MA. Top Realtor

Survey Says Millennials Want To Live In New York, What Does Research Say?


Newton, MA. Top Realtor,  Compass Massachusetts Realtor, Newton, MA. Homes for Sale

Survey Says Millennials Want To Live In New York, Research Suggests They Should Live In Philadelphia…Hmm?

Philadelphia (Shutterstock)

In a recent survey one-in-five Millennials said New York is their ideal city. Less than 1% said the same of Philadelphia. Ironically, however, the city of Ben Franklin and cheesesteaks outranks its more popular brethren when it comes to qualities the young purport to value.

Millennial-run apartment search site Abodo set out to determine what their generational-peers look for in a city to call home by surveying 2,000 people born between 1982 and 1998. Respondents rated 20 qualities on a 1 to 10 scale, with 10 connoting the highest importance.

It turns out, the top three qualities Millennials want in a city are economic in nature: a thriving job market (average score: 8.19), affordable rent (7.94) and affordable home prices (7.55). Beyond those core three, the ratings for quality of life metrics were fairly evenly dispersed. Rounding out the top third of the list were parks or hiking trails (6.52), non-chain restaurants (6.49) and quality pizza (6.11). Meanwhile, items ranging from top-rate public schools (6.07) to an LGBTQ-friendly environment (5.47) to access to music venues (5.38) all have above average ratings. In fact, the only quality not achieving a score greater than five was the presence of a local college or university (4.99).

To Sam Radbil, communications manager at Abodo, the survey shows “Millennials are career driven.” He added, “Despite Millennials’ reputation for being lazy or entitled they care about the job market and their careers. They are looking for a place that is affordable.”

Interesting distinctions arise when the group is divided by age range, comparing 18-to-22 year-olds with 23-to-28 year-olds and 29-to-34 year-olds. Employment and housing are key concerns among all three groups, though affordable rent outranks job prospects only for the youngest cohort.

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For the oldest group home purchase price becomes more important than rental prices. While unsurprising, the differences among age groups do reflect recent trends. After years of hand-wringing over whether young people would participate in this traditional rite of passage, surveys suggest Millennials do want to buy and that as they get older they are taking the ownership plunge. According to the National Association of Realtors, Millennials now make up the largest share of home buyers at 35%. The median age of a first time buyer is currently 31.

(Courtesy Abodo)

When it comes to location, nearly 20% of people surveyed list New York as their perfect city. Next up is San Francisco at 10%, Seattle and Portland at 9% and Los Angeles at nearly 8%. All of these cities have 80% or more of the 20 qualities Abodo pegged as important and most have several of the traits Millennials value highest. By Adodo’s calculations, however, several cities that barely registered with the survey-group may have more of what the generation is looking for, including Philadelphia (which got top city rating from just 0.89% of people), Washington D.C. (1.36%) and Boston (2.3%).

The company judged Philadelphia as the best city for Millennials in part due to solid marks on job market (the Philadelphia region’s unemployment rate was 20 basis points below the national average when the data was pulled) and average home prices (sale and rental) of at or below 30% of average income.

(Courtesy Abodo)

Of course, some of the metrics are subjective–a New Yorker may not agree Philadelphia has quality pizza. (Disclosure: the author of this post lives in New York, went to college in Philadelphia and has strong feelings about pizza.) But the survey’s broader point–that places you’ve never thought of may have exactly what you’re looking for–remains indisputable.

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10 Home Renovations That Offer the Best (and Worst) Return on Investment


Newton, MA.  Homes for Sale,  Newton Top Brokers Margaret Szerlip, West Newton Hill

10 Home Renovations That Offer the Best (and Worst) Return on Investment

This was posted in Realtor.com–not sure I agree with some of these….what do you think?

Remodeling may be a labor of love, but it’s also an investment that can seriously boost the value of your home.  Only by how much? Well, according to Remodeling magazine’s 2016 Cost vs. Value Report, you’ll recoup an average of 64% of what you paid for a renovation if you sell your home this year.

To arrive at these figures, Remodeling asked consultants in various markets to estimate the average cost for 30 home improvement projects, from adding a bathroom to replacing a roof. Then, they asked real estate agents nationwide to estimate the expected resale value of these renovations so that readers could compare their out-of-pocket costs to how much money they’d get back when it came time to sell their home.

So, what projects gets you the most bang for your home renovation buck? It may not be nearly as sexy (or fun!) as adding a chef’s kitchen or glam bathroom, but attic insulation gets the top spot. That’s right: Stuff some fiberglass insulation into the walls of a 35-by-30-foot attic, and you’ll pay an average of $1,268. But when you sell, you will rake in $116.90 for every $100. For you math-challenged out there, that’s a recoup of 116.9% of your costs. It’s the only home reno on this year’s report that redeems more money than you spend!

 

The next best-paying renovation on the list: manufactured stone veneer, offering a respectable 92.9% return.Meanwhile—sorry, luxury tub fans—the home improvement project that reaps the worst ROI is the addition of a bathroom, at 56.2% (although the “added value” of an extra bathroom for anyone who’s ever had to wait their turn for one is, of course, priceless).

