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.