Real Estate News

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!


 

Election's Impact on Local Real Estate

After a surprising evening and a roller coaster of emotions, some of our clients and friends have reached out to our team with questions about where the market will head after the results of last night’s presidential election.

As real estate professionals, we partner with some of the most knowledgeable lenders and financial advisors in our area, so this morning we contacted some of them to get their take on the current scenario and what the new few months – and years — may look like under Donald Trump’s presidency.

We all know this election was divisive. We witnessed the interactions among friends on social media and in the traditional media outlets as well. With that, a strong market reaction was expected, regardless of its outcome.

Craig Tashijian, Senior Mortgage Consultant with Fairway Mortgage shares:

"As the election results were coming in the stock markets around the world were dropping, and once the final results were in early this morning, the markets began to stabilize. Wall Street likes consistency and stability so the business world can make strategic plans. That said, the business world adapts to the party in power and will make decisions to lead to the growth and profitability of their respective companies.

I see a continued low-interest rate environment and a strong real estate market in 2017 and beyond. We have a strong diverse economy in Massachusetts which will provide good paying jobs to help fuel the real estate market."

And from Andria Dolce, Loan Officer at Radius Financial Group:

"Today we find ourselves dealing with what a Trump presidency means. Understand that the reason for volatility in the market right now is not because Trump won or Clinton lost — it is because it was unexpected. Volatility stems from uncertainty. When we look at the housing market, we have to look at the long term — nothing will happen overnight, so we'll have time to react and plan. It will always be a good idea to buy your dream home, or invest in real estate, so my advice would be to not take one volatile day, week, or month and have that dictate the rest of your future. We will always be able to achieve the American Dream."

What we heard overall is that historically, the election has no negative impact on market performance over the long term and come January, the dust will have settled, Donald Trump’s policies will be in place, and then we'll be able to see the picture in a clearer way.

We encourage everyone to keep in mind that, no matter what your political position, we must look ahead in unity. Real estate isn’t only or always about business. We seek to strengthen our community, to embrace the challenges as a group in our neighborhoods, towns, and workplaces. Let’s continue to work from the ground up to build the villages we love.

Thais Collins and the team at Suzanne & Company

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 [...]

Suzanne on Real Estate Radio Boston Sat @ 8pm

Broadcast alert!

In my capacity as broker/owner of Suzanne & Company and a member of the Massachusetts Association of Realtors and Greater Boston Real Estate Board, I taped a segment for Real Estate Radio Boston with Rick Scherer and Ali Alavi earlier this week. We discussed a wide range of topics, including top real estate tips, teams and [...]

Tax benefits for homeowners? You bet!

If you are thinking about buying a home and running the numbers to ensure you maintain a workable budget, be sure to factor in the tax benefits of owning a home, which many people overlook. This article lists many of the eligible deductions, including the cost of mortgage interest (which can be as much as two-thirds of your mortgage payment in the beginning!), mortgage points paid at closing, property taxes and the cost of private mortgage insurance (often required if your down payment is less than 20% of the purchase price) -- which can provide significant savings.

In addition, there are tax credits offered for energy efficient home improvements. And perhaps best of all, when you're ready to sell, there's a capital gains exclusion on the profits of your sale of up to $500,000 (filing jointly), allowing you to keep more of your hard-earned return on your investment!

As with all financial and tax matters, these are some basic guidelines -- to get a specific picture of how these deductions can work to your advantage, be sure to speak with a tax professional. Once you do, if you'd like to start looking at some properties, please be in touch!

How to navigate a hot spring market

Wow! Once things got going in the real estate market this spring, they really took off! As evidenced in this article I came across in the Boston Business Journal , not only is the market hot, but prices are on the rise as well, making it a good time to sell. When homes are priced, staged and marketed correctly, they are going under agreement [...]

Suzanne & Company welcomes new buyer specialist Thais Collins!

Yes, it's true! Suzanne & Company continues to expand and I'm thrilled to welcome the latest new member of our team -- buyer specialist Thais Collins! We are fully staffed and looking forward to the opportunity to assist you, whether you're buying or selling. Here's more about Thais, and please call on her or any member of the team with any [...]

Taking January by Storm!

2015 is here! I am refreshed and excited to get back to business after a wonderful break!! Our last closing of 2014 was on New Year's Eve, and our first closing of the year took place last Monday! And yesterday I was negotiating an offer for a buyer via text and heard of two offers coming in on a listing, so we're off to a running [...]