The Truth About Rising Prices & Family Wealth Real Estate with  Pat Baker Get in Touch   The Truth About Rising Prices & Family Wealth May 12, 2015 First Time Home Buyers, For Buyers Facebook Twitter LinkedIn Google+ Print The National Association of Realtors (NAR) recently released a report revealing that the growing wealth gap in this country has been impacted by the recent increases in real estate values coupled with the drop in homeownership rates. The report discloses: “Over 90 percent of metro areas have experienced declining homeownership rates at a time when home values have risen and incomes have remained flat.”   Increasing home values in many regions of the country have helped homeowners build housing wealth in recent years. However, the continued decline in homeownership... 05/12/2015

    Simplifying the Market™ Making Real Estate Easy to Understand Easy Chicken Little: Homeownership Rates Are NOT Crashing May 6 2015 The Census recently released their 2015 Q1 Homeownership Statistics, and many began to worry that Americans have taken a step back from the notion of homeownership. The national homeownership rate (Americans who owned vs. rented their primary residence) increased significantly during the housing boom, reaching its peak of 69.2% in 2004. The Census Bureau just reported the first quarter of 2015 ended with a homeownership rate of 63.7%. Many reported on this and began to question Americans’ belief in the ideal of homeownership as a major part of the American Dream. Everyone Calm Down… It is true the homeownership rate has fallen over the last several years... 05/06/2015

    Simplifying the Market™ Making Real Estate Easy to Understand Homeowners: We Need to Sell Your House Twice May 5 2015 Every house on the market has to be sold twice; once to a prospective buyer and then to the bank (through the bank’s appraisal). In a housing market where supply is very low and demand is very high, home values increase rapidly. One major challenge in such a market is that bank appraisal. If prices are jumping, it is difficult for appraisers to find adequate comparable sales (similar houses in the neighborhood that closed recently) to defend the price when doing the appraisal for the bank. With escalating prices, the second sale might be even more difficult than the first. And now, there may be a second issue further complicating the appraisal issue. The Mortgage New... 05/05/2015

    Simplifying the Market™ Making Real Estate Easy to Understand 5 Tech Questions that Seniors Should Ask When Interviewing a Real Estate Agent April 30 2015 We are pleased to have Nikki Buckelew back as our guest blogger 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 estate brokerage 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 computer... 04/30/2015

    Simplifying the Market™ Making Real Estate Easy to Understand There’s No Place Like Home April 27 2015 Last week, we reported on the financial reasons purchasing a home in today’s market makes sense. The Joint Center for Housing Studies at Harvard University performs a study every year surveying participants for the reasons that American’s feel are most important in regards to homeownership. The top 4 reasons to own a home cited by respondents were not financial. 1. It means having a good place to raise children & provide them with a good education From the best neighborhoods to the best school districts, even those without children at the time of purchasing their home, may have this in the back of their mind as a major reason for choosing the location of the home that they purchase... 04/27/2015

Simplifying the Market™ Making Real Estate Easy to Understand Housing Market: Freddie Mac Remains Optimistic April 20 2015 The April 2015 U.S. Economic & Housing Market Outlook from Freddie Mac revealed that they are optimistic about the real estate market in 2015. As a matter of fact, the sub-title of the report was "Great Expectations”. What made Freddie Mac so optimistic? Here are a few highlights from the report:  "For the remainder of the year we should see a resumption of solid economic growth and acceleration in housing activity. Notwithstanding a disappointing March jobs report the acceleration is already underway.” "With spring upon us, housing markets are poised to accelerate and we expect the best year for home sales since 2007. Despite harsh winter weather to start the year... 04/19/2015

  Simplifying the Market™ Making Real Estate Easy to Understand Desire to Own a Vacation Home Growing April 14 2015 The National Association of Realtors just released their 2015 Investment and Vacation Home Buyers Survey which revealed that vacation home sales boomed in 2014 to above their most recent peak level in 2006. NAR Chief Economist Lawrence Yun said favorable conditions are driving second-home sales: “Affluent households have greatly benefited from strong growth in the stock market in recent years, and the steady rise in home prices has likely given them reassurance that real estate remains an attractive long-term investment. Furthermore, last year’s impressive increase also reflects long-term growth in the numbers of baby boomers moving closer to retirement and buying second h... 04/14/2015

