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MLS Property Information Network, Inc. Announces Record High Properties For Sale
New England's largest multiple listing service - MLS Property Information Network, Inc., (MLS PIN) announces a record high number of active listings in its database of real estate available throughout New England. As of June 16, 2005 there are more than 40,000 Single Family, Multi-family, Condo, Land, Commercial and Business properties listed as active with MLS PIN. Approximately 22,000 of those listings fall into the Single Family category. MLS PIN's coverage area is roughly 90% of the state of Massachusetts and also expands into areas of Connecticut, New Hampshire, and Rhode Island.
This dramatic increase in available listings is up more than 35% from last year at this same time. MLS PIN attributes the record high number to several factors such as the growth in new construction. The ripple effect of these new homes being built, as well as continued low interest rates are major dynamics in the present increase of available homes we see today. Home prices have also held firm which when combined with the positive employment status equals a strong demand for new housing. This equation also means a significant and affordable selection for the Massachusetts homebuyer.
"This is good news for MLS PIN, but perhaps less so for the people that wish to sell their homes," says MLS PIN Chairman, Conrad Allen, owner/broker of Re/Max One of Webster, MA. "It would appear that supply is equaling demand. There is much talk about a real estate bubble and that prices will drop dramatically. Prices may drop, but not much. History does tell us that interest rates will go up. Let me give you something to think about; a $350,000 mortgage at 5.5% vs. a 7.5% produces a $460.00 monthly difference. The home's price would have to drop 21.89% before the payment is equal to the 5.5% mortgage. That is not going to happen, so buy a home now and congratulate yourself two years from now for being such a savvy consumer".
The total of available listings is the highest recorded since MLS PIN began its operations in 1997. During this time MLS PIN has almost tripled its total membership, and now serves more than 28,000 real estate professionals in Massachusetts, as well as parts of Connecticut, New Hampshire, and Rhode Island. Most recently the service has welcomed the addition of more than 400 customers from the Cape Cod area and subsequently their listings. MLS PIN also celebrated the one year anniversary of its very own in-house MLS system H3MLS in March of this year. H3MLS was officially released in March of 2004 and at this time sends automatic email updates via the MLS PIN real estate professional to nearly 158,500 consumers in Massachusetts and beyond.
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