Author: tpetcu

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Living with parents has its savings advantages

Those who prolong their stay with Mom and Dad can knock up to 10 years off the time needed to save for a down payment.¹ Meanwhile‚ Boston-area renters aiming for 20% down face nearly 15 years of saving. Here are the numbers:

• The study factored in markets’ median home prices‚ median incomes‚ and an assumption of saving 16.5% of income.
• Those choosing to live with parents as well as save for a 10% down payment will have enough saved in four years and two months. (Timeframe is based on saving 34% of income.)
• Boston-area renters paying $2‚415 a month would need more than 14 years to save the money needed for 20% down on a $467‚000 property.

Please contact me for more information.

¹Steve Randall‚ “Here’s how long a renter needs to save to buy a home‚” Mortgage Professional America‚ last updated March 1‚ 2019.

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Out-of-towners prefer upscale areas

A new study¹ offers an interesting peek into the search habits of today’s homebuyers. Take a look:

• In expensive metro areas‚ out-of-town buyers research more upscale zip codes while local buyers hunt for bargains.
• However‚ the opposite is the case in less expensive metros: locals aim for pricier areas; those searching from a distance look for low-cost options.
• Lexington appears to be bucking the national trend: the median home value is $1‚027‚500; 70% of online searches are by locals.

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

¹Alexandra Lee‚ “Who’s searching for homes in your neighborhood: locals or out-of-towners?” Trulia‚ last updated February 28‚ 2019.

What modern-style homes have to offer

Low maintenance costs and contemporary styling are some of the features drawing Millennials to modern-style homes.¹ Here’s more on this unique style‚ which originated from post-war trends and ideas:

• South-facing windows allow natural light to pour in‚ creating a welcoming setting. This also helps reduce energy costs‚ as less lighting is needed in summer and less heat is necessary in winter.
• An asymmetrical design allows for easy additions to a home’s footprint.
• Modern homes maximize interior spaces (e.g., hallways & ceiling heights); at the same time‚ the exterior can blend into any neighborhood.

As always‚ it is a pleasure staying in touch.

¹Ashley Baskin‚ “Modern homes: the style Millennials love‚” The Mortgage Reports‚ last updated March 19‚ 2019.

New England build times are the longest

There is nothing like the excitement and anticipation that comes with building a home. At the same time‚ it’s a complex process with many steps and challenges.

Share this homebuilding data¹ with customers to help them better manage expectations.

• On average‚ 7.5 months are needed before a single-family home is ready to be occupied. This includes a month for the permit process and 6.5 months for construction.
• Houses built for sale average 6.9 months from permit to completion. Houses custom-built by owners average longer: 12.3 months.
• Build times vary by region. New England has the longest at 10.4 months.

It is a pleasure staying in touch.

“¹How long does it take to build a single-family home?‚” Realtor Magazine‚ last modified July 10‚ 2018.