Supply and demand

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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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

How the Ultra Rich Live


How the Ultra Rich Live

Newton, MA.  11:30 AM EST

 

Did you know…79% of the world’s ultra-high net worth individuals own two or more properties and just over half of them own three or more residences? Explore more like this in our report with Wealth-X:

http://ow.ly/ItBsT

'Did you know…79% of the world’s ultra-high net worth individuals own two or more properties and just over half of them own three or more residences? Explore more like this in our report with Wealth-X: http://ow.ly/ItBsT'

Sotheby’s Significant Sales


Just a little something to make you smile.

 

Sotheby’s Significant Sales

Newton Bi-Monthly Real Estate Recap WE NEED INVENTORY


Newton Bi-Monthly Real Estate Recap WE NEED INVENTORY

Newton, MA.  11:00 AM EST

I am sure many of you are annoyed, irritable, cold and so are real estate brokers.  I am also sure MANY of you are coping with ice dams the likes you have never seen before.  I hope you’re tired of shoveling your walks, driveways and now your roof and you’re ready to sell because we need inventory!  In what is normally our busiest time of the year the market has stalled, not because of a lack of buyers but a lack of homes for sale.  Houses are going under agreement every day.

Currently there are only 65 houses for sale, down from 77 just 1 month ago!  44 homes have gone under agreement in the past 2 weeks across all price ranges!  Buyers ARE out there.  The hottest segment of the market is the 1 million to 1.5 million range with 11 going under agreement in the last 2 weeks.

Don’t wait any longer….call me to buy or sell.  I expect many homes to come on the market as soon as the snow clears — don’t wait.  This is a supply and demand business and there is activity.

On-Market Snapshot
Report Run: 2/23/2015
Property Type(s): SF
Snapshot Date: 1/23/2015
Towns: Newton
 1/23/2015  2/23/2015
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 1 15
$500,000 – $599,999 2 132 2 163
$600,000 – $699,999 4 47 1 119
$700,000 – $799,999 2 148 3 96
$800,000 – $899,999 3 105 2 85
$900,000 – $999,999 2 79 2 109
$1,000,000 – $1,499,999 15 102 12 96
$1,500,000 – $1,999,999 17 153 12 178
$2,000,000 – $2,499,999 13 201 14 215
$2,500,000 – $2,999,999 8 139 6 178
$3,000,000 – $3,999,999 8 192 9 230
$4,000,000 – $4,999,999 2 61 2 92
$5,000,000 – $9,999,999
Over $10,000,000
Total Properties 77 Avg. 140 65 Avg. 165
Lowest Price: $499,000
Median Price: $1,750,000
Highest Price: $4,300,000
Average Price: $1,968,851
Total Market Volume: $151,601,585
Lowest Price: $599,000
Median Price: $1,949,000
Highest Price: $4,300,000
Average Price: $2,084,102
Total Market Volume: $135,466,687

 

Pending Statistics
Report Run: 2/23/2015
Property Type(s): SF
Start Date: 02/09/2015
End Date: 02/23/2015
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
$600,000 – $699,999 1 1
$700,000 – $799,999 2 1 1
$800,000 – $899,999
$900,000 – $999,999 1 1
$1,000,000 – $1,499,999 10 8 2
$1,500,000 – $1,999,999
$2,000,000 – $2,499,999
$2,500,000 – $2,999,999 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 16 10 4 1 1
Lowest Price: $675,000 Median Price: $1,249,000
Highest Price: $3,295,000 Average Price: $1,363,112
Total Market Volume: $21,809,800

 

Total Sold Market Statistics
Report Run: 2/23/2015 11:11:23 AM
Property Type(s): SF
Status: SLD
Start Date: 02/09/2015
End Date: 02/23/2015
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 1 20 1 $671,000 $630,000 107 $630,000 107
$700,000 – $799,999 2 109 78 $745,500 $749,450 99 $749,450 99
$800,000 – $899,999 0 0 0 $0 $0 0 $0 0
$900,000 – $999,999 1 9 9 $966,500 $950,000 102 $950,000 102
$1,000,000 – $1,499,999 2 129 107 $1,325,000 $1,372,000 97 $1,395,000 95
$1,500,000 – $1,999,999 1 1 1 $1,537,500 $1,650,000 93 $1,650,000 93
$2,000,000 – $2,499,999 2 115 100 $2,225,000 $2,383,000 93 $1,235,250 43064
$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 0 0 0 $0 $0 0 $0 0
$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 9 Avg. 82 Avg. 64 $1,307,333 $1,359,878 98 $1,109,933 9646
Lowest Price: $671,000 Median Price: $1,200,000
Highest Price: $2,300,000 Average Price: $1,307,333
Total Market Volume: $11,766,000

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


 

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