Real Estate Blog
In December, when most of us are busy with holiday events, a springtime home sale appears be a long way away. However, if you’re thinking about putting your home on the market in the new year (spring or earlier), now is the time to ask…Are you prepared?
It’s hard to distance yourself from your home — especially a home that means a lot to you and your family. However, you need to put aside the emotional attachment and consider the process a business transaction. Just remember what you thought about when you were looking to buy. You looked at the size, acreage, number of bedrooms and baths. These are the things potential buyers will consider as well. It’s not about what you’ve done to make the home comfortable for you; it’s about what others see when viewing their future home.
In recent years, there’s been a growing distance between the cost of home improvement and recouping money from renovations, after home sale. In an article from MSN Real Estate, “Remodeling costs have dropped 10% to 15% in the past five years even while the cost of materials rose about 17%, says Sal Alfano, editorial director of Remodeling Magazine, which released the 2011-2012 edition of its annual Cost vs. Value Report in late 2011.” The chart below represents Boston and surrounding areas, indicating a decline in return on average remodeling cost from 2005 to present, as provided by Remodeling, The Magazine. Click on the image for more details…
Some home improvements do generate a return on investment. These improvements have more to do with sensibility than extravagance. If you’re planning to sell your home, here are just a few renovations that can create a positive impact on your future sale from MSN Real Estate.
1. Replacing damaged or worn siding (Vinyl & Fiber Cement) improves outward appearance & home sale-ability, approximately 69-78% return in value
2. Renovating attic space to include a master bedroom (bath optional, depending on budget)
3. Replacing a damaged garage door can improve curbside appeal and garners approximately a 71% return in value
4. Addressing interior wall damage; filling in nail holes, wall cracks, repairing damaged moldings, replacing wall colors with neutral tones
5. Taking care of the entry door (replace, repair, clean or paint)
An article from Houzz offers some additional information on boosting your home’s resale value that aren’t very expensive or time consuming. You may also want to consult with a local design expert on what can be done to improve your home at a low cost. Keeping in mind that some work can be done by yourself to reduce expense. Real estate professionals and interior designers may have some insight into what buyers in your marketplace may be interested in seeing. The key rooms providing impact to a home’s value are the kitchen and bath(s). To maximize return, simple changes may provide the needed boost to your kitchen. Consider instead painting, refinishing or replacing some fixtures to improve the overall appearance. Some additional items to address prior to listing your home may include landscaping, power washing the exterior and walkways to provide a good first impression to home buyers as they approach your doorway.
Do realize that you can’t expect to satisfy everyone. Large renovation projects should be saved for investment properties requiring updating or to satisfy your own home needs.
Fortunately, homeowners in Boston’s suburbs can take advantage of the high demand for housing created by the shallow pool of homes and low interest rates. Attractive hardwood floors, a fresh coat of paint, cleaning up the interior & exterior of clutter will make your home inviting to buyers.
Contact me with your questions, I’ll be glad to assist.
Articles to read:
Any time of the year, including the holiday season, properties do exchange hands. Just two years ago, I sold a house on Christmas day. My client and I weren't in the same state. The offer was negotiated, accepted, and with the help of scanned documents, signed. Associates of mine have stories of helping both buyers and sellers with real estate transactions on both the 4th of July, Thanksgiving and even on New Year’s Eve, moments before midnight. We all understand that purchasing a home, for most, may be the largest financial decision you will ever make in your lifetime. And yet, when the time is right, and the right house comes available at the right price, a person will take action. If you find the property that fits your needs and at the price you can afford...the calendar date may not be important.
Sellers often think that putting their house on the market during the holiday season, typically between Thanksgiving and New Year's is a waste of time - not so fast. A seller in today's market, characterized by low inventories and a healthy buyer's pool, precipitated by increasing rents and low interest rates, actually has a distinct advantage. While the Boston market and the surrounding communities remain at low inventory, buyers are driving up home values with multiple bids. If you've considered selling your home, now may be the right time.