                Register O'Donnell Guardedly Optimistic About Real Estate Marketmy comments in RedCiting both strong growth in total dollar volume of real estate sales and continuing improvement in the mortgage market after reviewing 1st quarter 2015 real estate statistics, Register of Deeds William P. O'Donnell expressed "guarded optimism" that the Norfolk County real estate market will continue to show improvement.The Norfolk County Register noted, "During the 1st quarter of 2015, the total number of deeds recorded fell a minimal 1% compared to the same time period last year. However, the total dollar volume of residential and commercial real estate sales increased by a robust 24% during the quarter and the average sale price of property increased an impressive 22% in Norfolk County t... 04/08/2015

    Simplifying the Market™ Making Real Estate Easy to Understand Pending Sales Surge: Great Sign for the Housing Market April 7 2015 The most recent Pending Homes Sales Index from the National Association of Realtors revealed that homes going into contract in February increased to their highest level since June 2013. The Pending Home Sales Index is a leading indicator for the housing sector, based on pending sales of existing homes. A sale is listed as pending when the contract has been signed but the transaction has not closed, though the sale usually is finalized within one or two months of signing. The Index is now 12.0 percent above February 2014. The index is at its highest level since June 2013, has increased year-over-year for six consecutive months and is above what is consider... 04/07/2015

    Simplifying the Market™ Making Real Estate Easy to Understand The Difference A Year Can Make [INFOGRAPHIC] April 3 2015 Some Important Points To Consider: The latest Freddie Mac Primary Mortgage Market Survey reports the 30-year fixed rate at 3.7%. Freddie Mac's projection for Q2 2016 is that the rate will be 4.7% (a full percentage point higher) The Home Price Expectation Survey predicts that home prices will appreciate by 4.4% during this same time The impact waiting a year to purchase your dream home can make on your monthly payment is significant. Contact me today to discuss your options before the experts' predictions become reality! Pat Baker Key Advantage Realty Needham, MA Experienced real estate agent intimately acquainted with the Needham, MA and the MetroWest area of Bost... 04/03/2015

    Simplifying the Market™ Making Real Estate Easy to Understand Industry Experts Agree: Housing Supply Too Low April 1 2015 Last week, we reported on the lack of housing supply and how that was impacting the real estate market. Today, we want to let you know what other industry experts are saying. Daren Blomquist, RealtyTrac Vice President: “It’s kind of a seesaw right now between supply and demand. One of the reasons for fewer sales is not so much a lack of demand but a lack of supply, especially in the price range the majority of buyers were looking for.” Diana Olick, CNBC’s Realty Check: “Total sales are still running below expectations for the year. Don't blame winter weather, though. Blame the lack of supply.” Bill McBride, Founder of Calculated Risk: “Inventory is still very low... 03/31/2015

    Simplifying the Market™ Making Real Estate Easy to Understand Why Waiting To Buy Might Not Make Sense March 31 2015 Whether you are a first time or a move-up buyer, there are two factors that will impact the amount of house you can afford in your price range: home prices & mortgage rates. Let’s look at what the experts are predicting over the next twelve months for these two areas: PRICES Over 100 economists, real estate experts and investment & market strategists were recently polled as a part of the Home Price Expectation Survey. They were asked to project where home prices are headed. The average value appreciation projected over the next twelve-month period is approximately 4.4%. MORTGAGE INTEREST RATES In the latest Economic & Housing Market Outlook from Freddie Mac, they predi... 03/31/2015

    Simplifying the Market™ Making Real Estate Easy to Understand Why You Should Sell Now! March 30 2015 As the temperature rises, buyers are coming out ready to purchase their dream home. Inventory is still below historic numbers and demand is strong. Don’t miss out on this great opportunity for you and your family. Here are five reasons to list your home now. 1. Demand is Strong Foot traffic refers to the number of people out actually physically looking at homes right now. The latest foot traffic numbers show that there are more prospective purchasers currently looking at homes than at any other time in the last 12 months which includes last spring’s buyers’ market. These buyers are ready, willing and able to purchase… and are in the market right now! Take advantage of the buyer activ... 03/30/2015

