Simplifying the Market™ Making Real Estate Easy to Understand Location, Location, Location March 16 2015 A recent Demand Institute report revealed "nearly half of all American households plan to move at some point in the future.” Seventy-five percent of those surveyed in the report cited one or more ‘location-related reasons’ for their eagerness to move. Here are the top 5 reasons: Safer Neighborhood – 30% Closer to Family – 27% Change of Climate – 26% Closer to Work – 25% For a New Job – 23% While the majority of Americans (74%) will move within their home state, for the 26% planning to call a new state home, it is important to know that prices in each state are appreciating at different rates and waiting to buy or sell your home could cost you more in the long run. The map below w... 03/16/2015

    Sales in the 02118 zip code market inched up to 16 homes sold over the last 30 days, while the number of sellers reducing their list prices reached two, which continues an emerging upward trend in price reductions. All indications show that the trend may be coming to an end, meaning less price reductions over the next few w...Read more » n this week's report, the number of homes sold in the 02492 zip code market dropped to 10 over the past 30 days, a decrease of 9.1% from last week's report. In comparison, the nearby 02493 zip code had 15 sales in the same time frame, the most of all neighboring zip codes. The median sales price dropped to $1,...Read more » From Homesnap. Pat Baker Key Advantage Realty Needham, MA Experienced real estate agent intimately acquainted with the Needham... 03/14/2015

    Simplifying the Market™ Making Real Estate Easy to Understand Is Another Bubble Forming? March 12 2015 After the housing market bust we experienced across the country in 2008, many experts have been quick to warn that a new bubble may be forming in some areas. One particular example of this is a recent article pointing toward the California Bay Area’s price gains over the last 18 months. The quickest and easiest way to show how far we’ve come and how far we still need to go in regards to the ‘Peak’ is to share CoreLogic’s Price & Time Since Peak figures, used to create the map below. Even with the high performance of prices in the Bay Area, the state of California as a whole is still -14.4% below their Peak, experienced in May of 2006. The biggest challenge facing the housing market... 03/12/2015

    Simplifying the Market™ Making Real Estate Easy to Understand Homeownership is the "American Dream” for a Reason March 10 2015 There has been some who have been voicing doubt as to whether or not the younger generations still consider buying a home as being part of the "American Dream”. A recent study by Merrill Lynch puts that doubt to rest. According to their research, every living generation still maintains that owning a home is in fact important. Here are the numbers: This should not surprise us as many studies have revealed the benefits enjoyed by the families who own their own home. One such study was done by the Joint Center of Housing Studies at Harvard University that addressed a major financial benefit to owning your own home: forced savings. The report explains: "Since ma... 03/09/2015

    Simplifying the Market™ Making Real Estate Easy to Understand Is the Housing Market Back? Ask Lowes & Home Depot! March 9 2015 A recent Bloomberg Business article reports that both Lowes & Home Depot experienced fourth quarter profits that beat revenue projections by the most in six quarters. So what does that mean to the housing market? Consumer Confidence Lowe’s Chief Executive Officer Robert Niblock said, “Consumers are feeling better about their jobs, their wages and certainly feeling better about the value of their home, they are re-engaging in projects that they have put off.” Sales to professional contractors have increased significantly as well, and were a driving factor in the quarter. Home Depot’s Chief Financial Officer Carol Tome calls this a “sign of health. If they are... 03/08/2015

    Simplifying the Market™ Making Real Estate Easy to Understand The Difference an Hour Makes [INFOGRAPHIC]   March 6 2015 The extra hours of sunshine is very welcome to us in the Northeast.  Let's celebrate the longer daylight hours and I believe the change of slightly warmer temperatures will bring on the spring real estate market too.  Getting busy out there:)   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 facebook twitter linkedin Powered by     03/06/2015

