Greater Boston Real Estate BlogRecently posted or modified blog posts in the category - Buying a Homehttps://www.sellinboston.com/blog/Copyright SellInBoston.com2024-03-27T18:03:35-07:00tag:sellinboston.com,2012-09-20:6950Does It Make Sense To Buy a Home Right Now?Does It Make Sense To Buy a Home Right Now?
<br /><img src="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20240319/20240320-Does-It-Make-Sense-To-Buy-a-Home-Right-Now.png" width="600" /><br /><br />
Thinking about <a href="https://www.simplifyingthemarket.com/en/2024/02/20/strategic-tips-for-buying-your-first-home/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">buying a home</a>? If so, you're probably wondering: should I buy now or wait? Nobody can make that decision for you, but here's some information that can help you decide.
What’s Next for Home Prices?
Each quarter, Fannie Mae and Pulsenomics publish the results of the Home Price Expectations Survey (HPES). It asks more than 100 experts—economists, real estate professionals, and investment and market strategists—what they think will happen with <a href="https://www.simplifyingthemarket.com/en/2024/02/22/expert-home-price-forecasts-for-2024-revised-up/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">home prices</a>.
In the <a href="https://www.fanniemae.com/newsroom/fannie-mae-news/q1-2024-home-price-expectations-survey" rel="noopener noreferrer" target="_blank">latest survey</a>, those experts say home prices are going to keep going up for the next five years (see graph below):
<a href="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20240319/20240320-Estimated-Home-Price-Performance.png" rel="noopener noreferrer" target="_blank"><img src="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20240319/20240320-Estimated-Home-Price-Performance.png" alt="a graph of green bars" /></a>
Here’s what all the green on this chart should tell you. They’re not expecting any price declines. Instead, they’re saying we’ll see a 3-4% rise each year.
And even though home prices aren’t expected to climb by as much in 2025 as they are 2024, keep in mind these increases can really add up over time. It works like this. If these experts are right and your home's value goes up by 3.78% this year, it's set to grow another 3.36% next year. And another 3.87% the year after that.
What Does This Mean for You?
Knowing that prices are forecasted to keep going up should make you feel good about <a href="https://www.simplifyingthemarket.com/en/2024/02/16/achieve-your-dream-of-homeownership-with-condos-and-townhomes-infographic/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">buying a home</a>. That’s because it means your home is an asset that’s projected to grow in value in the years ahead.
If you’re not convinced yet, maybe these numbers will get your attention. They show how a typical home’s value could change over the next few years using expert projections from the <a href="https://www.fanniemae.com/newsroom/fannie-mae-news/q1-2024-home-price-expectations-survey" rel="noopener noreferrer" target="_blank">HPES</a>. Check out the graph below:
<a href="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20240319/20240320--83385.png" rel="noopener noreferrer" target="_blank"><img src="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20240319/20240320--83385.png" alt="a graph of growth in a chart" /></a>
In this example, imagine you bought a home for $400,000 at the start of this year. Based on these projections, you could end up gaining over $83,000 in household wealth over the next five years as your home grows in value.
Of course, you could also wait – but if you do, buying a home is just going to end up costing you more.
Bottom Line
If you're thinking it's time to get your own place, and you’re ready and able to do so, buying now might make sense. Your home is expected to keep getting more valuable as <a href="https://www.simplifyingthemarket.com/en/2024/02/15/dont-let-the-latest-home-price-headlines-confuse-you/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">prices</a> go up. Let’s <a href="https://www.simplifyingthemarket.com/en/2024/02/28/why-you-want-an-agents-advice-for-your-move/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">team up</a> to start looking for your next home today.2024-03-25T06:00:00-07:002024-03-20T12:17:00-07:00Seth Williamstag:sellinboston.com,2012-09-20:6930Your Home Is a Powerful InvestmentYour Home Is a Powerful Investment
<br /><img src="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20240311/20240313-Your-Home-Is-a-Powerful-Investment.png" width="600" /><br /><br />
Going into 2023, there was a lot of talk about a possible <a href="https://www.simplifyingthemarket.com/en/2024/03/05/why-there-wont-be-a-recession-that-tanks-the-housing-market/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">recession</a> that would cause the housing market to crash. Some in the media were even forecasting home prices would drop by as much as 10-20%—and that might have made you feel a bit unsure about <a href="https://www.simplifyingthemarket.com/en/2024/02/16/achieve-your-dream-of-homeownership-with-condos-and-townhomes-infographic/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">buying a home</a>.
But here’s what actually happened: <a href="https://www.simplifyingthemarket.com/en/2024/02/15/dont-let-the-latest-home-price-headlines-confuse-you/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">home prices</a> went up more than usual. Brian D. Luke, Head of Commodities at S&P Dow Jones Indices, <a href="https://www.spglobal.com/spdji/en/documents/indexnews/announcements/20240227-1470765/1470765_cshomeprice-release-0227.pdf" rel="noopener noreferrer" target="_blank">explains</a>:
“Looking back at the year, 2023 appears to have exceeded average annual home price gains over the past 35 years.”
To put last year’s growth into context, the graph below uses <a href="https://www.freddiemac.com/research/indices/house-price-index" rel="noopener noreferrer" target="_blank">data</a> from Freddie Mac on how home prices have changed each year going back to 1980. The dotted line shows the long-term average for appreciation:
<a href="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20240311/20240313-Percent-of-Annual-Home-Appreciation.png" rel="noopener noreferrer" target="_blank"><img src="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20240311/20240313-Percent-of-Annual-Home-Appreciation.png" alt="a graph showing the average of a home appreciation" /></a>
The big takeaway? Home prices almost always go up.
As an article from Forbes <a href="https://www.forbes.com/sites/jimwang/2023/06/21/is-buying-a-home-really-a-good-investment/?sh=68dae57a4aab" rel="noopener noreferrer" target="_blank">says</a>:
“. . . the U.S. real estate market has a long and reliable history of increasing in value over time.”
In fact, since 1980, the only time home prices dropped was during the housing market crash (shown in red in the graph above). Fortunately, the <a href="https://www.simplifyingthemarket.com/en/2024/02/29/why-we-arent-headed-for-a-housing-crash/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">market today</a> isn’t like it was in 2008. For starters, there aren’t enough available homes to meet buyer demand right now. On top of that, homeowners have a tremendous amount of <a href="https://www.simplifyingthemarket.com/en/2024/02/08/home-equity-can-be-a-game-changer-when-you-sell/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">equity</a>, so they’re on much stronger footing than they were back then. That means there won’t be a wave of <a href="https://www.simplifyingthemarket.com/en/2024/02/02/theres-no-foreclosure-wave-in-sight-infographic/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">foreclosures</a> that causes prices to fall.
The fact that home values went up every single year except those four in red is why owning a home can be one of the smartest moves you can make. When you’re a homeowner, you own something that typically becomes more valuable over time. And as your home’s value appreciates, your <a href="https://www.simplifyingthemarket.com/en/2024/01/11/the-dramatic-impact-of-homeownership-on-net-worth/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">net worth grows</a>.
So, if you’re financially stable and prepared for the costs and expenses of homeownership, buying a home might make a lot of sense for you.
Bottom Line
Home prices almost always go up over time. That makes <a href="https://www.simplifyingthemarket.com/en/2024/02/20/strategic-tips-for-buying-your-first-home/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">buying a home</a> a smart move, if you’re ready and able. <a href="https://www.simplifyingthemarket.com/en/2024/02/28/why-you-want-an-agents-advice-for-your-move/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">Let’s connect</a> to talk about your goals and what’s available in our area.2024-03-20T06:00:00-07:002024-03-18T06:16:42-07:00Seth Williamstag:sellinboston.com,2012-09-20:6909A Local's Guide To Living In Cottage Hill, Winthrop MA<img src="https://assets.site-static.com/userfiles/1635/image/A_Locals_Guide_To_Living_In_Cottage_Hill_Winthrop_MA.png" width="750" height="375" alt="A Local's Guide To Living In Cottage Hill, Winthrop MA" title="A Local's Guide To Living In Cottage Hill, Winthrop MA" />
As one explores Cottage Hill in <a href="https://www.sellinboston.com/boston-ma/winthrop/" target="_blank">Winthrop, MA</a>, they are greeted by sweeping views of the ocean that seem to stretch endlessly into the distance. This wonderful neighborhood emanates a picturesque atmosphere that evokes a sense of peace and nostalgia. Nestled amidst the captivating sea views are one-of-a-kind historic homes, each with its own unique story to tell. For adults seeking to purchase homes in Cottage Hill and gain deeper insights into the area, the neighborhood offers a timeless experience of Massachusetts living.
Table of Contents
<a href="https://www.sellinboston.com/#link-1"> Life in Cottage Hill</a>
<a href="https://www.sellinboston.com/#link-2"> Cottage Hill Real Estate</a>
<a href="https://www.sellinboston.com/#link-3"> Cottage Hill Community Amenities</a>
<a href="https://www.sellinboston.com/#link-4"> Education in Cottage Hill</a>
<a href="https://www.sellinboston.com/#link-5"> Things to Do in Cottage Hill</a>
<a href="https://www.sellinboston.com/#link-6"> Community Spirit</a>
<a href="https://www.sellinboston.com/#link-7"> Cottage Hill - Moving Tips</a>
<img style="float: left; margin-right: 10px; margin-top: 5px;" src="https://assets.site-static.com/userfiles/1635/image/Luxury-Asset-1.png" width="30" height="27" alt="Life in Cottage Hill" title="Life in Cottage Hill" /> Life in Cottage Hill
Life in Cottage Hill revolves around a strong sense of community involvement, exemplified by the active participation in the renowned organization known as "Viking Pride." This organization not only nurtures a deep sense of community among residents but also actively engages in various community initiatives. Residents take pride in their neighborhood, where connections are strengthened through shared experiences and collective efforts to enrich the quality of life.
Situated just a few miles east of Massachusetts Route 1A, Cottage Hill offers convenient access to Boston, a mere 7-mile trip south. By a quick drive, train ride, or ferry, residents enjoy one of the most accessible commutes on the north shore to downtown Boston. This proximity provides residents with a unique blend of the peaceful ambiance of Cottage Hill living and the bustling opportunities of city life, making it an ideal destination for those seeking balance and convenience.
Recently Listed in Cottage Hill
View Homes in Cottage Hill<br role="presentation" /> See detailed information & photos. <br role="presentation" /> <a href="https://www.sellinboston.com/boston-ma/winthrop-cottage-hill/" class="si-btn si-btn--secondary" target="_blank">View Homes for Sale</a>
<img style="float: left; margin-right: 10px; margin-top: 5px;" src="https://assets.site-static.com/userfiles/1635/image/Revealed-Asset-1.png" width="30" height="21" alt="Cottage Hill Real Estate" title="Cottage Hill Real Estate" /> Cottage Hill Real Estate
Dating back to the mid-1800s through the early 1900s, the real estate scene in Cottage Hill exudes history and charm. Homes situated between the shoreline reflect a bygone era, where careful restoration and updates have merged tradition with contemporary living. Victorian styling graces most of the residences, lending a unique and timeless appeal to the neighborhood.
In Cottage Hill, prospective buyers encounter a diverse selection of housing options, including condominiums, townhomes, single-family homes, and multi-family residences, catering to various preferences and lifestyles. With waterfront and water access properties available, residents enjoy the peaceful ambiance and natural beauty of the coast. Through careful design and practical layouts the homes in Cottage Hill, ensure comfort and livability.
<img style="float: left; margin-right: 10px; margin-top: 5px;" src="https://assets.site-static.com/userfiles/1635/image/School-icon-3.png" width="30" height="22" alt="Education in Cottage Hill" title="Education in Cottage Hill" /> Education in Cottage Hill
Education near Cottage Hill offers exceptional opportunities for students' growth and development. Arthur T. Cummings Elementary consistently outperforms Massachusetts testing standards in English, math, and science, showcasing its commitment to excellence. Adjacent to the elementary school, <a href="https://www.sellinboston.com/boston-ma/winthrop-middle-school/" target="_blank">Winthrop Middle School</a> and <a href="https://www.sellinboston.com/boston-ma/winthrop-high-school/" target="_blank">Winthrop High School</a> provide a smooth transition for students.
Winthrop High integrates vital life skills and nutrition education into its core curriculum, preparing students for real-world challenges. Together, these institutions create a supportive and enriching environment for Cottage Hill students, nurturing their academic success and equipping them with essential skills for their future.
<img src="https://assets.site-static.com/userfiles/1635/image/Students-Riding-To-School.jpg" width="750" height="300" alt="Exceptional Education Near Cottage Hill, MA" title="Exceptional Education Near Cottage Hill, MA" />
<img style="float: left; margin-right: 10px; margin-top: 5px;" src="https://assets.site-static.com/userfiles/1635/image/Luxury-Asset-7.png" width="30" height="22" alt="Tips On Choosing The Right Realtor For You" title="Tips On Choosing The Right Realtor For You" /> Things to Do in Cottage Hill
Finding something unique in Cottage Hill is easy, as the town exudes a vibrant community vibe and offers an array of activities. From fostering strong bonds among residents to providing ample opportunities for outdoor adventures and culinary exploration, Cottage Hill welcomes both locals and visitors alike with open arms.
<img style="float: left; margin-right: 10px; margin-top: 5px;" src="https://assets.site-static.com/userfiles/1635/image/Revealed-Asset-2.png" width="30" height="36" alt="Community Spirit" title="Community Spirit" /> Community Spirit
Starting strong, the community spirit in the Cottage Hill neighborhood thrives on a collective of knowledgeable and supportive neighbors who deeply cherish traditions. Welcoming newcomers with excitement, residents create an inclusive atmosphere where everyone feels valued and respected.
A hallmark of the area, Winthrop's parks and recreation program sets a high standard, offering top-tier, supervised activities tailored to children of all ages. This impressive program not only enhances the quality of life for residents but also strengthens the bonds within the community.
Some of the year-round events and activities that take place in the area include:
Winthrop Town Wide Yard Sale - Every year, around the end of June, the Winthrop Chamber of Commerce coordinates a special event: a day of yard sales across Winthrop. All participating locations are mapped out and distributed, allowing residents and visitors to explore the town and discover hidden treasures.
Boos & Brews - Held annually near the spooky Halloween season, this event offers an opportunity to celebrate while sampling a variety of fun and delicious local and global spirits.
<img src="https://assets.site-static.com/userfiles/1635/image/Boos---Brews.jpg" width="750" height="300" alt="Boos & Brews, Cottage Hill, MA" title="Boos & Brews, Cottage Hill, MA" />
Winthrop Family Beach Day - Soak up the sun at Winthrop's beloved Family Beach Day, a popular event featuring activities for children of all ages, lively music, and delectable food options right on Yirrell Beach.
Winthrop Holiday Lighting - When the cold weather arrives, Winthrop Center comes alive with a time-honored tradition upheld by the <a href="https://winthropchamber.com/" target="_blank">Winthrop Chamber</a>. It's an opportunity for neighbors to gather and collectively usher in the holiday season.
<img src="https://assets.site-static.com/userfiles/1635/image/Revealed-Asset-2.png" width="30" height="36" alt="Things to Do Near Point Shirley" title="Things to Do Near Point Shirley" /> Outdoor Recreation
Near Cottage Hill, outdoor recreation abounds, providing residents and visitors with an array of possibilities to explore and enjoy. Within walking distance from any point in town, beautiful destinations like Winthrop Beach await. Conveniently located along Winthrop Short Drive, Winthrop Beach offers a stunning combination of sandy shores and rugged coastline, providing breathtaking views of the ocean. It is an idyllic spot for beach walks, sunbathing, or simply soaking in the coastal setting.
On the western side of Cottage Hill lies Crystal Cove, a local gem renowned for its beauty. Home to the Winthrop Yacht Club's marina, accommodating over 160 boats, Crystal Cove has become the go-to spot for boaters.
In addition, the Winthrop Town Landing within Crystal Cove provides essential amenities such as a town marina, public boat ramp, pier, and other facilities, providing a stress-free experience for visitors. For those seeking land-based activities, the <a href="https://www.winthropgolfclub.com/" title="Winthrop Golf Club" target="_blank">Winthrop Golf Club</a>, founded in 1917, offers a charming seaside venue with its semi-private nine-hole course, catering to enthusiasts and vacationers.
Other notable outdoor destinations include:
Coughlin Park
Yirrell Beach
Deer Island
<img src="https://assets.site-static.com/userfiles/1635/image/Close-up-Golf-Ball-and-Driver.jpg" width="750" height="300" alt="Enjoy A Round Of Nine At Winthrop Golf Course In Winthrop, MA" title="Enjoy A Round Of Nine At Winthrop Golf Course In Winthrop, MA" />
<img src="https://assets.site-static.com/userfiles/1635/image/Revealed-Asset-2.png" width="30" height="36" alt="Cottage Hill - Moving Tips" title="Cottage Hill - Moving Tips" /> Cottage Hill - Moving Tips
1. Plan Ahead:
Start planning your move well in advance to avoid last-minute stress.
Create a checklist of tasks to complete before moving day, such as packing, scheduling movers, and transferring utilities.
2. Research the Neighborhood:
Familiarize yourself with the Cottage Hill neighborhood, including local amenities, schools, and recreational opportunities.
Explore nearby attractions and points of interest to get a sense of the area's character and appeal.
3. Declutter Before You Pack:
Take the opportunity to declutter your belongings before packing.
Donate or sell items you no longer need or use to streamline your move and reduce clutter in your new home.
4. Hire Professional Movers:
Consider hiring professional movers to assist with your relocation.
Research moving companies in the area and read reviews to find a reputable and reliable option.
5. Take Care of Legal and Administrative Tasks:
Update your address with relevant parties, including banks, credit card companies, and subscription services.
Transfer utilities and set up services such as internet and cable in your new home.
Cottage Hill in Winthrop, MA, represents the best-kept secret on the North Shore, and now you see why. As more and more prospective homebuyers contemplate their next move, Cottage Hill presents a multitude of opportunities that apply to a diverse range of lifestyles. And because of its unique blend of coastal desirability and community warmth, it stands out as a wonderful place to invest in real estate.
