ReCap

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.

July

Make a difference this Fourth of July

Giving back to the community is a great way to celebrate the Fourth of July. Here are a few suggestions:

  • Take a moment to honor our servicemen‚ servicewomen, and veterans. Consider a donation of time or money to the VFWAmerican Legion or Wounded Warrior Project.
  • Participate in a charitable event. Visit Active for a list of races and bike rides.
  • Pitch in at a community parade‚ picnic or other holiday-themed event. Many of these events wouldn’t take place without the generous support of volunteers.

Enjoy the holiday!

June

More buyers considering homes that need remodeling

What do entry-level buyers do when inventory is limited and prices are rising? Simple: They become more open to purchasing a home in need of renovations. Here are the numbers from a recent Realtor.com® survey1:

  • Over half of respondents are considering a home that needs work (and plan to spend at least $20‚000 on renovations).
  • However‚ less than a third of buyers 55 and over said they would consider a property that needs work.
  • Among those who plan on buying in the next year‚ 95% are confident that they will see a return on their remodeling investment.

Please contact me if you have any questions.

1Steve Randall‚ “Renovations are in fashion for 2019’s homebuyers‚ says Realtor.com‚” Mortgage Professional America‚ last updated April 17‚ 2019.

June

Market trends to consider

As you know‚ staying up-to-date on the latest real estate trends is essential. Here are the top factors influencing today’s buyers and sellers – as discussed at the National Association of REALTORS® 2019 Broker Summit1:

  • Staying put. The time spent living at a property is increasing. In 2018‚ the average owner remained in a home for nine years.
  • Children & parents. Just 34% of buyers have children – an all-time low. Additionally‚ one in six Generation X buyers purchased a home to share with their parents.
  • Expectations. Nearly 40% of real estate professionals said television shows that depict the buying and selling processes impact business.
  • Student loan debt. Borrowers with student loan debt carry an average amount of $41‚200.

As always‚ it is a pleasure staying in touch and sharing helpful information.

1Erica Christoffer‚ “Eleven real estate trends to keep on your radar‚” REALTOR® Magazine‚ last updated April 22‚ 2019.