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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.

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. 

Best Cities for Job-Seekers


Newton’s Top Agent’s Newton, MA. Real Estate, Newton, MA. Realtors

 

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Looking for a job? Whether you just graduated or are simply looking to make a change, it might be time to reconsider your location — not all cities are cre

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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.

5 Must-Haves of Millennial Home Buyers


5 Must-Haves of Millennial Buyersopen concept

Millennials, those born between 1980 and 2000, are the second-biggest segment of home buyers, behind Generation X (those born between 1965 and 1979), according to a 2013 National Association of REALTORS® study about generational housing trends.

Real estate professionals told ABC News recently of some “must have” features that tend to be in high demand among young buyers. Some of those “must haves” include:

1. Updated kitchen and bath: “The primary reason young buyers seek updated kitchens and baths is because they have limited budgets,” says Jack Curtis, a real estate professional in Dublin, Ohio. “Most of their savings will go toward the down payment and furnishings. Kitchens and bathrooms are also the most expensive parts of a home to update, and young home owners cannot afford to sink a lot of money into those areas.”

2. Big kitchen with an open floor plan: “The kitchen has become the hangout room along with the family room,” says Lou Cardillo of The Lou Cardillo Team in Yorktwon Heights, N.Y. “An open space that can easily transition from kitchen to TV room is high on the list of the perfect home for young buyers. In essence, the kitchen is the new living room.”

3. Home office: “As technology continues to make us more mobile, young buyers have more options than ever to work from home, depending on their job,” says Paige Elliot, a real estate professional with Dave Perry-Miller & Associates in Dallas. “Having a dedicated space is important because it will help keep them focused and concentrated on work while they are at home on a Skype call, planning a presentation, setting up their workday or simply paying bills.”

4. Location: “My young buyers look for properties that are in proximity to public transportation and that have a good walking score,” says Margaret Szerlip, Real Estate professional at Sotheby’s in Newton, MA.

5. Technology: A home’s appeal can be increased if it has a strong mobile carrier’s signal or its list of Internet service provider options, says Cardillo. “Internet and cell service matters a lot to this generation, and they’re going to ask, so you need to have answers,” Cardillo says.

Bi-Monthly Newton Real Estate Recap


Bi-Monthly Newton Real Estate Recap

Newton, MA.  10:45 EST  Newton’s Top Brokers, Sotheby’s Realty, Newton, MA.

The real estate market is busy!  There are at total of 130 single family homes currently for sale in Newton, up from 113 two weeks ago.  67 new properties came on the market across all price ranges in the past 2 weeks!  52 homes went Unger Agreement in that same time period with the 1 million to 2 million remaining the most active with 28.  The condo market remains STRONG!  Sellers’ there are so many buyers clamoring for the same house, so list yours if you are thinking about it!

 

On-Market Snapshot

Report Run: 5/11/2015 10:35:20 AM
Property Type(s): SF
Snapshot Date: 04/27/2015
Towns: Newton
 04/27/2015  5/11/2015
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 5 58
$600,000 – $699,999 1 5 7 10
$700,000 – $799,999 3 21 4 10
$800,000 – $899,999 3 89 6 62
$900,000 – $999,999 5 18 3 9
$1,000,000 – $1,499,999 25 31 32 33
$1,500,000 – $1,999,999 27 68 25 67
$2,000,000 – $2,499,999 15 140 14 150
$2,500,000 – $2,999,999 20 143 18 118
$3,000,000 – $3,999,999 9 78 12 62
$4,000,000 – $4,999,999 1 12 4 23
$5,000,000 – $9,999,999
Over $10,000,000
Total Properties 113 Avg. 79 130 Avg. 66
Lowest Price: $519,000
Median Price: $1,780,000
Highest Price: $4,000,000
Average Price: $1,948,054
Total Market Volume: $220,130,153
Lowest Price: $519,000
Median Price: $1,704,999.50
Highest Price: $4,650,000
Average Price: $1,903,738
Total Market Volume: $247,485,940
Pending Statistics
Report Run: 5/11/2015 10:36:12 AM
Property Type(s): SF
Start Date: 04/27/2015
End Date: 05/11/2015
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
$500,000 – $599,999 1 1
$600,000 – $699,999 4 3 1
$700,000 – $799,999 4 1 3
$800,000 – $899,999 4 3 1
$900,000 – $999,999 6 3 3
$1,000,000 – $1,499,999 14 8 4 2
$1,500,000 – $1,999,999 14 8 6
$2,000,000 – $2,499,999 3 3
$2,500,000 – $2,999,999 2 1 1
$3,000,000 – $3,999,999
$4,000,000 – $4,999,999
$5,000,000 – $9,999,999
Over $10,000,000
Total Properties 52 27 23 0 2
Lowest Price: $595,000 Median Price: $1,287,000
Highest Price: $2,999,999 Average Price: $1,369,605
Total Market Volume: $71,219,486

 

Total Sold Market Statistics
Report Run: 5/11/2015 10:37:09 AM
Property Type(s): SF
Status: SLD
Start Date: 04/27/2015
End Date: 05/11/2015
Towns: Newton
Price Range # of
Listings
Avg. Days
on Market
Avg. Days
to Offer
Average
Sale Price
Average
List Price
SP:LP
Ratio
Average
Orig Price
SP:OP
Ratio
$0 – $49,999 0 0 0 $0 $0 0 $0 0
$50,000 – $99,999 0 0 0 $0 $0 0 $0 0
$100,000 – $149,999 0 0 0 $0 $0 0 $0 0
$150,000 – $199,999 0 0 0 $0 $0 0 $0 0
$200,000 – $249,999 0 0 0 $0 $0 0 $0 0
$250,000 – $299,999 0 0 0 $0 $0 0 $0 0
$300,000 – $349,999 0 0 0 $0 $0 0 $0 0
$350,000 – $399,999 0 0 0 $0 $0 0 $0 0
$400,000 – $449,999 0 0 0 $0 $0 0 $0 0
$450,000 – $499,999 0 0 0 $0 $0 0 $0 0
$500,000 – $599,999 0 0 0 $0 $0 0 $0 0
$600,000 – $699,999 2 12 5 $669,750 $612,000 110 $612,000 110
$700,000 – $799,999 2 16 3 $735,000 $724,500 101 $724,500 101
$800,000 – $899,999 0 0 0 $0 $0 0 $0 0
$900,000 – $999,999 0 0 0 $0 $0 0 $0 0
$1,000,000 – $1,499,999 5 26 6 $1,273,200 $1,227,600 105 $1,227,600 105
$1,500,000 – $1,999,999 5 128 45 $1,748,794 $1,754,600 100 $1,795,600 98
$2,000,000 – $2,499,999 3 119 79 $2,102,333 $2,198,300 96 $2,231,633 94
$2,500,000 – $2,999,999 0 0 0 $0 $0 0 $0 0
$3,000,000 – $3,999,999 0 0 0 $0 $0 0 $0 0
$4,000,000 – $4,999,999 1 24 24 $4,000,000 $4,500,000 89 $4,500,000 89
$5,000,000 – $9,999,999 0 0 0 $0 $0 0 $0 0
$10,000,000 – $99,999,999 0 0 0 $0 $0 0 $0 0
Total Properties 18 Avg. 67 Avg. 29 $1,568,137 $1,593,272 101 $1,610,217 100
Lowest Price: $662,000 Median Price: $1,509,485
Highest Price: $4,000,000 Average Price: $1,568,137
Total Market Volume: $28,226,469
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