Seth has 15 + years in multi-unit retail management, and is bringing the renewed focus to the client that has been absent from the industry for decades. We integrate the latest and greatest technology, at the same time making your purchase or home sale as stress free as possible. Get in touch today by filling out a <a href="https://www.sellinboston.com/contact/" title="Contact Form" target="_blank" data-uw-rm-brl="false" aria-label="contact form - opens in new tab" data-uw-rm-ext-link="" uw-rm-external-link-id="https://www.sellinboston.com/contact/$contactform">contact form</a> or giving us a call.
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2024-03-13T10:08:20-07:002024-03-27T18:03:35-07:00Seth Williamstag:sellinboston.com,2012-09-20:6882The Truth About Down PaymentsThe Truth About Down Payments
<br /><img src="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20240222/20240226-The-Truth-About-Down-Payments.png" width="600" /><br /><br />
If you’re planning to <a href="https://www.simplifyingthemarket.com/en/2024/01/19/key-terms-every-homebuyer-should-learn-infographic/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">buy</a> your first home, saving up for all the costs involved can feel daunting, especially when it comes to the <a href="https://www.simplifyingthemarket.com/en/2023/12/15/what-you-need-to-know-about-down-payments-infographic/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">down payment</a>. That might be because you’ve heard you need to save 20% of the home’s price to put down. Well, that isn’t necessarily the case.
Unless specified by your loan type or lender, it’s typically not required to put 20% down. That means you could be closer to your <a href="https://www.simplifyingthemarket.com/en/2024/01/05/achieving-your-homebuying-dreams-in-2024-infographic/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">homebuying dream</a> than you realize.
As The Mortgage Reports <a href="https://themortgagereports.com/18520/20-percent-downpayment-risk-mortgage-interest-rate" rel="noopener noreferrer" target="_blank">says</a>:
“Although putting down 20% to avoid mortgage insurance is wise if affordable, it’s a myth that this is always necessary. In fact, most people opt for a much lower down payment.”
<a href="https://www.nar.realtor/research-and-statistics/research-reports/highlights-from-the-profile-of-home-buyers-and-sellers" rel="noopener noreferrer" target="_blank">According</a> to the National Association of Realtors (NAR), the median down payment hasn’t been over 20% since 2005. In fact, for all homebuyers today it’s only 15%. And it’s even lower for first-time homebuyers at just 8% (see graph below):
<a href="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20240222/20240226-Today-s-Median-Down-Payment-Is-Less-Than-20-.png" rel="noopener noreferrer" target="_blank"><img src="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20240222/20240226-Today-s-Median-Down-Payment-Is-Less-Than-20-.png" alt="a graph of a number of blue squares" /></a>
The big takeaway? You may not need to save as much as you originally thought.
Learn About Resources That Can Help You Toward Your Goal
<a href="https://downpaymentresource.com/" rel="noopener noreferrer" target="_blank">According</a> to Down Payment Resource, there are also over 2,000 homebuyer assistance programs in the U.S., and many of them are intended to help with down payments.
Plus, there are loan options that can help too. For example, <a href="https://www.hud.gov/buying/loans" rel="noopener noreferrer" target="_blank">FHA loans</a> offer down payments as low as <a href="https://www.benefits.gov/benefit/504" rel="noopener noreferrer" target="_blank">3.5%</a>, while <a href="https://www.va.gov/housing-assistance/home-loans/loan-types/" rel="noopener noreferrer" target="_blank">VA</a> and <a href="https://www.rd.usda.gov/programs-services/single-family-housing-programs/single-family-housing-guaranteed-loan-program" rel="noopener noreferrer" target="_blank">USDA loans</a> have no down payment requirements for qualified applicants.
With so many resources available to help with your down payment, the best way to find what you qualify for is by consulting with your loan officer or broker. They know about local grants and loan programs that may help you out.
Don’t let the misconception that you have to have 20% saved up hold you back. If you’re ready to become a homeowner, lean on the professionals to find resources that can help you make your dreams a reality. If you put your plans on hold until you’ve saved up 20%, it may actually cost you in the long run. <a href="https://www.usbank.com/home-loans/mortgage/first-time-home-buyers/down-payment.html" rel="noopener noreferrer" target="_blank">According</a> to U.S. Bank:
“. . . there are plenty of reasons why it might not be possible. For some, waiting to save up 20% for a down payment may “cost” too much time. While you’re saving for your down payment and paying rent, the price of your future home may go up.”
Home prices are expected to <a href="https://www.simplifyingthemarket.com/en/2024/01/12/home-prices-forecast-to-climb-over-the-next-5-years-infographic/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">keep appreciating</a> over the next 5 years – meaning your future home will likely go up in price the longer you wait. If you’re able to use these resources to buy now, that future price growth will help you build equity, rather than cost you more.
Bottom Line
Keep in mind that you don't always need a 20% down payment to buy a <a href="https://www.simplifyingthemarket.com/en/2024/02/14/why-so-many-people-fall-in-love-with-homeownership/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">home</a>. If you're looking to make a move this year, let’s connect to start the conversation about your homebuying goals.2024-03-11T06:00:00-07:002024-03-07T13:13:16-07:00Seth Williamstag:sellinboston.com,2012-09-20:6794Why So Many People Fall in Love with HomeownershipWhy So Many People Fall in Love with Homeownership
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Chances are at some point in your life you’ve heard the phrase, home is where the heart is. There’s a reason that’s said so often. Becoming a <a href="https://www.simplifyingthemarket.com/en/2024/01/19/key-terms-every-homebuyer-should-learn-infographic/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">homeowner</a> is emotional.
So, if you’re trying to decide if you want to keep on renting or if you’re <a href="https://www.simplifyingthemarket.com/en/2024/01/05/achieving-your-homebuying-dreams-in-2024-infographic/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">ready to buy</a> a home this year, here’s why it’s so easy to fall in love with <a href="https://www.simplifyingthemarket.com/en/2024/01/15/homeownership-is-still-at-the-heart-of-the-american-dream/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">homeownership</a>.
Customizing to Your Heart’s Desire
Your house should be a space that’s uniquely you. And, if you’re a renter, that can be hard to achieve. When you rent, the paint colors are usually the standard shade of white, you don’t have much control over the upgrades, and you’ve got to be careful how many holes you put in the walls. But when you’re a <a href="https://www.simplifyingthemarket.com/en/2023/12/28/what-you-need-to-know-about-saving-for-a-home-in-2024/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">homeowner</a>, you have a lot more freedom. As the National Association of Realtors (NAR) <a href="https://www.nar.realtor/magazine/tools/client-education/handouts-for-buyers/7-reasons-to-own-a-home" rel="noopener noreferrer" target="_blank">says</a>:
“The home is yours. You can decorate any way you want and choose the types of upgrades and new amenities that appeal to your lifestyle.”
Whether you want to paint the walls a cheery bright color or go for a dark moody tone, you can match your interior to your vibe. Imagine how it would feel to come home at the end of the day and walk into a space that feels like you.
Greater Stability for the Ones You Love Most
One of the hardest things about renting is the uncertainty of what happens at the end of your lease. Does your payment go up so much that you have to move? What if your landlord decides to sell the property? It’s like you’re always waiting for the other shoe to drop. Jeff Ostrowski, a business journalist covering real estate and the economy, explains how homeownership can give you more peace of mind in a Money Geek <a href="https://www.moneygeek.com/mortgage/resources/rent-vs-buy-guide/" rel="noopener noreferrer" target="_blank">article</a>:
“Homeownership means you are the boss and have the biggest say in your lifestyle and family decisions. Suppose your kids are in public school and you don't want to risk having them change schools because your landlord doesn't renew your lease. Owning a home would remove much of the risk of having to move.”
A Feeling of Belonging
You may also find you feel much more at home in the community once you own a house. That’s because, when you <a href="https://www.simplifyingthemarket.com/en/2024/01/10/avoid-these-common-mistakes-after-applying-for-a-mortgage/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">buy a home</a>, you’re staking a claim and saying, I’m a part of this community. You’ll have neighbors, block parties, and more. And that’ll give you the feeling of being a part of something bigger. As the International Housing Association <a href="https://www.internationalhousingassociation.org/fileUpload_details.aspx?contentTypeID=3&contentID=266313&subContentID=721506&channelID=38488" rel="noopener noreferrer" target="_blank">explains</a>:
“. . . homeowning households are more socially involved in community affairs than their renting counterparts. This is due to both the fact that homeowners expect to remain in the community for a longer period of time and that homeowners have an ownership stake in the neighborhood.”
The Emotional High of Achieving Your Dream
Becoming a homeowner is a <a href="https://www.simplifyingthemarket.com/en/2023/12/08/your-homebuying-adventure-infographic/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">journey</a> – and it may have been a long road to get to the point where you’re ready to take the plunge. If you’re seriously considering leaving behind your rental and making this commitment, you should know the emotions that come with this <a href="https://www.simplifyingthemarket.com/en/2023/12/26/get-ready-to-buy-a-home-by-improving-your-credit-score/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">owning a home</a> are powerful. You’ll be able to walk up to your front door every day and have that sense of accomplishment welcome you home.
Bottom Line
A home is a place that reflects who you are, a safe space for the ones you love the most, and a reflection of all you’ve accomplished. Let’s connect if you’re ready to break up with your rental and buy a home.2024-02-21T07:00:00-07:002024-02-15T12:56:51-07:00Seth Williamstag:sellinboston.com,2012-09-20:6724Foreclosure Activity Is Still Lower than the NormForeclosure Activity Is Still Lower than the Norm
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Have you seen headlines talking about the increase in foreclosures in today’s <a href="https://www.simplifyingthemarket.com/en/2023/12/19/expert-quotes-on-the-2024-housing-market-forecast/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">housing market</a>? If so, they may leave you feeling a bit uneasy about <a href="https://www.simplifyingthemarket.com/en/2024/01/12/home-prices-forecast-to-climb-over-the-next-5-years-infographic/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">what’s ahead</a>. But remember, these clickbait titles don’t always give you the full story.
The truth is, if you compare the current numbers with what usually happens in the market, you’ll see there’s no need to worry.
Putting the Headlines into Perspective
The increase the media is calling attention to is misleading. That’s because they’re only comparing the most recent numbers to a time where foreclosures were at historic lows. And that’s making it sound like a bigger deal than it is.
In 2020 and 2021, the moratorium and forbearance program helped millions of homeowners stay in their homes, allowing them to get back on their feet during a very challenging period.
When the moratorium came to an end, there was an expected rise in foreclosures. But just because foreclosures are up doesn’t mean the <a href="https://www.simplifyingthemarket.com/en/2023/11/29/why-the-economy-wont-tank-the-housing-market/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">housing market</a> is in trouble.
Historical Data Shows There Isn’t a Wave of Foreclosures
Instead of comparing today’s numbers with the last few abnormal years, it’s better to compare to long-term trends – specifically to the housing crash – since that’s what people worry may happen again.
Take a look at the graph below. It uses foreclosure <a href="https://www.attomdata.com/news/market-trends/foreclosures/attom-2023-year-end-u-s-foreclosure-market-report/" rel="noopener noreferrer" target="_blank">data</a> from ATTOM, a property data provider, to show foreclosure activity has been consistently lower (shown in orange) since the crash in 2008 (shown in red):
<a href="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20240130/20240131-us-forclosure-activity-increases-from-2022-but-still-below-pre-pandemic-levels.png" rel="noopener noreferrer" target="_blank"><img src="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20240130/20240131-us-forclosure-activity-increases-from-2022-but-still-below-pre-pandemic-levels.png" /></a>
So, while foreclosure filings are up in the latest report, it’s clear this is nothing like it was back then.
In fact, we’re not even back at the levels we’d see in more normal years, like 2019. As Rick Sharga, Founder and CEO of the CJ Patrick Company, <a href="https://www.forbes.com/advisor/mortgages/real-estate/housing-market-predictions/" rel="noopener noreferrer" target="_blank">explains</a>:
“Foreclosure activity is still only at about 60% of pre-pandemic levels. . .”
That’s largely because buyers today are more qualified and less likely to default on their loans. Delinquency rates are still low and most homeowners have <a href="https://www.simplifyingthemarket.com/en/2024/01/09/ways-your-home-equity-can-help-you-reach-your-goals/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">enough equity</a> to keep them from going into foreclosure. As Molly Boesel, Principal Economist at CoreLogic, <a href="https://www.corelogic.com/intelligence/loan-performance-insights-january-2024/" rel="noopener noreferrer" target="_blank">says</a>:
“U.S. mortgage delinquency rates remained healthy in October, with the overall delinquency rate unchanged from a year earlier and the serious delinquency rate remaining at a historic low… borrowers in later stages of delinquencies are finding alternatives to defaulting on their home loans.”
The reality is, while increasing, the data shows a foreclosure crisis is not where the market is today, or where it’s headed.
Bottom Line
Even though the housing market is experiencing an expected rise in foreclosures, it’s nowhere near the crisis levels seen when the housing bubble burst. If you have questions about what you’re hearing or reading about the housing market, let’s connect.2024-02-05T07:00:00-07:002024-02-02T12:17:36-07:00Seth Williamstag:sellinboston.com,2012-09-20:6687The Top Benefits of Buying a Multi-Generational HomeThe Top Benefits of Buying a Multi-Generational Home
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Has the idea of sharing a home with loved ones like your grandparents, parents, or other relatives crossed your mind? If so, you’re not alone. More buyers are choosing to go this route and buy a multi-generational home. Here’s a look at some of the top reasons why, to see if a home like this may be right for you too.
Why Buyers Are Opting for Multi-Generational Living
<a href="https://www.nar.realtor/blogs/economists-outlook/all-in-the-family-multi-generational-home-buying" rel="noopener noreferrer" target="_blank">According</a> to the National Association of Realtors (NAR), two of the top reasons buyers are opting for multi-generational homes today have to do with <a href="https://www.simplifyingthemarket.com/en/2024/01/18/3-key-factors-affecting-home-affordability/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">affordability</a> (see graph below):
<a href="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20240124/20230125-Reasons-To-Purchase-A-MultiGeneration-Home.PNG" rel="noopener noreferrer" target="_blank"><img src="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20240124/20230125-Reasons-To-Purchase-A-MultiGeneration-Home.PNG" /></a>
First-time buyers are focused most on cost savings – with 28% saying this was a key reason for them. By pooling their resources with others, they can share financial responsibilities like mortgage payments, utilities, and more to make homeownership more affordable. This is especially helpful for those first-time homebuyers who may be finding it tough to afford a home on their own in today’s market.
Buyers are also turning to multi-generational homes so they can more easily afford their dream home. Both first-time (28%) and repeat buyers (18%) chose to live with others so they could buy a larger home. When everyone chips in and combines their incomes, that big <a href="https://www.simplifyingthemarket.com/en/2024/01/01/3-keys-to-hitting-your-homeownership-goals-in-2024/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">dream home</a> with more space could be more within reach.
But multi-generational living isn’t just about the financial side of things. According to the same study from NAR, 23% of repeat buyers chose to buy a multi-generational home to make it easier to care for an aging parent. Many older adults want to age in place and a multi-generational home can help make that possible. For those <a href="https://www.simplifyingthemarket.com/en/2023/12/27/retiring-soon-why-moving-might-be-the-perfect-next-step/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">older adults</a>, it gives them an opportunity to maintain their quality of life while being surrounded by their loved ones. As Axios <a href="https://www.axios.com/2023/11/05/multigenerational-living-families-data-statistics-map-states" rel="noopener noreferrer" target="_blank">explains</a>:
“Financial concerns and caregiving needs are two of the major reasons people live with their parents (and parents' parents).”
Lean on an Expert
Finding the perfect multi-generational home isn’t as simple as shopping for a regular house. That’s because there are more people with even more opinions and needs to be considered. It's like solving a puzzle, and the pieces need to fit just right.
So if you're interested in the many benefits multi-generational living offers, partner with a local <a href="https://www.simplifyingthemarket.com/en/2023/12/07/why-you-need-to-use-a-real-estate-agent-when-you-buy-a-home/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">real estate agent</a> who has the expertise to help.
Bottom Line
Whether your motives are financial or focused on the people you’ll share your home with, buying a <a href="https://www.mykcm.com/2023/11/03/the-benefits-of-buying-a-multi-generational-home-infographic/" rel="noopener noreferrer" target="_blank">multi-generational home</a> may make sense for you. If you’re interested in learning more, let’s connect.2024-01-29T07:00:00-07:002024-01-26T09:01:03-07:00Seth Williamstag:sellinboston.com,2012-09-20:66653 Key Factors Affecting Home Affordability3 Key Factors Affecting Home Affordability
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Over the past year, a lot of people have been talking about <a href="https://www.simplifyingthemarket.com/en/2023/12/28/what-you-need-to-know-about-saving-for-a-home-in-2024/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">housing affordability</a> and how tight it’s gotten. But just recently, there’s been a little bit of relief on that front. Mortgage rates have gone down since their most recent peak in October. But there’s more to being able to <a href="https://www.simplifyingthemarket.com/en/2023/12/26/get-ready-to-buy-a-home-by-improving-your-credit-score/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">afford a home</a> than just mortgage rates.
To really understand home affordability, you need to look at the combination of three important factors: mortgage rates, home prices, and wages. Let’s dive into the latest data on each one to see why affordability is improving.
1. Mortgage Rates
<a href="https://www.freddiemac.com/pmms/archive" rel="noopener noreferrer" target="_blank">Mortgage rates</a> have come down in recent months. And looking forward, most experts expect them to <a href="https://www.simplifyingthemarket.com/en/2023/12/20/why-mortgage-rates-could-continue-to-decline/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">decline further</a> over the course of the year. Jiayi Xu, an economist at Realtor.com, <a href="https://www.cnn.com/2024/01/11/economy/mortgage-rates-climb-for-the-second-week-in-a-row/index.html" rel="noopener noreferrer" target="_blank">explains</a>:
“While there could be some fluctuations in the path forward … the general expectation is that mortgage rates will continue to trend downward, as long as the economy continues to see progress on inflation.”
And even a small change in mortgage rates can have a big impact on your <a href="https://www.simplifyingthemarket.com/en/2024/01/08/what-lower-mortgage-rates-mean-for-your-purchasing-power/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">purchasing power</a>, making it easier for you to afford the home you want by reducing your monthly mortgage payment.
