ReCap

March
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A breakdown of new construction costs

The median price of a new home is $56‚900 more than that of an existing home.1 Share this insightful data with customers who are navigating the “new vs. existing” debate:

  • According to the National Association of Home Builders‚ 66% of builders said the price of building materials is a “significant problem.” Sixty-one percent of the cost of a new home is from construction costs—up from 55.6% in 2017.
  • The cost of a finished lot accounts for 18.5% of a new home’s price.
  • In a breakdown of construction costs‚ the most expensive elements are interior finishes (25.4%)‚ framing (17.4%)‚ major system rough-ins (14.7%)‚ and exterior finishes (14.1%).

I hope information like this is useful to you and your customers. Please contact me if you need assistance.

1Carmel Ford‚ “Cost of constructing a home‚” HousingEconomics.com‚ last updated February 3‚ 2020.

February
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High value placed on real estate professionals’ roles

It’s been said that bartenders and hairdressers make the best therapists. According to a recent survey from Century 21®‚ you can now add real estate professional to the list of trusted confidants.1 Here’s more:

  • Buyers and sellers placed a high value on a real estate professional’s role in their deal: 73% of sellers said they were as valuable as a therapist and 64% felt their real estate professionals knew them better than their neighbors do.
  • Given the importance of a real estate professional‚ it’s surprising that buyers and sellers interview an average of just two candidates before deciding who to hire.
  • Those who didn’t make a personal connection with their real estate professional felt abandoned after the purchase or sale‚ as 23% said they had not heard from their agent since their deal closed.

As always‚ Capstone Mortgage is here to provide valuable information and guidance.

1“Century 21® survey reveals disconnect between high value placed on agent’s role and lack of time spent selecting the right one for the job‚” Century 21®‚ last updated January 7‚ 2020.

February
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The most popular
listing keywords

A recent Point2Homes analysis found that using creative‚ detailed listing descriptions can draw more homebuyers to properties. Check out 2019’s most frequently used keywords1:

  • The most popular adjectives were “large‚” “new‚” “great‚” “walk-in‚” “open‚” “full‚” “beautiful‚” and “spacious.”
  • The top features and amenities that appeared in listings: “granite countertops‚” “hardwood floors‚” “stainless steel appliances‚” “open floor plan‚” and “fenced backyard.”
  • Predictably‚ the adjectives used on $1 million-plus listings took on a more upscale tone. Kitchens were “gourmet‚” cabinetry was “custom‚” and ceilings were “soaring.”

Click here for the full report.

1“2019’s most popular real estate listing keywords‚” Point2Homes.

February
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The home features couples debate most

House hunting—much like a relationship—is all about compromise. In the spirit of Valentine’s Day‚ here’s a look at the features most debated by couples shopping for a home1:

  • The items couples disagreed upon: a wood-burning fireplace‚ an in-ground pool‚ hardwood flooring‚ an outdoor bar or barbecue area‚ and a finished garage.
  • Couples were on the same page when it came to energy-efficient appliances‚ newly renovated bedrooms and bathrooms‚ security systems‚ and finished basements.
  • Nearly one in four surveyed said their home does not have all the features their partner considered important.

I hope you find this information to be helpful. Happy Valentine’s Day!

1“Homeowners’ most wanted: exploring the top features people look for in a home‚” Porch.

February
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Massachusetts:
a family-friendly state

There aren’t many states better than Massachusetts for raising a family. In fact‚ according to a recent study‚1 there’s only one. Check it out:

  • WalletHub compared states across 50 categories that indicate family friendliness‚ such as median family salary‚ child care costs‚ violent crimes per capita‚ and infant mortality rate.
  • Massachusetts ranked second in the country behind only Minnesota.
  • Vermont (fourth)‚ New Hampshire (fifth)‚ and Connecticut (ninth) also represented New England in the top 10.

Please contact me if you need assistance. I am always here to help.

1Adam McCann‚ “2020’s best & worst states to raise a family‚” WalletHub‚ last updated January 7‚ 2020.