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      Blog :: 03-2018

      99% of Experts Agree: Home Prices Will Increase

      99% of Experts Agree: Home Prices Will Increase | MyKCM

      Some believe that the combined effects of the new tax code and rising mortgage rates will have an adverse impact on residential real estate prices in 2018. However, the clear majority of recently surveyed housing experts believe that home values will continue to rise this year.

      What is the Home Price Expectation Survey?

      Each quarter, Pulsenomics surveys a nationwide panel of economists, real estate experts and investment & market strategists. Those surveyed include experts such as:

      • Daniel Bachman, Senior Manager, U.S. Economics at Deloitte Services, LP
      • Kathy Bostjancic, Head of U.S. Macro Investors Service at Oxford Economics
      • David Downs, Real Estate Finance Professor at VCU
      • Edward Pinto, Resident Fellow at American Enterprise Institute
      • Albert Saiz, Director at MIT Center for Real Estate

      Where do these experts see home values headed in 2018?

      Here is a breakdown of where they see home values twelve months from now:

      • 21.6% believe prices will appreciate by 6% or more
      • 71.6% believe prices will appreciate between 3 and 5.99%
      • 5.7% believe prices will appreciate between 0 and 2.99%
      • Only 1.1% believe prices will depreciate

      Bottom Line

      Almost ninety-nine percent of the top experts studying residential real estate believe that prices will appreciate this year, and over 93% believe home values will appreciate by at least 3%.

      7 Factors to Consider When Choosing A Home to Retire In

      7 Factors to Consider When Choosing A Home to Retire In | MyKCM

      As more and more baby boomers enter retirement age, the question of whether or not to sell their homes and move will become a hot topic. In today’s housing market climate, with low available inventory in the starter and trade-up home categories, it makes sense to evaluate your home’s ability to adapt to your needs in retirement.

      According to the National Association of Exclusive Buyers Agents (NAEBA), there are 7 factors that you should consider when choosing your retirement home.

      1. Affordability

      “It may be easy enough to purchase your home today but think long-term about your monthly costs. Account for property taxes, insurance, HOA fees, utilities – all the things that will be due whether or not you have a mortgage on the property.

      Would a move to a complex with homeowner association fees actually be cheaper than having to hire all the contractors you would need to maintain your home, lawn, etc.? Would your taxes go down significantly if you relocated? What is your monthly income going to be like in retirement?

      2. Equity

      “If you have equity in your current home, you may be able to apply it to the purchase of your next home. Maintaining a healthy amount of home equity gives you a source of emergency funds to tap, via a home equity loan or reverse mortgage.”

      The equity you have in your current home may be enough to purchase your retirement home with little to no mortgage. Homeowners in the US gained an average of over $14,000 in equity last year.

      3. Maintenance

      “As we age, our tolerance for cleaning gutters, raking leaves and shoveling snow can go right out the window. A condominium with low-maintenance needs can be a literal lifesaver, if your health or physical abilities decline.”

      As we mentioned earlier, would a condo with an HOA fee be worth the added peace of mind of not having to do the maintenance work yourself?

      4. Security

      “Elderly homeowners can be targets for scams or break-ins. Living in a home with security features, such as a manned gate house, resident-only access and a security system can bring peace of mind.”

      As scary as that thought may be, any additional security and an extra set of eyes looking out for you will always add to peace of mind.

      5. Pets

      “Renting won’t do if the dog can’t come too! The companionship of pets can provide emotional and physical benefits.”

      Evaluate all of your options when it comes to bringing your ‘furever’ friend with you to a new home. Will there be necessary additional deposits if you are renting or in a condo? Is the backyard fenced in? How far are you from your favorite veterinarian?

      6. Mobility

      “No one wants to picture themselves in a wheelchair or a walker, but the home layout must be able to accommodate limited mobility.”

      Sixty is the new 40, right? People are living longer and are more active in retirement, but that doesn’t mean that down the road you won’t need your home to be more accessible. Installing handrails and making sure your hallways and doorways are wide enough may be a good reason to look for a home that was built to accommodate these needs.

      7. Convenience

      “Is the new home close to the golf course, or to shopping and dining? Do you have amenities within easy walking distance? This can add to home value!”

      How close are you to your children and grandchildren? Would relocating to a new area make visits with family easier or more frequent? Beyond being close to your favorite stores and restaurants, there are a lot of factors to consider.

      Bottom Line

      When it comes to your forever home, evaluating your current house for its ability to adapt with you as you age can be the first step to guaranteeing your comfort in retirement. If after considering all these factors you find yourself curious about your options, let’s get together to evaluate your ability to sell your house in today’s market and get you into your dream retirement home!

      Dreaming of a Luxury Home? Now's the Time!

      Dreaming of a Luxury Home? Now's the Time! | MyKCM

      If your house no longer fits your needs and you are planning on buying a luxury home, now is a great time to do so! Recently, the Institute for Luxury Home Marketing released its Luxury Market Report which showed that in today’s premium home market, buyers are in control.

      The inventory of homes for sale in the luxury market far exceeds the number of people searching to purchase these properties in many areas of the country. This means that homes are often staying on the market longer or can be found at a discount.

      Those who have a starter or trade-up home to sell will find buyers competing, and often entering bidding wars, to be able to call their house their new home.