2. Home Prices
The second important factor is home prices. After going up at a relatively normal pace last year, they’re expected to continue rising moderately in 2024. That’s because even with inventory projected to grow slightly this year, there still aren’t enough homes for sale for all the people who want to buy them. <a href="https://brightmls.com/article/2024-national-housing-market-outlook" rel="noopener noreferrer" target="_blank">According</a> to Lisa Sturtevant, Chief Economist at Bright MLS:
“More inventory will be generally offset by more buyers in the market. As a result, it is expected that, overall, the median home price in the U.S. will grow modestly . . .”
That’s great news for you because it means prices aren’t likely to skyrocket like they did during the pandemic. But it also means it’ll probably cost you more to wait. So, if you’re ready, willing, and able to buy, and you can find the right home, purchasing before more buyers enter the market and prices rise further might be in your best interest.
3. Wages
Another positive factor in affordability right now is rising income. The graph below uses <a href="https://fred.stlouisfed.org/series/CES0500000017" rel="noopener noreferrer" target="_blank">data</a> from the Federal Reserve to show how wages have grown over time:
<a href="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20240116/20240118-Wages-Climbing-at-a-faster-pace.png" rel="noopener noreferrer" target="_blank"><img src="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20240116/20240118-Wages-Climbing-at-a-faster-pace.png" /></a>
If you look at the blue dotted trendline, you can see the rate at which wages typically rise. But on the right side of the graph, wages are above the trend line today, meaning they’re going up at a higher rate than normal.
Higher wages improve affordability because they reduce the percentage of your income it takes to pay your mortgage. That’s because you don’t have to put as much of your paycheck toward your monthly housing cost.
What This Means for You
<a href="https://www.simplifyingthemarket.com/en/2024/01/01/3-keys-to-hitting-your-homeownership-goals-in-2024/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">Home affordability</a> depends on three things: mortgage rates, home prices, and wages. The good news is, they’re moving in a positive direction for <a href="https://www.simplifyingthemarket.com/en/2024/01/10/avoid-these-common-mistakes-after-applying-for-a-mortgage/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">buyers</a> overall.
Bottom Line
If you're thinking about <a href="https://www.mykcm.com/2024/01/05/achieving-your-homebuying-dreams-in-2024-infographic/" rel="noopener noreferrer" target="_blank">buying a home</a>, it's important to know the main factors impacting affordability are improving. To get the latest updates on each, let's connect.2024-01-22T07:00:00-07:002024-01-22T06:55:20-07:00Seth Williamstag:sellinboston.com,2012-09-20:6637The Dramatic Impact of Homeownership on Net WorthThe Dramatic Impact of Homeownership on Net Worth
<br /><img src="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20240110/20240111-The-Dramatic-Impact-of-Homeownership-on-Net-Worth.png" width="600" /><br /><br />
If you're trying to decide whether to rent or <a href="https://www.simplifyingthemarket.com/en/2024/01/03/thinking-about-buying-a-home-ask-yourself-these-questions/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">buy a home</a> this year, here's a powerful insight that could give you the clarity and confidence you need to make your decision.
Every three years, the Federal Reserve releases the <a href="https://www.federalreserve.gov/publications/files/scf23.pdf" rel="noopener noreferrer" target="_blank">Survey of Consumer Finances</a> (SCF), which compares net worth for homeowners and renters. The latest report shows the average homeowner’s net worth is almost 40X greater than a renter’s (see graph below):
<a href="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20240110/20240111-Homeowner-Net-Worth-Almost-40x-greater.png" rel="noopener noreferrer" target="_blank"><img src="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20240110/20240111-Homeowner-Net-Worth-Almost-40x-greater.png" /></a>
One reason a wealth gap exists between renters and <a href="https://www.simplifyingthemarket.com/en/2023/11/23/why-homeowners-are-thankful-they-own/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">homeowners</a> is because when you’re a homeowner, your <a href="https://www.simplifyingthemarket.com/en/2023/08/07/four-ways-you-can-use-your-home-equity/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">equity</a> grows as your home appreciates in value and you make your mortgage payment each month. When you own a home, your monthly mortgage payment acts like a form of forced savings, which eventually pays off when you decide to sell. As a renter, you’ll never see a financial return on the money you pay out in rent every month. Ksenia Potapov, Economist at First American, <a href="https://blog.firstam.com/economics/building-wealth-brick-by-brick" rel="noopener noreferrer" target="_blank">explains</a> it like this:
“Renters don’t capture the wealth generated by house price appreciation, nor do they benefit from the equity gains generated by monthly mortgage payments . . .”
The Largest Part of Most Homeowner Net Worth Is Their Equity
Home <a href="https://www.simplifyingthemarket.com/en/2023/08/15/equity-is-a-game-changer-for-homeowners-looking-to-sell/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">equity</a> does more to build the average household’s wealth than anything else. According to data from <a href="https://blog.firstam.com/economics/building-wealth-brick-by-brick" rel="noopener noreferrer" target="_blank">First American</a> and the <a href="https://www.federalreserve.gov/econres/scfindex.htm" rel="noopener noreferrer" target="_blank">Federal Reserve</a>, this holds true across different income levels (see graph below):
<a href="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20240110/20240111-housing-piece-of-net-worth-is-crucial.png" rel="noopener noreferrer" target="_blank"><img src="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20240110/20240111-housing-piece-of-net-worth-is-crucial.png" /></a>
The green segment in each bar represents how much of a homeowner's net worth comes from their home equity. Based on this data, it's clear no matter what your income level is, owning a home can really boost your wealth. Nicole Bachaud, Senior Economist at Zillow, <a href="https://www.newsweek.com/housing-crisis-could-death-knell-americas-middle-class-1848936" rel="noopener noreferrer" target="_blank">shares</a>:
“The biggest asset most people are ever going to own is a home. Homeownership is really that financial key that helps unlock stability and wealth preservation across generations.”
If you’re ready to start building your net worth, the current real estate market offers several opportunities you should consider. For example, with <a href="https://www.simplifyingthemarket.com/en/2023/12/20/why-mortgage-rates-could-continue-to-decline/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">mortgage rates</a> trending lower lately, your <a href="https://www.simplifyingthemarket.com/en/2024/01/08/what-lower-mortgage-rates-mean-for-your-purchasing-power/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">purchasing power</a> may be higher now than it has been in months. And, with more <a href="https://www.simplifyingthemarket.com/en/2023/12/13/the-surprising-trend-in-the-number-of-homes-coming-onto-the-market/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">inventory</a> coming to the market, there are more options for you to consider. A local <a href="https://www.simplifyingthemarket.com/en/2023/12/07/why-you-need-to-use-a-real-estate-agent-when-you-buy-a-home/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">real estate agent</a> can walk you through the opportunities you have today and guide you through the process of finding your ideal home.
Bottom Line
If you're unsure about whether to rent or buy a home, keep in mind that owning a home can increase your overall wealth in the long run, no matter your income. To discover more about this and the many other <a href="https://www.mykcm.com/2023/12/25/these-non-financial-benefits-turn-a-house-into-a-happy-home/" rel="noopener noreferrer" target="_blank">benefits</a> of homeownership, let’s connect.2024-01-15T07:00:00-07:002024-01-12T09:12:08-07:00Seth Williamstag:sellinboston.com,2012-09-20:65883 Keys To Hitting Your Homeownership Goals in 20243 Keys To Hitting Your Homeownership Goals in 2024
<br /><img src="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20231220/20240101-3-Keys-To-Hitting-Your-Homeownership-Goals-in-2024.png" width="600" /><br /><br />
If buying or selling a home is your goal for 2024, it’s important to understand today’s housing market, know your why, and work with industry <a href="https://www.simplifyingthemarket.com/en/2023/12/07/why-you-need-to-use-a-real-estate-agent-when-you-buy-a-home/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">experts</a> to bring your homeownership vision for the new year into focus.
Over the last year, the <a href="https://www.simplifyingthemarket.com/en/2023/11/29/why-the-economy-wont-tank-the-housing-market/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">economy</a> had a big impact on the housing market, and likely on your wallet too. That’s why it’s critical to have a clear picture of not just the market today, but also on what you want out of it when you buy or sell a home. Danielle Hale, Chief Economist at Realtor.com, <a href="https://www.cnn.com/2022/11/10/homes/mortgage-rates-november-10" rel="noopener noreferrer" target="_blank">explains</a>:
“The key to making a good decision in this challenging housing market is to be laser focused on what you need now and in the years ahead, so that you can stay in your home long enough that buying is a sound financial decision.”
Here are a few things to think through as you define your goals for 2024.
1. Know Your Why
You’re dreaming about making a move for a reason – what is it? No matter what’s happening in the market, there are still many <a href="https://www.simplifyingthemarket.com/en/2023/11/23/why-homeowners-are-thankful-they-own/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">compelling reasons</a> to buy a home today. Your needs may have changed in a way your current house can’t address, or you could be ready to step into homeownership for the first time. Use your why and your motivation as a guidepost in partnership with an expert advisor to make sure your move gives you a lasting sense of accomplishment.
2. Figure Out What Your Next Home Needs To Look Like
You know you want to move, but how would you describe your dream home? The number of <a href="https://www.simplifyingthemarket.com/en/2023/12/13/the-surprising-trend-in-the-number-of-homes-coming-onto-the-market/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">homes for sale</a> has grown recently, and that could mean more options to choose from when you buy. But overall housing supply is still <a href="https://www.simplifyingthemarket.com/en/2023/12/18/why-now-is-still-a-great-time-to-sell-your-house/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">lower</a> than more normal years in the market, so you’ll have to work closely with a pro to find what you’re looking for. Just be sure to keep your budget in mind as you balance your wants and needs. The better you understand what’s essential and where you can be flexible, the easier it will be to find a home that’s right for you.
3. Determine if You’re Ready To Buy
Getting clear on your budget and available <a href="https://www.simplifyingthemarket.com/en/2023/12/12/down-payment-assistance-programs-can-help-pave-the-way-to-homeownership/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">savings</a> is essential before you get too far into the process. Partnering with a local agent and a lender early is the best way to make sure you’re in a good position to buy. This could include planning how much to save for a down payment, getting <a href="https://www.simplifyingthemarket.com/en/2023/12/08/your-homebuying-adventure-infographic/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">pre-approved</a> for a home loan, and assessing your current <a href="https://www.simplifyingthemarket.com/en/2023/11/22/home-prices-still-growing-just-at-a-more-normal-pace/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">home equity</a> if you’re selling your existing house.
A Professional Will Guide You Through Every Step of the Process
Buying or selling a home takes expertise to navigate. If that feels a bit overwhelming, that’s normal. Don’t let uncertainty hold you back from your goals this year. A trusted expert will help you bridge that gap and give you the facts and advice you need about today’s housing market.
Bottom Line
Let’s connect to plan how to make your homeownership dreams a reality in 2024.2024-01-08T07:00:00-07:002024-01-05T11:06:22-07:00Seth Williamstag:sellinboston.com,2012-09-20:6572Thinking About Buying a Home? Ask Yourself These QuestionsThinking About Buying a Home? Ask Yourself These Questions
<br /><img src="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20240102/20240103-Thinking-About-Buying-a-Home-Ask-Yourself-These-Questions.png" width="600" /><br /><br />
If you’re thinking of <a href="https://www.simplifyingthemarket.com/en/2023/12/07/why-you-need-to-use-a-real-estate-agent-when-you-buy-a-home/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">buying a home</a> this year, you’re probably paying closer attention than normal to the <a href="https://www.simplifyingthemarket.com/en/2023/12/19/expert-quotes-on-the-2024-housing-market-forecast/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">housing market</a>. And you’re getting your information from a variety of channels: the news, social media, your real estate agent, conversations with friends and loved ones, the list goes on and on. Most likely, <a href="https://www.simplifyingthemarket.com/en/2023/11/22/home-prices-still-growing-just-at-a-more-normal-pace/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">home prices</a> and mortgage rates are coming up a lot.
Here are the top two questions you need to ask yourself as you make your decision, including the data that helps cut through the noise.
1. Where Do I Think Home Prices Are Heading?
One reliable place you can turn to for information on home price forecasts is the <a href="https://www.fanniemae.com/newsroom/fannie-mae-news/q4-2023-home-price-expectations-survey" rel="noopener noreferrer" target="_blank">Home Price Expectations Survey</a> from Fannie Mae – a survey of over one hundred economists, real estate experts, and investment and market strategists.
According to the most recent release, the experts are projecting home prices will continue to rise at least through 2028 (see the graph below):
<a href="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20240102/20240103-Estimated-Home-Price-Performance.png" rel="noopener noreferrer" target="_blank"><img src="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20240102/20240103-Estimated-Home-Price-Performance.png" /></a>
So, why does this matter to you? While the percent of appreciation may not be as high as it was in recent years, what’s important to focus on is that this survey says we’ll see prices rise, not fall, for at least the next 5 years.
And home prices rising, even at a more moderate pace, is good news not just for the market, but for you too. It means, by buying now, your home will likely grow in value, and you should gain home equity in the years ahead. But, if you wait, based on these forecasts, the home will only cost you more later on.
2. Where Do I Think Mortgage Rates Are Heading?
Over the past year, mortgage rates spiked up in response to economic uncertainty, inflation, and more. But there’s an encouraging sign for the market and mortgage rates. Inflation is moderating, and here’s why this is such a big deal if you’re looking to <a href="https://www.simplifyingthemarket.com/en/2023/12/12/down-payment-assistance-programs-can-help-pave-the-way-to-homeownership/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">buy a home</a>.
When inflation cools, <a href="https://www.simplifyingthemarket.com/en/2023/12/20/why-mortgage-rates-could-continue-to-decline/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">mortgage rates</a> generally fall in response. That’s exactly what we’ve seen in recent weeks. And, now that the Federal Reserve has signaled they’re pausing their Federal Funds Rate increases and may even cut rates in 2024, experts are even more confident we’ll see mortgage rates come down.
Danielle Hale, Chief Economist at Realtor.com, <a href="https://www.realtor.com/research/federal-reserve-december-2023-meeting/" rel="noopener noreferrer" target="_blank">explains</a>:
“. . . mortgage rates will continue to ease in 2024 as inflation improves and Fed rate cuts get closer. . . . a key factor in starting to provide affordability relief to homebuyers.”
As an article from the National Association of Realtors (NAR) <a href="https://www.nar.realtor/magazine/real-estate-news/economists-turnaround-in-home-sales-likely-in-2024" rel="noopener noreferrer" target="_blank">says</a>:
“Mortgage rates likely have peaked and are now falling from their recent high of nearly 8%. . . . This likely will improve housing affordability and entice more home buyers to return to the market . . .”
No one can say with absolute certainty where mortgage rates will go from here. But the recent decline and the latest decision from the Federal Reserve to stop their rate increases, signals there’s hope on the horizon. While we may see some volatility here and there, <a href="https://www.simplifyingthemarket.com/en/2023/10/26/affordable-homeownership-strategies-for-gen-z/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">affordability</a> should improve as rates continue to ease.
Bottom Line
If you’re thinking about <a href="https://www.mykcm.com/2023/12/08/your-homebuying-adventure-infographic/" rel="noopener noreferrer" target="_blank">buying a home</a>, you need to know what’s expected with home prices and mortgage rates. While no one can say for certain where they’ll go, making sure you have the latest information can help you make an informed decision. Let’s connect so you can stay up to date on what’s happening and why this is such good news for you.2024-01-04T07:00:00-07:002024-01-03T13:37:31-07:00Seth Williamstag:sellinboston.com,2012-09-20:6498Down Payment Assistance Programs Can Help Pave the Way to HomeownershipDown Payment Assistance Programs Can Help Pave the Way to Homeownership
<br /><img src="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20231207/20231212-Down-Payment-Assistance-Programs-Can-Help-Pave-the-Way-to-Homeownership.png" width="600" /><br /><br />
If you’re looking to buy a home, your down payment doesn’t have to be a big hurdle. <a href="https://www.nar.realtor/research-and-statistics/research-reports/highlights-from-the-profile-of-home-buyers-and-sellers" rel="noopener noreferrer" target="_blank">According</a> to the National Association of Realtors (NAR), 38% of first-time homebuyers find saving for a down payment the most challenging step. But the reality is, you probably don’t need to put down as much as you think:
<a href="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20231207/20231212-Todays-Median-Down-Payment-Is-Much-Lower.png" rel="noopener noreferrer" target="_blank"><img src="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20231207/20231212-Todays-Median-Down-Payment-Is-Much-Lower.png" /></a>
Data from NAR <a href="https://cdn.nar.realtor/sites/default/files/documents/2023-profile-of-home-buyers-and-sellers-highlights-11-13-2023.pdf" rel="noopener noreferrer" target="_blank">shows</a> the median down payment hasn’t been over 20% since 2005. In fact, the median down payment for all homebuyers today is only 15%. And it’s even lower for first-time homebuyers at 8%. But just because that’s the median, it doesn’t mean you have to put that much down. Some qualified buyers put down even less.
For example, there are loan types, like <a href="https://www.hud.gov/buying/loans" rel="noopener noreferrer" target="_blank">FHA loans</a>, with down payments as low as 3.5%, as well as options like <a href="https://www.simplifyingthemarket.com/en/2022/11/10/va-loans-can-help-veterans-achieve-their-dream-of-homeownership/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">VA loans</a> and <a href="https://www.rd.usda.gov/programs-services/single-family-housing-programs/single-family-housing-guaranteed-loan-program" rel="noopener noreferrer" target="_blank">USDA loans</a> with no down payment requirements for qualified applicants. But let’s focus in on another valuable resource that may be able to help with your down payment: down payment assistance programs.
First-Time and Repeat Buyers Are Often Eligible
According to <a href="https://downpaymentresource.com/" rel="noopener noreferrer" target="_blank">Down Payment Resource</a>, there are thousands of programs available for homebuyers – and 75% of these are down payment assistance programs.
