Buying

2016 Real Estate Review & 2017 Forecast

2016 was a whirlwind year and with no seasonal slow-down in December! In fact, a new report by the National Association of REALTORS® (NAR) shows existing-home sales in October zoomed to the highest annualized pace in nearly a decade. All major regions saw an increase in sales in November as well.

An improving economy and lowering rates of unemployment promise steady growth, and two major demographic shifts promise to drive sales for years to come - the entry of millennials as first-time homebuyers and the large group of people reaching retirement age. "We are now in the midst of two massive demographic waves that will power above-average demand for homes for at least the next 10 years," says Jonathan Smoke, realtor.com's chief economist.

And while home prices have gone up, existing home prices have risen a moderate 2.1% in the Northeast overall compared to last year (NAR). Placing these numbers in perspective, the increase during the same time in the US overall is 5.6%, with increases of 5.9% in the Midwest, 6.6% in the South, and 8.1% in the West!

Locally, the latest numbers from the Greater Boston Association of Realtors (GBAR) show a 3.1% increase in median sales prices for all properties in Bedford, with sellers receiving 98% of their original list price. So while the trajectory of home prices is certainly rising, it’s at a moderate, steady climb. And the key indicator to watch is the mortgage rates, which are predicted to rise slightly throughout 2017 based on Freddie Mac's projections, with this anticipated increase inspiring continued buyer activity through the winter.

So, there's a place for both buyers and sellers to succeed as we launch into 2017 and I invite you to take advantage of the skill and experience of the Suzanne & Company team to get the best possible results for you and your family to make it a truly happy new year!


 

If You Can't Stand the Linoleum, Get It Out Of The Kitchen

Kitchens, oh, kitchens. Also known as the "heart of the home", the "deal breaker", or the "big ticket item". No matter what, they are a big deal, even if you can’t fry an egg. Having friends over? You're in the kitchen. Hosting the holidays? That’s where you'll be catching up with family over a glass of wine while tending the turkey in the oven.

Perhaps it’s a mix of elements that have changed our culture — women are spending more time working outside the home, men are also cooking, and family interactions are increasingly informal, so living rooms have merged with the eating area to accommodate a more casual lifestyle. However you look at it, the outcome is the same — we long for a more cohesive environment at home and that is often top priority in home buyers’ search criteria.

All that said, in New England, the average home is at least 40 years old. And values have risen significantly over the past couple of years, leaving very little room in our pockets for major renovations. Buyers often find themselves in the situation of purchasing an older house in order to move to the desired location or to acquire the amount of space desired. To update these homes, many can attest kitchen renovations can be a financial nightmare, washing those bright Pinterest board dreams down the drain.

Luckily, we are surrounded by friends and clients who prove that wonderful things can be done on a budget with lots of creativity and a bit of that infamous sweat equity. When working on the idea for this post (after recently completing my own kitchen rehab), I reached out to two great examples of a kitchen facelift: Lizzie McGlinchey and Andrea Vana. With the support of their families, great taste, and a modest investment, they turned their kitchens into the centerpiece of their homes, and we're happy to highlight their hard work here.


Lizzie's project, in her own words:

When my husband and I first toured our house, we had three main takeaways: the neighborhood was great, the house was well-built, and the kitchen needed work. We knew we could change the kitchen, though, and given that things like poor location and build quality were deal breakers for us, we made an offer right away.

Within the first few weeks of living in our new house, though, we realized we had to do something to make the kitchen more functional and frankly, less hideous! Since we didn't have the budget to do a full renovation right away, we decided to make as many visual, non-structural upgrades as we could, like replacing appliances, installing a new backsplash, and switching out the vinyl floor for hardwood.

Because we did the bulk of the work ourselves, we completed our kitchen makeover in just a couple of weeks and we saved a ton of money. Here are our 4 tips for homeowners looking to do the same!

  • If your cabinets are in decent shape, a fresh coat of paint and new hardware can make them look and feel like new.
  • Consider butcher block as an affordable countertop option. It looks great and is easy to cut to accommodate your kitchen's layout.
  • If you need new appliances, try to buy them all from the same brand — you can often get a bundle discount or rebate.
  • Don't be afraid to do the work yourself. We hired an electrician and plumber to make sure our new appliances were safely installed, but YouTube and handy family members helped guide us through the rest of the work.

