REAL ESTATE

Demand for Homes to Buy Continues to Climb


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

Demand for Homes to Buy Continues to Climb

Demand for Homes to Buy Continues to Climb | MyKCM

Across the United States, there is a severe mismatch between the low number of houses for sale and the high demand for those houses! First-time homebuyers are out in force and are being met with a highly competitive summer real estate market.

According to the National Association of Realtors (NAR), the inventory of homes for sale “has fallen year-over-year for 36 consecutive months,” and now stands at a 4.1-month supply. A 6-month supply of inventory is necessary for a balanced market and has not been seen since August of 2012.

NAR’s Chief Economist Lawrence Yun had this to say,

“Inventory coming onto the market during this year’s spring buying season – as evidenced again by last month’s weak reading – was not even close to being enough to satisfy demand.

That is why home prices keep outpacing incomes and listings are going under contract in less than a month – and much faster – in many parts of the country.”

Is There Any Relief Coming?

According to the CoreLogic’s 2018 Consumer Housing Sentiment Study, four times as many renters are considering buying homes in the next 12 months than homeowners who are planning to sell, “which is the crux of the available housing-supply imbalance.”

Demand for Homes to Buy Continues to Climb | MyKCM

As more and more renters realize the benefits of homeownership, the demand for housing will continue to rise.

Do homeowners realize demand is so high? With home prices rising across the country, homeowners gained over a trillion dollars in equity over the last 12 months, with the average homeowner gaining over $16,000!

The map below shows the breakdown by state:

Demand for Homes to Buy Continues to Climb | MyKCM

Many homeowners who have not thought about listing their homes may not even realize how much equity they have gained, or the opportunity available to them in today’s market!

Bottom Line

If you are one of the many homeowners across the country who hasn’t quite found their forever home, now may be a great time to list your house for sale and find your dream home!

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The #1 Reason to List Your House for Sale NOW!


Newton, MA. real estate Compass  Sotheby’s  Top Newton Brokers

The #1 Reason to List Your House for Sale NOW!

The #1 Reason to List Your House for Sale NOW! | MyKCM

If you are debating whether or not to list your house for sale this year, here is the #1 reason not to wait!

Buyer Demand Continues to Outpace the Supply of Homes for Sale

The National Association of Realtors’ (NAR) Chief Economist Lawrence Yun recently commented on the current lack of inventory:

“Inventory coming onto the market during this year’s spring buying season – as evidenced again by last month’s weak reading – was not even close to being enough to satisfy demand. 

That is why home prices keep outpacing incomes and listings are going under contract in less than a month – and much faster – in many parts of the country.”

The latest Existing Home Sales Report shows that there is currently a 4.1-month supply of homes for sale. This remains lower than the 6-month supply necessary for a normal market, and 6.1% lower than last year’s inventory level.

The chart below details the year-over-year inventory shortages experienced over the last 12 months:

The #1 Reason to List Your House for Sale NOW! | MyKCM

Anything less than a six-month supply is considered a “seller’s market.”

Bottom Line

Let’s get together to discuss the supply conditions in our neighborhood so that I can assist you in gaining access to the buyers who are ready, willing, and able to buy right now!

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.

The Tricks or Treats of Credit


Posted by Margaret Szerlip October 28, 2014 Newton, MA.

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

 

Many thanks to Amy Slotnick for providing these credit goodies!

 

Amy Slotnick
Amy Slotnick
Vice President
Fairway Independent Mortgage
MLO#27030
(781) 719-4670
amy@amyslotnick.com


The Tricks or Treats of Credit!


Happy Halloween!

Your credit is one of the most important criteria in determining your mortgage eligibility- it impacts the interest rate that will apply to you and, in a worst case scenario, could affect your ability to qualify at all.

Below are some Treats; ways to improve your credit score before you search for a home, and Tricks; things to avoid when qualifying for a home loan.

Treats: Ways to increase your credit score

  • Look for past due balances on a credit report and bring them current.
  • Reduce all outstanding debt to as close to zero as possible-try to keep credit balances at less than 50% of available credit.
  • If married, keep separate credit card accounts-this provides flexibility in transferring some or all balances to one spouse to increase the credit score of another, and allows one spouse to become the sole borrower if necessary.
  • Request an increase in available credit lines on credit cards to reduce debt ration-but only if the credit card company can do this without a hard credit inquiry.
  • Past due and charge offs-pay only those within the last two years. Once it is beyond two years, there will be no impact on your credit score if wiped out, and could even bring it down temporarily.
  • If you have an outstanding debt that has been incorrectly charged to you or has yet to be cleared, notify the creditor and credit bureau with a request that it be deleted. They have an obligation to act within 30 days.

Tricks: When applying for a loan-avoid these pitfalls at all costs!

  • Don’t buy or lease an auto-it will impact your debt to income ratio.
  • Don’t move assets from one bank account to another. It will show as a new deposit a need additional verification, complicating the application process.
  • Don’t change jobs-there may be a probationary period in which income from your new job cannot be considered.
  • Don’t buy new furniture or major appliances-this may increase the amount of debt you are responsible for on a monthly basis and could disqualify you from a loan or cut down on the available funds you will need at closing.
  • Don’t attempt to consolidate bills before speaking with your loan consultant. It may not be necessary to do this.
  • Don’t pack or ship important financial information needed for loan application-obtaining duplicate copies can take weeks and slow down the transaction.

