Month: July 2014

BI-WEEKLY NEWTON REAL ESTATE RECAP


Newton, MA.  REAL ESTATE   Sotheby’s Newton

The market is quieting down for the summer but there is still activity happening…. I have added a new column at the end.

EXPIRED, WITHDRAWN, CANCELLED….I am adding this category at this time because many houses are withdrawn for the summer months.  Personally, I don’t think this is wise since there are only 86 single families on the market at this time! This is a supply and demand business and people look for a houses every day.  I personally bought a house on 4th of July weekend….I was relocating here from NJ 20 years ago this summer!   I have sold 2 houses on the 4th of July weekend.  19 homes were cancelled, expired or withdrawn in the past 2 weeks.  I temporarily withdrew 22 Lenox Street because the house isn’t finished but I would like brokers to know it’s out there.  I expect to put that back on the market next week.  Some brokers cancel because they feel the house gets “stale” and they will put it back on after Labor Day.  Some brokers cancel because they go away for the summer….hmmm, yes it’s true.  Time for a new broker.   Some people fire their agents because they think another agent is going to sell their overpriced home.  It’s the price not the agent… Some people just decide they aren’t going to sell at the price they want and let the listing expire.   Some people make some changes by painting a few rooms a more neutral color, removing some carpeting etc.  Often the seller realizes the agent was right and they should have done this from the start.  Happy Summer!!

On-Market Snapshot
Report Run: 7/7/2014 11:24:29 AM
Property Type(s): SF
Snapshot Date: 07/07/2014
Towns: Needham
 07/07/2014  7/7/2014
Price Range Number of
Listings
Avg. Days
on Market
vs. today Number of
Listings
Avg. Days
on Market
Under $50,000
$50,000 – $99,999
$100,000 – $149,999
$150,000 – $199,999
$200,000 – $249,999
$250,000 – $299,999
$300,000 – $349,999
$350,000 – $399,999
$400,000 – $449,999
$450,000 – $499,999
$500,000 – $599,999 9 38 9 40
$600,000 – $699,999 5 40 5 40
$700,000 – $799,999 6 80 6 80
$800,000 – $899,999 3 50 3 50
$900,000 – $999,999 4 45 4 45
$1,000,000 – $1,499,999 31 87 31 87
$1,500,000 – $1,999,999 14 119 14 119
$2,000,000 – $2,499,999 8 127 8 127
$2,500,000 – $2,999,999 6 182 6 182
$3,000,000 – $3,999,999
$4,000,000 – $4,999,999
$5,000,000 – $9,999,999
Over $10,000,000
Total Properties 86 Avg. 91 86 Avg. 91
Lowest Price: $500,000
Median Price: $1,398,500
Highest Price: $2,895,000
Average Price: $1,412,502
Total Market Volume: $121,475,200
Lowest Price: $500,000
Median Price: $1,398,500
Highest Price: $2,895,000
Average Price: $1,412,502
Total Market Volume: $121,475,200

 

Pending Statistics
Report Run: 7/7/2014 11:26:28 AM
Property Type(s): SF
Start Date: 06/24/2014
End Date: 07/06/2014
Towns: Newton
Went Pending Current Status
Price Range # of
Listings
# UAG # CTG # Sold # Other
Under $50,000
$50,000 – $99,999
$100,000 – $149,999
$150,000 – $199,999
$200,000 – $249,999
$250,000 – $299,999
$300,000 – $349,999
$350,000 – $399,999
$400,000 – $449,999
$450,000 – $499,999
$500,000 – $599,999 1 1
$600,000 – $699,999 1 1
$700,000 – $799,999 3 1 2
$800,000 – $899,999 6 3 3
$900,000 – $999,999 2 1 1
$1,000,000 – $1,499,999 5 2 3
$1,500,000 – $1,999,999 3 3
$2,000,000 – $2,499,999
$2,500,000 – $2,999,999 1 1
$3,000,000 – $3,999,999
$4,000,000 – $4,999,999
$5,000,000 – $9,999,999
Over $10,000,000
Total Properties 22 10 12 0 0
Lowest Price: $579,000 Median Price: $914,000
Highest Price: $2,680,000 Average Price: $1,123,895
Total Market Volume: $24,725,700

