Uncategorized

State’s new buyer average well above national number

Despite low inventory and rising prices‚ first-time buyers still make up a significant portion of the Bay State housing market.1 More on this‚ plus other news from the Massachusetts Association of REALTORS®:

  • Forty-five percent of homebuyers in Massachusetts were first-timers in 2019—well above the national average of 33%.
  • Real estate professionals are in demand here in the Bay State: The percentage of buyers who used one to buy a home last year (93%) bested the national number (89%).
  • Massachusetts buyers are also younger (median age of 32 vs. 47 nationally) and financing at a higher rate (88% of purchases) than the rest of the country (86%).

If you need assistance or further information‚ please contact me.

1Eric Berman‚ “Study finds first-time home buyers remain a significant portion of the market in Massachusetts in 2019‚” Massachusetts Association of REALTORS®‚ last updated January 30‚ 2020.

Uncategorized

Bay State solar users match national savings

With winter’s chill setting in‚ solar power’s benefits may be the last thing on Massachusetts residents’ minds. However‚ new data from home energy company Sense may have homeowners considering a solar installation.

  • Bay State solar users save an average of 67% on their energy bills (working out to $1‚075 annually)—matching the national mark.1 Some Bay State electrical utilities also offer “net metering‚” which pays back users for power generated.
  • One surprising advantage in the Northeast: Cooler weather allows solar panels to run more efficiently.
  • Homeowners in New Hampshire (offset 76% of their utility bill) and Vermont (70%) especially benefit from solar‚ topping sun-drenched Arizona (66%).

For more information‚ visit Mass.gov.

1“Will solar save you money? Sense data reveals that potential savings depend on where and how you live‚” PR Newswire‚ last updated November 5‚ 2019.

Uncategorized

What’s on the minds of today’s buyers

As you know‚ there are various factors to consider and many decisions to make when purchasing a home. Buyers weigh the pros and cons of a home’s floorplan‚ where the property is located‚ and nearby amenities. But what’s the most important factor? Take a look:

  • According to 60.3% of those surveyed by insurance resource Clovered‚ affordability is what most influences a homebuying decision.1
  • Other things on buyers’ minds: crime rates (46.4%)‚ commute times (40.1%)‚ and community well-being (38.9%).
  • Generationally‚ Millennials are less concerned about property taxes (27.9%) than the survey average (31.1%) and Baby Boomers (33.9%).

As always‚ it is a pleasure staying in touch.

1Sean McCahill‚ “Mindful migration: Analyzing influential home buying factors‚” Clovered.

July, Uncategorized

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.

July, Uncategorized

Kitchen remodels lead the way

Kitchens rank as the most expensive (and most popular) room to renovate for homeowners. This was the key finding from the 2019 Houzz & Home Study.1 Here are the numbers:

  • The median cost of a kitchen renovation jumped 27% to $14‚000. Guest (17%) and master bathroom (14%) remodels also increased.
  • Among the 50 largest metro areas‚ half saw a drop in renovation spending‚ including Boston.
  • The typical homeowner who plans to renovate this year expects to spend $10‚000 – in line with spending for the previous three years.
  • Baby Boomers and Generation Xers make up 81% of renovating homeowners.

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

1“2019 U.S. Houzz & Home Study: Renovation Trends‚” Houzz‚ last updated June 5‚ 2019.