    Simplifying the Market™ Making Real Estate Easy to Understand Hurry Up!! Call your Agent and List your House!! March 5 2015 That headline might be a little aggressive. However, as the data on the 2015 housing market begins to roll in, we can definitely say one thing: If you are considering selling, IT IS TIME TO LIST YOUR HOME! We realize that existing home sales stumbled in January compared to December. But, if we compare the current September-January time period to the same period a year ago, we can see that existing home sales have outpaced last year every month with the January sales numbers 200,000 homes greater than last January: Pending home sales (houses going into a contract) as reported by the National Association of Realtors has also done much better in the last five mont... 03/05/2015

    Simplifying the Market™ Making Real Estate Easy to Understand Housing Market to “Spring Forward” March 4 2015 Just like our clocks this weekend in the majority of the country, the housing market will soon “spring forward”! Similar to tension in a spring, the lack of inventory available for sale in the market right now is what is holding back the market. Many potential sellers believe that waiting until Spring is in their best interest, and traditionally they would have been right.  I beieve this is so true. Buyer demand has seasonality to it, which usually falls off in the winter months, especially in areas of the country impacted by arctic temperatures and conditions.  Buyers are in the wings just waiting. Once the switch is flipped and all the inventory comes on Oh boy! That hasn’... 03/04/2015

    Simplifying the Market™ Making Real Estate Easy to Understand New Construction = New Competition March 3 2015 For the last several years, home sellers had to compete with huge inventories of distressed properties (foreclosures and short sales). The great news is that the supply of these properties is falling like a rock in the vast majority of housing markets (only 11% of homes sold in January). Many homeowners are now thinking of selling as the impact of this substantially discounted competition has disappeared. However, every seller of an existing residential property must realize that there is a new form of competition in the market: newly constructed homes. According to the National Association of Realtors’ Profile of Home Buyers & Sellers new home sales accounted for 16% of all... 03/03/2015

Where Are Mortgage Rates Headed? February 26 2015 The interest rate you pay on your home mortgage has a direct impact on your monthly payment. The higher the rate the greater the payment will be. That is why it is important to look at where rates are headed when deciding to buy now or wait until next year. Below is a chart created using Freddie Mac’s February 2015 U.S. Economic & Housing Marketing Outlook. As you can see interest rates are projected to increase steadily over the course of 2015. How Will This Impact Your Mortgage Payment? Depending on the amount of the loan that you secure, a half of a percent (.5%) increase in interest rate can increase your monthly mortgage payment significantly. Research released by Zillow touched on this point: “As rates rise, new home buyers will co... 02/26/2015

Simplifying the Market™ Making Real Estate Easy to Understand Are House Prices Beginning to Accelerate Again?   In a recent post, we explained that the supply of homes for sale in December was at its lowest level in over a year. The January National Housing Trend Report from realtor.com now reveals that inventory in January has decreased another 6.7% month over month and 8.7% year over year. This is occurring at the same time that buyer activity (demand) remains strong. This prompted realtor.com’s Chief Economist Jonathan Smoke to report: “January’s inventory data suggest a continuation of the tightening trend we identified last month in the December data, and with a shortage of inventory typically comes increased home prices. Half of the 200 markets realtor.com tracks experienced year... 02/24/2015

    Simplifying the Market™ Making Real Estate Easy to Understand Thinking of Buying? What are you waiting for? February 23 2015 If you are planning on becoming a homeowner, or moving up to the home of your dreams in 2015, here are four great reasons to consider buying a home now, instead of waiting until spring. 1. Prices Will Continue to Rise The Home Price Expectation Survey polls a distinguished panel of over 100 economists, investment strategists, and housing market analysts. Their most recent report projects appreciation in home values over the next five years to be between 11.7% (most pessimistic) and 27.5% (most optimistic). The bottom in home prices has come and gone. Home values will continue to appreciate for years. Waiting no longer makes sense. 2. Mortgage Interest Rates Ar... 02/22/2015

