Listing Agent

What If I Wait Until Next Year to Buy a Home?


Newton, MA. Real Estate, Top Newton Realtors,  Top20Boston, Compass, Sotheby’s

 

What If I Wait Until Next Year to Buy a Home?

What If I Wait Until Next Year to Buy a Home? | MyKCM

We recently shared that national home prices have increased by 6.7% year-over-year. Over that same time period, interest rates have remained historically low which has allowed many buyers to enter the market.

As a seller, you will likely be most concerned about ‘short-term price’ – where home values are headed over the next six months. As a buyer, however, you must not be concerned about price, but instead about the ‘long-term cost’ of the home.

The Mortgage Bankers Association (MBA), Freddie Mac, and Fannie Mae all project that mortgage interest rates will increase by this time next year. According to CoreLogic’s most recent Home Price Index Reporthome prices will appreciate by 5.2% over the next 12 months.

What Does This Mean as a Buyer?

If home prices appreciate by 5.2% over the next twelve months as predicted by CoreLogic, here is a simple demonstration of the impact that an increase in interest rate would have on the mortgage payment of a home selling for approximately $250,000 today:

What If I Wait Until Next Year to Buy a Home? | MyKCM

Bottom Line

If buying a home is in your plan for this year, doing it sooner rather than later could save you thousands of dollars over the terms of your loan.

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Why Home Prices Are Increasing?


Newton, MA Real Estate, Newton Top Brokers, Compass, Sotheby’s

 

Why Home Prices Are Increasing

repost from the KCM Crew
Why Home Prices Are Increasing

There are many unsubstantiated theories as to why home values are continuing to increase. From those who are worried that lending standards are again becoming too lenient (data shows this is untrue), to those who are concerned that prices are again approaching boom peaks because of “irrational exuberance” (this is also untrue as prices are not at peak levels when they are adjusted for inflation), there seems to be no shortage of opinion.

However, the increase in prices is easily explained by the theory of supply & demand.Whenever there is a limited supply of an item that is in high demand, prices increase.

It is that simple. In real estate, it takes a six-month supply of existing salable inventory to maintain pricing stability. In most housing markets, anything less than six months will cause home values to appreciate and anything more than seven months will cause prices to depreciate (see chart below).

Why Home Prices Are Increasing | Keeping Current Matters

According to the Existing Home Sales Report from the National Association of Realtors (NAR), the monthly inventory of homes for sale has been below six months for the last five years (see chart below).

Why Home Prices Are Increasing | Keeping Current Matters

Bottom Line

If buyer demand continues to outpace the current supply of existing homes for sale, prices will continue to appreciate. Nothing nefarious is taking place. It is simply the theory of supply & demand working as it should.

Newton Is Still A Seller’s Market


Newton’s Top Agent, Compass, Sotheby’s, Newton, MA., West Newton Hill

 

Newton continues to be a seller’s market with the exception of the over 2 million price points.  In the past 2 weeks, 43 new homes were listed with 47 going under agreement during the same period. Currently, there are only 127 single family homes for sale and only 15 are under 1 million dollars!!! There are 5 homes priced between 1 and 2 million, 34 between 2 and 3 million, 15 between 3 and 4 million, 5 between 4 and 5 million and a whopping 7 houses priced between 5 and 8 million dollars!  These numbers are astronomically inflated.  In the past 5 years only 67 houses have sold in Newton over 3 million dollars yet as of today there are 30 listed over 3 million.  Something has to give and my guess is it will be the price.  Only 4 houses have topped 6 million dollars, ever.