 

Total Sold Market Statistics
Report Run: 7/7/2014 11:27:54 AM
Property Type(s): SF
Status: SLD
Start Date: 06/24/2014
End Date: 07/06/2014
Towns: Newton
Price Range # of
Listings
Avg. Days
on Market
Average
Sale Price
Average
List Price
SP:LP
Ratio
Average
Orig Price
SP:OP
Ratio
$0 – $49,999 0 0 $0 $0 0 $0 0
$50,000 – $99,999 0 0 $0 $0 0 $0 0
$100,000 – $149,999 0 0 $0 $0 0 $0 0
$150,000 – $199,999 0 0 $0 $0 0 $0 0
$200,000 – $249,999 0 0 $0 $0 0 $0 0
$250,000 – $299,999 0 0 $0 $0 0 $0 0
$300,000 – $349,999 0 0 $0 $0 0 $0 0
$350,000 – $399,999 0 0 $0 $0 0 $0 0
$400,000 – $449,999 0 0 $0 $0 0 $0 0
$450,000 – $499,999 0 0 $0 $0 0 $0 0
$500,000 – $599,999 1 7 $571,000 $539,000 106 $539,000 106
$600,000 – $699,999 6 23 $648,333 $617,000 105 $617,000 105
$700,000 – $799,999 2 30 $734,500 $749,000 98 $763,500 96
$800,000 – $899,999 4 51 $845,500 $809,250 105 $809,250 105
$900,000 – $999,999 1 6 $936,000 $895,000 105 $895,000 105
$1,000,000 – $1,499,999 12 50 $1,251,417 $1,218,249 103 $1,240,749 102
$1,500,000 – $1,999,999 9 131 $1,699,756 $1,723,333 99 $1,820,556 94
$2,000,000 – $2,499,999 1 13 $2,442,550 $2,399,000 102 $2,399,000 102
$2,500,000 – $2,999,999 0 0 $0 $0 0 $0 0
$3,000,000 – $3,999,999 0 0 $0 $0 0 $0 0
$4,000,000 – $4,999,999 0 0 $0 $0 0 $0 0
$5,000,000 – $9,999,999 0 0 $0 $0 0 $0 0
$10,000,000 – $99,999,999 0 0 $0 $0 0 $0 0
Total Properties 36 Avg. 61 $1,194,593 $1,177,750 103 $1,210,361 101
Lowest Price: $571,000 Median Price: $1,225,000
Highest Price: $2,442,550 Average Price: $1,194,593
Total Market Volume: $43,005,350

 

 

 EXP  $499,000
WDN $529,000
EXP $539,900
EXP $679,000
WDN $699,900
EXP
WDN $799,900
WDN $1,059,000
EXP $1,350,000
EXP $1,599,000
CAN $1,745,000
CAN $1,799,999
EXP $2,199,000
WDN $2,299,000
WDN $2,349,000
CAN $3,295,000
EXP $3,395,000
EXP $4,200,000
WDN $4,290,000
  Single Family Listings: 19    Avg. Liv.Area SqFt: 3,961.84    Avg. List$: $1,792,195    Avg. List$/SqFt: $435    Avg. DOM: 63.53

 

4 Demands to Make on Your Real Estate Agent


Newton, MA.  Real Estate

4 Demands to Make on Your Real Estate Agent

Posted: 18 Jun 2014 04:00 AM PDT

4 Demands to Make on Your Real Estate Agent | The KCM Crew

Are you thinking of buying a home? Are you dreading having to walk through strangers’ houses? Are you concerned about getting the paperwork correct? Hiring a professional real estate agent can take away most of the challenges of buying. A great agent is always worth more than the commission they charge just like a great doctor or great accountant.

You want to deal with one of the best agents in your marketplace. To do this, you must be able to distinguish the average agent from the great one.

Here are the top 4 demands you need to make of your Real Estate Agent when buying a home:

1. Tell the truth about the price

Too many agents just take your offer at any price and then try to ‘work’ both the seller and you while negotiating later. Demand that the agent prove to you that they have a belief in the price you are offering. Make them show you their plan to get both the seller – and the bank – to accept that price. Every house in today’s market must be sold two times – first to you and then to your bank.

