Upsize, downsize or rightsize to this stylish and elegant Arts and Crafts completely renovated in 2012 with an amazing 1ST FLOOR MASTER SUITE! This sophisticated four-bedroom, 4 1/2 bath home features an open and airy layout. The spacious main level offers an ultra-chic living room with a fireplace, gracious dining room, and chef’s kitchen open to breakfast/family room. The kitchen boasts Miele and Sub Zero appliances, with direct access to a covered mahogany porch. A first-floor master bedroom suite encompasses his and her bathroom, walk-in closet, an additional closet, laundry, and linen closet. The second floor consists of three very spacious bedrooms, two full baths, linen closet, and a second laundry room. Finished LL features a media room with custom bookshelves, full bath, office, and storage. The architect-designed 2012 renovation includes a second-floor addition while baths, systems, roof, windows, and sound system were replaced. Conveniently located to Pike, Commuter Rail, shopping, WN Square, and Newtonville. Designed by Architect, Kent Duckham.
Newton, MA Top Realtors. Newton and Brookline Real Estate, Compass, Sotheby’s
Housing Supply Not Keeping Up with Population Increase
Many buyers are wondering where to find houses for sale in today’s market. It’s a true dilemma. We see an increase in buyer demand, but the supply available for purchase isn’t keeping up.
The number of new housing permits issued prior to the great recession increased for 15 years until 2005 (from 1.12 million in 1990 to a pre-recession peak of 2.16 million in 2005). According to Apartment List,
“From 1990 to 2005, the number of single-family permits issued more than doubled, while the number of multi-family permits grew by 49 percent.”
When the housing market crashed, the number of new homes permitted decreased to its lowest level in 2009 (see below):Since then, supply and demand have been out of balance when it comes to new construction. According to the same report,
“Construction of single-family homes has recovered much more slowly — the number of single-family housing units permitted in 2018 was barely half the number permitted in 2005.”
Why is new construction so important?
As the U.S. population increases, there is also an increase in the need for new homes. Today, new construction is not keeping up with the increase in the nation’s population. The report continues:
“The total number of residential housing units permitted in 2018 was roughly the same as the number permitted in 1994, when the country’s population was 20 percent less than it is today.”
Essentially, the dip in home building coupled with the steadily increasing U.S. population means there is now a selling opportunity for homeowners willing to list their current houses.
If you’re considering selling your home to move up, now is a great time to get a positive return on your investment in a market with high demand. Let’s get together to determine the specific options available for you and your family.
Newton, MA. Real Estate, Top Broker in Newton, Compass, Sotheby’s
If you’re currently renting and have dreams of owning your own home, it may be a good time to think about your next move. With rent costs rising annually and many helpful down payment assistance programs available, homeownership may be closer than you realize.
When those same renters were asked why they disliked renting, 52% said rising rental costs were their top reason, and 42% of renters believe their rent will rise every year. The full results of the survey can be seen below:It’s no wonder rising rental costs came in as the top answer. The median asking rent price has risen steadily over the last 30 years, as you can see below.There is a long-standing rule that a household should not spend more than 28% of its income on housing expenses. With nearly half of renters (48%) surveyed already spending more than that, and with their rents likely to rise again, it’s never a bad idea to reconsider your family’s plan and ask yourself if renting is your best angle going forward. When asked why they haven’t purchased a home yet, not having enough saved for a down payment (44%) came in as the top response. The report went on to reveal that nearly half of all respondents believe that “a 20% down payment is required to buy a home.”
The reality is, the need to produce a 20% down payment is one of the biggest misconceptions of homeownership, especially for first-time buyers. That means a large number of renters may be able to buy now, and they don’t even know it.
Newton, MA. Real Etstate, Compass, Sotheby’s Suburban Boston Team #Top Realtor
4 Tips for Making a Competitive Offer
So, you’ve been searching for that perfect house to call ‘home,’ and you’ve finally found it! The price is right, and in such a competitive market, you want to make sure you make a good offer so that you can guarantee that your dream of making this house yours comes true!
Below are 4 steps provided by Freddie Mac to help buyers make offers, along with some additional information for your consideration:
1. Determine Your Price
“You’ve found the perfect home and you’re ready to buy. Now what? Your real estate agent will be by your side, helping you determine an offer price that is fair.”
Based on your agent’s experience and key considerations (like similar homes recently sold in the same neighborhood or the condition of the house and what you can afford), your agent will help you to determine the offer that you are going to present.
Getting pre-approved will not only show home-sellers that you are serious about buying, but it will also allow you to make your offer with confidence because you’ll know that you have already been approved for a mortgage in that amount.
