MA. Top Brokers

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.

5 Tech Questions that Seniors Should Ask When Interviewing a Real Estate Agent


5 Tech Questions that Seniors Should Ask When Interviewing a Real Estate AgentSotheby’s Newton, MA.  Newton, MA.  Top AgentsPosted: May 21, 2015 10AM EST

5 Tech Questions that Seniors Should Ask When Interviewing a Real Estate Agent | Keeping Current Matters

 Nikki Buckelew back as a guestblogger for today’s post. Nikki has extensive experience working with seniors and is the Founder & CEO of the Senior Real Estate Institute. Enjoy!
  If you have not bought or sold a home in a few years (or maybe decades) it is likely that there are more than a few new trends in real estate that you will encounter as you begin to interview real estate agents. One particular trend now common among many real estatebrokerage firms is called the practice of “going paperless.” This can be a bit scary for some people, especially senior adults who are not accustomed to using computers in their personal or professional lives. If you are one of the many with reservations about the paperless process, you will want to talk with your agent about any concerns or questions you have. In this article we have provided some basic information about the paperless process and some key questions to ask your real estate agent. How your agent handles your questions may just help you determine if he or she is the right agent for you!

What does it mean to go paperless?

Going paperless simply means that instead of printing out every contract, form or disclosure for your signature, you may be asked to sign certain documents electronically. This could mean:

  1. Typing your name into a designated field included in a form (received via email)
  2. Signing your name on a digital touchpad (laptop, netbook, smart phone, etc.)

While some have experienced this type of technology before and are perfectly willing and comfortable using it, others are not. Frankly, the first time I was asked to sign a real estate document electronically via email I was a bit perplexed and required some guidance. If you have not been exposed to this type of technology, it can seem a little overwhelming, especially if introduced to it in the midst all of the other things going on during a move. This is why it’s important to educate yourself on the front end, mitigating potential delays, avoiding unnecessary frustration, and preventing surprises down the road.

Here are 5 simple questions you should ask before you ‘sign on the dotted line’

1. How do you typically communicate with your clients (phone, email, text, instant messaging, etc.)?

Good agents know that the best method (and frequency) of communication is the one that best serves the client, so getting this agreed upon early in the relationship is paramount — for both you and the agent. If you want to communicate strictly by phone, be sure that you and your agent agree on the protocols for leaving and returning messages, hours of availability, and which phone numbers are best for certain times of day. Similar discussion around email, text messaging, and other modes of communication should be had as well, if that is your desired method of information delivery.

2. What method(s) do you use for getting client signatures?

The goal here is to find out your options. Many agents are still in the conversion process of going paperless and they are more than willing to use “more conventional” methods of getting signatures. Some may be required, however, by their respective brokerage firms to utilize only paperless systems. If this is the case, ask the agent to show you examples of the types of things that may be asked of you during the course of working together. If after a quick tutorial, you aren’t comfortable with the electronic signature process, it’s “OK” to choose an agent who can better accommodate your preferences.

3. Can you access my devices to insure they are compatible with the systems you use?

Even if you are completely prepared to enter the paperless world with no reservations whatsoever, it can only be done if you have the right equipment. Before agreeing to a paperless process, ask the agent to do a “test run” using a non-official/non-binding document on your system to insure its functionality.

4. Will you provide technical support if I am not “techy” and need some help?

My dad (self-described “non-techy” and proud of it), has a computer, printer, smart phone, email address, and wifi. He does not, however, have the faintest idea how they work or how to pull up attachments in his email. When he decided to purchase a new home this past year using a reverse mortgage, the lender was located out of state, which meant everything was done via email — electronically. Needless to say, I was dad’s tech support in this situation. If you do not have a trusted advisor who can help you with troubleshooting potential technology issues, make sure your agent or their staff is capable, patient, and willing to personally walking you through the steps.

5. Are you flexible if I choose to use phone and paper over electronic communication and documentation?

Options are the key. While some agents are extremely flexible in how they deliver their services, others may be married to a very specific process or style. Insure the agent you are considering is willing and able to do what is right for you, based on your comfort level, knowledge, and ability.

Bottom Line

It goes without saying that it is critical to have the conversation with your real estate professional about their paperless processes and communication methods. Not only will doing so put your mind at ease regarding unfamiliar territory, but it may also provide your agent with necessary information so he or she can serve you more effectively.

Is Your Home Functionally Obsolete?


open concept

 Is Your Home Functionally Obsolete?

Newton Top Brokers, Sotheby’s Newton, MA.

Posted 12PM EST Newton, MA

The definition of functionally obsolete pertaining to real estate is: A reduction in the usefulness or desirability of an object because of an outdated design feature, usually one that cannot be easily changed.  That definition applies to many houses currently on the market here in the western suburbs of Boston.  An early to mid 20th century Colonial usually has a center stair case and a living and dining on either side of the foyer.  The kitchen is generally located behind the dining room and a sun-room located off the living room.  For many years the sun room became the family room and everyone was delighted to have that extra space.  Of course the living room wasn’t used as often once family rooms or dens became common. These houses were built when hosts didn’t want people in their kitchen when they were having company. Company came over and were led into the living room to have cocktails and Hors d’oeuvres.  The cook ran back and forth between the kitchen and the company.  Well women got tired of being in the kitchen and missing the party and the living room got shafted.