Need help obtaining a credit report? Your loan consultant can help you with this, or you can get one, for free, from any of the 3 main credit reporting agencies:EquifaxExperian, TransUnion

Want to learn more? Click here for information on what goes into a credit score.

As always, we are happy to answer any questions! Info940@fairwaymc.com or 781-719-4664

Here’s hoping your Halloween is all treats!

Sotheby’s Relaxing Retreats| Elegant Master Bathrooms


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

Relaxing Retreats| Elegant Master Bathrooms

From chandeliers to extraordinary views, Georgia to Thailand, explore six homes that transformed ordinary master bathrooms into unique, elegant and relaxing retreats.

Athens_Georgia Prop id 7pzkmf$3,650,000 USD | Athens, Georgia | Atlanta Fine Homes Sotheby’s International Realty

Secluded on 12 acres in Athens, Georgia, this country estate features a stone-clad main house with porte cochere, pool and five-car garage. Inside, rustic wood beams accent the ceilings, and oversize windows allow light to flood in. The layout includes six bedrooms and six baths. Deco-inspired black-and white tile floors and free-standing bathtubs complement the traditional look. The master bath centerpiece is the large walk-in shower with an enclosure of glass panes offset by black mullions.

Rolling Hills, California Property id# YGJJ2Y$8,499,000 USD | Rolling Hills, California | Ewing & Associates Sotheby’s International Realty

Architect Cliff May, renowned for his casual California Ranch style, designed this 14,000-square-foot home set on four acres in Rolling Hills, California. Views of Los Angeles and the Pacific Ocean can be seen from the stone deck and indoor pool with retractable roof. Cathedral ceilings with wood beams lend structure to the free-flowing plan, which contains seven bedrooms, seven baths and three powder rooms. As part of a remodeling in 2010, the baths were finished in white marble and travertine.

Izamal_Mexico Property id ZDFYBX$2,275,000 USD | Izamal, Mexico | Riviera Maya Sotheby’s International Realty

Bathed in warm terracotta tones and ensconced in lush vegetation, this 10-bedroom, 10-bath remodeled farmhouse in the Yucatán town of Izamal, Mexico, is rich in history. The building dates to the early 19th century. In 2002 the town joined the Pueblos Mágicos program to preserve both its Mayan and colonial cultures. Hand-plastered walls, soaring ceilings and hand-hewn woodwork are present throughout. The baths are distinguished by natural rock walls and tall French doors with ornately carved wood shutters.

Rancho Santa Fe_California Prop id ZYHRKE$3,550,000 USD | Rancho Santa Fe, California | Pacific Sotheby’s International Realty

Commanding hilltop views and surrounded by mature tropical vegetation, this eight-bedroom, seven-bath adobe home in Rancho Santa Fe, California, is rich in history. The structure was originally a 1900 mission building transported to its current location for Hollywood starlet Corinne Griffith. The residence retains numerous original features, including handcrafted wood shutters, distinctive “latillas and vigas” (sticks and beams), ceilings and stained-glass skylights. Amenities include seven fireplaces and baths with brightly-colored Talavera-style painted sinks bathtubs, old-fashioned skylights and ornately carved woodwork.

Magaro Residence$10,500,000 USD | New Canaan, Connecticut | William Pitt Sotheby’s International Realty

English arts and crafts meets American shingle style in this six-bedroom, seven-bath residence in New Canaan, Connecticut, designed by Wadia Associates. Finishes include five-inch, quarter-sawn, white-oak floors, leaded glass windows and fixtures by Waterworks. Twelve-foot ceilings grace the master suite. A master bath is warmed by radiant-heated marble floors. Additional amenities include a wine cellar, massage room, yoga studio and tennis courts. The elegant garden is scented by David Austin English roses, espaliered Asian pear trees and grape and kiwi vines.

Surat Thani Thailand Property Property ID 7LN6Q9฿136,013,595 | Surat Thani, Thailand | Hunter Sotheby’s International Realty

Directly on a beach dotted with gigantic boulders, this five-bedroom, six-bath house on the island of Ko Samui in Thailand invites nature inside. Twenty-foot ceilings with swooping roofs animate the architecture. A glass wall in a bedroom abuts the pool to simulate an aquarium, while in the master bedroom, sliding doors open onto the sea. The deck features a media center and projector for outdoor screenings. Rock formations incorporated into the bath and the outdoor showers complement the organic theme.

Home Selling Tips Every Seller Should Know


Andy Fulton
Andy Fulton  Guest Blogging today.
September 25th, 2014

What home selling tips are the most important for sellers to know? We sought to answer this question when we surveyed 500 real estate agents about the importance of two dozen top home selling tips. Each tip was then ranked based on the survey responses and we used the first eight – those viewed as being “very important” by 80 percent of agents or more – to create this infographic, “Home Selling Tips Every Seller Should Know.”

