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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.

November

Boston ranks among the greenest

A surprising ranking helped contribute to Boston being named as one of the “greenest” cities in the country. The numbers from a new WalletHub analysis1:

  • Though it may come as a shock‚ the Hub is fifth in lowest percentage of commuters who drive.
  • Overall‚ Boston ranks ninth in transportation‚ which includes categories like miles of bicycle lanes and alternative fuel stations per capita. The city also took ninth in environmental‚ which covers air quality‚ water quality‚ and share of green hotels.
  • Boston is 15th out of the 100 cities studied. San Francisco tops the list.

The study’s complete results are here.

1Adam McCann‚ “2019’s greenest cities in America‚” WalletHub‚ last updated October 8‚ 2019.

October

Keep safety in mind this holiday

The Halloween season is upon us. Ensure your home and property are safe by following these tips1:

  • Light the way. Although it’s tough to resist a dark‚ spooky exterior look for your home‚ the more outside lighting‚ the better. Also‚ clear walkways and yards of tripping hazards.
  • Secure pets. Not all children are fond of pets – so keep animals a safe distance from doors.
  • Consider candle substitutes. Candles inside homemade jack-o’-lanterns pose a fire hazard. Battery-powered LED lights provide the same glow without the worries.

Have a safe and happy Halloween!

1Hillary Johnston‚ “How to keep kids safe on Halloween‚” SafeWise‚ last updated September 16‚ 2019.

October

The next moves for unsuccessful buyers

Failed home searches are not uncommon. In fact‚ 55% of buyers in the second quarter of this year said their house hunts lasted three months or longer.1 So‚ what was the next move for these buyers?

  • Of those surveyed‚ 62% stayed the course and continued to search for a home in their preferred location.
  • Thirty-six percent expanded their search area; 21% settled for an older or smaller home.
  • Sixteen percent postponed their search until next year or later.

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

1Rose Quint‚ “Unaffordable prices hold back prospective homebuyers‚” Eye on Housing Blog‚ last updated September 5‚ 2019.

October

Waiting until spring may be costly

Do you have customers who were unlucky in their summer home searches? Well, remind them that fall can bring plenty of buying opportunities. Share this helpful information with autumn buyers1:

  • Rates are at or near three-year lows and are expected to stay that way throughout the season.2 This means homes that were once out of reach may now be attainable.
  • Historically‚ many deals are done before the start of school‚ eliminating much buying competition. Also, worried sellers tend to reduce prices after an unsuccessful summer on the market.
  • Waiting may be costly. The National Association of REALTORS® predicts that prices will rise 3% in 2020.

Let’s have your customers settled into their new homes by the start of the New Year. Please contact me when you have a moment.

1Erik J. Martin‚ “Experts: Don’t wait until spring 2020 to buy a home. Buy in fall 2019‚” The Mortgage Reports‚ last updated September 16‚ 2019.
2Erik J. Martin‚ “Mortgage rate predictions for late-2019‚” The Mortgage Reports‚ last updated August 14‚ 2019.