On-Market Snapshot
Report Run: 4/24/2018 4:28:31 PM
Property Type(s): SF
Snapshot Date: 4/24/2017
Towns: Newton
 4/24/2017  4/24/2018
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 74
$400,000 – $449,999 1 52
$450,000 – $499,999
$500,000 – $599,999
$600,000 – $699,999 1 6 3 5
$700,000 – $799,999 2 4 3 25
$800,000 – $899,999 6 18 3 113
$900,000 – $999,999 4 23 5 45
$1,000,000 – $1,499,999 22 57 20 32
$1,500,000 – $1,999,999 13 48 30 29
$2,000,000 – $2,499,999 12 54 21 131
$2,500,000 – $2,999,999 14 86 14 94
$3,000,000 – $3,999,999 14 133 15 77
$4,000,000 – $4,999,999 4 200 5 195
$5,000,000 – $9,999,999 4 291 7 101
Over $10,000,000
Total Properties 97 Avg. 81 127 Avg. 72
Lowest Price: $427,900
Median Price: $1,999,000
Highest Price: $8,980,000
Average Price: $2,369,563
Total Market Volume: $229,847,665
Lowest Price: $379,900
Median Price: $1,999,000
Highest Price: $8,300,000
Average Price: $2,351,654
Total Market Volume: $298,660,095
©2018 MLS Property Information Network, Inc.  |  Copyright Policy 3828 users online right now!

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.

———

OPEN HOUSE Sunday, May 17th from 12-1:30 1592 Commonwealth Ave, Newton, MA


OPEN HOUSE Sunday 12-1:30 1592 Commonwealth Ave, Newton, MA050   BostonRealEstateMedia com

 

The flowers have bloomed, the pool and hot tub are open…come see this very special home

 

 

Bi-Monthly Real Estate Recap


Bi-Monthly Real Estate Recap

Newton’s Top Brokers Sotheby’s Newton, MA.

Posted April 27, 2015 9:45AM EST

Inventory remains very low in Newton, we have had a small increase from 105 to 116 homes for sale.  Out of the 116 available homes only 19 are below 1 million dollars.  The least expensive home currently listed is $519,000.  48 homes have gone under agreement in the last 2 weeks up from 31 during the prior period.  The most active segment of the market remains the 1 million to 2 million segment with 21 homes going under agreement in the past 2 weeks. A mere 7 homes sold during the same 2 weeks.  The record snowfall kept most buyers and sellers on the sidelines and today’s closings represent what happened roughly 60 days ago.

The condo market is also incredibly busy and buyers thirst for new construction is not waning.  Stay tuned, the next 2 weeks promise to be very busy now that school vacations and religious holidays are behind us.

 

 

On-Market Snapshot
Report Run: 4/27/2015 9:35:39 AM
Property Type(s): SF
Snapshot Date: 04/13/2015
Towns: Newton
 04/13/2015  4/27/2015
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
$400,000 – $449,999
$450,000 – $499,999
$500,000 – $599,999 4 61 4 61
$600,000 – $699,999 1 3 1 5
$700,000 – $799,999 3 9 5 20
$800,000 – $899,999 5 49 4 68
$900,000 – $999,999 6 32 5 18
$1,000,000 – $1,499,999 22 27 25 32
$1,500,000 – $1,999,999 27 42 28 65
$2,000,000 – $2,499,999 14 176 15 141
$2,500,000 – $2,999,999 15 149 19 138
$3,000,000 – $3,999,999 8 122 9 78
$4,000,000 – $4,999,999 1 12
$5,000,000 – $9,999,999
Over $10,000,000
Total Properties 105 Avg. 77 116 Avg. 76
Lowest Price: $549,000
Median Price: $1,699,000
Highest Price: $3,999,900
Average Price: $1,840,896
Total Market Volume: $193,294,174
Lowest Price: $519,000
Median Price: $1,765,000
Highest Price: $4,000,000
Average Price: $1,911,413
Total Market Volume: $221,723,953

 

Pending Statistics
Report Run: 4/27/2015 9:37:49 AM
Property Type(s): SF
Start Date: 04/13/2015
End Date: 04/27/2015
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
$400,000 – $449,999
$450,000 – $499,999 1 1
$500,000 – $599,999 4 3 1
$600,000 – $699,999 3 1 2
$700,000 – $799,999 1 1
$800,000 – $899,999 6 5 1
$900,000 – $999,999 7 3 4
$1,000,000 – $1,499,999 11 6 4 1
$1,500,000 – $1,999,999 10 4 5 1
$2,000,000 – $2,499,999 1 1
$2,500,000 – $2,999,999 3 1 1 1
$3,000,000 – $3,999,999 1 1
$4,000,000 – $4,999,999
$5,000,000 – $9,999,999
Over $10,000,000
Total Properties 48 25 19 0 4
Lowest Price: $450,000 Median Price: $1,064,000
Highest Price: $3,999,000 Average Price: $1,308,149
Total Market Volume: $62,791,163

