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Needham, MA Real Estate News

By Pat Laracy Baker, Pat Baker Dream Home Maker
(Realty Executives Boston West)
    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...
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By Pat Laracy Baker, Pat Baker Dream Home Maker
(Realty Executives Boston West)
    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...
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By Pat Laracy Baker, Pat Baker Dream Home Maker
(Realty Executives Boston West)
    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...
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By Pat Laracy Baker, Pat Baker Dream Home Maker
(Realty Executives Boston West)
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...
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By Pat Laracy Baker, Pat Baker Dream Home Maker
(Realty Executives Boston West)
    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...
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By Pat Laracy Baker, Pat Baker Dream Home Maker
(Realty Executives Boston West)
    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 ...
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By Pat Laracy Baker, Pat Baker Dream Home Maker
(Realty Executives Boston West)
    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 ...
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By Pat Laracy Baker, Pat Baker Dream Home Maker
(Realty Executives Boston West)
    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...
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By Pat Laracy Baker, Pat Baker Dream Home Maker
(Realty Executives Boston West)
    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    
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By Pat Laracy Baker, Pat Baker Dream Home Maker
(Realty Executives Boston West)
    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 ...
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By Pat Laracy Baker, Pat Baker Dream Home Maker
(Realty Executives Boston West)
    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...
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By Pat Laracy Baker, Pat Baker Dream Home Maker
(Realty Executives Boston West)
    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...
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By Pat Laracy Baker, Pat Baker Dream Home Maker
(Realty Executives Boston West)
    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...
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By Pat Laracy Baker, Pat Baker Dream Home Maker
(Realty Executives Boston West)
    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...
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By Pat Laracy Baker, Pat Baker Dream Home Maker
(Realty Executives Boston West)
    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...
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By Pat Laracy Baker, Pat Baker Dream Home Maker
(Realty Executives Boston West)
    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    
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By Pat Laracy Baker, Pat Baker Dream Home Maker
(Realty Executives Boston West)
    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...
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By Pat Laracy Baker, Pat Baker Dream Home Maker
(Realty Executives Boston West)
    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’...
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By Pat Laracy Baker, Pat Baker Dream Home Maker
(Realty Executives Boston West)
    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...
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By Pat Laracy Baker, Pat Baker Dream Home Maker
(Realty Executives Boston West)
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...
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