Needham Heights (Needham, MA)
Needham Heights (Needham, MA) Real Estate News
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Register O'Donnell Guardedly Optimistic About Real Estate Market
Pat Laracy Baker, Realtor, Green, ABR, Needham, Massachusetts (Key Advantage Realty )
Register O'Donnell Guardedly Optimistic About Real Estate Marketmy comments in RedCiting both strong growth in total dollar volume of real estate sales and continuing improvement in the mortgage market after reviewing 1st quarter 2015 real estate statistics, Register of Deeds William P. O'Donnell expressed "guarded optimism" that the Norfolk County real estate market will continue to show improvement.The Norfolk County Register noted, "During the 1st quarter of 2015, the total number of deeds recorded fell a minimal 1% compared to the same time period last year. However, the total dollar volume of residential and commercial real estate sales increased by a robust 24% during the quarter and the average sale price of property increased an impressive 22% in Norfolk County to $793,805 over the same period of time. *Love the word ROBUST, LOve the 24% increase average sales price too!"The figures clearly indicate a continuing issue with the low amount of real estate inventory, given the numbers of potential buyers, but on the other hand it also shows an improving economy in Norfolk County, making it a desirable destination location to both live and work. These numbers are striking when taking into account the horrific record-breaking winter weather experienced in the months of January and February. After all, it is very difficult to sell real estate when the property for sale is buried in 3 feet of snow."  Sure has been the most difficult wintah evah!Another significant and promising piece of 1st quarter data was the notable 46% increase in the number of mortgages recorded, resulting in a total of 6,679 mortgage transactions as compared to 4,566 during the same period in 2014. O'Donnell stated, "The mortgage figures are further evidence of an improving real estate market, but additionally illustrates an increasing rise in consumer confidence. The mortgage refinance market is critical to the economy as augmented credit means a corresponding increase in goods and services being purchased by consumers and businesses." Wow 46% increase in number of mortgages recorded, very nice indeed.However, one area of continuing concern was a discouraging 24% increase in the number of foreclosure deeds recorded. Register O'Donnell noted, "That figure is a sober reminder that the economic expansion in eastern Massachusetts has not benefited all our fellow citizens. The Registry continues to partner with Quincy Community Action Programs at (617) 479-8181 x-376 and Neighbor Works Southern Mass at (508) 598-0950 to help anyone who has received a Notice of Foreclosure from a lender. Both agencies can provide guidance and assistance to homeowners."O'Donnell indicated that more people are looking to protect their property as Homestead recordings increased a modest 1% during the 1st quarter of 2015 with a total of 2,032 Homesteads recorded versus 2,015 during the same time last year. A Homestead recording provides for limited protection against the forced sale of an individual's primary residence to satisfy unsecured debt up to $500,000.Register O'Donnell concluded, "I continue to believe in the Norfolk County real estate market. I am hopeful that the improving spring weather will result in increasing real estate inventory, which will provide prospective homeowners with a number of housing options. The one crucial factor to watch closely though is what action the Federal Reserve will take on interest rates and its effect on both the real estate and financial industries."  Interest rates definitely effect real estate but then I sold real estate when the mortgage interest rates were 18.5%Bravo Norfolk CountyRegister William P. O'DonnellNorfolk County Registry of Deedsemail: registerodonnell@norfolkdeeds.org  Pat Baker, Realtor, ABR Key Advantage Realty 617-435-3471 pbaker@keyadvantagerealty.com http://www.patannbaker.com https://www.linkedin.com/in/patbaker
Hughes
Pending Sales Surge:Great Sign for the Housing Market
Pat Laracy Baker, Realtor, Green, ABR, Needham, Massachusetts (Key Advantage Realty )
