August

State electric bills are above the national average

Massachusetts homeowners are doing their part to conserve energy. However‚ they are still paying monthly electric bills that are more than the average American’s. From the US Department of Energy1:

  • The average electric bill in Massachusetts is $117 a month – above the national average of $111.67.
  • Massachusetts uses the seventh-lowest amount of electricity per month. However‚ the state does suffer from having the fourth-highest retail price of electricity per kilowatt hour.
  • A lack of natural gas reserves and pipelines in New England are mostly to blame for residents paying 50% more per kilowatt hour than the national average.

I am always here to provide helpful information. If you have questions or need assistance‚ please contact me.

1Carmel Ford‚ “2017 residential electricity bill by state‚” Eye on Housing‚ last updated July 2‚ 2019.

August

A new definition of luxury

Millennials are reshaping today’s market – and as this generation shops for high-end homes‚ they are redefining what the term ‘luxury’ means. Here is what many Millennial buyers consider luxury elements1:

  • Green features. Air purifiers‚ solar panels‚ and tankless water heaters are much sought-after.
  • Functionality. Smaller homes with multipurpose rooms‚ an open concept‚ and high-end finishes are in demand. Millennials are also putting an emphasis on a home’s ability to entertain guests.
  • Commuting options. Access to public transportation is coveted.

As always‚ the goal is to keep you up-to-date on the latest housing trends.

1Jeff Lottmann‚ “How young buyers are redefining ‘luxury‚’” REALTOR®Magazine‚ last updated June 11‚ 2019.

August

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

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.