2. Submit an Offer
“Once you’ve determined your price, your agent will draw up an offer, or purchase agreement, to submit to the seller’s real estate agent. This offer will include the purchase price and terms and conditions of the purchase.”
Talk with your agent to find out if there are any ways in which you can make your offer stand out in this competitive market! A licensed real estate agent who is active in the neighborhoods you are considering will be instrumental in helping you put in a solid offer.
3. Negotiate the Offer
“Oftentimes, the seller will counter the offer, typically asking for a higher purchase price or to adjust the closing date. In these cases, the seller’s agent will submit a counteroffer to your agent, detailing their desired changes, at this time, you can either accept the offer or decide if you want to counter.
Each time changes are made through a counteroffer, you or the seller have the option to accept, reject or counter it again. The contract is considered final when both parties sign the written offer.”
If your offer is approved, Freddie Mac urges you to “always get an independent home inspection, so you know the true condition of the home.” If the inspector uncovers undisclosed problems or issues, you can discuss any repairs that may need to be made with the seller or even cancel the contract altogether.
4. Act Fast
The inventory of homes listed for sale has remained well below the 6-month supply that is needed for a ‘normal’ market. Buyer demand has continued to outpace the supply of homes for sale, causing buyers to compete with each other for their dream homes.
Make sure that as soon as you decide that you want to make an offer, you work with your agent to present it as quickly as possible.
Whether buying your first home or your fifth, having a local real estate professional who is an expert in his or her market on your side is your best bet in making sure the process goes smoothly. Let’s talk about how we can make your dream of homeownership a reality!
Newton,MA, Compass, Sotheby’s #Suburban Boston Team #TopRealtor
A Tale of Two Markets — Absolutely True in Boston Area
An emerging trend for some time now has been the difference between available inventory and demand in the premium and luxury markets and that in the starter and trade-up markets and what those differences are doing to prices!
Inventory continues to rise in the luxury and premium home markets which is causing prices to cool.
Demand continues to rise with lower-than-normal inventory levels in the starter and trade-up home markets, causing prices to rise on a year-over-year basis for 85 consecutive months.
Newton, MA. Brookline, Sotheby’s Compass, Suburban Boston Team
Spring events in Brookline are in full bloom and Newton passes another law on going green. We’re also taking a closer look at the local real estate market. Keep reading to learn more about what’s coming to your neighborhood in May!
New & Noteworthy
Five Tips for First-Time Homebuyers
Spring can be the perfect time for first-time home buyers to begin their search. Read up on some tips on how to navigate the marketplace here.
Brookline Single-Family Home Prices Proven to Increase No need to worry about value when buying a home in Brookline. Brookline saw single-family prices increase between 2005’s market peak and 2011’s bottom. Learn more about some of the top spots to buy in Greater Boston here.
Newton Bans Plastic Stirrers and
Polystyrene Food Containers
Newton passed a law that will ban restaurants from the use of plastic stirrers and polystyrene to-go containers. The ban will be effective as of January 2020. Learn more about how Newton is going green here.
Etsy’s 2019 Home Decor Trends Will Have You Inspired
Etsy has declared 2019 the year of maximalism–think statement home decor accents, bold patterns, and vibrant hues. Read all about the latest trends here on Elle Decor.
3 Ways to Give Your Bed a Much-Needed Spring Refresh
You’ll spend a third of your life sleeping, so it’s important to keep your bed in tip-top shape. Learn how to properly care for your mattress, bedding, and pillows here on Apartment Therapy.
Mark Your Calendar
The Shop on Washington Mother’s Day Pop-up | May 2-5 and 8-11
A special Mother’s Day pop-up shop is coming to Newtonville for two weekends in May. The shop will feature a variety of locally-based brands for gifting. Check out the schedule of workshops and events here.
ART Off The Wall | May 11
The fifth annual ART Off The Wall is returning to Brookline this spring. The event features works by artists who support the mission of the Brookline Arts Center. Learn more about the participating artists and purchase your tickets here.
Brookline Cherry Blossom Festival |
The Brookline Cherry Blossom Festival began as a celebration to honor the donation of cherry trees to Brookline High School from the Consul of Japan. The annual event features food, games, and music for the whole family. View the schedule of events for the day here.
Compass is a licensed real estate broker and abides by Equal Housing Opportunity laws. All material presented herein is intended for informational purposes only. Information is compiled from sources deemed reliable but is subject to errors, omissions, changes in
Why the increase in demand? Increased buying power.
