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      My New Company

      I have recently moved my business to be affiliated with COMPASS.  They are a new hybrid of real estate company that is part proprietary technology company and part traditional real estate firm.  The proprietary technology puts our group light years ahead of those that are relegated to the past, while also providing outstanding personal service to the customer.  This is the combination that I was looking for as my own company's sales vehicle, as I am totally on-board with excellent communication and customer service.  COMPASS provides every high tech sales tool that we were sorely lacking as independent Brokers.  We are proud to be a part of this company and I intend to pass every advantage that we have gained on to our customers.  Welcome to a new era in Boston real estate!

      Are Home Values Really Overinflated?

      Are Home Values Really Overinflated? | MyKCM

      Last week, the National Association of Realtors (NAR) released their most recent Existing Home Sales Report. According to the report:

      “The median existing-home price for all housing types in January was $240,500, up 5.8 percent from January 2017 ($227,300). January’s price increase marks the 71st straight month of year-over-year gains.”

      Seventy-one consecutive months of price increases may have some concerned that current home values may be overinflated.

      However, at the same time, Zillow issued a press release which revealed:

      “If the housing bubble and bust had not happened, and home values had instead appreciated at a steady pace, the median home value would be higher than its current value.”

      Here are two graphs that help show why home prices are exactly where they should be.

      The first graph shows actual median home sales prices from 2000 through 2017.

      Are Home Values Really Overinflated? | MyKCM

      By itself, this graph could heighten concerns as it shows home values rose in the early 2000s, came tumbling down and are now headed up again. It gives the feel of a rollercoaster ride that is about to take another turn downward.

      However, if we also include where prices would naturally be, had there not been a boom & bust, we see a different story.

      Are Home Values Really Overinflated? | MyKCM

      The blue bars on this graph represent were prices would be if they had increased by the normal annual appreciation rate (3.6%). By adding 3.6% to the actual 2000 price and repeating that for each subsequent year, we can see that prices were overvalued during the boom, undervalued during the bust, and a little bit LOWER than where they should be right now.

      Bottom Line

      Based on historic appreciation levels, we should be very comfortable that current home values are not overinflated.

      Where Are Mortgage Interest Rates Headed in 2018?

      Where Are Mortgage Interest Rates Headed in 2018? | MyKCM

      The interest rate you pay on your home mortgage has a direct impact on your monthly payment. The higher the rate the greater the payment will be. That is why it is important to know where rates are headed when deciding to start your home search.

      Below is a chart created using  Freddie Mac’s U.S. Economic & Housing Marketing Outlook.  As you can see, interest rates are projected to increase steadily over the course of the next 12 months.

      Where Are Interest Rates Headed? | MyKCM

      How Will This Impact Your Mortgage Payment?

      Depending on the amount of the loan that you secure, a half of a percent (.5%) increase in interest rate can increase your monthly mortgage payment significantly.

      According to CoreLogic’s latest Home Price Index, national home prices have appreciated 7.0% from this time last year and are predicted to be 4.2% higher next year.

      If both the predictions of home price and interest rate increases become reality, families would wind up paying considerably more for their next home.

      Bottom Line 

      Even a small increase in interest rate can impact your family’s wealth. Let’s get together to evaluate your ability to purchase your dream home

      If You're Considering Selling, ACT NOW!!

      If You're Considering Selling, ACT NOW!! | MyKCM

      Definitely an aggressive headline. However, as the final data on the 2017 housing market rolls in, we can definitely say one thing: If you are considering selling, IT IS TIME TO LIST YOUR HOME!

      How did we finish 2017?

      1. New-home sales were at their highest level in a decade.
      2. Sales of previously owned homes were at their highest level in more than a decade.
      3. Starts of single-family homes were their strongest in a decade and applications to build such properties advanced to the fastest pace since August 2007.

      And Bloomberg Business just reported:

      “America’s housing market is gearing up for a robust year ahead. Builders are more optimistic, demand is strong and lean inventory is keeping prices elevated.”

      And the National Association of Realtors revealed that buyer traffic is stronger this winter than it was during the spring buying season last year.

      The only challenge to the market is a severe lack of inventory. A balanced market would have a full six-month supply of homes for sale. Currently, there is less than a four-month supply of inventory. This represents a decrease in supply of 9.7% from the same time last year.

      Bottom Line

      With demand increasing and supply dropping, this may be the perfect time to get the best price for your home. Let’s get together to see whether that is the case in your neighborhood.


      Buying or Selling in 2018? 5 Reasons to Resolve to Hire a Pro [INFOGRAPHIC]

      Buying or Selling in 2018? 5 Reasons to Resolve to Hire a Pro [INFOGRAPHIC] | MyKCM

      Some Highlights:

      • As we usher in the new year, one thing is for certain… if you plan to buy or sell a house this year, you need a real estate professional on your team!
      • There are many benefits to using a local professional!
      • Pick a professional who knows your local market and can help you achieve your dreams!


      Home Prices Up 6.54% Across the Country! [INFOGRAPHIC]

      Home Prices Up 6.54% Across the Country! [INFOGRAPHIC] | MyKCM

      Some Highlights:

      • The Federal Housing Finance Agency (FHFA) recently released their latest Quarterly Home Price Index report.
      • In the report, home prices are compared both regionally and by state.
      • Based on the latest numbers, if you plan on relocating to another state, waiting to move may end up costing you more!

