Get real estate news and market updates of real estate homes for sale in and around Norfolk county in areas like Wellesley, Natick, Brookline, Newton, Needham & Weston MA.
Much has been written about how residential real estate values have increased since the housing market started its recovery in 2012. However, little has been shared about what has taken place with residential rental prices. Let’s shed a little light on this subject.
In the most recent Apartment Rent Report, RentCafe explains how rents have continued to increase over the last twelve months because of a large demand and a limited supply.
“Continued interest in rental apartments and slowing construction keeps the national average rent on a strong upward trend.”
Zillow, in its latest Rent Index, agreed that rents are continuing on an “upward trend” across most of the country, and that the trend is accelerating:
“The median U.S. rent grew 2% year-over-year, to $1,595 per month. National rent growth is faster than a year ago, and while 46 of the 50 largest markets are showing deceleration in annual home value growth, annual rent growth is accelerating in 41 of the largest 50 markets.”
It is true that home prices have risen over the past seven years, increasing the cost of owning a home. However, the cost of renting a home has also increased over that same time period.
What five things should you do to get ready to buy in 2018? Find out here.
You know I love sharing with you my thoughts about real estate, so today I want to talk about what you should do if you’re getting ready to buy a house in 2018.
This past year was amazing. It was fast and furious, and if you weren’t ready, then you lost out. I want to help you get ready for 2018.
As a buyer, the most important thing you can do is get ready now. These are my tips for you:
1. Check your credit score. You can talk to your mortgage lender about this. They have ways to help you. If you have concerns about something such as a debt, for example, they can help find a way to raise your score.
2. Don’t open any new credit cards. That will actually go against your credit score
3. Keep tabs on the interest rates. They’re still really great, and I anticipate going into this year that it’s still going to be a strong selling season. Keep an eye on them, though, because as they go up, so does your mortgage, and it will affect what you can be pre-approved for.
4. Speak to a mortgage lender and find out how much you can be pre-approved for. Also, ask them what materials are required for that process. Most often they’ll ask for two years of tax returns, three months of bank statements, and information on your IRA, 401(k), or any brokerage accounts. They also want to see a list of all your debts, credit cards, student loans, car loans, alimony statements, and a list of your assets.
5. Interview a few Realtors. If you don’t already have one you trust, interview a few different ones and see who you click with. Hire one who is full-time in the business, who is going to be on the lookout for you.
If you have any questions or need help, we’d be happy to assist you. Feel free to give us a call!
Our team has had an awesome year thanks to each and every one of you. We really appreciate your support.
As the holidays draw closer, I just wanted to reach out to say thanks. We had an awesome year in 2017 thanks to all of you that supported us. Our team of seven had over 70 transactions, which is fantastic. We’re looking forward to an even better 2018 with you by our side. To see our full holiday message, watch this short video.
If you are thinking of listing your home for sale in 2018, you should start preparing now.
If you’re thinking of selling your home in the new year, there are a few ways you can start preparing now.
First of all, I recommend taking photos of your property before the holidays. You’ll definitely want to take care of having your listing photographed before snow hits and before holiday decor takes over your neighborhood.
I would also recommend getting a building inspection and radon inspection. Doing so will allow you to fix anything that needs it before buyers set foot in your home, which will always give you the advantage.
As always, decluttering is key. Clearing out excessive belongings may even help you get a jump-start on the process of packing. This will prepare your home both in terms of practicality and appearance.
Even small touches can go a long way. Adding a fresh coat of paint is a great example of this. And speaking of appearances, there’s always the matter of staging. Sometimes staging isn’t so much bringing in new furniture as it is simply rearranging your own. Getting professional help will definitely boost your success.
Finally, interview a few different agents. You want to work with someone who is strong in the marketplace and who will have the skills to get your home sold. Also, it’s very critical to price your property correctly. The great news is that pricing your home at or slightly below market value will often lead to multiple offers.
If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.
Why should you sell your house right now?
The answer is simple: supply for homes is extremely low in our market. It's an incredibly strong market for anyone selling their home here in Boston. If you've been thinking about selling, this is the year to do it and maximize your money.
In fact, the market is so strong that I recently sold an investment property of mine in Atlanta to take advantage of how strong the market is for sellers currently.
The Boston market currently has just four months of supply, meaning if no new homes came on the market it would only take four months to sell out of all the existing inventory on the market at the current pace. Anything over six months would be a buyer's market, and anything below four months—like our market—is a seller's market.
If you'd like to learn any more details about why our market is so hot for sellers or you're curious what your home could sell for in this market, give me a call or send me an email soon. I'm always glad to help!
When a homeowner decides to sell, they obviously want the best price and least amount of hassle possible. The best way to get those results is by hiring a real estate agent. Many of these buyers start their search without one, but then quickly realize that in order to write a good offer, negotiate terms, and do all the other things they need to do in order to secure a successful transaction, they need a professional agent’s help.
With multiple offers as the norm in our market, you need the experience and knowledge of a professional to be able to sift through the different offers and determine which ones are best for you and your goals. It’s very hard to do this on your own.
If you have any questions for me about real estate or if you’re interested in buying or selling a home, give us a call or send us an email. We look forward to hearing from you.
I get a lot of questions about Zillow and their Zestimates and why they're either too low or too high when it comes to the value of homes.
I recently talked to someone selling his house and the Zestimate from Zillow was really high. I did my due diligence and looked at comparable homes and found that the house was worth 26% less than what the Zestimate said it was worth.
We listed the home at the price I recommended and it sold at that price. It ended up selling for 84% of the Zestimate's value.
Zillow comes up with their Zestimates by looking all around the area and treating all homes the same. They don't consider things like upgrades or improvements that you've made to the house. It can be a good ballpark value, but it won't be exact.
If you want a more accurate idea of what your house is worth, I would talk to a real estate agent and have them come out to your house. They can consider the condition of your house and any improvements you've made, and they'll only compare it to other houses that are in the same shape and condition. They'll also only compare it to homes sold in the last three to six month since that's the only relevant information for pricing.
If you have any other questions about Zillow or you want to know what your home is truly worth, give me a call or send me an email. I'd be happy to help!
What’s been going on so far in the spring market?
Inventory is very light. In Wellesley we have about 100 homes on the market and only 10% of those are under $1 million.
If homes are priced right, there will be insane competition. In fact, this past weekend we had a few houses get offers that were $50,000 to $100,000 over asking price. Our market is tight and buyers want to buy a house. So, if you price your house right, you will be very, very happy.
If you’re looking to sell your home in this fantastic seller’s market or if you have any real estate questions, don’t hesitate to give me a call or send me an email. I love what I do and would be happy to help you!