According to the National Association of Realtors’Economists’ Outlook Blog, purchasing a home has become more affordable, which has led to increased demand.
“Due to the combination of falling home prices and mortgage rates, the income needed to make an affordable mortgage payment (mortgage no more than 25% of income) on a median-priced home with 10% down payment and 30-year fixed rate mortgage decreased from $60,425 in June 2018 to $53,783 as of February 2019, and the difference of $6,642 represents a gain in buying power because one can afford a home purchase at a lower level of income.”
It appears the spring buyers’ market is going to be much stronger than many had projected. Whether you are selling or buying, this is important news.
*The methodology behind the indices:
The ShowingTime Showing Index
“The ShowingTime Showing Index® tracks the average number of buyer showings on active residential properties on a monthly basis, a highly reliable leading indicator of current and future demand trends.”
The National Association of REALTORS® Buyer Traffic Index
“In a monthly survey of REALTORS®, NAR asks respondents ‘Compared to the same month last year, how would you rate the past month’s traffic in neighborhood(s) or area(s) where you make most of your sales?’ NAR compiles the responses into an index, where an index above 50 indicates that more respondents reported “stronger” traffic than “weaker” traffic.”
Newton, MA. Compass, Sotheby’s Newton’s Top Brokers, Real Estate, Greater Boston
Home Buyer Demand Will Be Strong for Years to Come
There has been a lot written about millennials and their preference to live in city centers above their favorite pizza place. Some have even gone so far as to say that millennials are a “Renter-Generation”.
And while this might be true for some millennials, more and more research has surfaced that shows for the vast majority, owning a home is a major part of their American Dream!
New research shows that 66% of millennials who currently rent are determined to buy a home! Seventy-three percent of those surveyed by
Pulsenomics plan to buy a home in the next five years, with 40% planning to do so within the next two years!
“Millennials want to own a home as much as prior generations,” Ali Wolf, Director of Economic Research at Meyers Research says. “We saw millennial shoppers scooping up homes in 2018—and 2019 will be no different.”
Are you one of the millions of renters who are ready and willing to buy a home? Let’s get together to determine your ability to buy now!
Newton, MA. Top Broker, Newton, MA. real estate, Compass, Sotheby’s
Is Newton Heading to A Buyer’s Market?
The real estate market in Newton is starting to feel a bit different. New things are coming to market and homes are going under agreement but it all seems — different.’
We’ve listed 3 properties in the past month and happily had over asking offers, some substantially over asking. 4 of our buyers purchased properties this month. One purchased 100k under asking, one 6o under asking and one at asking. All of these wold be considered hot properties and yet none had multiple offers. I’ve decided to dig into the numbers and see what I can decipher.
This is the market as of today:
ON Market Average Price Days on Market
130 single families $2,091,980 101
59 Condos $948,146 64
61 single families $1,449,334 32
19 condos $726,809 27
38 single families $1,249,858 29
16 condos $650,000 34
These numbers tell a story. The average list price at $2,091, 980 is 40% higher than the average sold price of $1,249,858. It took an average of 29 days to sell vs. the 100 days for the current unsold inventory. This is a supply and demand business and when new inventory outpaces under agreements a declining market is usually forecasted. I do not expect to see a significant drop in prices but there will be pushback on price which we are already seeing. Mortgage rates are up about a 1/2 point and another rate increase is expected before year-end. These increases affect the below 1.2 million dollar buyer the most.
My advice is to seek a Realtor who understands the market trends and acts before everyone else. You do not want to chase the market down.
Between 1987 and 1999, which is often referred to as the ‘Pre-Bubble Period,’ home prices grew at an average of 3.6% according to the Home Price Expectation Survey.
Every month, the economists at CoreLogic release the results of their Home Price Insights Report, which includes the actual year-over-year change in prices across the country and their predictions for the following year.
The chart below shows the forecasted year-over-year prices for 2018 (predictions made in 2017). According to their predictions, the average appreciation over the course of 2018 should be 4.8%, which is still greater than the ‘normal’ appreciation of 3.6%.
If we layer in the actual price appreciation that has occurred this year, we can see that over the course of 2018, home prices have appreciated by an average of 6.9% and have outpaced projections all year!
What does this mean?
The tale of today’s real estate market is one of low inventory, high demand, and rising prices. The forces at work can be simply explained with the theory of supply and demand. That being said, if a large supply of inventory were to come to the market, prices may start to appreciate closer to the forecasted rate which would STILL be greater than the historic norm!
If you are a homeowner whose house no longer meets your needs, now may be a great time to list your home and capitalize on the equity you have gained over the last year to make a significant down payment on your next home!