And it’s not just first-time <a href="https://www.simplifyingthemarket.com/en/2023/10/26/affordable-homeownership-strategies-for-gen-z/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">homebuyers</a> that are eligible. That means no matter where you are in your homebuying journey, there could be an option available for you. As Down Payment Resource <a href="https://downpaymentresource.com/" rel="noopener noreferrer" target="_blank">notes</a>:
“You don’t have to be a first-time buyer. Over 39% of all [homeownership] programs are for repeat homebuyers who have owned a home in the last 3 years.”
The best place to start as you search for more information is with a trusted real estate professional. They’ll be able to share more information about what may be available, including additional programs for specific professions or communities.
Additional Down Payment Resources That Can Help
Here are a few down payment assistance programs that are helping many of today’s buyers achieve the dream of homeownership:
Teacher Next Door is designed to help teachers, first responders, health providers, government employees, active-duty military personnel, and veterans reach their down payment goals.
<a href="https://www.fanniemae.com/casa" rel="noopener noreferrer" target="_blank">Fannie Mae</a> provides down-payment assistance to eligible first-time homebuyers living in majority-Latino communities.
<a href="https://myhome.freddiemac.com/buying/down-payments-and-pmi" rel="noopener noreferrer" target="_blank">Freddie Mac</a> also has options designed specifically for homebuyers with modest credit scores and limited funds for a down payment.
The <a href="https://3by30.org/homeownership-101/get-help-buying-a-home/" rel="noopener noreferrer" target="_blank">3By30</a> program lays out actionable strategies to add 3 million new Black homeowners by 2030. These programs offer valuable resources for potential buyers, making it easier for them to secure down payments and realize their dream of homeownership.
For Native Americans, <a href="https://downpaymentresource.com/homebuyer-resource/highlighting-42-native-american-homebuyer-assistance-programs-in-honor-of-native-american-heritage-month/" rel="noopener noreferrer" target="_blank">Down Payment Resource</a> highlights 42 U.S. homebuyer assistance programs across 14 states that ease the path to homeownership by providing support with down payments and other associated costs.
Even if you don’t qualify for these types of programs, there are many other federal, state, and local options available to look into. And a real estate professional can help you find the ones that meet your needs as you explore what’s available.
Bottom Line
Achieving the dream of having a home may be more within reach than you think, especially when you know where to find the right support. To learn more about your options, let’s connect.2023-12-20T07:00:00-07:002023-12-15T11:28:01-07:00Seth Williamstag:sellinboston.com,2012-09-20:6501Your Ultimate Neighborhood Guide To Point Shirley, Winthrop MA<img src="https://assets.site-static.com/userfiles/1635/image/Your_Ultimate_Neighborhood_Guide_To_Point_Shirley_Winthrop_MA_1.png" width="750" height="375" alt="Your Ultimate Neighborhood Guide To Point Shirley, Winthrop MA" title="Your Ultimate Neighborhood Guide To Point Shirley, Winthrop MA" />
Facing the majestic Atlantic Ocean, <a href="https://www.sellinboston.com/boston-ma/winthrop-point-shirley/" target="_blank">Point Shirley</a> emerges as a charming enclave within Winthrop, characterized by its intimately arranged homes and meandering narrow roads. This unique neighborhood attracts a diverse demographic, capturing the hearts of families, young professionals, and retirees alike. Point Shirley offers more than just its snug residential appeal, it boasts a network of public trails and verdant hills that unveil breathtaking panoramas of the Boston Harbor.
In this ultimate neighborhood guide, we explore the essence of Point Shirley, Winthrop MA, uncovering the hidden gems that make it a sought-after destination for residents of all walks of life.
Table of Contents
<a href="https://www.sellinboston.com/#link-1"> Getting to Know Point Shirley</a>
<a href="https://www.sellinboston.com/#link-2"> Living in Point Shirley</a>
<a href="https://www.sellinboston.com/#link-3"> Point Shirley Real Estate</a>
<a href="https://www.sellinboston.com/#link-4"> Tips On Choosing The Right Realtor For You</a>
<a href="https://www.sellinboston.com/#link-5"> Point Shirley Education</a>
<a href="https://www.sellinboston.com/#link-6"> Things to Do Near Point Shirley</a>
<img style="float: left; margin-right: 10px; margin-top: 5px;" src="https://assets.site-static.com/userfiles/1635/image/Luxury-Asset-1.png" width="30" height="27" alt="Getting to Know Point Shirley" title="Getting to Know Point Shirley" /> Getting to Know Point Shirley
Rooted in its historical past when it bore the name Pullen Poynte, Point Shirley has played an integral role in shaping the narrative of the north side of Boston Harbor. Nestled within the captivating ocean-side city of <a href="https://www.sellinboston.com/boston-ma/winthrop/" target="_blank">Winthrop</a>, this community seamlessly weaves together history and natural splendor. The most enjoyable months to explore Point Shirley's offerings span from August to December, providing an optimal climate for outdoor activities and leisurely exploration.
A distinctive aspect of Point Shirley is the renowned Coughlin Park, which stands out as a lovely retreat that affords breathtaking views of airplanes gracefully landing and taking off. This park's rugged shoreline also serves as an ideal setting for a variety of outdoor pursuits. To truly acquaint oneself with Point Shirley is to appreciate its historical significance, relish the sea breeze, and engage in the diverse recreational opportunities that define this enchanting community.
Recently Listed in Point Shirley
View Homes in Point Shirley<br role="presentation" /> See detailed information & photos. <br role="presentation" /> <a href="https://sellinboston.com/property-search/results/?searchtype=2&searchid=165483&" class="si-btn si-btn--secondary">View Homes for Sale</a>
<img style="float: left; margin-right: 10px; margin-top: 5px;" src="https://assets.site-static.com/userfiles/1635/image/Revealed-Asset-1.png" width="30" height="21" alt="Living in Point Shirley" title="Living in Point Shirley" /> Living in Point Shirley
If you are in the market for a new home in the Boston area, Point Shirley is one neighborhood that should be on your radar. Deciding to move anywhere is a significant undertaking, but living in Point Shirley has its perks. Throughout this guide, you will get an insider's look into the community and all it has to offer. From the variety of housing options available to the vibrant social scene, Point Shirley is a neighborhood that promises something for everyone.
<img style="float: left; margin-right: 10px; margin-top: 5px;" src="https://assets.site-static.com/userfiles/1635/image/Revealed-Asset-1.png" width="30" height="21" alt="Point Shirley Real Estate" title="Point Shirley Real Estate" /> Point Shirley Real Estate
Point Shirley's housing scene is characterized by an array of Colonial-style residences, embodying a balanced blend of classic allure and contemporary amenities. These homes, spanning two to three stories, exhibit charming wood or brick facades and often feature welcoming fireplaces. Inside, the layout is thoughtfully crafted, placing bedrooms on the second floor, while the first floor encompasses well-appointed kitchens and cozy family rooms, striking a blend between practicality and comfort.
As home seekers explore Point Shirley, they'll encounter a diverse selection of housing options, from condominiums and townhomes to single-family and multi-family dwellings, all navigated with the guidance of a knowledgeable local Winthrop real estate agent. By entrusting the expertise of a real estate agent, potential buyers can rest assured that they'll find their dream home in this coveted neighborhood.
<img style="float: left; margin-right: 10px; margin-top: 5px;" src="https://assets.site-static.com/userfiles/1635/image/Luxury-Asset-7.png" width="30" height="22" alt="Tips On Choosing The Right Realtor For You" title="Tips On Choosing The Right Realtor For You" /> Tips On Choosing The Right Realtor For You
Local Expertise: Look for a realtor who has extensive knowledge of the Winthrop area. They should be familiar with the local market trends, neighborhoods, schools, and amenities.
Experience Matters: Consider realtors with a proven track record of successful transactions. An experienced realtor is likely to have a better understanding of the market dynamics and can navigate potential challenges more effectively.
References and Reviews: Seek references from friends, family, or colleagues who have recently bought or sold properties in the area. Additionally, online reviews and testimonials can provide insights into the realtor's reputation and client satisfaction.
Communication Skills: Effective communication is vital in any real estate transaction. Choose a responsive realtor, who communicates clearly, and keeps you informed throughout the process. This ensures a smoother and more transparent experience.
Marketing Strategies: If you are selling a property, inquire about the realtor's marketing strategies. A strong online presence, professional photography, and effective use of marketing channels can enhance the visibility of your property.
Licensing and Credentials: Ensure that the realtor is licensed and a member of relevant professional organizations. This demonstrates a commitment to ethical standards and ongoing education.
<img style="float: left; margin-right: 10px; margin-top: 5px;" src="https://assets.site-static.com/userfiles/1635/image/School-icon-3.png" width="30" height="22" alt="Point Shirley Education" title="Point Shirley Education" /> Point Shirley Education
Residents of the Point Shirley neighborhood benefit from the educational offerings provided by the Winthrop School District. The district is committed to delivering high-quality and rigorous instruction, ensuring that students receive a comprehensive and challenging curriculum. Emphasizing authenticity and student-centered learning, the educational approach goes beyond traditional methods, fostering an environment where students can actively engage with their studies.
A key focus of the educational initiatives is the creation of more opportunities for community partnerships. By actively seeking collaborations within the local community, the Winthrop School District aims to enhance educational opportunities for Point Shirley residents. This strategy not only enriches the academic experience but also fosters a sense of community engagement and support, contributing to a well-rounded and holistic educational environment in the neighborhood.
School-aged children living in the Point Shirley neighborhood have the opportunity to attend the following public schools:
A T Cummings School l 40 Hermon St, Winthrop, MA 02152, United States
Winthrop Middle School l 60 Payson St, Winthrop, MA 02152, United States
Winthrop High School l 400 Main St, Winthrop, MA 02152, United States
The Immaculate Conception School is a fantastic option for those seeking private education and is located less than 15 minutes from the Point Shirley neighborhood.
<img src="https://assets.site-static.com/userfiles/1635/image/Middle-School-Students-in-Class-1.jpg" width="900" height="300" alt="Winthrop School District In Port Shirley, WA Outstanding Education" title="Winthrop School District In Port Shirley, WA Outstanding Education" />
<img src="https://assets.site-static.com/userfiles/1635/image/Revealed-Asset-2.png" width="30" height="36" alt="Things to Do Near Point Shirley" title="Things to Do Near Point Shirley" /> Things to Do Near Point Shirley
Whether you already live in Point Shirley or are considering a move, there is no shortage of things to do in and around the neighborhood. From scenic parks to local dining options, we've got you covered with some must-see attractions and activities in the area.
Parks & Recreation
Belle Isle Reservation
Discover Boston's last salt marsh at <a href="https://www.mass.gov/locations/belle-isle-marsh-reservation" target="_blank">Belle Isle Marsh Reservation</a>, showcasing historic wetlands and critical habitat for rare wildlife. Enjoy nature walks and birdwatching amidst easy hiking paths, a boardwalk, and an observation tower in this unique, protected haven. The reservation's landscaped park offers benches and picnic tables, creating a perfect escape for both locals and visitors.
Ingleside Park
During the summer, this wonderful community park near Winthrop Center becomes a hub of activity with its playground, baseball diamond, tennis courts, gazebo, picnic tables, roller-hockey facilities, and an outdoor skating rink. The season also brings an exciting family concert series, adding a musical touch to the vibrant atmosphere of the park.
Places To Eat
Living somewhere that has access to delicious food is a must! And Point Shirley has plenty of options for all kinds of cravings. Here are just a few local favorites to add to your dining bucket list:
<a href="https://www.nickswinthrop.com/" target="_blank">Nick’s Place Winthrop</a>
<a href="https://www.grubhub.com/restaurant/hi-tide-breakfast-480-shirley-st-winthrop/80336" target="_blank">Hi-Tide</a>
<a href="https://caferossettis.com/" target="_blank">Cafe Rossetti's</a>
<a href="https://dparmarestaurant.com/" target="_blank">D'Parma Restaurant</a>
<img src="https://assets.site-static.com/userfiles/1635/image/Restaurant-with-Friends.jpg" width="900" height="300" alt="Discover Great Dining In Point Shirley, MA" title="Discover Great Dining In Point Shirley, MA" />
Outdoor Activities
Winthrop Beach
<a href="https://www.sellinboston.com/boston-ma/winthrop-winthrop-beach/" target="_blank">Winthrop Beach</a>, the most extensive among several beaches in the town, offers a spacious expanse of sandy shoreline ideal for swimming, peaceful strolls, and observing beachgoers. Lifeguards are present from July through early September, ensuring a safe experience. Positioned along Winthrop Shore Drive, the beach provides ample free parking for visitors.
Yirrell Beach
Found along Shirley Street, Yirrell Beach is a cherished destination known for its inviting shallow area that extends about 100 yards. Renowned for excellent surfcasting opportunities, this beach provides free parking along the street and at the nearby Public Landing. Adding to its allure, Yirrell Beach annually hosts the spectacular Old Fashioned Family Day at the Beach every July.
Winthrop Golf Club
The Winthrop Golf Club, established in 1917, beckons with its semi-private nine-hole course. The clubhouse features two bars and a spacious dining room, providing members the option to reserve this elegant space for private events. Whether for golfing or hosting special occasions, Winthrop Golf Club promises a welcoming and enjoyable experience.
<img src="https://assets.site-static.com/userfiles/1635/image/Golf-Ball-Tee-and-Club.jpg" width="900" height="300" alt="Golf At Winthrop's Semi-Private Golf Course In Winthrop, MA" title="Golf At Winthrop's Semi-Private Golf Course In Winthrop, MA" />
Family-Friendly Entertainment
New England Aquarium
Situated within 10 miles of the Point Shirley neighborhood, the New England Aquarium stands as a notable nonprofit organization dedicated to marine conservation. The aquarium reveals a diverse range of marine species, featuring harbor and northern fur seals, California sea lions, African and southern rockhopper penguins, giant Pacific octopuses, and weedy seadragons. Visitors can explore the captivating underwater world further with thousands of saltwater and freshwater fishes, offering an educational and immersive experience in close proximity to Point Shirley.
Winthrop Public Library and Museum
The Winthrop Public Library and Museum offers a wide array of resources and programs for all ages. From book clubs and storytime for kids to technology classes and guest speakers, this community staple has become a hub for learning and cultural enrichment. The museum also showcases the town's history through exhibits and artifacts, giving residents a glimpse into Winthrop's past.
Deer Island
Deer Island, connected to Winthrop, provides family-friendly activities such as walking trails, interpretative signage, memorial benches, and a pathway with stunning views of Boston Harbor. As part of the Boston Harbor Islands National Park Area, it's open daily for walking, jogging, sightseeing, picnicking, and fishing. Families can enjoy the outdoors, and there's a small visitor parking area as you enter the island from Winthrop.
If you haven't contacted a local real estate agent to start your home search, now is the time! Hopefully, this guide has helped you gain a better understanding of life in Point Shirley. Whether you're looking to relocate or simply want to explore a new neighborhood, Point Shirley radiates charm, community, and opportunity.
Seth has 15 + years in multi-unit retail management, and is bringing the renewed focus to the client that has been absent from the industry for decades. We integrate the latest and greatest technology, at the same time making your purchase or home sale as stress free as possible. Get in touch today by filling out a <a href="https://www.sellinboston.com/contact/" title="Contact Form" target="_blank" data-uw-rm-brl="false" aria-label="contact form - opens in new tab" data-uw-rm-ext-link="" uw-rm-external-link-id="https://www.sellinboston.com/contact/$contactform">contact form</a> or giving us a call.
<img class="cta-img-without-shadow-mobile" src="https://assets.site-static.com/userfiles/1635/image/rre-team.jpg" alt="The Ultimate Guide To Living In 76123, Fort Worth, Texas" width="270" height="230" style="margin: 0 0 30px 0 !important;" data-uw-rm-ima="gn" />
A local Point Shirley real estate agent is ready to help you find your dream home!
<a href="tel:(781) 332-4055" aria-label="call (781) 332-4055" data-uw-rm-brl="exc">Call Today!</a>
2023-12-18T07:05:43-07:002023-12-28T10:47:18-07:00Seth Williamstag:sellinboston.com,2012-09-20:6460Why You Should Use a Real Estate Agent When You Buy a HomeWhy You Should Use a Real Estate Agent When You Buy a Home
<br /><img src="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20231128/20231207-Why-You-Need-To-Use-a-Real-Estate-Agent-When-You-Buy-a-Home.png" width="600" /><br /><br />
If you’ve recently decided you’re ready to become a <a href="https://www.simplifyingthemarket.com/en/2023/11/16/people-are-still-moving-even-with-todays-affordability-challenges/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">homeowner</a>, chances are you’re trying to figure out what to do first. It can feel a bit overwhelming to know where to start, but the good news is you don’t have to navigate all of that alone.
When it comes to buying a home, there are a lot of moving pieces. And that’s especially true in today’s <a href="https://www.simplifyingthemarket.com/en/2023/11/15/the-latest-2024-housing-market-forecast/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">housing market</a>. The number of <a href="https://www.simplifyingthemarket.com/en/2023/11/21/are-there-actually-more-homes-for-sale-right-now/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">homes for sale</a> is still low, and <a href="https://www.simplifyingthemarket.com/en/2023/11/14/home-prices-keep-climbing-in-most-markets/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">home prices</a> and <a href="https://www.simplifyingthemarket.com/en/2023/10/16/are-higher-mortgage-rates-here-to-stay/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">mortgage rates</a> are still high. That combination can be tricky if you don’t have reliable expertise and a trusted advisor on your side. That’s why the best place to start is connecting with a local real estate agent.
Agents Are the #1 Most Useful Source in the Buying Process
The latest <a href="https://www.nar.realtor/research-and-statistics/research-reports/highlights-from-the-profile-of-home-buyers-and-sellers" rel="noopener noreferrer" target="_blank">annual report</a> from the National Association of Realtors (NAR) finds recent homebuyers agree the #1 most useful source of information they had in the home buying process was a real estate agent. Let’s break down why.
How an Agent Helps When You Buy a Home
When you think about a <a href="https://www.simplifyingthemarket.com/en/2023/10/30/a-real-estate-agent-helps-take-the-fear-out-of-the-market/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">real estate agent</a>, you may think of someone taking you on home showings and putting together the paperwork, but a great agent does so much more than that. It’s not just being the facilitator for your purchase, it’s being your guide through every step.
