February
NAR’s State Economic Impact Report

How much does the housing market affect a state’s economy? It’s an important question the National Association of REALTORS® answered with its State Economic Impact Report.1

The report measured the total impact generated by a home sale. This includes‚ among other things‚ income generated from real estate industries‚ expenditures related to a purchase (such as furniture and remodeling expenses)‚ and new home construction costs.

Here in Massachusetts‚ the total impact is $117‚650. Overall‚ the real estate industry accounted for 18% of gross state product. Full state reports can be found here.

1“Economic impact of a home sale‚” National Association of REALTORS®.

February

A look back at first-time buyers

Since 1981‚ much has changed with first-time homebuyer demographics. The National Association of REALTORS® took a look back and found the following1:

  • The average first-time buyer was 29 years old in 1981; first-timers were 46 in 2018.
  • In the early 80s‚ 68% of first-time buyers were married couples, 13% were single males‚ and 12% were single females.
  • In 2018‚ married couples made up 54% of first-time buyers – followed by single females (18%)‚ unmarried couples (16%)‚ and single males (10%).

As always‚ I enjoy sharing relevant market data. Please contact me for more information.

1Meredith Dunn‚ “Throwback Thursday: First-time homebuyers then and now‚” Economists’ Outlook Blog‚ last updated January 10‚ 2019.

February

Top choices for remodelers

The 2019 Houzz Kitchen Trends study1 analyzed kitchen remodeling choices from the past year. The findings may help customers narrow down their design choices.

  • ‘Transitional’ – which combines modern with traditional – is the #1 style choice (21% selected it). Contemporary and farmhouse are also popular.
  • Shaker is the top choice for cabinets (57%) followed by flat panel and raised panel. As for color‚ white (43%) beats wood (25%).
  • Most homeowners (54%) mix different finishes in hardware and fixtures. The most popular choices: nickel‚ chrome‚ and stainless steel.

Please contact me if you need assistance. I am always here to help.

1Erin Carlyle‚ “Top kitchen styles and cabinet features in kitchen remodels‚” Houzz‚ last updated January 16‚ 2019.

February

Lower inventory a plus for winter sellers

The real estate market traditionally heats up in spring. However‚ listing a home in winter may bring a financial windfall for the seller.1 Here is why:

  • Less competition. Fewer homes for sale can mean buyers have less choices.
  • Cold-weather features are showcased. Such as roofs designed to handle harsh weather or shorter‚ low-maintenance driveways. Newer heating systems and fireplaces can also spark interest.
  • Serious buyers. Winter house hunters tend to be more serious in their searches. When the right property is found‚ they often act quickly.

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

1Terri Williams‚ “Six reasons why selling a house in the winter may be the best decision ever‚” Realtor.com®, last updated October 8‚ 2018.