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Bill Cazaropoul 508.735.1866 BillCaz@CollinsDemacRE.com
530 Main St., Shrewsbury, MA 01545
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Seller Expectations Not Lining Up with the Market
W
E MISSED THE MARKET.” That’s what I’ve been hearing from a lot of sellers today. What exactly does that mean? Was it realistic to expect that home prices would continue to go up 15-20 percent? Of course not.
John Kreiss
Real Estate Agent
Inventories are creeping up, and the days of 100 offers on a single property are probably over, but does that mean that home prices are going to slide like they did during the SUBPRIME CRASH OF 2007? Don’t bet on it. Here’s why:
THE JOB MARKET IS STRONG. The US economy added 850,000 jobs in June and it seems like every employer is now scrambling to find people. The dearth of talent may level off somewhat as additional unemployment benefits from the American Rescue Plan come to an end next month. But don’t expect labor demands won’t still be a challenge this fall, however, especially if Congress passes the infrastructure bill. Constructing highways and bridges is great in my opinion but finding people with the skills to design and construct those roads, will be a huge challenge. And if labor is still in high demand, there is a good chance that there will be pressure on wages as employers compete for top talent. And if people have good, high paying jobs, expect them to want to purchase real estate with the money to pay for it to boot. INTEREST RATES ARE STILL HISTORICALLY LOW. When interest rates are low, like they are now, people can afford to pay higher prices for real estate. When rates go up, their purchasing power contracts. NORTHBOROUGH AND SURROUNDING COMMUNITIES HAVE GREAT SCHOOLS AND ARE DESIRABLE PLACES TO LIVE. In 1996, my wife and I purchased our first home in a subdivision called Assabet Hill in Northborough. We paid $245,000 for that four bedroom, two and one-half bath colonial and sold it in 1999 when we built a new home on the north side of town. Today, those homes, despite two huge recessions, are selling for close to $700,000. Real Estate has some similarities to the stock market because it can’t be timed. Nobody knows exactly what homes will cost six months from now. Based on historical evidence, and current economic data, however, Central Massachusetts home prices are not likely to see significant corrections for a while. (508) 826-6920 • JOHNKREISS.COM EMAIL: JOHN@JOHNKREISS.COM HTTPS:/BLOGJOHNKREISS.COM 193 BOSTON TURNPIKE • #3140 SHREWSBURY
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Westborough Office Space
24 Lyman Street
OFFICE SPACE 2462 Usable Sq. Ft.
Conference room, kitchen, 5 offices, reception area, storage
CONVENIENT TO ROUTES 9, 495 AND THE MASS PIKE Office tenants may select from a variety of floor plans and rental options in and adjacent to the Westborough Shopping Center.
MEDICAL OFFICE 6,000 +/- Sq. Ft. - Will subdivide
Fully Built Out
FITNESS/ HEALTH SPACE 2870 Usable Sq. Ft.
33 Lyman Street - Single Offices Available.
For leasing information call Dona Colangelo, RPA
Progressive Realty Consultants 508.366.4163 • westboroughshoppingcenter.com
HomeGoods
Marshalls
Westborough Shopping Center
Drive by traffic of 90,000 cars per day!
CONVENIENT TO ROUTES 9, 495 AND THE MASS PIKE Office tenants may select from a variety of floor plans and rental options in and adjacent to the Westborough Shopping Center.
Stop & Shop
Subway
Staples
Three Gorges & Mayuri Mandarin
NOW LEASING
Mexicali Cantina Grill
MIXED USE OFFICE
1,695 - 13,383 SF available
Tatnuck Bookseller & Café
For leasing information call Dona Colangelo, RPA
Progressive Realty Consultants Julio’s Liquors
Single offices short or long term
508.366.4163 • westboroughshoppingcenter.com