The visual below shows some examples from that same <a href="https://www.nar.realtor/research-and-statistics/research-reports/highlights-from-the-profile-of-home-buyers-and-sellers" rel="noopener noreferrer" target="_blank">NAR release</a> of the many ways an agent adds value. It includes the percentage of homebuyers in that report who highlighted each of these benefits:
<a href="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20231128/20231207-Benefits-Provided-by-Real-Estate-Agent-During-Home-Purchase-Process.png" rel="noopener noreferrer" target="_blank"><img src="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20231128/20231207-Benefits-Provided-by-Real-Estate-Agent-During-Home-Purchase-Process.png" /></a>
Here’s a bit more context on how the survey results noted an agent continually helps buyers in these situations:
Helped Buyer’s Understand the Process: Do you know the difference between an inspection and an appraisal, what each report tells you, and why they’re both important? Or that there are things you shouldn’t do after applying for a mortgage, like buying appliances or furniture? An agent knows all of these best practices and will share them with you along the way, so you don’t miss any key steps by the time you get to the closing table.
Pointed Out Unnoticed Features or Faults with the Home: An agent also has a lot of experience evaluating homes. They’ve truly seen it all. They’ll be able to pinpoint some things you may not have noticed about the home that could help inform your decision or at least what repairs you ask for.
Provided a Better List of Service Providers: In a real estate transaction, there are a lot of people involved. An agent has experience working with various professionals in your area, like home inspectors, and can help connect you with the pros you need for a successful experience.
Negotiated Better Contract Terms and Price: Did something pop up in the home inspection or with the appraisal? An agent will help you re-negotiate as needed to get the best terms and price possible for you, so you feel confident with your big purchase.
Improved Buyer’s Knowledge of the Search Area: Moving to a new town and you’re not familiar with the area, or you’re staying nearby, but don’t know which neighborhoods are most affordable? Either way, an agent knows the local area like the back of their hand and can help you find the perfect location for your needs.
Expanded Buyer’s Search Area: And if you’re not finding anything you’re interested in within your initial search radius, an agent will know other neighborhoods nearby you should consider based on what you like, what amenities you want, and more.
Bottom Line
If you’re looking to <a href="https://www.mykcm.com/2023/10/04/understanding-the-benefits-of-owning-your-first-home/" rel="noopener noreferrer" target="_blank">buy a home</a>, don’t forget about the many ways an agent is essential to that process. Any hurdle that pops up, a negotiation that needs to take place, and more, your agent will know how to handle it while they make sure to minimize your stress along the way. Let’s connect to tackle this together.2023-12-13T07:00:00-07:002023-12-08T06:50:42-07:00Seth Williamstag:sellinboston.com,2012-09-20:6459How To Turn Homeownership into a Side HustleHow To Turn Homeownership into a Side Hustle
<br /><img src="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20231204/20231206-How-to-Turn-Homeownership-into-a-Side-Hustle.png" width="600" /><br /><br />
Does the rising cost of just about everything these days make your dream of owning your own home feel less within reach? <a href="https://www.bankrate.com/personal-finance/side-hustle-survey/#millennial-gen-z" rel="noopener noreferrer" target="_blank">According</a> to Bankrate, many people are seeking additional income through side hustles, possibly to cope with those increasing expenses and save for a home. This trend is particularly popular with younger individuals who may be dealing with student loan debt (see graph below):
<a href="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20231204/20231206-Nearly-two-in-five-US-adults-have-a-side-hustle.png" rel="noopener noreferrer" target="_blank"><img src="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20231204/20231206-Nearly-two-in-five-US-adults-have-a-side-hustle.png" /></a>
Here are two strategies that can not only make <a href="https://www.simplifyingthemarket.com/en/2023/11/23/why-homeowners-are-thankful-they-own/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">homeownership</a> more affordable in the short term, but turn it into a lucrative side hustle that can pay off down the road.
Transforming the Challenge of a Fixer-Upper into an Opportunity
One thing you could do to help you break into homeownership is consider purchasing a fixer-upper. That’s a <a href="https://www.simplifyingthemarket.com/en/2023/11/21/are-there-actually-more-homes-for-sale-right-now/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">home</a> that may be a bit less appealing and as a result has lingered on the market longer than normal. <a href="https://realestate.usnews.com/real-estate/articles/buying-a-fixer-upper-everything-you-need-to-know" rel="noopener noreferrer" target="_blank">According</a> to a recent article from U.S. News:
“The current state of the housing market may have you expanding your options to try to find a home that you can afford. A fixer-upper that needs some updating and a little love can feel like a welcome alternative to move-in ready houses that go off the market before you can even take a tour.”
By opting for a home that requires some work, you may see two big benefits. For starters, you may find it’s easier to find a home because you’re not looking for that perfect option. Plus, it may also help you enter the housing market at a lower <a href="https://www.simplifyingthemarket.com/en/2023/11/22/home-prices-still-growing-just-at-a-more-normal-pace/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">price point</a>. This strategy provides a more affordable way to <a href="https://www.simplifyingthemarket.com/en/2023/11/08/thinking-about-using-your-401k-to-buy-a-home/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">become a homeowner</a> while also offering the potential for future profits.
Yes, the home may need a little elbow grease, but investing time and effort into gradually enhancing your house not only makes it a home but also increases its future market value. So, while you enjoy the satisfaction of turning a house into a home, you're also <a href="https://www.simplifyingthemarket.com/en/2023/11/07/homeowner-net-worth-has-skyrocketed/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">building equity</a> that can be unlocked when it's time to sell.
Renting Out a Portion of Your Home To Make It More Affordable
Another savvy strategy is to <a href="https://www.simplifyingthemarket.com/en/2023/11/03/the-benefits-of-buying-a-multi-generational-home-infographic/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">purchase a home</a> with the upfront intention of renting out a portion of it. <a href="https://zillow.mediaroom.com/2023-11-16-Interest-in-house-hacking-explodes-among-Millennial-and-Gen-Z-home-buyers-seeking-extra-income" rel="noopener noreferrer" target="_blank">According</a> to a recent press release from Zillow, renting out a part of their home is already very important for most young homebuyers (see graph below):
<a href="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20231204/20231206-Percent-of-buyers-who-find-it-very-or-extremely-important.png" rel="noopener noreferrer" target="_blank"><img src="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20231204/20231206-Percent-of-buyers-who-find-it-very-or-extremely-important.png" /></a>
This approach serves a strong purpose. As Manny Garcia, Senior Population Scientist at Zillow, <a href="https://zillow.mediaroom.com/2023-11-16-Interest-in-house-hacking-explodes-among-Millennial-and-Gen-Z-home-buyers-seeking-extra-income" rel="noopener noreferrer" target="_blank">says</a>:
“For those first-time buyers navigating the ‘side hustle culture,’ where a regular 9-to-5 might not quite cut it for homeownership dreams, rental income can step in to help . . .”
Basically, it can help you afford your monthly mortgage payments. So if you’re open to it, renting out a portion of your home not only helps with <a href="https://www.simplifyingthemarket.com/en/2023/11/16/people-are-still-moving-even-with-todays-affordability-challenges/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">affordability</a>, but it also positions you as an investor and turns <a href="https://www.simplifyingthemarket.com/en/2023/11/01/what-are-accessory-dwelling-units-and-how-can-they-benefit-you/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">your home</a> into a source of income.
Bottom Line
In the face of today’s <a href="https://www.mykcm.com/2023/11/14/home-prices-keep-climbing-in-most-markets/" rel="noopener noreferrer" target="_blank">affordability challenges</a>, both of these strategies offer more attainable paths to <a href="https://www.mykcm.com/2023/11/24/why-homeowners-feel-thankful-for-their-homes-infographic/" rel="noopener noreferrer" target="_blank">homeownership</a>, especially for younger buyers. If you want to discuss these options and see how they might play out for you in our local market, let’s connect.2023-12-11T07:00:00-07:002023-12-08T06:49:39-07:00Seth Williamstag:sellinboston.com,2012-09-20:6419Is Owning a Home Still the American Dream for Younger Buyers?Is Owning a Home Still the American Dream for Younger Buyers?
<br /><img src="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20231127/20231130-Is-Owning-a-Home-Still-the-American-Dream-for-Younger-buyers.png" width="600" /><br /><br />
Everyone has their own idea of the American Dream, and it's different for each person. But, in a recent <a href="https://www.bankrate.com/mortgages/homeownership-remains-centerpiece-of-american-dream/#faq" rel="noopener noreferrer" target="_blank">survey</a> by Bankrate, people were asked about the achievements they believe represent the American Dream the most. The answers show that owning a home still claims the #1 spot for many Americans today (see graph below):
<a href="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20231127/20231130-Homeownership-Remains-the-1-feature-of-the-american-dream.png" rel="noopener noreferrer" target="_blank"><img src="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20231127/20231130-Homeownership-Remains-the-1-feature-of-the-american-dream.png" /></a>
In fact, according to the graph, owning a home is more important to people than retiring, having a successful career, or even getting a college degree. But is the dream of homeownership still alive for younger generations?
A recent <a href="http://www.1000wattinside.com/" rel="noopener noreferrer" target="_blank">survey</a> by 1000watt dives into how the two generations many people believed would be the renter generations (<a href="https://www.rentcafe.com/blog/gen-z-statistics/" target="_blank">Gen Z</a> and millennials) feel about homeownership. Specifically, it asks if they want to buy a home in the future. The resounding answer is yes (see graph below):
<a href="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20231127/20231130-Gen-Z-and-millenials-do-you-want-to-buy-a-home-at-some-point-in-the-future.png" rel="noopener noreferrer" target="_blank"><img src="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20231127/20231130-Gen-Z-and-millenials-do-you-want-to-buy-a-home-at-some-point-in-the-future.png" /></a>
While there are plenty of reasons why someone might prefer <a href="https://www.simplifyingthemarket.com/en/2023/11/23/why-homeowners-are-thankful-they-own/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">homeownership</a> to renting, the same 1000watt survey shows, that for 63% of <a href="https://www.simplifyingthemarket.com/en/2023/10/26/affordable-homeownership-strategies-for-gen-z/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">Gen Z</a> and millennials, it’s that your place doesn’t feel like “home” unless you own it – maybe you feel the same way.
That emotional draw is further emphasized when you look at the reasons why Gen Z and millennials want to become homeowners. For all the <a href="https://www.simplifyingthemarket.com/en/2023/11/07/homeowner-net-worth-has-skyrocketed/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">financial benefits</a> homeownership provides, in most cases it’s about the lifestyle or <a href="https://www.simplifyingthemarket.com/en/2023/11/24/why-homeowners-feel-thankful-for-their-homes-infographic/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">emotional benefits</a> (see graph below):
<a href="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20231127/20231130-Whats-the-primary-reason-you-want-to-own-a-home.png" rel="noopener noreferrer" target="_blank"><img src="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20231127/20231130-Whats-the-primary-reason-you-want-to-own-a-home.png" /></a>
What Does This Mean for You?
If you’re a part of Gen Z or are a millennial and you’re ready, willing, and able to <a href="https://www.simplifyingthemarket.com/en/2023/11/08/thinking-about-using-your-401k-to-buy-a-home/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">buy a home</a>, you’ll want a great real estate agent by your side. Their experience and expertise in the local housing market will help you overcome today’s high <a href="https://www.simplifyingthemarket.com/en/2023/10/16/are-higher-mortgage-rates-here-to-stay/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">mortgage rates</a>, <a href="https://www.simplifyingthemarket.com/en/2023/11/21/are-there-actually-more-homes-for-sale-right-now/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">low inventory</a>, and rising <a href="https://www.simplifyingthemarket.com/en/2023/11/22/home-prices-still-growing-just-at-a-more-normal-pace/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">home prices</a> to find your first home and turn your dream into a reality.
Working with a local real estate agent to find your dream home is the key to unlocking the American Dream.
Bottom Line
<a href="https://www.mykcm.com/2023/11/03/the-benefits-of-buying-a-multi-generational-home-infographic/" rel="noopener noreferrer" target="_blank">Buying a home</a> is a big, important decision that represents the heart of the American Dream. If you want to accomplish your goal, <a href="https://www.mykcm.com/2023/10/30/a-real-estate-agent-helps-take-the-fear-out-of-the-market/" rel="noopener noreferrer" target="_blank">let’s connect</a> to start the process today.2023-12-04T07:00:00-07:002024-03-27T03:17:40-07:00Seth Williamstag:sellinboston.com,2012-09-20:6382Revealed: The Truth About Waterfront Living In Winthrop, MA<img src="https://assets.site-static.com/userfiles/1635/image/Waterfront_Living_In_Winthrop_MA.png" width="750" height="375" alt="living in winthrop ma" title="living in winthrop ma" />
Are you contemplating <a href="https://www.sellinboston.com/blog/moving-to-winthrop-ma/" target="_blank">moving to Winthrop, MA</a> and wondering what it's like to live near the waterfront? Look no further! This article will provide you with all the information you need to know about the benefits of waterfront living in Winthrop, exploring the real estate market in the area, tips for finding waterfront properties, things to consider before moving, and activities and attractions in Winthrop.
<img style="float: left; margin-right: 10px; margin-top: 5px;" src="https://assets.site-static.com/userfiles/1635/image/Luxury-Asset-1.png" width="60" height="54" alt="The Allure of Living in Winthrop, MA" title="The Allure of Living in Winthrop, MA" /> The Allure of Living in Winthrop, MA
Located just a few miles from <a href="https://www.sellinboston.com/boston-ma/" target="_blank">Boston</a>, Winthrop is a small town surrounded by water on three sides. While there may be plenty of waterfront locations to choose from, Winthrop stands out for several reasons. Firstly, the town's proximity to Boston makes it an ideal location for those looking to enjoy a quieter lifestyle while still having access to the amenities and opportunities of a major city. Secondly, Winthrop boasts stunning ocean views and a charming coastal atmosphere that is hard to find elsewhere.
Table of Contents
<a href="https://www.sellinboston.com/#link-1"> The Allure of Living in Winthrop, MA</a>
<a href="https://www.sellinboston.com/#link-2"> The Benefits of Waterfront Living</a>
<a href="https://www.sellinboston.com/#link-3"> Exploring the Real Estate Market in Winthrop, MA</a>
<a href="https://www.sellinboston.com/#link-4"> Tips for Finding Waterfront Properties in Winthrop, MA</a>
<a href="https://www.sellinboston.com/#link-5"> Things to Consider Before Moving to Winthrop, MA</a>
<a href="https://www.sellinboston.com/#link-6"> Activities and Attractions in Winthrop, MA</a>
<a href="https://www.sellinboston.com/#link-6"> Conclusion</a>
Winthrop is a diverse community that attracts a range of residents. Families are drawn to the town for its excellent schools and family-friendly neighborhoods, while professionals appreciate the easy commute to Boston. Retirees are also attracted to Winthrop for its peaceful surroundings and close-knit community.
As for the climate in Winthrop, residents can expect a typical New England experience with four distinct seasons. Summers are warm and sunny, perfect for enjoying the beaches and waterfront activities. Winters can be cold and include snowfall, creating a picturesque winter wonderland. Spring and fall bring mild temperatures and stunning foliage.
Aside from its natural beauty, Winthrop also has a unique downtown area with a variety of restaurants, shops, and entertainment options. The town hosts several events throughout the year, including the annual <a href="https://www.mainepublic.org/community-calendar/event/winthrop-arts-festival-29-07-2022-10-22-12" target="_blank">Winthrop Arts Festival</a> and the Fourth of July Celebration. Great location, wonderful community spirit and lots of things to do in Winthrop, MA are just a hint of the growing appeal for waterfront living in this area.
Recently Listed in North Potomac
View Homes in North Potomac <br role="presentation" /> See detailed information & photos. <br role="presentation" /> <a href="https://sellinboston.com/property-search/results/?searchtype=2&searchid=97697&" class="si-btn si-btn--secondary">View Homes for Sale</a>
<img style="float: left; margin-right: 10px; margin-top: 5px;" src="https://assets.site-static.com/userfiles/1635/image/Revealed-Asset-1.png" width="55" height="38" alt="The Benefits of Waterfront Living" title="The Benefits of Waterfront Living" /> The Benefits of Waterfront Living
Living near the waterfront provides many benefits, including breathtaking views, fresh sea air, and the calming sound of the waves. It can also improve your physical and mental health by encouraging outdoor activities and reducing stress levels. Waterfront properties tend to have higher resale value and are more in demand — a smart financial investment.
In Winthrop, waterfront living also means easy access to a variety of water activities, from swimming and fishing to boating and kayaking. The town has several parks and beaches, which offer stunning views of the Boston skyline. With Boston just a short drive away, you can easily enjoy all the city has to offer while still having a peaceful retreat to come home to.
Another benefit of waterfront living in Winthrop is the sense of community that it fosters. Living by the water often creates a strong bond among residents who share a love for the ocean and all it has to offer. You'll find that there are numerous community events and activities centered around the waterfront, providing an opportunity to connect with your neighbors and form lasting friendships. Living by the water offers a unique and fulfilling lifestyle.
<img src="https://assets.site-static.com/userfiles/1635/image/Enjoying-Sunset-By-the-Water.gif" width="750" height="300" alt="Enjoying Sunset Waterfront - Winthrop, MA" title="Enjoying Sunset Waterfront - Winthrop, MA" />
<img style="float: left; margin-right: 10px; margin-top: 5px;" src="https://assets.site-static.com/userfiles/1635/image/Revealed-Asset-1.png" width="55" height="38" alt="Exploring the Real Estate Market in Winthrop, MA" title="Exploring the Real Estate Market in Winthrop, MA" /> Exploring the Real Estate Market in Winthrop, MA
When it comes to <a href="https://www.sellinboston.com/property-search/results/?searchtype=2&searchid=97697&" title="Winthrop, MA Real Estate" target="_blank">Winthrop, MA real estate,</a> waterfront properties are highly sought after and tend to sell quickly. While prices vary depending on the property's location and condition, you can expect to pay a premium for waterfront living in Winthrop.
From stunning oceanfront estates to cozy beach cottages, there is something for every buyer looking to enjoy life by the water. Of course, if a condo, townhome or new build is more to your liking you'll find these options as well. Waterfront homes offer breathtaking views and easy access to the beach.
