What did the May 2023 inflation data say?
According to the recent consumer price index metrics, inflation increased just 0.1% month-over-month, and was only up 4% from a year ago. The 4% mark is the lowest year-over-year increase in two years. The numbers were in line with consensus estimates and most markets reacted positively after the announcement.
Following the data release, market experts have agreed that it’s all but guaranteed that the Federal Reserve will not hike rates in June. We’ll know more when the Fed makes its announcement tomorrow.
Why are some brand new homes cheaper than older ones?
Realtor.com has released a unique study on the differences in new home prices versus older houses. In some areas of the country, new homes are actually more affordable than the older homes on the market.
According to Vice President of new homes sales at Realtor.com, Bob Seeman was quoted as saying, “As the market continues to tighten on existing-home availability, a new home is becoming a viable option for more and more homebuyers. Many new-home builders are able to offer some distinct financial advantages over resale homes. Some of those are obvious, and some are not.”
Some buyers looking into new homes can often get mortgage rate assistance from the builder, special incentives like upgraded countertops or cabinets, or other options that can make a new home more affordable. Shopping around in a tight market is in the buyer’s best interest and may lead to a unique opportunity.
How wild is this home in Southborough, MA?
Recently featured on Zillow Gone Wild, 44 Sears Road in Southborough, MA is definitely a unique home. Sitting on a dramatic 7-acre estate, this home features geometrically designed rooms with curved walls, soaring beamed ceilings, multiple fireplaces, and walls of windows.
The 10,580 sq. ft. home is surrounded by woods and features an outdoor tennis court. On the inside, you’ll have an indoor pool, a massive wine cellar, a yoga room, a workshop, a home sauna, a billiard room, and a spa. The home also comes with five bedrooms, each containing its own ensuite bathroom.
The price tag? It’s only listed at $2.7 million. That’s almost three times the local median home price, and less than $800k more than the original purchase price of $1.92 million in April 2021.
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