In the town of Arlington, in a year to date comparison with 2011, 34 more single family homes (232) have sold this year, 11 more multi-families (30) and the same number of condo/townhouses ( 171). A recent report from Reuters News, (10/2/12), tracking home values, stated that home values increased by nearly 5% from August 2011 to August 2012... Additionally, home prices were up in September 2012, 6.3% from September 2011. Who's to say that buyer need will diminish as we approach the upcoming holidays.
In the Boston suburbs we often see homes sold in less than a week, many with multiple offers. As for many home buyers, this is a tough bit of reality in today's housing market. Buyers can be forced into committing several hundred thousand dollars in a few short hours; it's truly a frightening scenario, and yet, not uncommon. In the Arlington market, we routinely hear of homes receiving 5+ offers and in a recent case, exceeding the list price by $70,000.
When advising my clients in a multiple offer situation, I always suggest making the highest initial offer possible (within their own comfort zone). In the case where several offers are being reviewed, buyers often do not get a second chance to increase their bid. I advise buyers to really think hard about the offer they are going to submit, so they do not suffer any regrets --- "Oh no, we should have gone that extra $5,000!" Lastly, aside from the offer price, terms of the offer such as the down-payment and the closing date may influence a seller’s decision.
Markets do change with a host of variables including rates, the economy, inventory and even the weather. But the same reality holds for sellers as well as buyers. Homes get sold each and every day; your property won't sell if it isn't on the market. Whether you're a buyer or seller, you need an agent working on your behalf. Every day in this country approximately 20,504 new cars are purchased (7.5 million/365). To me that sounds like an awful lot of cars. In real estate, 13,205 houses are bought and sold each and every day as well. Please keep that in mind in the coming months...
*Best Example... In 2011, total sales in first three quarters was $361,371,996 with total residential property units (Single Family, Condo/Townhouse & Multi-Family Homes) equaling 383. In the same first three quarters of 2012. total sales are $427,751,252 with total residential property units equaling 438. The difference from 2011 to 2012 is an increase of 18% in total dollars and an increase of 15% of residential units/properties. In all likelihood we will exceed 2011 numbers substantially.
Arlington total sales in 2011 were $476,588.201. Of that, 24% or $115,186,205 in sales occurred in Q4 2011. Additionally, There were 506 total properties sold (Single Family, Condo/Townhouses & Multi Family Homes) sold; 123 units or 24% were sold in the Q4 2011. If housing sales continue the same in 2012, we will exceed last year’s total sales.
Written by Adam Rosenbaum, REALTOR® with Century 21 Adams KC
Contributions by James Trano, REALTOR® with Century 21 Adams KC
*Total sold dollars and total properties per MLSPIN
The numbers are in - the housing market in Arlington is booming!
The number of homes sold in the third quarter has increased each year for the past three years. In a year to date comparison with 2011, 34 more single family homes (232) have sold this year, 11 more multi-families (30) and the same number of condo/townhouses ( 171).
These home sale stats clearly show a strong Arlington real estate marketplace. In fact, Boston and many of its suburbs have experienced growth markets. But Arlington continues to outpace the majority of marketplaces in the country. Recent news articles are citing that home prices are expected to increase in the coming months, thanks in large part to a growing number of home buyers taking advantage of low interest rates – an incredible 3.25% 30 year fixed rate as of the writing of this blog. Buyers are recognizing that home values have been appreciating and, along with the low rates, have decided that now may be the right time to buy.
As for home sellers, if you have been waiting to sell, fearing your home market values may not be as high as they were in the past... now may be your opportunity. The growing number of buyers in our marketplace wanting to take advantage of the historically low interest rates has created demand for your home and therefore raised your home’s value.
If you have considered selling your home, please contact Century 21 Adams KC at 781.648.6900 for a free home market evaluation. Our agents are dedicated professionals with the skills, knowledge, experience, tools and support to bring you success!
*For more detailed Sales Market Information on Arlington and surrounding communities... click here
75 Park Avenue - Arlington MA 02476 - 781.648.6900
August 31,2012 - It’s a good thing, really it is… Recent articles in national news and the Boston Globe are indicating that the market is getting stronger. This means that Home Owners are feeling more comfortable about selling their homes, now that home value/prices have improved.