Overall, the real estate market in Winthrop, MA provides a unique opportunity for homebuyers looking for a charming seaside community with easy access to urban amenities. To find your dream waterfront property, it's important to work with a professional real estate agent who knows the area well. They can help you navigate the market, find properties that meet your needs, and negotiate the best deal for you.
<img style="float: left; margin-right: 10px; margin-top: 5px;" src="https://assets.site-static.com/userfiles/1635/image/Luxury-Asset-7.png" width="53" height="39" alt="Tips for Finding Waterfront Properties in Winthrop, MA" title="Tips for Finding Waterfront Properties in Winthrop, MA" /> Tips for Finding Waterfront Properties in Winthrop, MA
When searching for waterfront properties in Winthrop, there are a few things to keep in mind. First, consider the property's location and proximity to the water. Properties that are closer to the water tend to have better views and more privacy, but may also be more expensive. Familiarize yourself with the area and current market. By understanding the local market trends and prices, you'll be better equipped to identify good deals and opportunities.
Consider the property's condition and any potential maintenance or renovation costs. Waterfront properties require regular upkeep to protect against saltwater damage and erosion, so it's necessary to factor these costs into your overall budget.
Think about what kind of lifestyle you're looking for — whether you want a secluded beachfront property or a home with easy access to amenities like restaurants and shops. Take into account factors like proximity to schools or public transportation if that's important to you. By considering your own needs and preferences, you'll narrow down your search.
Ensure that you collaborate with a reliable real estate agent who possesses expertise in dealing with waterfront properties. Their knowledge and experience will be invaluable in assisting you in the process of finding your dream waterfront property. They can provide you with insider information on upcoming listings, negotiate on your behalf, and ensure that you find the perfect waterfront property for you.
<img src="https://assets.site-static.com/userfiles/1635/image/Home-Buying-Tips.gif" width="750" height="300" alt="Tips for Finding Waterfront Properties in Winthrop, MA" title="Tips for Finding Waterfront Properties in Winthrop, MA" />
<img style="float: left; margin-right: 10px; margin-top: 5px;" src="https://assets.site-static.com/userfiles/1635/image/Revealed-Asset-2.png" width="52" height="63" alt="Things to Consider Before Moving to Winthrop, MA" title="Things to Consider Before Moving to Winthrop, MA" /> Things to Consider Before Moving to Winthrop, MA
Before making the move to Winthrop, there are a few things to consider. First, the cost of living in Winthrop is higher than the national average, so be prepared for higher housing and other expenses. However, the town's natural beauty, tight-knit community, and easy access to Boston may make it worth the investment.
You should also consider the town's public transportation options, as Winthrop is not serviced by the MBTA subway system. Several bus routes do provide access to the surrounding area.
Last but not least, research the town's schools and education system if you have children. While Winthrop has several highly rated schools, it's important to find the right fit for your family.
<img src="https://assets.site-static.com/userfiles/1635/image/Revealed-Asset-2.png" width="52" height="63" alt="Activities and Attractions in Winthrop, MA" title="Activities and Attractions in Winthrop, MA" /> Activities and Attractions in Winthrop, MA
Aside from its organic beauty, Winthrop offers a wide range of activities and attractions for residents to enjoy throughout the year. Whether it's summer or winter, there are plenty of things to do in this quaint coastal town. In the summer months, residents can take advantage of the beautiful beaches and waterfront areas. Aside from the well-known Winthrop Beach which is a popular spot for swimming, sunbathing, and picnicking, there are smaller, quieter beaches that are favorites of those who live here. Such beaches include Donovan's Beach, Pico Beach, and Halford Beach. When it comes to water activities, there are plenty of options for boating and fishing.
For those who prefer land activities, Winthrop boasts several parks and recreational areas for locals to enjoy hiking, biking or a leisurely stroll.
In the winter, Winthrop offers a different set of activities for its residents. One of the main attractions during this season is ice skating at the <a href="https://www.town.winthrop.ma.us/lawrence-larsen-rink" target="_blank">Larsen Rink</a>. This indoor ice rink provides a fun and active way to spend time during the colder months. Larsen Rink also provides fantastic ice hockey programs for all ages.
If you prefer to be outdoors even in the winter, several parks have trails that can be enjoyed for winter walks, snowshoeing or cross-country skiing. With all the water surrounding Winthrop why not have a go at ice fishing?<br /><img src="https://assets.site-static.com/userfiles/1635/image/Snowshoeing.gif" width="750" height="300" alt="Outdoors Fun In The Winter Snowshoeing In Winthrop, MA" title="Outdoors Fun In The Winter Snowshoeing In Winthrop, MA" />
For those interested in history, the Winthrop Historical Society is a must-visit. This organization preserves and shares the town's rich history through exhibits and events. They offer walking tours that provide insight into Winthrop's past. Owned by the Winthrop Improvement and Historical Association is the <a href="https://winthropmemorials.org/civic/pages/deane-winthrop-house.html" title="Deane Winthrop House" target="_blank">Deane Winthrop House</a>. A guided tour of this history-soaked home is a must for all history buffs whether expert or novice.
Speaking of history, with Boston just a short distance away, residents can easily enjoy all it has to offer, from world-class museums and theaters to professional sports teams and shopping. Located just a few minutes from Winthrop, Boston is conveniently accessible both by car and public transportation.
Many residents and visitors alike enjoy exploring the local community as Winthrop has a dynamic downtown area filled with shops, restaurants, and cafes. Here, residents can indulge in delicious seafood at one of the many seafood restaurants or browse unique boutiques for one-of-a-kind finds. You’ll also want to take in all the annual events that bring the community together for fun and entertainment.
With no shortage of things to do in Winthrop, it's easy for residents to stay active and engaged. Whether you prefer exploring nature, immersing yourself in the local community, or taking a day trip to the big city, this charming coastal town provides plenty of options.
<img src="https://assets.site-static.com/userfiles/1635/image/Revealed-Asset-1.png" width="55" height="38" alt="Conclusion" title="Conclusion" /> Conclusion
Now that you have all the information you need about waterfront living in Winthrop, MA, it's time to make your move. By working with a professional real estate agent and considering the town's unique features and attractions, you can find your dream waterfront property and start enjoying all that this incredible waterfront town has to offer.
Seth has 15 + years in multi-unit retail management, and is bringing the renewed focus to the client that has been absent from the industry for decades. We integrate the latest and greatest technology, at the same time making your purchase or home sale as stress free as possible. Get in touch today by filling out a <a href="https://www.sellinboston.com/contact/" title="Contact Form" target="_blank" data-uw-rm-brl="false" aria-label="contact form - opens in new tab" data-uw-rm-ext-link="" uw-rm-external-link-id="https://www.sellinboston.com/contact/$contactform">contact form</a> or giving us a call.
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2023-11-21T08:55:23-07:002023-12-20T15:10:59-07:00Seth Williamstag:sellinboston.com,2012-09-20:6330Thinking About Using Your 401(k) To Buy a Home?Thinking About Using Your 401(k) To Buy a Home?
<br /><img src="https://files.keepingcurrentmatters.com/content/images/20231107/20231108-Thinking-About-Using-Your-401k-to-buy-a-house.png" width="600" /><br /><br />
Are you dreaming of <a href="https://www.simplifyingthemarket.com/en/2023/10/26/affordable-homeownership-strategies-for-gen-z/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">buying</a> your <a href="https://www.simplifyingthemarket.com/en/2023/10/13/the-difference-between-renting-and-buying-a-home-infographic/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">own home</a> and wondering about how you’ll save for a down payment? You're not alone. Some people think about tapping into their 401(k) savings to make it happen. But before you decide to dip into your retirement to <a href="https://www.simplifyingthemarket.com/en/2023/10/25/invest-in-yourself-by-owning-a-home/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">buy a home</a>, be sure to consider all possible alternatives and talk with a financial expert. Here’s why.
The Numbers May Make It Tempting
The <a href="https://www.cnbc.com/2023/06/03/fidelity-how-much-americans-have-in-their-401ks-at-every-age.html" rel="noopener noreferrer" target="_blank">data</a> shows many Americans have saved a considerable amount for retirement (see chart below):
<a href="https://files.keepingcurrentmatters.com/content/images/20231107/20231108-Average-401-balance-by-age.png" rel="noopener noreferrer" target="_blank"><img src="https://files.keepingcurrentmatters.com/content/images/20231107/20231108-Average-401-balance-by-age.png" /></a>
It can be really tempting when you have a lot of money saved up in your 401(k) and you see your dream <a href="https://www.simplifyingthemarket.com/en/2023/10/17/how-buying-a-multi-generational-home-helps-with-affordability-today/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">home</a> on the horizon. But remember, dipping into your retirement savings for a home could cost you a penalty and affect your finances later on. That's why it's important to explore all your options when it comes to saving for a down payment and buying a home. As Experian <a href="https://www.experian.com/blogs/ask-experian/use-401k-to-buy-house/" rel="noopener noreferrer" target="_blank">says</a>:
“It’s possible to use funds from your 401(k) to buy a house, but whether you should depends on several factors, including taxes and penalties, how much you’ve already saved and your unique financial circumstances.”
Alternative Ways To Buy a Home
Using your 401(k) is one way to finance a <a href="https://www.simplifyingthemarket.com/en/2023/10/06/how-homeowner-net-worth-grows-with-time-infographic/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">home</a>, but it's not the only option. Before you decide, consider a couple of other methods, courtesy of <a href="https://www.experian.com/blogs/ask-experian/use-401k-to-buy-house/" rel="noopener noreferrer" target="_blank">Experian</a>:
<a href="https://www.hud.gov/buying/loans" rel="noopener noreferrer" target="_blank">FHA Loan</a>: FHA loans allow qualified buyers to put down as little as 3.5% of the home's price, depending on their credit scores.
<a href="https://downpaymentresource.com/" rel="noopener noreferrer" target="_blank">Down Payment Assistance Programs</a>: There are many national and local programs that can help first-time and repeat homebuyers come up with the necessary down payment.
Above All Else, Have a Plan
No matter what route you take to purchase a home, be sure to talk with a financial expert before you do anything. Working with a team of experts to develop a concrete plan prior to starting your journey to <a href="https://www.simplifyingthemarket.com/en/2023/10/12/growing-your-net-worth-with-homeownership/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">homeownership</a> is the key to success. Kelly Palmer, Founder of The Wealthy Parent, <a href="https://www.investmentnews.com/think-twice-before-borrowing-from-401k-for-a-home-down-payment-advisors-say-241461" rel="noopener noreferrer" target="_blank">says</a>:
“I have seen parents pausing contributions to their retirement plans in favor of affording a larger home often with the hope they can refinance in the future… As long as there is a tangible plan in place to get back to saving for their retirement goals, I encourage families to consider all their options.”
Bottom Line
If you’re still thinking about using your 401(k)-retirement savings for a home down payment, consider all your options and work with a financial professional before you make any decisions.2023-11-13T07:00:00-07:002023-11-09T07:15:10-07:00Seth Williamstag:sellinboston.com,2012-09-20:6279Invest in Yourself by Owning a HomeInvest in Yourself by Owning a Home
<br /><img src="https://files.keepingcurrentmatters.com/content/images/20231023/20231025-Invest-in-yourself-by-owning-a-home.png" width="600" /><br /><br />
Are you wondering if it makes sense to <a href="https://www.simplifyingthemarket.com/en/2023/10/17/how-buying-a-multi-generational-home-helps-with-affordability-today/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">buy a home</a> right now? While today’s <a href="https://www.simplifyingthemarket.com/en/2023/10/16/are-higher-mortgage-rates-here-to-stay/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">mortgage rates</a> might seem a bit intimidating, here are two compelling reasons why it still may be a good time to become a <a href="https://www.simplifyingthemarket.com/en/2023/09/21/the-many-non-financial-benefits-of-homeownership/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">homeowner</a>.
Home Values Appreciate over Time
There’s been a lot of confusion around what’s happened with home prices over the past two years. While they did dip ever so slightly in late 2022, this year they’ve been <a href="https://www.simplifyingthemarket.com/en/2023/10/03/home-prices-are-not-falling/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">appreciating</a> at a more normal pace, which is <a href="https://www.simplifyingthemarket.com/en/2023/09/26/the-return-of-normal-seasonality-for-home-price-appreciation/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">good news</a> for the housing market. And while looking at price movement over just a year or two can make you worry prices are usually this unpredictable, history shows in the long run, <a href="https://www.simplifyingthemarket.com/en/2023/10/12/growing-your-net-worth-with-homeownership/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">home values rise</a> (see graph below):
<a href="https://www.simplifyingthemarket.com/en/content/images/20231023/20231025-Price-Appreciation-over-the-Last-60-Years.png?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank"><img src="https://files.keepingcurrentmatters.com/content/images/20231023/20231025-Price-Appreciation-over-the-Last-60-Years.png" /></a>
Using data from the Federal Reserve for the past <a href="https://fred.stlouisfed.org/series/ASPUS" rel="noopener noreferrer" target="_blank">60 years</a>, you can see the overall trend is home prices have climbed quite steadily. Sure, there was an exception around the housing <a href="https://www.simplifyingthemarket.com/en/2023/09/27/why-todays-housing-inventory-shows-a-crash-isnt-on-the-horizon/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">crash of 2008</a> that caused prices to break the usual trend for a time, but overall, home values have been consistently on the <a href="https://www.simplifyingthemarket.com/en/2023/10/11/the-latest-expert-forecasts-for-home-prices-in-2023/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">rise</a>.
Increasing home values is one great reason why buying may make more sense than renting. As prices rise, and as you pay down your mortgage, you build equity. Over time, that growing equity gives your <a href="https://www.simplifyingthemarket.com/en/2023/10/12/growing-your-net-worth-with-homeownership/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">net worth</a> a boost.
Rent Keeps Going Up Through the Years
Another reason you may want to consider buying a home instead of <a href="https://www.simplifyingthemarket.com/en/2023/10/13/the-difference-between-renting-and-buying-a-home-infographic/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">renting</a> is the never-ending rent hike. If you've ever felt the pinch of rent increasing year after year, you're not alone. That’s because, rents have <a href="https://ipropertymanagement.com/research/average-rent-by-year" rel="noopener noreferrer" target="_blank">climbed steadily</a> over the past six decades (see graph below):
<a href="https://www.simplifyingthemarket.com/en/content/images/20231023/20231025-Increase-in-Rents-over-the-Last-60-Years.png?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank"><img src="https://files.keepingcurrentmatters.com/content/images/20231023/20231025-Increase-in-Rents-over-the-Last-60-Years.png" /></a>
By <a href="https://www.simplifyingthemarket.com/en/2023/10/02/unpacking-the-long-term-benefits-of-homeownership/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">buying a home</a>, you can lock in your monthly housing costs and bid farewell to those pesky rent hikes. That stability is a game-changer.
In the end, it all boils down to this: your housing payments are an investment, and you've got a choice to make. Do you want to invest in yourself or your landlord?
By becoming a <a href="https://www.simplifyingthemarket.com/en/2023/10/06/how-homeowner-net-worth-grows-with-time-infographic/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">homeowner</a>, you're investing in your own future. When you rent, that’s money you never get back.
When you factor in home values consistently rising, plus the opportunity to get relief from never-ending rent hikes, homeownership can be a path to financial security. As Dr. Jessica Lautz, Deputy Chief Economist and VP of Research at the National Association of Realtors (NAR), <a href="https://www.forbes.com/advisor/mortgages/real-estate/is-buying-a-home-worth-it/" rel="noopener noreferrer" target="_blank">states</a>:
“If a homebuyer is financially stable, able to manage monthly mortgage costs and can handle the associated household maintenance expenses, then it makes sense to purchase a home.”
Bottom Line
When it comes down to it, buying a home offers more benefits than renting, even when mortgage rates are high. If you want to avoid increasing rents and take advantage of long-term home price appreciation, let’s connect to go over <a href="https://www.mykcm.com/2023/09/22/how-remote-work-helps-with-your-house-hunt-infographic/" rel="noopener noreferrer" target="_blank">your options</a>.2023-10-30T06:00:00-07:002023-10-27T05:18:11-07:00Seth Williamstag:sellinboston.com,2012-09-20:6214What To Look Out For As A First-Time Home Buyer In Winthrop, MA<img src="https://assets.site-static.com/userfiles/1635/image/First_time_home_buyer_Winthrop_MA.png" width="750" height="375" alt="first time home buyer Winthrop MA" title="first time home buyer Winthrop MA" />
Becoming a first-time home buyer is an exciting and significant milestone in anyone's life. For those considering a new home purchase in the picturesque coastal town of <a href="https://www.sellinboston.com/boston-ma/winthrop/" target="_blank">Winthrop, Massachusetts</a>, the journey is marked by its unique challenges and opportunities. The charming streets, beautiful ocean views, and rich history of Winthrop make it an enticing location for prospective homeowners. However, just like any real estate market, there are crucial considerations specific to this area.
In this blog, we'll guide you through the essentials of what to look out for as a first-time home buyer in Winthrop, MA. From understanding the qualifications to accessing helpful programs and navigating the home-buying process, we'll equip you with the knowledge you need to embark on your journey with confidence. Whether you're a local resident or relocating to this charming town, this guide is tailored to assist you in making a well-informed decision as you take your first steps into the Winthrop housing market.
Table of Contents
<a href="https://www.sellinboston.com/#link-1"> Understanding The Local Market</a>
<a href="https://www.sellinboston.com/#link-2"> What Qualifies as a First-Time Home Buyer in Winthrop, Massachusetts?</a>
<a href="https://www.sellinboston.com/#link-3"> Are There Programs to Help First-Time Home Buyers in Massachusetts?</a>
<a href="https://www.sellinboston.com/#link-4"> How to Buy a House for the First Time in Winthrop, Massachusetts</a>
<a href="https://www.sellinboston.com/#link-5"> What Are Some Things First-Time Home Buyers Should Look Out For?</a>
<a href="https://www.sellinboston.com/#link-6"> Tips for First-Time Home Buyers in Winthrop, MA</a>
<img src="https://u.realgeeks.media/ambermelenudo/Luxury-Asset-3.png" alt="" data-uw-rm-ima="un" /> Understanding The Local Market
Real estate in Winthrop has seen a surge in demand, primarily due to its coveted coastal location and convenient proximity to <a href="https://www.sellinboston.com/boston-ma/" target="_blank">Boston</a>. While these factors do contribute to relatively higher housing costs, Winthrop remains accessible for those on a budget. The predominant housing option in Winthrop comprises single-family detached homes and an array of low to mid-rise condominium communities, providing diverse choices to cater to various lifestyles.