Lizzie's completed project:

Andrea’s take on her renovation adventure — here's what we started with:

First, we removed the peninsula from the wall and anchored it in the center of the room to create an island. Then we painted the cabinets. The wood was in good shape, but the cabinets looked dated and dingy. The countertops and the peninsula were all chipped and dated red laminate, which we replaced with granite. While we loved the look of the various types of white marble, it was way too expensive and it wasn't as functional for a kitchen space (for us anyway). We ended up going with fantasy brown granite. It has that marble look to it with a bit more character and was a whole lot cheaper. I was worried it would be too much brown, but I love it. And I decided to switch things up for the island and ended up choosing a cherry wood top there. It really warms up the space.

We also got new appliances — fridge, dishwasher, sink, and faucet. The fridge was from a scratch and dent store, was very inexpensive, and we have yet to find a scratch or dent on it! The Kohler farmhouse sink was a big purchase, but we love it. I had my heart set on the champagne bronze Delta faucet, and even though my husband was skeptical, he trusted me and now he loves the look. Once all of that work was done, we needed some pendant lights over the island to really finish the space, and we got those at IKEA.

Andrea's completed kitchen:

As a Realtor who works exclusively with home buyers, I often see this topic come up as a challenge in my client’s home search. Exercising creativity, suggesting alternative solutions to ugly countertops and, above all, educating clients to see through the cosmetic challenges while focusing on the real priorities is my full-time job.

My point is that new home buyers should not give up on a great location and space because the house comes with a "vintage" oven or ugly linoleum.

There’s nothing more rewarding than seeing the before and after photos above, and I am certain their sense of accomplishment more than makes up for any fancy soft-closing cabinet brand’s reviews online.

Incredible job Lizzie, Kyle, Andrea and Evan!

Thais Collins, Realtor • Buyer Specialist • Suzanne & Company

Cottages at Depot Crossing offering Sales Incentive This Weekend Only!

This weekend our builders at the Cottages at Depot Crossing project in Bedford are motivated to get 2 more units under agreement and they're offering some enticing incentives to do so! 

The first home to go under agreement by Monday, Nov 14 will receive two years worth of free condo fees and the second one after that will get one year worth of free condo fees.

We're hosting an open house Saturday, Nov 12 from 2 to 3pm at the site, which is located near 156 South Road in Bedford — you can't miss the Cottages sign! Come on out and see what all the excitement is about and take advantage of this great opportunity!

Customization and upgrade options are still available on the next 2 units to sell. Contact us with any questions — 781.275.2156.

Hope to see you there!

Building with Today's Buyers in Mind -- Cottages at Depot Crossing

One of our most exciting projects at Suzanne & Company this year is The Cottages at Depot Crossing, a green sustainable condominium community. We are honored and excited to be a part of this groundbreaking project from the beginning. The developer is a former client, and they approached us to market the units, advise on pricing, design [...]

Tips to Buy a Home in a Hot Market

While I'm very aware of the limited inventory of homes for sale in the area and the high level of competition among buyers for the available properties, if you're interested in buying and you base your decision to start looking only on the barrage of media reports lately, you're most likely to give up, close yourself in a dark room and start [...]

Do You Really Want a "One Click" Mortgage?

I was talking with a mortgage broker friend the other day and remarking on the dramatic increase we're seeing in online banks offering "one click" mortgage approvals. While it may seem to be just another one of the many conveniences made available via technology, we both expressed concern about this trend. And I got a real jolt when I saw [...]

Real Estate: 2015 Review and 2016 Forecast

As you may recall, 2015 started out hot, then hit a deep freeze buried under record levels of snow, which extended the spring market into summer more than usual. Since?then, the market is beginning to become more balanced, with overpriced properties lingering on the market and experiencing rounds of price drops?before going under [...]

Dreaming of a New Home? Buy it Now!

As we're enjoying the crisp, sunny days of autumn and the multitude of school and seasonal activities, it may be easy to push looking for that new home off until spring. If you're leaning in that direction, I'd like to share a couple articles outlining the benefits to buying in the fall — from [...]