I know what you must be thinking, “How can having home prices improve for the Home Seller, also be good for the Home Buyer?” With very little inventory, homes that were (or are) for sale had inflated prices. When inventory is low, the demand is high and so are home prices. This can be good or bad for the seller. Homes with value, sell quickly and for a great price (sf homes, condos, multi-family homes). While other properties remained on market far too long and when this happens, homes sell below market value, and may impact other home values in the surrounding area. When sellers fear their home will sell below their expectations, they wait, and the home market pool shrinks.
We're seeing a correction in the market price, home values began improving in the past 12 months. Homeowners encouraged by recent real estate news may want to sell their properties with renewed confidence. A seller generally has a few reasons for wanting to sell; down-sizing, moving or upgrading. With this renewed confidence, the pool of available homes should improve, making a positive impact on the economy and more importantly, your buyer selection.
You will find articles indicating that home values are expected to rise upwards of 10% in the coming year. Nothing is written in stone… Prices are subject solely to the U.S. economy, employment rate, investments, consumer confidence, but also the world economy. Presently, mortgage interest rates are low, the lowest I’ve seen in my lifetime…I’m 43.
Don’t get caught “not” looking; it’s important to get out there and work closely with your REALTOR®, “That would be me!” :-D
Recent Mortgage Rates:
3.50% 30 year
3.50% 20 Year
2.99% 15 Year
3.25% 30 Year
4.125% 30 Year
2.99% 5/1 Jumbo ARM
3.375% 15 Year 4% 15/1 JUMBO ARM (Fixed for 15 years and then adjusts each year after)
(**Rates are subject to change based upon home buyers credit score and other factors)
National Association of REALTORS® - http://bit.ly/UgQtAX
Boston Business Journal - http://bit.ly/Pv4Nqn
Boston Globe - http://bo.st/OvLurV
My name is James Trano, REALTOR® with Century 21 Adams KC, Arlington, MA. Several weeks ago I decided to join Easter Seals’ fundraising event, “Walk With We”. I had the pleasure of supporting Easter Seals by raising donations for the many programs provided to individuals with various disabilities
The event, a 5 kilometer walk around Castle Island, brought together individuals from around the Boston area. In attendance were community groups, families (who benefit from Easter Seals programs) and local companies. Each of them were there to raise money for the many programs bringing relief to families in need. The starting ceremony introduced several Easter Seals Walk With Me Ambassadors; children and adults who are benefit from Easter Seals’ programs and services.
The event began at 9am, bright blue sky on what one would call a picturesque day. Before we began, my son’s and I, were greeted by the Easter Seals staff st the registration table. While waiting for the walk to begin we were given refreshments–apples, oranges, bananas and water. As we were enjoying our snacks, members of Easter Seals went on stage to address the crowd, while a D.J. played music. The crowd was a mix of children and adults, ready to walk for a cause they believed in. It was pleasure being there and meeting so many individuals supporting a worthy charity. We listened to members of Easter Seals explain how our participation helps those in need, including hearing from some of those benefiting from the Easter Seals programs. Each person that spoke gave the crowd reason to cheer. One of the ambassadors was Matthew Williams, a wheel-chair bound 27 year old with Cerebral Palsy. Through the support of Easter Seals, he has learned to use a computer independently. In an online article, Matthew Commented “When I think of Easter Seals, I think: Empowerment, Ability, and Independence! Without Easter Seals on my team, I would not be able to live my life to its fullest extent.” Read more.
Easter Seals “Walk With Me” set a goal of $30,000 to achieve for the Boston event. Proudly, they reached this goal and exceeded it by 30.1%, reaching $43,338. Century 21 Adams KC proudly participates in local and national charity events. It was an great day and I look forward to being involved again next year.
If you would like to continue making donations to support Easter Seals, please visit our company fundraising page at the following address… Century 21 Adams KC – Easter Seals Fundraising