Many of these properties boast the additional allure of private decks and enchanting harbor views, enhancing the appeal of the community. While the typical home values generally range between $450,000 and $700,000, it's not unusual to encounter properties in the million-dollar range. As Winthrop's popularity continues to grow, housing prices are expected to appreciate, presenting an enticing prospect for future investments.
<img style="float: left; margin-right: 10px; margin-top: 5px;" src="https://u.realgeeks.media/ambermelenudo/Luxury-Asset-1.png" alt="" data-uw-rm-ima="un" /> What Qualifies as a First-Time Home Buyer in Winthrop, Massachusetts?
In Winthrop, Massachusetts, a first-time home buyer typically qualifies as an individual or household who has not previously owned residential property within the town's boundaries or, more broadly, has not owned a home in recent years. The specific criteria may vary, so it's essential to consult with local authorities, real estate professionals, or financial institutions to determine the exact qualifications. Typically, being a first-time home buyer may make you eligible for certain benefits, such as down payment assistance programs or favorable mortgage terms, aimed at facilitating your entry into the real estate market. Although these programs may not fully cover the cost of your property, they can significantly reduce your financial burden and help make homeownership more accessible.
Recently Listed in Winthrop, MA
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<img style="float: left; margin-right: 10px; margin-top: 5px;" src="https://assets.site-static.com/userfiles/1635/image/Icon/Revealed-Asset-1.png" width="55" height="38" alt="Are There Programs to Help First-Time Home Buyers in Massachusetts?" title="Are There Programs to Help First-Time Home Buyers in Massachusetts?" /> Are There Programs to Help First-Time Home Buyers in Massachusetts?
In Massachusetts, first-time home buyers can take advantage of programs offered by two statewide nonprofits to make homeownership more accessible. Here's a concise summary of these programs:
MassHousing:
Offers information and home-buyer education courses.
Completion of these courses is often a prerequisite for first-time home buyer mortgages.
Provides a 30-year fixed-rate loan with MI Plus Mortgage Insurance for job loss protection.
Qualification requirements include meeting credit score minimums, collaborating with participating lenders, adhering to MassHousing income limits, and finishing a home buyer education course.
Massachusetts Housing Partnership (MHP):
Offers the One Mortgage program with a competitive fixed rate and a 3% down payment.
Allows the use of down payment assistance (DPA) funds for out-of-pocket costs.
Does not require private mortgage insurance even with less than a 20% down payment.
Provides "extra assistance" to reduce mortgage payments.
Eligibility criteria involve being a first-time homeowner with a minimum credit score of 640, having total assets below $75,000, and maintaining a household income within local income limits, along with successfully completing a home-buyer education course.
<img src="https://assets.site-static.com/userfiles/1635/image/Icon/Luxury-Asset-7.png" width="53" height="39" alt="How to Buy a House for the First Time in Winthrop, Massachusetts" title="How to Buy a House for the First Time in Winthrop, Massachusetts" /> How to Buy a House for the First Time in Winthrop, MA
Purchasing your first home can seem daunting, but with the right resources and support, it can be a smooth and exciting process. Here are some essential steps to help guide you through buying a house for the first time in Winthrop:
Determine Your Budget: Before you start looking at properties, it's crucial to know how much you can afford. Consider your income, expenses, and any possible sources of down payment assistance.
Get Pre-Approved for a Mortgage: A pre-approval from a reputable lender will give you an accurate idea of what mortgage options are available to you and how much you can borrow.
Find a Local Real Estate Agent: Working with an experienced local real estate agent can make all the difference in finding your dream home. They can help you navigate the market, negotiate on your behalf, and provide valuable insights.
Start Your House Hunt: With a budget and pre-approval in hand, you can now begin looking at properties. Make sure to prioritize your needs and wants and be open to compromise if needed.
Make an Offer: Once you find the perfect home, your real estate agent will help you make an offer. They will guide you through negotiations and ensure that all necessary paperwork is completed accurately.
Get a Home Inspection: A professional home inspection is crucial to uncover any potential issues with the property before finalizing the purchase.
Close the Deal: If everything checks out, it's time to close the deal by signing all the necessary paperwork and paying any closing costs.
Move In: Congratulations, you're now a homeowner! Time to move into your new home and make it truly yours.
<img src="https://assets.site-static.com/userfiles/1635/image/home-buyer-winthrop.jpg" width="750" height="300" alt="first time home buyer winthrop ma" title="first time home buyer winthrop ma" />
<img src="https://assets.site-static.com/userfiles/1635/image/Icon/Luxury-Asset-7.png" width="53" height="39" style="float: left; margin-right: 10px; margin-top: 5px;" alt="What Are Some Things First-Time Home Buyers Should Look Out For?" title="What Are Some Things First-Time Home Buyers Should Look Out For?" /> What Are Some Things First-Time Home Buyers Should Look Out For?
First-time home buyers often encounter various challenges and expenses as they navigate the path to homeownership. Here are some key things to look out for and strategies to mitigate them:
1. Potential Pitfalls and Challenges:
Credit and Financial Preparation: Ensure your credit is in good shape and save for a down payment to qualify for favorable mortgage terms.
Market Conditions: Be aware of market fluctuations and how they may affect your buying decision.
Home Inspection: Insist on a thorough home inspection to uncover potential issues.
Appraisal Value: A low appraisal can complicate financing, so be prepared to negotiate with the seller or pay the difference.
2. Common Expenses:
Closing Costs: These can be substantial and often include fees for loan origination, title searches, and more. Request a loan estimate and shop for the best rates and terms.
Lawyer Fees: Legal assistance is essential, but fees can vary. Research and select an attorney experienced in real estate law.
Inspections: Inspections are crucial, but they come with costs. Consider their importance, negotiate repairs, or request the seller to cover some expenses.
3. Strategies to Navigate and Minimize Costs:
Budgeting: Create a comprehensive budget that includes not just the purchase price but also closing costs, moving expenses, and post-purchase costs.
Down Payment Assistance: Explore local or state programs that offer down payment assistance for qualified buyers.
Negotiation: Don't hesitate to negotiate with the seller for contributions toward closing costs or repairs.
Compare Loan Offers: Obtain multiple loan quotes to secure the best mortgage terms.
Home Warranty: Consider investing in a home warranty to protect against unexpected repair costs in the first year.
By being aware of potential challenges, understanding common expenses, and employing smart strategies, first-time home buyers can make informed decisions and navigate the home buying process more smoothly while minimizing unexpected financial burdens.
<img src="https://assets.site-static.com/userfiles/1635/image/first-home-buyer-winthrop-ma.jpg" width="750" height="300" alt="first time home buyer winthrop ma" title="first time home buyer winthrop ma" />
<img src="https://assets.site-static.com/userfiles/1635/image/Icon/Luxury-Asset-7.png" width="53" height="39" alt="Tips for First-Time Home Buyers in Winthrop, MA" title="Tips for First-Time Home Buyers in Winthrop, MA" /> Tips for First-Time Home Buyers in Winthrop, MA
Research the Local Market: Get to know the neighborhoods and their average home prices, as well as trends in Winthrop's real estate market.
Attend Home Buyer Education Courses: Take advantage of available education programs, such as those offered by MassHousing or MHP, to learn about the home buying process and any potential assistance programs.
Consider Long-Term Expenses: Think beyond the initial costs and factor in ongoing expenses such as property taxes, homeowners insurance, and maintenance.
Don't Rush: Take your time to find the right property and don't feel pressured to make an offer before you're ready.
Get Professional Help: Working with experienced professionals like a real estate agent, lender, and home inspector can make the process smoother and more informed.
Be Prepared for Competition: In a competitive market like Winthrop, be prepared to act quickly and make strong offers to stand out from other buyers.
Don't Overextend Yourself: Stick to your budget and avoid getting emotionally attached to a property that may be outside of your means.
Plan for Future Life Changes: Consider your future plans, such as career advancements or starting a family, and how they may impact your housing needs in the long term.
Research Tax Incentives: Massachusetts offers various tax incentives for first-time home buyers, so research and take advantage of them.
While it can be stressful, buying your first home is an exciting milestone. Remember to enjoy the journey and celebrate your accomplishment once you've found the perfect home in Winthrop, MA. Overall, being prepared, doing thorough research, and seeking professional guidance can go a long way in making the home-buying process successful for first-time buyers in Winthrop. So take your time, stay informed, and don't be afraid to ask for help along the way.
Seth has 15 + years in multi-unit retail management, and is bringing the renewed focus to the client that has been absent from the industry for decades. We integrate the latest and greatest technology, at the same time making your purchase or home sale as stress free as possible. Get in touch today by filling out a <a href="https://www.sellinboston.com/contact/" title="Contact Form" target="_blank" data-uw-rm-brl="false" aria-label="contact form - opens in new tab" data-uw-rm-ext-link="" uw-rm-external-link-id="https://www.sellinboston.com/contact/$contactform">contact form</a> or giving us a call.
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2023-10-26T05:30:00-07:002023-10-30T07:12:47-07:00Seth Williamstag:sellinboston.com,2012-09-20:6222How Buying a Multi-Generational Home Helps with Affordability TodayHow Buying a Multi-Generational Home Helps with Affordability Today
<br /><img src="https://files.keepingcurrentmatters.com/content/images/20231013/20231017-How-Buying-a-Multi-Generational-Home-Helps-with-Affordability-Today.png" width="600" /><br /><br />
In today's world of <a href="https://www.simplifyingthemarket.com/en/2023/09/06/mortgage-rates-past-present-and-possible-future/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">rising housing costs</a>, many buyers are looking for ways to still be able to buy a home. Some of them have found a solution in multi-generational living.
Multi-generational living is when two or more adult generations live together under one roof. This includes siblings, parents, or even grandparents. Here’s an in-depth look at why more buyers are choosing this option today, so you can see if it may be right for you too.
Reasons To Buy a Multi-Generational Home
According to a <a href="https://www.nar.realtor/blogs/economists-outlook/all-in-the-family-multi-generational-home-buying" rel="noopener noreferrer" target="_blank">recent study</a> by the National Association of Realtors (NAR), the top two reasons people are opting for multi-generational homes today have to do with affordability (see graph below):
<a href="https://www.simplifyingthemarket.com/en/content/images/20231013/20231017-Reasons-to-Purchase-a-MultiGen-Home.png?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank"><img src="https://files.keepingcurrentmatters.com/content/images/20231013/20231017-Reasons-to-Purchase-a-MultiGen-Home.png" /></a>
Cost Savings: About 28% of first-time buyers and 11% of repeat buyers are deciding on a multi-generational home to save on costs. By pooling their resources, households can share the financial responsibilities like mortgage payments, utilities, property taxes, and maintenance, to make <a href="https://www.simplifyingthemarket.com/en/2023/10/02/unpacking-the-long-term-benefits-of-homeownership/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">homeownership</a> more affordable. This is especially helpful for <a href="https://www.simplifyingthemarket.com/en/2023/10/04/understanding-the-benefits-of-owning-your-first-home/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">first-time homebuyers</a> who may be finding it tough to afford a home on their own in today's market.
More Space: Another 28% of first-time buyers and 18% of repeat buyers are doing it because they want a larger home they couldn’t afford on their own. For some of the <a href="https://www.simplifyingthemarket.com/en/2023/09/11/planning-to-retire-your-equity-can-help-you-make-a-move/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">repeat buyers</a> who listed this as a main motivator, it could be because they find themselves taking care of <a href="https://www.simplifyingthemarket.com/en/2023/09/13/should-baby-boomers-buy-or-rent-after-selling-their-houses/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">older parents</a> while also welcoming back young adults who've returned to the nest. With everyone chipping in and combining their incomes, suddenly, that big <a href="https://www.simplifyingthemarket.com/en/2023/09/21/the-many-non-financial-benefits-of-homeownership/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">dream home</a> with more space is within reach. As the Triangle Business Journal <a href="https://www.bizjournals.com/triangle/news/2023/04/01/why-choose-multigenerational-living-in-the-triangl.html" rel="noopener noreferrer" target="_blank">explains</a>:
“Choosing multi-gen living allows people to purchase a home much larger than they could afford on their own by leveraging the combined income, credit and a down payment of those that they will be occupying the home with.”
Lean on an Expert
If you’re interested in this too, partner with a local <a href="https://www.simplifyingthemarket.com/en/2023/08/23/why-you-need-a-true-expert-in-todays-housing-market/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">real estate agent</a>. Finding the perfect multi-generational home isn't as simple as shopping for a regular house. That’s because there are more people with even more opinions and needs that should be considered.
You've got to make sure everyone has their own space, find room for shared household time, and possibly even create adaptable areas for older relatives. It's a puzzle, and the pieces need to fit just right. Your real estate agent has the expertise and local knowledge to help you find that home where everyone can be comfortable without breaking the bank. As MoneyGeek.com <a href="https://www.moneygeek.com/mortgage/resources/multigenerational-family-finances/" rel="noopener noreferrer" target="_blank">puts</a> it:
"Having a good multigenerational property can improve the prospects of success when living with loved ones. A multigenerational home should fit the specific needs of most family members regardless of age or health. Speaking to a real-estate agent can help you gain clarity and locate a fit."
Bottom Line
Buying a multi-generational home can be a smart way to tackle some of today’s affordability challenges. When you team up to share expenses, you can make your dream of homeownership more attainable. If this sounds like an option for you and your loved ones, let’s connect to help you find a home that’s the perfect fit.2023-10-23T06:00:00-07:002023-10-20T08:14:59-07:00Seth Williamstag:sellinboston.com,2012-09-20:6193Growing Your Net Worth with HomeownershipGrowing Your Net Worth with Homeownership
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Take a moment to imagine where you want to be in a few years. You might be thinking about your job, money, wanting more stability, or goals you want to reach soon. Is <a href="https://www.simplifyingthemarket.com/en/2023/09/21/the-many-non-financial-benefits-of-homeownership/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">homeownership</a> a part of that vision? If it is, you should know owning a home has a whole lot of financial benefits.
One of the many reasons to <a href="https://www.simplifyingthemarket.com/en/2023/10/06/how-homeowner-net-worth-grows-with-time-infographic/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">buy a home</a> is that it’s a great way to build wealth and gain financial stability. That’s because the value of most homes increases over time, which in turn grows your <a href="https://www.simplifyingthemarket.com/en/2023/10/02/unpacking-the-long-term-benefits-of-homeownership/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">net worth</a>. Here’s how home values are rising right now. <a href="https://zillow.mediaroom.com/2023-09-26-U-S-housing-value-has-surged,-gaining-more-than-2-6-trillion-in-the-past-year" rel="noopener noreferrer" target="_blank">According</a> to Zillow:
“The total value of the U.S. housing market – the sum of Zillow’s estimated value for every U.S. home – is now slightly less than $52 trillion, which is $1.1 trillion higher than the previous peak reached last June.”
Basically, homeownership is a tremendous wealth-building tool. And with home values back <a href="https://www.simplifyingthemarket.com/en/2023/10/03/home-prices-are-not-falling/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">on the rise</a> across the nation, now might be a good time to consider if <a href="https://www.simplifyingthemarket.com/en/2023/10/04/understanding-the-benefits-of-owning-your-first-home/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">owning a home</a> is something you want to reach for.
Here’s a look at some data to see how much owning a home can really make a difference in your life.
Household Net Worth Is Rising
<a href="https://twitter.com/DianeSwonk/status/1706663509331718197" rel="noopener noreferrer" target="_blank">Data</a> shows that while those in the top 1% saw the most dramatic net worth increase, people from every single tax bracket have seen their wealth grow over the past few years (see graph below):
<a href="https://www.simplifyingthemarket.com/en/content/images/20231011/20231012-Household-Net-Worth-Up-Dramatically.png?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank"><img src="https://files.keepingcurrentmatters.com/content/images/20231011/20231012-Household-Net-Worth-Up-Dramatically.png" /></a>
For many of those people, the <a href="https://www.simplifyingthemarket.com/en/2023/09/12/what-experts-project-for-home-prices-over-the-next-5-years/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">rising value</a> of their home plays a big part in that.
Owning a Home Helps You Achieve Financial Success
You can tell homeownership had a lot to do with that growth because there’s a significant net worth gap between homeowners and renters. As Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), <a href="https://www.nar.realtor/magazine/real-estate-news/study-homeowner-wealth-is-40-times-higher-than-renters" rel="noopener noreferrer" target="_blank">says</a>:
“. . . homeownership is a catalyst for building wealth for people from all walks of life. A monthly mortgage payment is often considered a forced savings account that helps homeowners build a net worth about 40 times higher than that of a renter.”
The big reason why? Homeowner’s <a href="https://www.simplifyingthemarket.com/en/2023/09/08/home-price-forecasts-revised-for-2023-infographic/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">build equity</a>. Home equity is the value of your home minus the amount you owe on your mortgage. And for most homeowners, that’s the largest contributor to their net worth. Here’s the <a href="https://blog.firstam.com/economics/homeownership-remains-strongly-linked-to-wealth-building" rel="noopener noreferrer" target="_blank">data</a> from First American to prove it (see graph below):
<a href="https://www.simplifyingthemarket.com/en/content/images/20231011/20231012-Housing-Piece-of-Net-Worth-Is-Crucial-.png?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank"><img src="https://files.keepingcurrentmatters.com/content/images/20231011/20231012-Housing-Piece-of-Net-Worth-Is-Crucial-.png" /></a>
The blue portion of each bar represents housing as a portion of net worth – and it’s clearly a bigger contributor than other investments like stocks, gold, and cryptocurrencies. As you can see, across different income levels, homeownership does more to build the average household’s wealth than anything else.