Take-home lesson? If you’re looking for a general rule of thumb, it’s that less is more: Lower-cost projects  generally reap bigger returns, with four of the five projects that cost less than $5,000 ranking among the top five for money back when you sell.

Check out the best (and worst) returns for home renovations in the two charts below, including how much you’ll pay and get back if you sell your home this year.

———

5 Tips For Lightening Your Living Space


5 Tips for Lightening Your Living Space

 

Newton, MA. Realtor, Newton, MA. Top Agents

white paint

Do you dream of a light, airy living space? Do you want to feel like you’re living inside of a cloud? Below are 5 tips for a lighter living space, now.

Paint it almost white. Well this is an obvious one. From walls to wood paneling and hardwood floors, two coats of light neutral paint will turn your living space into a year-round winter wonderland. Done and done!

Minimize. Do you really need all twenty of those awkward family photos on that side table? De-cluttering surfaces will lighten space with smooth lines. Cut clutter by adding hidden storage systems (like an ottoman with stow space), and minimize furniture to a handful of necessary pieces.

Add mirrors. Mirrors have long-since been a go-to trick for opening up a space. In addition to wall mirrors, consider adding mirrored back splashes or mirrored trays. Not into mirrors? Sparkle can do the trick, too. Glass-top tables and crystal candle holders, anyone?

Lighten the linens. Breezy, airy curtains and snow-white throws will make your space seem plush and comfortable, like snuggling with a sheep.

Shades of gray. To avoid looking as if you doused your house in bleach, consider adding soft, light shades of gray or blue to your color scheme. 

NEWTON AT A GLANCE


It’s been quite a year in Newton real estate wise.  So far this year 932 single family and condominiums sold!  On average it took 33 days to receive an offer that was 98% of the asking price.  The average sale price was $1,054,079, lowest list sale price was $232,000 and the highest sale price was $4,650,000. The sweet spot in the market is properties priced between 1 and 1.5 million dollars.  259 properties sold in that price range!  The least active price point was homes priced under 400K and homes priced over 4 million.  No surprise there since that is the top and bottom of market.

The market continues to be quite fluid.  We have low levels of inventory across all price ranges, with the exception of the over 3 million dollar mark.  There are only 128 single family homes on the market and 68 condos.  If you are thinking about selling and your house and it is in tip top shape, don’t wait until the spring.  Sell now while buyers are frantically trying to find a home.

Lowest Price: $232,000 Median Price: $914,250
Highest Price: $4,650,000 Average Price: $1,054,079
Total Market Volume: $987,671,758

 

FOR SALE: 1592 COMMONWEALTH AVENUE, NEWTON, MA. $3,599,000


Sotheby’s Newton, MA.  Top Newton Brokers  12:00PM EST

 

RESORT LIVING IN NEWTON:050   BostonRealEstateMedia com

This Georgian inspired colonial embodies all of the elements of intelligent design. Perfect home for family gatherings, large formal entertaining, and cozy evenings with friends. The enchanted garden-scape created by Sudbury design includes an in-ground pool, inviting hot tub, elegant plantings, stone walls, and wide patios, plus room for cooking & outdoor entertaining. This is a property that exudes a life of fun and sport… handsome billiard room on the lower level with a built-in dry bar, a Sauna, an enormous game room with custom storage, and a coveted MEDIA room with elevated platforms, leather recliners, surround sound, a seating area for snacks & popcorn & fireplace. Chef’s kitchen with all “Wolf” appliances, huge island dining & prep area; Family room with fireplace and double height windows; French doors and bay window Breakfast Room; Stunning dining room and Living Room; Mahogany paneled Library; Luxurious Master suite with a fireplace and heated floors in steam spa bath.001   BostonRealEstateMedia com003   BostonRealEstateMedia com 006   BostonRealEstateMedia com 013   BostonRealEstateMedia com 011   BostonRealEstateMedia com 019   BostonRealEstateMedia com 027   BostonRealEstateMedia com 036   BostonRealEstateMedia com 048   BostonRealEstateMedia com 047   BostonRealEstateMedia com

Bi-Monthly Newton Real Estate Recap


Sotheby’s Newton, MA. Top Brokers

Newton, MA.  1:30PM EST

Spring has finally arrived and it has brought a few more listings to the market.  Inventory has increased from 92 to 108 homes for sale.  While 20 additional homes are available we are still about 50% of a normal market.  31 homes have gone under agreement in the past 2 week with the 1.5-2 million dollar price range continuing to be the most active.  There is also activity in the very high-end market.  Only 14 homes closed in the past few weeks and that is a direct result of snow bound buyers and sellers during late January and February.