Total Sold Market Statistics
Report Run: 4/27/2015 9:39:48 AM
Property Type(s): SF
Status: SLD
Start Date: 04/13/2015
End Date: 04/27/2015
Towns: Newton
Price Range # of
Listings
Avg. Days
on Market
Avg. Days
to Offer
Average
Sale Price
Average
Orig Price
SP:OP
Ratio
$0 – $49,999 0 0 0 $0 $0 0
$50,000 – $99,999 0 0 0 $0 $0 0
$100,000 – $149,999 0 0 0 $0 $0 0
$150,000 – $199,999 0 0 0 $0 $0 0
$200,000 – $249,999 0 0 0 $0 $0 0
$250,000 – $299,999 0 0 0 $0 $0 0
$300,000 – $349,999 0 0 0 $0 $0 0
$350,000 – $399,999 0 0 0 $0 $0 0
$400,000 – $449,999 0 0 0 $0 $0 0
$450,000 – $499,999 0 0 0 $0 $0 0
$500,000 – $599,999 0 0 0 $0 $0 0
$600,000 – $699,999 1 35 35 $656,000 $684,000 96
$700,000 – $799,999 0 0 0 $0 $0 0
$800,000 – $899,999 0 0 0 $0 $0 0
$900,000 – $999,999 0 0 0 $0 $0 0
$1,000,000 – $1,499,999 2 50 23 $1,130,750 $1,299,000 88
$1,500,000 – $1,999,999 1 185 177 $1,800,000 $2,200,000 82
$2,000,000 – $2,499,999 2 272 117 $2,250,000 $2,474,500 91
$2,500,000 – $2,999,999 0 0 0 $0 $0 0
$3,000,000 – $3,999,999 1 139 139 $3,600,000 $3,750,000 96
$4,000,000 – $4,999,999 0 0 0 $0 $0 0
$5,000,000 – $9,999,999 0 0 0 $0 $0 0
$10,000,000 – $99,999,999 0 0 0 $0 $0 0
Total Properties 7 Avg. 143 Avg. 90 $1,831,071 $2,025,857 90
Lowest Price: $656,000 Median Price: $1,800,000
Highest Price: $3,600,000 Average Price: $1,831,071
Total Market Volume: $12,817,500

We Need Your House!!


  We Need Your House!!!  This is a Supply and Demand Business and there is no supply!

Sotheby’s Newton, MA.  Top Realtors, Supply and Demand

April 21, 2015EST Newton, MA.

We Need You(r House)!! | Keeping Current Matters

Though the real estate market has improved, we still have one item holding it back from a full recovery – a robust supply of homes for sale. Demand has increased dramatically. At the same time, housing inventory is decreasing especially at the lower price points. The National Association of Realtors (NAR) recently revealed that there is apent-up seller demand caused by the uncertainty created by the housing crisis of the last decade.

What does that mean to you?

Houses listed today sell quickly. With prices still below peak values of 2007 in many parts of the country and mortgage interest rates at historic lows, this may be the perfect time for your family to make the move to the dream house you always wanted – whether that’s a larger home or that vacation/retirement home you have been looking at.

What does that mean to the economy?

Housing has always been an essential part of the U.S. economy. As we have reported before, real estate not only provides housing for families. It is often the greatest source of wealth and savings for many. The recent increase in real estate sales has led to an increase in real estate prices. This has increased the value of everyone’s’ home, whether they are selling or not. This leads to an increase in consumer confidence which in turn leads to an increase in consumer spending. Plus, each home sale automatically puts money into the economy. NAR compiled data from research conducted by the Bureau of Economic Analysis & Macroeconomic Advisors on the economic impact of a home purchase. After reviewing the data, they concluded that the total economic impact of a typical home sale in the United States is an astonishing $52,205. The more homes that sell, the better the economy.

Bottom Line

In order for the U.S. economy to get better, we need to sell more homes. Perhaps, it makes sense for one of those homes to be yours. If you have considered selling but are still a little nervous, now might be the time to sit down with a real estate professional familiar with your market and see what your options truly are.

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