What's Happening in Needham MA+Luxury Market 3/27/2015 SnapShot of Needham, Wellesley, Dover, Westwood, Weston Needham, MA Single Family Homes on the market: 47    Avg.  Liv. Area Sq Ft: 3,715.77    Avg. List$: $1,328,053    Avg.DOM: 90 List price:  $375,000 to $4,500,000 *Sales in Needham, MA for past month Low Price: $665,000         Median Price: $1,400,000 Highest Price: $2,375,000              Average Price: $1,318,500 Wellesley, MA Single Family Homes 72    Avg. Liv.Area SqFt: 4,395.07    Avg. List$: $2,090,985       Avg. DOM: 129 List price: $489,000 to $6,650,000    *Sales in Wellesley, MA past month Lowest Price: $635,000 Median Price: $1,375,000 Highest Price: $3,100,000              Average Price: $1,412,125 Dover, MA Single Family Homes: 51 Avg. Liv.Area SqFt: 5,498.76    A... 03/27/2015

    Simplifying the Market™ Making Real Estate Easy to Understand Housing Inventory Slowly Disappearing March 26 2015 The price of any item is determined by the supply of that item, and the market demand. The National Association of Realtors (NAR) released their latest Existing Home Sales Report this week. Inventory Levels & Demand Amidst reporting on the fact that sales of existing homes rose 1.2% from January, and outpaced year-over-year figures for the fifth consecutive month, was the news that total unsold housing inventory is at 4.6-month supply. This is down 0.5% from last February and remains below the 6 months that is needed for a historically normal market. Consumer confidence is at the highest level in over a decade. Pair that with interest rates still under 4%, new programs a... 03/26/2015

    Simplifying the Market™ Making Real Estate Easy to Understand Baby Boomers: Home Is Where The Heart Is March 25 2015 Within the next five years, Baby Boomers are projected to have the largest household growth of any other generation during that same time period, according to the Joint Center for Housing Studies of Harvard. Let’s take a look at why… In Merrill Lynch’s latest study, “Home in Retirement: More Freedom, New Choices” they surveyed nearly 6,000 adults ages 21 and older about housing. Crossing the “Freedom Threshold” Throughout our lives, there are often responsibilities that dictate where we live. Whether being in the best school district for our children, being close to our jobs, or some other factor is preventing a move, the study found that there is a substantial shift ... 03/25/2015

    Simplifying the Market™ Making Real Estate Easy to Understand 5 Demands to Make on Your Listing Agent March 24 2015 The busy spring real estate season is here. Are you thinking of selling your house? Are you dreading having to deal with strangers walking through the house? Are you concerned about getting the paperwork correct? Hiring a professional real estate agent can take away most of the challenges of selling. A great agent is always worth more than the commission they charge just like a great doctor or great accountant. You want to deal with one of the best agents in your marketplace. To do this, you must be able to distinguish the average agent from the great one. Here are the top 5 demands to make of your Real Estate Agent when selling your house: 1. Tell the truth about the ... 03/24/2015

    Simplifying the Market™ Making Real Estate Easy to Understand Freddie Mac’s New 3% Down Program March 23 2015 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 bor... 03/23/2015

    Simplifying the Market™ Making Real Estate Easy to Understand Home Prices Over 30 Years [INFOGRAPHIC] March 20 2015 I over to look back and see what has been going on and perhaps I am not alone, especially when it comes to the real estate market.  Pat Baker Key Advantage Realty Needham, MA Experienced real estate agent intimately acquainted with the Needham, MA and the MetroWest area of Boston, MA. Specializing in home sales, buyer purchases, condominiums, 2nd home purchases,investment properties, and rentals (617) 435-3471 Visit My Website facebook twitterlinkedin Powered by     03/19/2015

    Simplifying the Market™ Making Real Estate Easy to Understand Don’t Get Caught in the ‘Renter’s Trap’ March 18 2015 There are many benefits to homeownership, one of top ones, is being able to protect yourself from rising rents and lock in your housing cost for the life of your mortgage. The National Association of Realtors (NAR) just released their findings of a study in which they studied "income growth, housing costs and changes in the share of renter and owner-occupied households over the past five years in metropolitan statistical areas throughout the US.” Don’t Become Trapped The study revealed that over the last five years, a typical rent rose 15%, while the income of renters grew by only 11%. If you are currently renting, this disparity in growth could get you caught up in a ... 03/18/2015