On-Market Snapshot
Report Run: 4/13/2015 1:07:03 PM
Property Type(s): SF
Snapshot Date: 03/31/2015
Towns: Newton
 03/31/2015  4/13/2015
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 1 6
$400,000 – $449,999
$450,000 – $499,999 1 6
$500,000 – $599,999 1 209 4 61
$600,000 – $699,999 1 0 1 3
$700,000 – $799,999 2 149 3 9
$800,000 – $899,999 4 63 6 43
$900,000 – $999,999 3 56 6 50
$1,000,000 – $1,499,999 22 32 24 38
$1,500,000 – $1,999,999 23 48 27 42
$2,000,000 – $2,499,999 14 167 14 177
$2,500,000 – $2,999,999 12 128 15 149
$3,000,000 – $3,999,999 8 228 7 131
$4,000,000 – $4,999,999 1 22
$5,000,000 – $9,999,999
Over $10,000,000
Total Properties 92 Avg. 92 108 Avg. 79
Lowest Price: $399,000
Median Price: $1,717,500
Highest Price: $4,500,000
Average Price: $1,906,135
Total Market Volume: $175,364,486
Lowest Price: $450,000
Median Price: $1,662,000
Highest Price: $3,999,900
Average Price: $1,791,334
Total Market Volume: $193,464,086

 

Pending Statistics
Report Run: 4/13/2015 1:09:03 PM
Property Type(s): SF
Start Date: 03/31/2015
End Date: 04/13/2015
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 1 1
$400,000 – $449,999
$450,000 – $499,999 1 1
$500,000 – $599,999
$600,000 – $699,999 4 2 2
$700,000 – $799,999 1 1
$800,000 – $899,999 4 1 2 1
$900,000 – $999,999 4 2 2
$1,000,000 – $1,499,999 7 1 6
$1,500,000 – $1,999,999 4 3 1
$2,000,000 – $2,499,999 2 2
$2,500,000 – $2,999,999
$3,000,000 – $3,999,999 2 2
$4,000,000 – $4,999,999 1 1
$5,000,000 – $9,999,999
Over $10,000,000
Total Properties 31 15 15 0 1
Lowest Price: $399,000 Median Price: $986,950
Highest Price: $4,500,000 Average Price: $1,429,977
Total Market Volume: $44,329,300

 

Total Sold Market Statistics
Report Run: 4/13/2015 1:10:38 PM
Property Type(s): SF
Status: SLD
Start Date: 03/31/2015
End Date: 04/13/2015
Towns: Newton
Price Range # of
Listings
Avg. Days
on Market
Avg. Days
to Offer
Average
Sale Price
Average
List Price
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 65 65 $560,000 $634,900 $634,900 88
$600,000 – $699,999 1 80 3 $655,000 $630,000 $630,000 104
$700,000 – $799,999 1 6 6 $777,600 $729,000 $729,000 107
$800,000 – $899,999 0 0 0 $0 $0 $0 0
$900,000 – $999,999 1 68 68 $950,000 $950,000 $950,000 100
$1,000,000 – $1,499,999 6 61 55 $1,244,689 $1,249,333 $1,291,000 97
$1,500,000 – $1,999,999 1 16 2 $1,940,000 $1,879,000 $1,879,000 103
$2,000,000 – $2,499,999 2 8 6 $2,230,000 $2,050,000 $2,050,000 109
$2,500,000 – $2,999,999 1 142 106 $2,600,000 $2,750,000 $2,850,000 91
$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 14 Avg. 54 Avg. 42 $1,386,481 $1,369,207 $1,394,207 99
Lowest Price: $560,000 Median Price: $1,200,000
Highest Price: $2,600,000 Average Price: $1,386,481
Total Market Volume: $19,410,735

Will Higher Interest Rates Kill HOME SALES?


Sotheby’s Realty Newton, MA.  Top 20 Agents Network

 

Will Higher Interest Rates Kill HOME SALES?

Posted: 11 Dec 2014 02:00 AM EST

Will Higher Interest Rates Kill HOME SALES? | Keeping Current Matters

The Mortgage Bankers Association, the National Association of Realtors, Fannie Mae and Freddie Mac are each projecting mortgage interest rates to increase substantially over the next twelve months. What will that mean to the housing market in 2015? Last week, we posted a graph showing that home prices appreciated each of the last four times mortgage interest rates dramatically increased. Today, we want to talk about the impact higher rates might have on the number of home sales. The reason many experts are calling for a rise in rates is because they see a stabilizing economy. With the economy beginning to improve, they expect the employment situation to regain some ground lost during the recession, incomes to grow and for consumer confidence to improve.

What will that mean to home sales next year?

In its November 2014 U.S. Economic & Housing Market Outlook, Freddie Mac explains:

“While higher interest rates generally detract from housing activity, when they occur with strong job and income growth the net result can be increases in household formations, construction, and home sales. Our view for 2015 is exactly that, namely, income and job growth offset the negative effect of higher interest rates and translate into gains for the nation’s housing market.”

Bottom Line

Even with mortgage rates increasing, home sales and home appreciation should be just fine in 2015.


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