Simplifying the Market™ Making Real Estate Easy to UnderstandPending Sales Surge: Great Sign for the Housing Market April 7 2015 The most recent Pending Homes Sales Index from the National Association of Realtors revealed that homes going into contract in February increased to their highest level since June 2013. The Pending Home Sales Index is a leading indicator for the housing sector, based on pending sales of existing homes. A sale is listed as pending when the contract has been signed but the transaction has not closed, though the sale usually is finalized within one or two months of signing. The Index is now 12.0 percent above February 2014. The index is at its highest level since June 2013, has increased year-over-year for six consecutive months and is above what is considered "the average level of activity” – for the 10th consecutive month. Here is a graph showing the Pending Sales numbers: Here is a chart showing the Pending Sales increases by region: Bottom Line In an article from Investors’ Business Daily, Lawrence Yun, Chief Economist at the National Association of Realtors, explained what these numbers will mean to the overall market: "It looks like the buyers want to come out to the market and they are eager to find the right home and make an offer. Therefore, I expect the second quarter of this year to be easily ahead of last year in terms of sales activity. Pending contracts are implying that the closing activity in coming months will be quite solid." Pat Baker Key Advantage Realty Needham, MA Experienced real estate agent intimately acquainted with the Needham, MA and the MetroWest area of Boston, MA. Specializing in home sales, buyer purchases, condominiums, 2nd home purchases,investment properties, and rentals (617) 435-3471 Visit My Websitefacebooktwitterlinkedin Powered by Pat Baker, Realtor, ABR Key Advantage Realty 617-435-3471 pbaker@keyadvantagerealty.com http://www.patannbaker.com https://www.linkedin.com/in/patbaker
Hughes
The Difference A Year Can Make [INFOGRAPHIC]
Pat Laracy Baker, Realtor, Green, ABR, Needham, Massachusetts (Key Advantage Realty )
Simplifying the Market™ Making Real Estate Easy to Understand The Difference A Year Can Make [INFOGRAPHIC] April 3 2015 Some Important Points To Consider:The latest Freddie Mac Primary Mortgage Market Survey reports the 30-year fixed rate at 3.7%. Freddie Mac's projection for Q2 2016 is that the rate will be 4.7% (a full percentage point higher) The Home Price Expectation Survey predicts that home prices will appreciate by 4.4% during this same timeThe impact waiting a year to purchase your dream home can make on your monthly payment is significant. Contact me today to discuss your options before the experts' predictions become reality! Pat Baker Key Advantage Realty Needham, MA Experienced real estate agent intimately acquainted with the Needham, MA and the MetroWest area of Boston, MA. Specializing in home sales, buyer purchases, condominiums, 2nd home purchases,investment properties, and rentals (617) 435-3471 Visit My Websitefacebooktwitterlinkedin Send me an Email Powered by Pat Baker, Realtor, ABR Key Advantage Realty 617-435-3471 pbaker@keyadvantagerealty.com http://www.patannbaker.com https://www.linkedin.com/in/patbaker
Hughes
Industry Experts Agree: Housing Supply Too Low
Pat Laracy Baker, Realtor, Green, ABR, Needham, Massachusetts (Key Advantage Realty )
Simplifying the Market™ Making Real Estate Easy to Understand Industry Experts Agree: Housing Supply Too Low April 1 2015 Last week, we reported on the lack of housing supply and how that was impacting the real estate market. Today, we want to let you know what other industry experts are saying. Daren Blomquist, RealtyTrac Vice President: “It’s kind of a seesaw right now between supply and demand. One of the reasons for fewer sales is not so much a lack of demand but a lack of supply, especially in the price range the majority of buyers were looking for.” Diana Olick, CNBC’s Realty Check: “Total sales are still running below expectations for the year. Don't blame winter weather, though. Blame the lack of supply.” Bill McBride, Founder of Calculated Risk: “Inventory is still very low (down 0.5% year-over-year in February). This will be important to watch over the next month at the start of the spring buying season.” Lawrence Yun, Chief Economist at the National Association of Realtors: “Insufficient supply appears to be hampering prospective buyers in several areas of the country and is hiking prices to near unsuitable levels. Stronger price growth is a boon for homeowners looking to build additional equity.” Realtor.com “The National Housing Trend Report shows that inventory has decreased 10.9 percent year over year.” And some experts are actually calling it a “seller’s market” Forbes.com “Tight inventory is a main reason the ball is still in the sellers' court.” Bill Banfield, VP of Quicken Loans: “We’re a bit low on the supply-side which could force prices up for buyers, further hammering home that we’re in a seller’s market.” Bottom Line If you are debating putting your home on the market this year, now may be the time. The amount of buyers ready and willing to make a purchase is at the highest level in years. Contact a local professional in your area to get the process started. And it is not fun for the buyers or the agents putting in multiple offers for properties and losing the bidding wars because there are so few homes on the market.  