“I worked with Jeff Stephens and he was awesome. The first place he brought me out to was the one we wanted but as we were there another realtor was there with other family who actually were signing the check on the deposit.
We left defeated, but Jeff kept tabs on the apartment and it turns out that the family went with another place. He made his calls and secured the spot for us and now we’re going to move in less than 3 weeks!
Jeff was really easy to work with, and is very attentive and available to his clients. I highly recommend him and ePlace if you’re looking for a place up in Cambridge.”
– Karl S.
Read more about Jeff here.
The Spring market has sprung. Homes are moving quickly and inventory is tight. So far this year, 125 condos have sold in Cambridge (versus 113 in the same period last year). 216 properties have gone under agreement so far this year versus 189 last year. Existing inventory is only 59% of what it was last year on the same date and bidding wars are frequent. Total inventory thus far this year is 80% of what it was last year. It’s too early to quantify any change in prices, but we expect that prices will be up for this year.
The market in Somerville is also brisk, though inventory is more plentiful. 74 condominiums have sold this year (versus 66 in the same period last year). 139 properties have gone under agreement thus far this year vs. 98 last year in the same period. There are currently 129 condos on the market with an average days on market of 59 days. At the same time last year, there were 153 condos on the market with an average market time of 76 days. Total inventory thus far this year is virtually the same as last year.
The trends in Middlesex County are similar to those in Cambridge and Somerville. More condos have sold thus far this year than in 2011 and more have gone under agreement. Current inventory is 82% of what it was at the same date last year, and total inventory is 96% of what it was last year.
2 new Zillow reviews for Dana:
“Dana is AWESOME!! She helped us negotiate the turbulent waters of the Boston Real Estate Market . . . read more“
ePlace continues its strength in the loft market with two new lofts offerings:
Feel free to contact Dana or Tina (above) to learn more or ring our office at 617.864.4600.
Another article on buy vs. rent, in favor of buying, from CNN.
This article, however, misunderstands the rent ratio. For example, it says: “The nation’s cheapest buyer’s market is Detroit, where purchasing is only 3.7 times more expensive than renting.” More expensive than renting? The rent ratio is the purchase price divided by the the annual rent payment (on a particular property). In the case above, buying would certainly be less expensive than renting.
A much more sophisticated discussion of buy vs. rent and rent ratios can be found in David Leonhardt’s New York times articles and blog posts on this topic. Incidentally, David’s “magic number” for buy vs. rent is 15 (if rent ratio is < 15, consider buying, if > 15, consider renting).
Join ePlace and other members of the Cambridge community to support Our Place, the Salvation Army daycare center for homeless kids in Central Square, at the Spring Fling fundraiser at the Charles Hotel this Friday. More info here.
A fully restored single family “barn” in Arlington; a one-bedroom condo in a prime Porter Square, Cambridge location; a South Boston townhouse with city views; a loft in a school house conversion in Everett — these are some of the exciting new listings from ePlace this week. Spring is almost here! Pics below and more info here
Photo: Kelsey Dake, The New York Times
Not just like our market, but a charming perspective on the rental market from Bert Stratton in Cleveland Heights, Ohio.
Another glowing report for agent Jeff Stephens below. Congrats, Jeff. Thanks for doing so well by your clients!
“I am very pleased to leave this testimonial for Jeff Stephens. I had a challenging situation that Jeff handled professionally and compassionately. He was easy to work with and made a stressful situation a breeze. I would not even think twice about working with him again on any future housing needs. I highly recommend him. Other agents I talked to just told me that nothing was available and to call them back in a couple of months. Jeff actually cared about what I wanted and got it done. Nothing speaks louder than results!”
– Diane Johnson, Somerville
More testimonials for Jeff.
