ReCap

September
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Northeast comes in at #1

Thinking about a home search is one thing – actively looking is another. Here in the Northeast region‚ the number of buyers deep into their house hunts is quite high.1 Take a look:

  • Forty-seven percent of buyers in the Northeast are already immersed in their search. That tops the West (43%)‚ South (39%)‚ and Midwest (39%).
  • Millennials and Baby Boomers (43% for both) are the age groups with the most buyers actively looking.
  • Nationally‚ 41% of buyers are actively looking – down from last year’s 50%.

The National Association of Home Builders’ full report can be found here. Please let me know if you have any questions.

1“Housing Trends Report‚ Quarter 2‚ 2019‚” National Association of Home Builders.

September
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Is downsizing a thing of the past?

Don’t expect homeowners approaching retirement in the next decade to downsize. A survey by homebuilder Del Webb revealed the future plans for those ages 49–611:

  • Older Generation Xers and younger Baby Boomers in this range want to move to a house the same size or bigger than their current one.
  • One third of Generation X respondents said they would design their next home to accommodate aging parents.
  • Open floor plans are less favored: 34% desire more defined spaces‚ such as a dedicated dining room (preferred by 60% of Generation Xers and 48% of Boomers).

As always‚ my goal is to share information that is timely and relevant to your business.

1Barbara Ballinger‚ “Upcoming retirees aren’t looking to downsize‚” REALTOR® Magazine‚ last updated May 2‚ 2019.

August
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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
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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
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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.