blankets for light throws, and pack away heavy, dark decor items in favor of woven baskets paired with colorful or nature-inspired accessories. By adding earthy materials to your home, you invoke nature inside and out for a fresh and renewed feel.

4. Go green and breath fresher air

Adding potted plants, bouquets of flowers and herb gardens to your home is a great way to bring the outdoors in. Not only do they provide beautiful focal points and improve your mood, they also give off little hits of oxygen — so breathe deep.

Visit your local farm for pretty blooms, or grow herbs in windowsill pots. Also, faux plants can still give off a fresh green look, but without all the hassle and maintenance. Give yourself a new outlook and a fresh perspective by taking the time to revitalize your space and refresh your mindset. From mixing up colors to looking to nature for inspiration, you can powerfully transform your home into a sunny, bright and airy space.