Victorians are another problem, they were extremely popular 10-20 years ago.  They have high ceilings and beautiful wide foyers.  Those wide foyers and intricate staircases make for little rooms and difficult renovations.  Over the years many people have added beautiful family rooms in the rear of the house off the kitchen.  But today’s buyer does not want a right parlor and left parlor and a dining room and a family room and a sun-room…. They don’t want to pay for rooms they don’t use.

Cooking together has become part of the experience.  People enjoy cooking now and they want their friends and family in the kitchen with them.  Guests WANT to be in the kitchen with their hosts!  A desirable first floor today in a “normal” home consists of an open concept living, dining and kitchen, maybe a separate office and a large mud room.  4 second floor bedrooms and at least 3 bathrooms.  I don’t know why kids can’t share a bathroom with their siblings anymore?  What will they do when they have to share with 20 people in college?

So what does all this mean?  It means that the price of your home depends on how desirable your home is perceived through the eyes of a buyer.  Buyers have always determined the price of a home, not the seller or their agent.  If there is a way to open up the first floor and connect unused living rooms to the kitchen then you’ll be ok.  Your home will not sell at a premium because there is an automatic deduction in the mind of the buyer.  Most pre-war Colonials were built with a powder room under the front hall stairs, blocking the ability to open up to the kitchen and living room to each other.  Relocating a bath is not inexpensive and removing the first floor powder room is not desirable while living in the home or for resale.

Every house is salable!  The price melts away objections and gives buyers an opportunity to bring a home into the 21st century.

 

ugly_kitchentransitional-1

 

Freddie Mac’s New 3% Down Program


Freddie Mac’s New 3% Down Program

Newton, MA.  11:30AM EST

Posted: 23 Mar 2015 Freddie Mac's New 3% Down Program | Keeping Current Matters

Today, Freddie Mac is scheduled to start buying mortgages with down payments of only three percent – the first time down payments have been this low on Freddie Mac loans in nearly five years. The program is called Freddie Mac Home Possible AdvantageSM. In a recent Executive Perspectives, Dave Lowman EVP, Single-Family Business Freddie Mac, explained the potential impact this program will have on the housing market:

“There’s a new reason Realtors and lenders may expect more qualified borrowers at the closing table during this spring’s home buying season. In addition to low mortgage rates and rising job growth, the down payment hurdle is starting to shrink for creditworthy borrowers, including first-time homebuyers.”

And the mortgage industry agrees with Mr. Lowman. In a recent survey of mortgage originators by the National Association of Realtors (NAR), it was revealed that most loan officers believe the move to a lower down payment will increase access to mortgage credit. Here are that survey’s findings: Down Payment Survey | Keeping Current Matters

Bottom Line

Many potential buyers are “ready and willing” to buy a home but have been afraid they may not be “able” because of a lack of adequate savings for a down payment. Check with a local real estate or mortgage professional to understand what the new rules may mean to you.

CALL Margaret Szerlip at 617-921-6860 or margaretszerlip@gmail.com

The Difference Between a Home’s Cost and Price


The Difference Between A Home’s Cost vs. Price

 

Newton, MA.  12:00PM EST

 

PThe Difference Between A Home’s Cost vs. Price | Keeping Current Matters

As a seller, you will be most concerned about ‘short term price’ – where home values are headed over the next six months. As either a first time or repeat buyer, you must not be concerned only about price but also about the ‘long term cost’ of the home.

Let’s explain.

There are many factors that influence the ‘cost’ of a home. Two of the major ones are the home’s appreciation over time, and the interest rate at which a buyer can borrow the funds necessary to purchase their home. The rate at which these two factors can change is often referred to as“The Cost of Waiting”.

What will happen in 2015?

A nationwide panel of over one hundred economists, real estate experts and investment & market strategists project that home values will appreciate by almost 4% by the end of 2015. Additionally, Freddie Mac’s most recent Economic Commentary & Projections Table predicts that the 30-year fixed mortgage rate will appreciate to 4.5% by the end of 2015.

What Does This Mean to a Buyer?

Here is a simple demonstration of what impact these projected changes would have on the mortgage payment of a home selling for approximately $250,000 today: Cost of Waiting | Keeping Current Matters


 

Sotheby’s Collection 2014


MARGARET SZERLIP Newton, MA.  2:15 EST,

My best wishes for a happy, healthy and prosperous New Year.  May the Sotheby’s Collection inspire you in 2015.  Sotheby’s Collections 2014

Merry Christmas


Newton, MA.  December 24, 2014

 

Best Wishes for a very Merry Christmas.  May your presence mean more than your presents in you loved one’s lives.

xoxo Margaret

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