Author: tpetcu

August
tpetcu

Taking care of the basics

More and more homeowners are putting off a dream kitchen or bathroom remodel to pay for essential replacement projects and upgrades.1 The reason? Homes are aging‚ especially in the Boston area.

  • Forty percent of US properties are at least 50 years old. In Boston‚ more than half were built before 1939.
  • According to the Harvard Joint Center for Housing Studies‚ 48% of home improvement spending in our area went to projects like a new roof or water heater.2
  • In Boston‚ 23% of homeowners made energy-efficient retrofits‚ such as adding insulation.

As the #1 mortgage company in Greater Lexington for 17 consecutive years‚ Capstone is here to provide guidance and support.

1Jon Gorey‚ “Why your dream kitchen may have to wait‚” Boston.com Real Estate‚ last updated May 30‚ 2019.
2“Improving America’s Housing 2019‚” Harvard Joint Center for Housing Studies‚ last updated March 12‚ 2019.

August
tpetcu

Are market tides turning?

Sellers may have the upper hand in the Boston metro area‚ but a Realtor.com® study shows the market tides may be turning for buyers.1 Check out the numbers:

  • The months’ supply of homes is at 3.83 – an increase of 19% from a year ago. Meanwhile‚ active listings are up 8%.
  • The median sales price dropped 1%.
  • Among markets deemed more ‘buyer friendly‚’ only San Jose and Boston had price declines.

Please contact me if you have any questions.

1Javier Vivas‚ “Ten housing markets enter buyer friendly territory‚” Realtor.com®‚ last updated June 4‚ 2019.

July
tpetcu

National average is $5‚779

A new report1 examines the financial impact geography can have on mortgage closings costs. Not surprisingly‚ the cost to close varies greatly‚ depending on the state in which the sale takes place.

  • Nationally‚ average closing costs for a single-family home in 2018 were $5‚779. Calculations included taxes as well as fees for titles‚ appraisals‚ recording‚ and surveys.
  • Here in Massachusetts‚ the average was $5‚924 – 13th highest in the country.
  • The District of Columbia topped the list ($24‚613) followed by New York ($13‚581) and Delaware ($13‚309). The most affordable states to close in? That would be Missouri ($1‚887)‚ Indiana ($2‚002)‚ and South Dakota ($2‚149).

Providing relevant market data is one of my top priorities.

1Steve Randall‚ “These states had the highest closing costs in the country in 2018‚” Mortgage Professional America‚ last updated June 18‚ 2019.

July
tpetcu

The Bay State comes out on top

The results are in – and it’s good news for the Bay State. Massachusetts recently topped WalletHub’s list of the best states to live in. Here’s more1:

  • The study ranked every state in five categories: affordability‚ economy‚ education and health‚ quality of life‚ and safety.
  • Though Massachusetts was 43rd in affordability‚ it placed second in both economy and education.
  • Third place in quality of life and fourth place in safety helped seal the top spot.

You can always count on Capstone Mortgage for practical guidance and support.

1Adam McCann‚ ”2019’s best states to live in‚” WalletHub‚ last updated June 11‚ 2019.

July, Uncategorized
tpetcu

Boston metro buyers pay more for this feature

There is one feature making a substantial impact on home prices – and what it is may surprise you. A Redfin study1 examined how much a garage influences prices and the differences among metro areas.

  • Boston metro buyers pay 8.5% more ($33,567) on the average property in order to secure a garage. Nationally‚ buyers spend an extra 12%.
  • 62.4% of homes sold in 2018 in the Boston area have garages.
  • The extremes: Chicago buyers shell out 38% more for a garage; meanwhile, those in Raleigh spend only 2% more.

As always‚ I enjoy staying in touch and sharing useful market data. Here’s to a great week.

1Dana Olsen‚ “A garage in Chicago is worth nearly $47‚000‚ more than any other metro‚” Redfin‚ last updated June 6‚ 2019.