      The sale of your starter or trade-up house will help you come up with a larger down payment for your new luxury home. Even a 5% down payment on a million-dollar home is $50,000.

      But not all who are buying luxury properties have a home to sell first.

      A recent Bloomberg article gave some insight into what many millennials are choosing to do:

      “A new generation of affluent homebuyers powered by a surge in inherited wealth is driving the luxury-home market, demanding larger spaces and fancier finishes, according to a report heralding ‘the rise of the new aristocracy.’”

      Bottom Line

      The best time to sell anything is when demand is high, and supply is low. If you are currently in a starter or trade-up house that no longer fits your needs and you are looking to step into a luxury home, now’s the time to list your house for sale and make your dreams come true.

      4 Reasons Spring is a Great Time to Buy a Home!

      4 Reasons Spring is a Great Time to Buy a Home! | MyKCM

      Here are four great reasons to consider buying a home today instead of waiting.

      Prices Will Continue to Rise

      CoreLogic’s latest Home Price Index reports that home prices have appreciated by 6.6% over the last 12 months. The same report predicts that prices will continue to increase at a rate of 4.3% over the next year.

      The bottom in home prices has come and gone. Home values will continue to appreciate for years. Waiting no longer makes sense.

      Mortgage Interest Rates Are Projected to Increase

      Freddie Mac’s Primary Mortgage Market Survey shows that interest rates for a 30-year mortgage hovered close to 4.0% in 2017. Most experts predict that rates will rise over the next 12 months. The Mortgage Bankers Association, Fannie Mae, Freddie Mac and the National Association of Realtors are in unison, projecting that rates will increase by nearly a full percentage point by this time next year.

      An increase in rates will impact YOUR monthly mortgage payment. A year from now, your housing expense will increase if a mortgage is necessary to buy your next home.

      Either Way, You Are Paying a Mortgage

      There are some renters who have not yet purchased a home because they are uncomfortable taking on the obligation of a mortgage. Everyone should realize that unless you are living with your parents rent-free, you are paying a mortgage – either yours or your landlord’s.

      As an owner, your mortgage payment is a form of ‘forced savings’ that allows you to have equity in your home that you can tap into later in life. As a renter, you guarantee your landlord is the person with that equity.

      Are you ready to put your housing cost to work for you?

      It’s Time to Move on with Your Life

      The ‘cost’ of a home is determined by two major components: the price of the home and the current mortgage rate. It appears that both are on the rise.

      But what if they weren’t? Would you wait?

      Look at the actual reason you are buying and decide if it is worth waiting. Whether you want to have a great place for your children to grow up, you want your family to be safer, or you just want to have control over renovations, maybe now is the time to buy.

      If the right thing for you and your family is to purchase a home this year, buying sooner rather than later could lead to substantial savings.

      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!

      Competition is Coming, Are You Thinking of Selling Your Home?

      Competition is Coming, Are You Thinking of Selling Your Home? | MyKCM

      The number of building permits issued for single-family homes is the best indicator of how many newly built homes will rise over the next few months. According to the latest U.S. Census Bureau and U.S. Department of Housing & Urban Development Residential Sales Report, the number of these permits were up 7.4% over last year.

      How will this impact buyers?

      More inventory means more options. Lawrence Yun, NAR’s Chief Economistexplained this is good news for the housing market – especially for those looking to buy:

      “This rise in single-family housing construction will help tame home price growth, and the increase in multifamily units should continue to help slow rent growth.”

      How will this impact sellers?

      More inventory means more competition. Today, because of the tremendous lack of inventory, a seller can expect:

      1. A great price on their home as buyers outbid each other for it
      2. A quick sale as buyers have so little to choose from
      3. Fewer hassles as buyers don’t want to “rock the boat” on the deal

      With an increase in competition, the seller may not enjoy these same benefits. As Chief EconomistNela Richardson, added:

      “Because existing home inventory has been so low for so long, new construction is taking a larger share of the market…Builders meet the buyers and see the demand firsthand.”

      Bottom Line

      If you are considering selling your house, you’ll want to beat this new competition to market to ensure you get the most attention for your listing and the best price.

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        Housing Market Expected To “Spring Forward” This Year

        Just like our clocks this weekend in the majority of the country, the housing market will soon “spring forward!” Similar to tension in a spring, the lack of inventory available for sale in the market right now is what is holding back the market.

        Many potential sellers believe that waiting until Spring is in their best interest, and traditionally they would have been right.

        Buyer demand has seasonality to it, which usually falls off in the winter months, especially in areas of the country impacted by arctic temperatures and conditions.

        That hasn’t happened this year.

        Demand for housing has remained strong as mortgage rates have remained near historic lows. Even with the recent increase in rates, buyers are still able to lock in an affordable monthly payment. Many more buyers are jumping off the fence and into the market to secure a lower rate.

        The National Association of Realtors (NAR) recently reported that the top 10 dates sellers listed their homes in 2017 all fell in April, May, or June.

        Those who act quickly and list now could benefit greatly from additional exposure to buyers prior to a flood of more competition coming to market in the next few months.

        Bottom Line

        If you are planning on selling your home in 2018, let’s get together to evaluate the opportunities in our market.

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