Sure is a seller's market, which is kind of an understatement right now. http://www.boston.com/businessupdates/2013/03/26/low-inventory-causes-mass-home-sales-slip-the-warren-group-says/rx7SiXcR7GuMO3CRnFT5uM/story.html http://origin.bostonglobe.com/business/2015/03/30/forget-location-location-location-some-realtors-have-new-mantra-bidding-war/3gI6wnpNnf82QMvpjN3UWJ/story.html Pat Baker Key Advantage Realty Needham, MA Experienced real estate agent intimately acquainted with the Needham, MA and the MetroWest area of Boston, MA. Specializing in home sales, buyer purchases, condominiums, 2nd home purchases,investment properties, and rentals (617) 435-3471 Visit My Websitefacebooktwitterlinkedin Send me an Email Powered by Pat Baker, Realtor, ABR Key Advantage Realty 617-435-3471 pbaker@keyadvantagerealty.com http://www.patannbaker.com https://www.linkedin.com/in/patbaker
Hughes
Why Waiting To Buy Might Not Make Sense
Pat Laracy Baker, Realtor, Green, ABR, Needham, Massachusetts (Key Advantage Realty )
Simplifying the Market™ Making Real Estate Easy to Understand Why Waiting To Buy Might Not Make Sense March 31 2015 Whether you are a first time or a move-up buyer, there are two factors that will impact the amount of house you can afford in your price range: home prices & mortgage rates. Let’s look at what the experts are predicting over the next twelve months for these two areas: PRICES Over 100 economists, real estate experts and investment & market strategists were recently polled as a part of the Home Price Expectation Survey. They were asked to project where home prices are headed. The average value appreciation projected over the next twelve-month period is approximately 4.4%. MORTGAGE INTEREST RATES In the latest Economic & Housing Market Outlook from Freddie Mac, they predict that the 30-year fixed mortgage rate will be 4.7% by this time next year. As of last week, the Freddie Mac rate was 3.69%. What does this mean to you? If you are a first-time buyer currently looking at a home priced at $250,000, this is what it could cost you on a monthly basis if you wait until next year to buy: If you are a move-up buyer currently looking at a home priced at $500,000, this is what it could cost you on a monthly basis if you wait a year to buy: Bottom Line With both home prices & interest rates projected to increase, waiting to buy could put a serious dent in your family’s wealth. Pat Baker Key Advantage Realty Needham, MA Experienced real estate agent intimately acquainted with the Needham, MA and the MetroWest area of Boston, MA. Specializing in home sales, buyer purchases, condominiums, 2nd home purchases,investment properties, and rentals (617) 435-3471 Visit My Websitefacebooktwitterlinkedin Send me an Email Powered by Pat Baker, Realtor, ABR Key Advantage Realty 617-435-3471 pbaker@keyadvantagerealty.com http://www.patannbaker.com https://www.linkedin.com/in/patbaker
Hughes
Why You Should Sell Now!
Pat Laracy Baker, Realtor, Green, ABR, Needham, Massachusetts (Key Advantage Realty )
Simplifying the Market™ Making Real Estate Easy to Understand Why You Should Sell Now! March 30 2015 As the temperature rises, buyers are coming out ready to purchase their dream home. Inventory is still below historic numbers and demand is strong. Don’t miss out on this great opportunity for you and your family. Here are five reasons to list your home now. 1. Demand is Strong Foot traffic refers to the number of people out actually physically looking at homes right now. The latest foot traffic numbers show that there are more prospective purchasers currently looking at homes than at any other time in the last 12 months which includes last spring’s buyers’ market. These buyers are ready, willing and able to purchase… and are in the market right now! Take advantage of the buyer activity currently in the market. 2. There Is Less Competition Now Housing supply just dropped to 4.6 months, which is under the 6 months’ supply that is needed for a normal housing market. This means, in many areas, there are not enough homes for sale to satisfy the number of buyers in that market. This is good news for home prices. However, additional inventory is about to come to market. There is a pent-up desire for many homeowners to move as they were unable to sell over the last few years because of a negative equity situation. Homeowners are now seeing a return to positive equity as real estate values have increased over the last two years. Many of these homes will be coming to the market in the near future. Also, new construction of single-family homes is again beginning to increase. A study by Harris Poll revealed that 41% of buyers would prefer to buy a new home while only 21% prefer an existing home (38% had no preference). The choices buyers have will continue to increase. Don’t wait until all this other inventory of homes comes to market before you sell. 3. The Process Will Be Quicker One of the biggest challenges of the housing market in recent times has been the length of time it takes from contract to closing. Banks are requiring more and more paperwork before approving a mortgage. As the market heats up, banks will be inundated with loan inquiries causing closing timelines to lengthen. Selling now will make the process quicker & simpler. 