Look below the infographic to find a complete list of the home seller tips included in the survey, and learn what agents thought about them. If you feel like this infographic is something your clients need to see, you can share it on your blog or website using the embed code found below it.

Did we miss an important tip? Share it in the comments!

The definitive list of home selling tips

Newton is Considering A One Year Demolition Moratorium


for sale sign

 

Newton Toying With a One Year Demolition Moratorium

Newton, MA. Real Estate , Sotheby’s Newton, MA.

 

 

I stated in my last post that I was going to try to address the proposed One Year Moratorium on Tear Downs in Newton. On September 4th, Alderwoman Amy Sangiolo has made a motion on “behalf of concerned citizens requesting a one year moratorium on the demolition of single and two-famly homes.”  The purpose of this moratorium is unclear.  The problem has been defined as the following:

What’s Being Lost”

  • Integrity and Character of Existing Neighborhoods
  • Moderately Priced houses–less than $800,000
  • Historic Houses
  • Mature tree canopy and neighborhood green space
  • Socio-economic and generational diversity

What’s Replacing It:

  • Houses out of character and scale with neighborhood context
  • McMansions Out of Character
  • Snout Houses
  • Linguine Houses
  • Added Density
  • Physical and Fiscal Impacts on Infrastructure

I have a lot to say about this and I’m not sure where to begin.  First off I believe we have a zoning problem not a building problem.  If you want to curb McMansions than limit the size of a house based on the lot size.  That’s easy, we have made it a problem because of special permits and variances.  I have to laugh at the moderately priced homes under $800,000 comment.  Who are we kidding, there are NO moderately priced homes in Newton.  There is not one home listed under $450,000 and the Massachusetts  average is $322,000.  The average price of a home for sale in Newton is currently over 1 million dollars.  Snout houses for those who don’t know are houses with the garages added onto the front of a home.  I have absolutely no idea what a linguini house is.  Snout houses are ugly for sure, but people buy them because they want a garage.independt living pictureas

Added density and socio economic/ generational diversity go hand in hand.  You cannot have it both ways.  The only way to increase the inventory of lower priced homes is to build townhouses and multi-families and apartments.  But the neighbors don’t like that so they go down to the special permit hearings or Historic Committee hearings and fight for the status quo.  Has there ever been a time in history where people say we love change?  Our leaders must have the confidence to stand up to these people and do what is right for everyone.  I had a neighbor that added a huge addition and I hated it, but I got over it. The land is too expensive for a developer to build a small house.  It just doesn’t work that way.   Newton has a significant number of homes in Waban, Newton Centre, West Newton Hill,  Chestnut Hill, Auburndale and the Highlands that were built in the late 19th century and the early 20th century that are basically historic McMansion’s.  I am sure that many people thought these homes were ugly and out of character 100 years ago.  So many of Newton’s “moderately priced hosing stock” consists of smaller Colonials on the north side of town and splits and ranches on the south side.  These homes have become functionally obsolete.  Today’s buyers want an open concept first floor — period.  They don’t want a family room and a living room and a sun-room and a dining room separated by walls.  They want an open concept kitchen/ family room and a dining room that can also serve as an office.  So the floor plan of yesterday no longer works.  In expensive homes those buyers want the same thing on a larger scale.  They may have the unused living room set up with a pool table.  Younger buyers want to have fun in their homes.  They want to play pool or ping-pong and watch movies in their media rooms.  And who are we to judge what people want.  Builders MUST build what a buyer wants to buy.  It costs more money to renovate than rebuild.  Which brings me to the possibility of a design review process.  Wellesley currently does this and now Wellesley has big houses that all look the same.  We are not a socialist country and we cannot legislate taste.  I sell real estate, what one person hates another loves.  It’s a zoning issue.

One of the things I really liked about Newton was its diversity and sadly that is disappearing.  But isn’t it the Alderman who approved the building of The Street?  My God the average upper middle class person with two kids can’t really afford to shop in most of the stores.  The movie theatre costs twice as much as a normal theatre.  The restaurants are not a place where the average homeowner goes for a bite.  You can’t have it both ways.  You can’t say we want generation and socio-economic diversity and build an outdoor mall that most of your citizens can’t afford to shop and NONE of the lower-income people can even dream about shopping at.  It’s like the affordable housing units in luxury building in Manhattan where the affordable people have a separate entrance.

I think some of the Alderman complaining are responsible for the current state.  The process is unfair.  You can’t approve some changes and then say, oh we approved too many and the neighborhood is changing so now we have to put the brakes on.  The Historic Committee and the Building Department and the Alderman each have a few members with a chip on their shoulders.  Their minds are made up before they even hear the findings.

Like it or not the horse is out of the barn.  Newton is not affordable and I don’t see how we make it affordable unless we make some zoning changes.  We can approve multi families and townhouses on busier streets close to the town centers.  Builders need incentive to build here.  If we arbitrarily have a moratorium builders will go somewhere else because it will become untenable to do conduct business here.  Let’s hope for a thoughtful process that can meet the needs of most of the residents of Newton.

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Steve Blank

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