The second sale may be more difficult than the first. The residential appraisal process has gotten tougher. A recent survey showed that there was a challenge with the appraisal on 24% of all residential real estate transactions. It has become more difficult to get the banks to agree on the contract price. A red flag should be raised if your agent is not discussing this with you at the time of the original offer.

2. Understand the timetable with which your family is dealing

You will be moving your family into a new home. Whether the move revolves around the start of a new school year or the start of a new job, you will be trying to put the move to a plan.

This can be very emotionally draining. Demand from your agent an appreciation for the timetables you are setting. You agent cannot pick the exact date of your move, but they should exert any influence they can, to make it work.

3. Remove as many of the challenges as possible

It is imperative that your agent knows how to handle the challenges that will arise. An agent’s ability to negotiate is critical in this market.

Remember: If you have an agent who was weak negotiating with you on parts of the purchase offer, don’t expect them to turn into a super hero when they are negotiating with the seller for you and your family.

4. FIND the right house!

There is a reason you are putting yourself and your family through the process of moving.

You are moving on with your life in some way. The reason is important or you wouldn’t be dealing with the headaches and challenges that come along with purchasing. Do not allow your agent to forget these motivations. Constantly remind them that finding the right house is why you hired them. Make sure that they don’t worry about your feelings more than they worry about your family. If they discover something needs to be done to attain your goal (i.e. rethinking price), insist they have the courage to inform you.

Good agents know how to deliver good news. Great agents know how to deliver tough news. In today’s market, YOU NEED A GREAT AGENT!

Buying a Home? Know ALL Your Options


 

Newton, MA…Realtor

Reposted from my friends over at KCM

Buying a Home? Know ALL Your Options

Posted: 02 Jul 2014 04:00 AM PDT

Buying a Home? Know ALL Your Options | Keeping Current Matters

In a post earlier this week, we suggested that the Millennial generation’s struggles with student debt and the overarching concept of homeownership are not the reasons for so many first time buyers hesitating to move forward with the purchase of their first home. Now there is another firm suggesting the same. The asset management company, Nomura, came out with strong guidance to their investors. According to an article in Housing Wire last week:

“Nomura’s note to clients has a take few have offered: The first time homebuyers are holding out and it’s not student debt, a shift away from homeownership as a choice by Millennials, or any of that.”

Instead, they think it is a lack of a full understanding of the mortgage process. The article explains:

“Analysts say it’s not that Millennials and other potential homebuyers aren’t qualified in terms of their credit scores or in how much they have saved for their down payment. It’s that they think they’re not qualified or they think that they don’t have a big enough down payment.”(emphasis added)

This comes off the heels of a survey by Zelman & Associates that revealed that 38% of those between the ages of 25-29 years old and 42% of those between the ages of 30-34 years old believe that a minimum of 15% is required as a down payment to purchase a home. In actually, a purchaser may be able to put down far less.

The Reality of the Situation

According to Christina Boyle, Freddie Mac’s VP and Head of Single-Family Sales & Relationship Management, in a recent Executive Perspectives piece:

  • A person “can get a conforming, conventional mortgage with a down payment of as little as 5 percent (sometimes with as little as 3 percent coming out of their own pockets)”.
  • Freddie Mac’s purchase of mortgages with down payments under 10 percent more than quadrupled between 2009 and 2013.
  • More than one in five borrowers who took out conforming, conventional mortgages in 2014 put down 10 percent or less.
  • Qualified borrowers can further reduce the down payment coming out of their own pockets to 3 percent by lining up gifts from family or grants or loans from non-profits or public agencies.

Ms. Boyle goes on to explain:

“Letting more consumers know how down payments are determined could bring more qualified borrowers off the sidelines. Depending on their credit history and other factors, many borrowers can expect to make a down payment of about 5 or 10 percent.”

Bottom Line

If you have considered purchasing a house or moving-up to a new dream home, know all of your options. Reach out to a real estate and/or mortgage professional in your marketplace to get the best, most up-to-date information available. You may be surprised to learn what you and your family are capable of achieving.