4. There Will Never Be a Better Time to Move-Up If you are moving up to a larger, more expensive home, consider doing it now. Prices are projected to appreciate by over 19.3% from now to 2019. If you are moving to a higher priced home, it will wind-up costing you more in raw dollars (both in down payment and mortgage payment) if you wait. You can also lock-in your 30-year housing expense with an interest rate under 4% right now. Rates are projected to increase by about three quarters of a percent by the end of 2015. 5. It’s Time to Move On with Your Life Look at the reason you decided to sell in the first place and determine whether it is worth waiting. Is money more important than being with family? Is money more important than your health? Is money more important than having the freedom to go on with your life the way you think you should? Only you know the answers to the questions above. You have the power to take back control of the situation by putting your home on the market. Perhaps, the time has come for you and your family to move on and start living the life you desire. That is what is truly important. Pat Baker Key Advantage Realty Needham, MA Experienced real estate agent intimately acquainted with the Needham, MA and the MetroWest area of Boston, MA. Specializing in home sales, buyer purchases, condominiums, 2nd home purchases,investment properties, and rentals (617) 435-3471 Visit My Websitefacebooktwitterlinkedin Send me an Emai Powered by Pat Baker, Realtor, ABR Key Advantage Realty 617-435-3471 pbaker@keyadvantagerealty.com http://www.patannbaker.com https://www.linkedin.com/in/patbaker
Hughes
Housing Inventory Slowly Disappearing
Pat Laracy Baker, Realtor, Green, ABR, Needham, Massachusetts (Key Advantage Realty )
Simplifying the Market™ Making Real Estate Easy to Understand Housing Inventory Slowly Disappearing March 26 2015 The price of any item is determined by the supply of that item, and the market demand. The National Association of Realtors (NAR) released their latest Existing Home Sales Report this week. Inventory Levels & Demand Amidst reporting on the fact that sales of existing homes rose 1.2% from January, and outpaced year-over-year figures for the fifth consecutive month, was the news that total unsold housing inventory is at 4.6-month supply. This is down 0.5% from last February and remains below the 6 months that is needed for a historically normal market. Consumer confidence is at the highest level in over a decade. Pair that with interest rates still under 4%, new programs available for down payments as low as 3%, and you have an attractive market for buyers. Buyer demand for housing remains twice as high as this time last year. Prices Rising February marked the 36th consecutive month of year-over-year price gains as the median price of existing homes sold rose to $202,600 (up 7.5% from 2014). So What Does This Mean? The chart below shows the impact that inventory levels have on home prices. NAR’s Chief Economist, Lawrence Yun gave some insight into the correlation: "Insufficient supply appears to be hampering prospective buyers in several areas of the country and is hiking prices. Stronger price growth is a boon for homeowners looking to build additional equity, but it continues to be an obstacle for current buyers looking to close before (interest) rates rise." Bottom Line If you are debating putting your home on the market this year, now may be the time. The amount of buyers ready and willing to make a purchase is at the highest level in years. Contact a local professional in your area to get the process started. Not even a question we are in a seller's market in Needham, Westwood and some other communities.  Real Estate is all local so in some communities that are further out of Boston it may be a different story. Here in my neck of the woods it is bidding wars and feeding frenzy. Pat Baker Key Advantage Realty Needham, MA Experienced real estate agent intimately acquainted with the Needham, MA and the MetroWest area of Boston, MA. Specializing in home sales, buyer purchases, condominiums, 2nd home purchases,investment properties, and rentals (617) 435-3471 Visit My Websitefacebook twitter linkedin Send me an Email Powered by Pat Baker, Realtor, ABR Key Advantage Realty 617-435-3471 pbaker@keyadvantagerealty.com http://www.patannbaker.com https://www.linkedin.com/in/patbaker
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