Consumer Confidence at Highest Level in Over a Decade February 10 2015 Two recently released reports reveal that the American public is starting to feel much better about the U.S. economy. The University of Michigan’s Surveys of Consumers showed that: “Consumer optimism reached the highest level in the past decade in the January 2015 survey…Consumers judged prospects for the national economy as the best in a decade, with half of all consumers expecting the economic expansion will continue for another five years. The anticipated strength in the overall economy has been accompanied by more favorable income and employment expectations.” Here is a chart showing results over the last decade: As all consumers are feeling more optimistic, more young adults are moving out of their parents’ bas... 02/10/2015

    Simplifying the Market™ Making Real Estate Easy to Understand   Moving Across America [INFOGRAPHIC] simplify February 6 2015 It is really something to see where the Americans are moving to and from.  Leaving New York, my opnion TAXES. Illinois could be crime perhaps. Connecticut TAXES. Just opinions.  Washington DC low unemployment and so many government workers.  Florida & Texas better cost of Living.  Idaho and Oklahoma are beautiful.  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          linkedin Send me an Email    ... 02/06/2015

    Simplifying the Market™ Making Real Estate Easy to Understand   The Difference Between A Home’s Cost vs. Price simplify February 4 2015 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 us 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, ... 02/05/2015

Simplifying the Market™ Making Real Estate Easy to Understand 5 Reasons You Shouldn’t For Sale By Owner February 3 2015 Some homeowners consider trying to sell their home on their own, known in the industry as a For Sale by Owner (FSBO). There are several reasons this might not be a good idea for the vast majority of sellers. Here are five reasons: 1. There Are Too Many People to Negotiate With Here is a list of some of the people with whom you must be prepared to negotiate if you decide to For Sale By Owner: The buyer who wants the best deal possible The buyer’s agent who solely represents the best interest of the buyer The buyer’s attorney (in some parts of the country) The home inspection companies which work for the buyer and will almost always find some problems with the house. Th... 02/02/2015

    Simplifying the Market™ Making Real Estate Easy to Understand   13,808 Houses Sold Yesterday! Did Yours? simplify January 29 2015 There are some homeowners that have been waiting for months to get a price they hoped for when they originally listed their house for sale. The only thing they might want to consider is... If it hasn't sold yet, maybe it's not priced properly. After all 13,808 houses sold yesterday, 13,808 will sell today and 13,808 will sell tomorrow. 13,808! That is the average number of homes that sell each and every day in this country according to the National Association of Realtors’ (NAR) latest Existing Home Sales Report. NAR reported that sales are at an annual rate of 5.04 million. Divide that number by 365 (days in a year) and we can see that, on average, over... 01/29/2015

Simplifying the Market™ Making Real Estate Easy to Understand Two Great Reasons to Buy not Rent December 17 2014 There are many young people debating whether they should renew the lease on their apartment or sign a contract to purchase their first home. Based on a recent study, here are two reasons buying a home might make more sense:   It it has become so expensive to rent and there is hardly must to pick from besides  I have been embarrassed to sow some rentals in even the   $3000 a month price range.  The inventory is low and not the best    PAT BAKERKey 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 pro... 01/26/2015

    Simplifying the Market™ Making Real Estate Easy to Understand   Thinking Of Selling? Now May Be The Time simplify January 22 2015   It is common knowledge that a large number of homes sell during the spring buying season. For that reason, many homeowners hold off putting their home on the market until then. The question is whether or not that will be a good strategy this year.  Most of the time sellers wait until spring market and they are competing with so many other properties.  This simplifies the market and less competition.  I suggest that it is a good strategy not to wait. The other listings that do come out in the spring will represent increased competition to any seller. Do a greater number of homes actually come to the market in the spring compared to the rest of the year?... 01/22/2015

Move Up Don't Wait For That House You Always Wanted. simplify January 19 2015 Now that the housing market has stabilized, more and more homeowners are considering moving up to the home they have always dreamed of. In most areas, prices are still below those of a few years ago. Also, interest rates are still near 4%. However, sellers should realize that waiting to make the move while mortgage rates are projected to increase probably doesn’t make sense. You never know what will happen while you sit on the fence.  As rates increase, the price of the house you can buy will decrease. Here is a chart detailing this point: 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 i... 01/20/2015