      What is the Cost of Waiting Until Next Year to Buy?


      What is the Cost of Waiting Until Next Year to Buy? | MyKCM

      We recently shared that over the course of the last 12 months, home prices have appreciated by 7.0%. Over the same amount of time, interest rates have remained historically low which has allowed many buyers to enter the market.

      As a seller, you will likely be most concerned about ‘short-term price’ – where home values are headed over the next six months. As a buyer, however, you must not be concerned about price, but instead about the ‘long-term cost’ of the home.

      The Mortgage Bankers Association (MBA), Freddie Mac, and Fannie Mae all project that mortgage interest rates will increase by this time next year. According to CoreLogic’s most recent Home Price Index Report, home prices will appreciate by 4.7% over the next 12 months.

      What Does This Mean as a Buyer?

      If home prices appreciate by 4.7% over the next twelve months as predicted by CoreLogic, here is a simple demonstration of the impact that an increase in interest rate would have on the mortgage payment of a home selling for approximately $250,000 today:

      What is the Cost of Waiting Until Next Year to Buy? | MyKCM

      Bottom Line

      If buying a home is in your plan for 2018, doing it sooner rather than later could save you thousands of dollars over the terms of your loan.

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      Feeling ?Stuck in Place'? You Aren't Alone? And There's Hope!

      Feeling 'Stuck in Place'? You Aren't Alone... And There's Hope! | MyKCM

      Whether you are a renter who is searching for your dream home or a homeowner who feels like your only option is to renovate, you have at least one thing in common: feeling stuck in place.

      According to data from the National Association of Realtors’ Profile of Home Buyers & Sellers, the average amount of time that a family stays in their home remained at 10 years in 2017. This mark ties the highest marks set in 2014 and 2016. Back in 1985, when data was first collected on this subject, homeowners stayed in their homes for an average of only 5 years.

      There are many reasons why homeowners have decided to stay and not to sell. A recent Wall Street Journal article had this to say,

      “Americans aren’t moving in part because inventory levels have fallen near multidecade lows and home prices have risen to records. Many homeowners are choosing to stay and renovate, in turn making it more difficult for renters to enter the market.” 

      Sam Khater, Deputy Chief Economist for CoreLogic, equated the lack of inventory to “not having enough oil in your car and your gears slowly [coming] to a grind.”

      Historically, a normal market (in which prices increase at the rate of inflation) requires a 6-7 month supply of inventory. There hasn’t been that much supply since August of 2012! Over the course of the last 12 months, inventory has hovered between a 3.5 to 4.4-month supply, meaning that prices have increased and buyers are still out in force!

      Challenges in the new-home construction market have “helped create a bottleneck in the market in which owners of starter homes aren’t trading up to newly built homes, which tend to be pricier, in turn creating a squeeze for millennial renters looking to get into the market.”

      “Economists said baby boomers also aren’t in a hurry to trade in the dream homes they moved into in middle age for condominiums or senior living communities because many are staying healthy longer or want to remain near their children.”

      So, what can you do if you feel stuck & want to move on?

      Don’t give up! If you are looking to move-up to an existing luxury home, there are deals to be had in the higher-priced markets. Demand is strong in the starter and trade-up home markets which means that your house will sell quickly. Let’s work together to build in contingencies that allow you more time to find your dream home; the right buyer will wait.

      Low Inventory Causes Home Prices to Maintain Fast Growth

      Low Inventory Causes Home Prices to Maintain Fast Growth | MyKCM

      The National Association of Realtors (NAR) released their latest Quarterly Metro Home Price Report last week. The report revealed that severely lacking inventory across the country drained sales growth and kept home prices rising at a steady clip in nearly all metro areas. Home prices rose 5.3% over the last quarter across all metros.

      Lawrence Yun, Chief Economist at NAR, discussed the impact of low inventory on buyers in the report:

      “Unfortunately, the pace of new listings were unable to replace what was quickly sold. Home shoppers had little to choose from, and many had to outbid others in order to close on a home. The end result was a slowdown in sales from earlier in the year, steadfast price growth and weakening affordability conditions.”

      What this means to sellers

      Rising prices are a homeowner’s best friend. As reported by the Washington Post in a recent article post:

      “The rise in median sales prices has made current homeowners much more willing to sell their home, and that willingness is one of the main drivers behind the inventory that does make it on to the market. While it hasn’t been enough to meet demand, it has made the situation much better, compared with even three or four years ago.”

      What this means to buyers

      In a market where prices are rising, buyers should take into account the cost of waiting. Obviously, they will pay more for the same house later this year or next year. However, as Construction Dive reported, the amount of cash needed to purchase that home will also increase.

      “These factors have created a situation where the market keeps moving the goalposts in terms of the down payment necessary for first-time homebuyers to get into a home.”

      Bottom Line 

      If you’re thinking of selling and moving down, waiting might make sense. If you are a first-time buyer or a seller thinking of moving up, waiting probably doesn’t make sense.

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