RE/MAX Advantage's Tim Curtin, a Realtor in our Beverly, MA real estate office, spoke to the Salem News recently about the limited number of homes for sale having a cooling effect on the local real estate market in November. Curtin also noted that 2013 was an excellent year for real estate in both Massachusetts and Essex County.

Here is an excerpt from the Salem News article:

" 'It’s been a very good real estate market this year, both in the state and Essex County,' said Tim Curtin, a real estate agent with RE/MAX Advantage of Beverly. The Essex County real estate housing market had a median sale price in November of $355,000, better than the $316,500 price statewide, Curtin said.

Homes sales in Essex County were up 10 percent year-over-year, said Curtin, citing Multiple Listing Service data. Home prices in the county are up $25,000 over the same month last year.

'It’s tough for buyers right now,' said Curtin, who said the pendulum has swung toward sellers, as buyers face fewer choices and more competition for the scarce homes that are available.

Waiting to buy could be costly.

He gave the example of buyers who are looking for a home in the price range of $500,000 in Marblehead. With a mortgage rate of 4.3 percent, they would pay a mortgage of $2,400 a month. If they wait a year, and rates increase to 5.3 percent, the payment will increase to $2,700."

Here is the full article:

http://www.salemnews.com/local/x1221286769/Lack-of-homes-slows-sales/print