Bottom Line
One of the biggest benefits of owning a home is that it can provide an avenue to grow your net worth. Let’s connect so you can <a href="https://www.mykcm.com/2023/09/25/beginning-with-pre-approval/" rel="noopener noreferrer" target="_blank">start</a> investing in homeownership.2023-10-18T06:00:00-07:002023-10-13T09:43:07-07:00Seth Williamstag:sellinboston.com,2012-09-20:6157Are You a Homebuyer Worried About Climate Risks?Are You a Homebuyer Worried About Climate Risks?
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The increasing effects of natural disasters are leading to new obstacles in residential real estate. As a recent article from CoreLogic <a href="https://www.corelogic.com/intelligence/case-studies/climate-risk-modeling-future-for-real-estate-portfolios/" rel="noopener noreferrer" target="_blank">explains</a>:
“As the specter of climate change looms large, the world braces for unprecedented challenges. In the world of real estate, one of those challenges will be the effects of natural catastrophes on property portfolios, homeowners, and communities.”
That may be why, <a href="https://zillow.mediaroom.com/2023-09-05-More-than-80-of-home-shoppers-consider-climate-risks-when-looking-for-a-new-home" rel="noopener noreferrer" target="_blank">according</a> to Zillow, more and more Americans now consider how climate risks and natural disasters can impact their homeownership plans (see below):
<a href="https://www.simplifyingthemarket.com/en/content/images/20231003/20231005-4-out-of-5-prospective-homebuyers.png?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank"><img src="https://files.keepingcurrentmatters.com/content/images/20231003/20231005-4-out-of-5-prospective-homebuyers.png" /></a>
This study goes on to explain that climate risks affect where many people look for a home. That’s because homebuyers are interested in finding out if the house they want will be exposed to things like floods, extreme heat, and wildfires.
If you’re in the same situation and are thinking about what to do next, here’s some important information to consider as you start looking for a home.
Expert Advice for Homebuyers To Reduce Climate Risks
The <a href="https://www.simplifyingthemarket.com/en/2023/09/25/beginning-with-pre-approval/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">first thing</a> to do is understand how to go about buying a home while thinking about climate risks. With the right help and resources, you can simplify the process.
The Mortgage Reports provides these <a href="https://themortgagereports.com/99491/climate-change-global-warming-home-buying-impact" rel="noopener noreferrer" target="_blank">tips</a> for buying your next home:
Evaluate climate risks: Before buying a home, it's important to check if it's in a flood-prone area using the <a href="https://msc.fema.gov/portal/home" rel="noopener noreferrer" target="_blank">FEMA website</a>, review the seller's property disclosure for any past damage, and get an inspection for issues like cracks and mold to make sure it's a safe investment.
Consider future preventative maintenance costs: For areas that get tropical storms, you may need to purchase hurricane shutters and sandbags to protect the home. In wildfire-prone areas, you may want to clear plants five feet from the house, consider rooftop sprinklers, or possibly buy gutter guards to prevent fire hazards. Factor these future expenses in when touring homes that may need them.
Take steps to avoid losing your assets: Getting the right insurance for a home in a high-risk climate area is crucial. You should shop around and talk to multiple insurance agents to compare prices and options before deciding to bid on a home.
Above all else, your most <a href="https://www.simplifyingthemarket.com/en/2023/08/23/why-you-need-a-true-expert-in-todays-housing-market/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">valuable resource</a> during this process is a trusted real estate expert. They'll always focus on your goals while keeping your concerns top of mind. Even if they don't have all the answers about how your home can handle natural disasters, they can connect you with the right experts and information.
Bottom Line
If you want to <a href="https://www.mykcm.com/2023/09/21/the-many-non-financial-benefits-of-homeownership/" rel="noopener noreferrer" target="_blank">buy a home</a>, but you're also thinking about climate risks, you're not alone. Your home is a big investment, and if anything can impact that, you want to know. Let’s connect so you have someone you can trust to guide you as you find your next home.2023-10-09T06:00:00-07:002023-10-06T05:51:50-07:00Seth Williamstag:sellinboston.com,2012-09-20:6101Remote Work Is Changing How Some Buyers Search for Their Dream HomesRemote Work Is Changing How Some Buyers Search for Their Dream Homes
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The way Americans work has changed in recent years, and remote work is at the forefront of this shift. Experts say it’ll continue to be popular for years to come and <a href="https://www.zippia.com/advice/remote-work-statistics/" rel="noopener noreferrer" target="_blank">project</a> that 36.2 million Americans will be working remotely by 2025. To give you some perspective, that's a <a href="https://www.zippia.com/advice/remote-work-statistics/" rel="noopener noreferrer" target="_blank">417%</a> increase compared to the pre-pandemic years when there were just 7 million remote workers.
If you’re in the market to <a href="https://www.simplifyingthemarket.com/en/2023/09/07/get-ready-for-smaller-more-affordable-homes/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">buy a home</a> and you work remotely either full or part-time, this trend is a game-changer. It can help you overcome some of today’s <a href="https://www.simplifyingthemarket.com/en/2023/09/06/mortgage-rates-past-present-and-possible-future/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">affordability</a> and housing <a href="https://www.simplifyingthemarket.com/en/2023/08/25/todays-housing-market-has-only-half-the-usual-inventory-infographic/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">inventory challenges</a>.
How Remote Work Helps with Affordability
Remote or hybrid work allows you to change how you approach your home search. Since you’re no longer commuting every day, you may not feel it’s as essential to live near your office. If you’re willing to move a bit further out in the suburbs instead of the city, you could open up your pool of affordable options. In a recent study, Fannie Mae <a href="https://www.fanniemae.com/research-and-insights/perspectives/workplace-flexibility-may-help-address-affordability-concerns" rel="noopener noreferrer" target="_blank">explains</a>:
“Home affordability may also be a reason why we saw an increase in remote workers’ willingness to relocate or live farther away from their workplace . . .”
If you're thinking about moving, having this kind of location flexibility can boost your chances of finding a home that fits your budget. Work with your agent to cast a wider net that includes additional areas with a lower cost of living.
More Work Flexibility Means More Home Options
And as you broaden your search to include more affordable options, you may also find you have the chance to get more features for your money too. Given the low supply of <a href="https://www.simplifyingthemarket.com/en/2023/08/08/theres-only-half-the-inventory-of-a-normal-housing-market-today/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">homes for sale</a>, finding a home that fits all your wants and needs can be challenging.
By opening up your search, you’ll give yourself a bigger pool of options to choose from, and that makes it easier to find a home that truly fits your lifestyle. This could include homes with more square footage, diverse home styles, and a wider range of neighborhood amenities that were previously out of reach.
Historically, living close to work was a sought-after perk, often coming with a hefty price tag. But now, the dynamics have changed. If you work from home, you have the freedom to choose where you want to live without the burden of long daily commutes. This shift allows you to focus more on finding a home that is affordable and delivers on your dream home features.
Bottom Line
Remote work goes beyond job flexibility. It's a chance to broaden your horizons in your home search. Without being bound to a fixed location, you have the freedom to explore all of your options. Let’s connect to find out how this freedom can lead you to your ideal home.2023-09-27T06:00:00-07:002023-09-22T07:31:37-07:00Seth Williamstag:sellinboston.com,2012-09-20:6100The Many Non-Financial Benefits of HomeownershipThe Many Non-Financial Benefits of Homeownership
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Buying and owning your own home can have a big impact on your life. While there are <a href="https://www.simplifyingthemarket.com/en/2023/09/12/what-experts-project-for-home-prices-over-the-next-5-years/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">financial reasons</a> to become a homeowner, it's essential to think about the non-financial benefits that make a home more than just a place to live.
Here are some of the top non-financial reasons to buy a home.
According to <a href="https://www.fanniemae.com/media/47726/display" rel="noopener noreferrer" target="_blank">Fannie Mae</a>, 94% of survey respondents say “Having Control Over What You Do with Your Living Space” is a top reason to own.
Your home is truly your own space. If you own a home, unless there are specific homeowner association requirements, you can decorate and change it the way you like. That means you can make small changes or even do big renovations to make your home perfect for you. Your home is uniquely yours and by buying, you give yourself the freedom to tailor it to your individual style. Investopedia <a href="https://www.investopedia.com/articles/mortgages-real-estate/08/home-ownership.asp" rel="noopener noreferrer" target="_blank">explains</a>:
“One often-cited benefit of homeownership is the knowledge that you own your little corner of the world. You can customize your house, remodel, paint, and decorate without the need to get permission from a landlord.”
When you rent, you might not be able to make your place really feel like it’s yours. And if you do make any modifications, you might have to change them back before you leave. But if you own your home, you can make it just the way you want it. That level of customization can give you a sense of pride in where you live and make you feel more connected to it.
Fannie Mae also finds 90% say “Having a Good Place for Your Family To Raise Your Children” tops their list of why it’s better to buy a home.
Another important factor to think about is what stage of life you’re in. U.S. News <a href="https://realestate.usnews.com/real-estate/articles/should-you-rent-or-buy-a-home" rel="noopener noreferrer" target="_blank">breaks it down</a>:
“For those with young children, buying a home and putting down roots is a major driver. . . . You don’t want the upheaval of a massive rent increase or a non-renewed lease to impact your sense of stability.”
No matter which of life’s milestones you’re in, stability and predictability are important. That’s because the one constant in life is that things will change. And, as life changes around you, having a familiar home and not worrying about moving regularly helps you and those who matter most feel more secure and more comfortable.
Lastly, Fannie Mae says 82% list “Feeling Engaged in Your Community” as another key motivator to own.
Owning your home also helps you feel even more connected to your neighborhood. People who own homes usually live in them for an average of <a href="https://www.nar.realtor/research-and-statistics/research-reports/highlights-from-the-profile-of-home-buyers-and-sellers" rel="noopener noreferrer" target="_blank">nine years</a>, according to the National Association of Realtors (NAR). As that time passes, it’s natural to make friends and build strong ties in the community. As Gary Acosta, CEO and Co-Founder at the National Association of Hispanic Real Estate Professionals (NAHREP), <a href="https://www.housingwire.com/articles/opinion-why-we-all-have-a-stake-in-closing-the-homeownership-gap/" rel="noopener noreferrer" target="_blank">points</a> out:
“Homeowners also tend to be more active in their local communities . . .”
When you care deeply about the people you live near, you’ll do what you can to contribute to your local area.
Bottom Line
Owning your home can make your life better by giving you a sense of accomplishment, pride, stability, and connectedness. If you're thinking about becoming a homeowner and want to learn more, let’s connect.2023-09-25T06:00:00-07:002023-09-22T07:30:36-07:00Seth Williamstag:sellinboston.com,2012-09-20:6059Get Ready for Smaller, More Affordable HomesGet Ready for Smaller, More Affordable Homes
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Have you been trying to <a href="https://www.simplifyingthemarket.com/en/2023/08/02/how-to-know-if-youre-ready-to-buy-a-home/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">buy a home</a>, but higher <a href="https://www.simplifyingthemarket.com/en/2023/08/03/how-inflation-affects-mortgage-rates/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">mortgage rates</a> and <a href="https://www.simplifyingthemarket.com/en/2023/08/11/home-prices-are-back-on-the-rise-infographic/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">home prices</a> are limiting your options? If so, here’s some good news – based on what Ali Wolf, Chief Economist at Zonda, has to <a href="https://www.realtor.com/news/trends/first-time-buyers-rejoice-builders-are-finally-putting-up-more-affordably-priced-starter-homes/" rel="noopener noreferrer" target="_blank">say</a> – smaller, more affordable homes are on the way:
“Buyers should expect that over the next 12 to 24 months there will be a notable increase in the number of entry-level homes available.”
In some ways, <a href="https://www.simplifyingthemarket.com/en/2023/08/17/people-want-less-expensive-homes-and-builders-are-responding/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">smaller homes</a> are already here. When the pandemic hit, the meaning of home changed. People needed the space their home provided not only as a place to live, but as a place to work, go to school, exercise, and more. Those who had that space were more likely to keep it. And those that didn’t were in a position where they were trying to sell their smaller house to move up to a larger one. That meant the homes coming to the market during the pandemic were smaller than those on the market before the pandemic – and that trend continues today (see graph below):<a href="https://www.simplifyingthemarket.com/en/content/images/20230905/20230907-Home-Size-Smaller-than-Pre-Pandemic.png?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank"><img src="https://files.keepingcurrentmatters.com/content/images/20230905/20230907-Home-Size-Smaller-than-Pre-Pandemic.png" /></a>This graph also <a href="https://www.realtor.com/research/data/" rel="noopener noreferrer" target="_blank">shows</a> how the size of homes on the market changes seasonally. Larger homes tend to come on the market during the summer months when households with children who are out of school are looking to move.
That seasonality means, based on historical trends and the fact that fall is now approaching, we can expect smaller, more affordable homes to come to the market throughout the rest of the year.
That’s great news because, as Robert Dietz, Chief Economist at the National Association of Home Builders (NAHB), <a href="https://eyeonhousing.org/2023/08/single-family-home-size-moves-lower-to-more-than-a-decade-low/" rel="noopener noreferrer" target="_blank">states</a>, the need for these types of homes has gone up recently:
“. . . as interest rates increased in 2022, and housing affordability worsened, the demand for home size has trended lower.”
What Does This Mean for You?
The seasonal trend of smaller homes coming to the market in the later months of the year, coupled with builders <a href="https://www.simplifyingthemarket.com/en/2023/08/17/people-want-less-expensive-homes-and-builders-are-responding/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">bringing</a> smaller, more affordable newly built homes to the market right now, is good news – especially if you’re finding it difficult to afford a home. Mikaela Arroyo, Director of the New Home Trends Institute at John Burns Real Estate Consulting, <a href="https://www.marketwatch.com/story/the-shrinking-american-home-as-demand-rises-builders-go-smaller-ed2a327c" rel="noopener noreferrer" target="_blank">says</a> this about a potential increase in the availability of smaller homes:
“It’s not solving the affordability crisis, but it is creating opportunities for people to be able to afford an entry-level home in an area.”
Bottom Line
If a smaller, more affordable home sounds appealing to you, good news – they’re coming. To keep up with what’s available in our area, let’s <a href="https://www.mykcm.com/2023/08/23/why-you-need-a-true-expert-in-todays-housing-market/" rel="noopener noreferrer" target="_blank">connect</a>.2023-09-13T06:00:00-07:002023-09-08T10:03:53-07:00Seth Williamstag:sellinboston.com,2012-09-20:6013More Jobs and Better Pay Leads to More Buyer DemandMore Jobs and Better Pay Leads to More Buyer Demand
<br /><img src="https://files.keepingcurrentmatters.com/content/images/20230822/20230824-More-Jobs-and-Better-Pay-Leads-to-More-Buyer-Demand.jpg" width="600" /><br /><br />
There’s been talk about a recession for quite a while now. But the economy has been remarkably resilient. Why? One reason is employment and wages have stayed strong. Let’s look at the latest information on each one and why both are good news if you’re thinking about selling your house.
More Jobs Are Being Created
Instead of facing the job losses typical of any recession, the economy has been growing and adding jobs. <a href="https://www.bls.gov/news.release/empsit.nr0.htm" rel="noopener noreferrer" target="_blank">According</a> to the Bureau of Labor Statistics (BLS), 187,000 jobs were created in July, which is up from the 185,000 created in June. That means more people are finding work. In fact, so many jobs are being added that the <a href="https://www.bls.gov/news.release/pdf/empsit.pdf" rel="noopener noreferrer" target="_blank">unemployment rate</a> is far lower than the long-term average of 5.7% (see graph below):
<a href="https://www.simplifyingthemarket.com/en/content/images/20230822/20230824-Unemployment-Rate-Declined-In-July.png?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank"><img src="https://files.keepingcurrentmatters.com/content/images/20230822/20230824-Unemployment-Rate-Declined-In-July.png" /></a>
A low unemployment rate means that most people who want to work are finding jobs. When people have jobs, they have steady incomes – and that can help set them up to consider homeownership.
People Are Making More Money
And data also shows hourly <a href="https://www.bls.gov/news.release/empsit.nr0.htm" rel="noopener noreferrer" target="_blank">earnings</a> have been going up pretty steadily over the past few years (see graph below):
<a href="https://www.simplifyingthemarket.com/en/content/images/20230822/20230824-Hourly-Earnings-Rise-4.4--from-last-year.png?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank"><img src="https://files.keepingcurrentmatters.com/content/images/20230822/20230824-Hourly-Earnings-Rise-4.4--from-last-year.png" /></a>
When wages rise, people have more money that they could save or use toward buying a home. This increase in income helps offset some of the affordability challenges in the housing market today. Affordability depends on three main factors: wages, <a href="https://www.simplifyingthemarket.com/en/2023/08/11/home-prices-are-back-on-the-rise-infographic/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">home prices</a>, and <a href="https://www.simplifyingthemarket.com/en/2023/08/03/how-inflation-affects-mortgage-rates/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">mortgage rates</a>. With higher home prices and mortgage rates right now, Builder Online <a href="https://www.builderonline.com/data-analysis/employment-growth-cant-save-some-housing-markets-in-the-near-term_o" rel="noopener noreferrer" target="_blank">summarizes</a> how growing wages can help:
“The housing market has been a beneficiary of the strong economy and labor market. Many of those employed have saved money over the past few years and used those funds toward a down payment on a home.”
If you’re thinking about <a href="https://www.simplifyingthemarket.com/en/2023/08/01/sellers-dont-let-these-two-things-hold-you-back/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">selling</a> your house, a strong job market, growing wages, and the resulting buyer demand is fantastic news. It means there’s a larger pool of potential buyers out there who are in a position to pursue their dreams of homeownership.
Bottom Line
With more jobs and rising wages creating eager <a href="https://www.mykcm.com/2023/07/27/homebuyers-are-still-more-active-than-usual/" rel="noopener noreferrer" target="_blank">buyers</a>, there’s a lot going in your favor. Let’s connect so you have someone who can guide you through the process of selling your house, from setting the right price to getting your home ready to show.2023-08-28T06:00:00-07:002023-08-28T05:22:17-07:00Seth Williamstag:sellinboston.com,2012-09-20:5977People Want Less Expensive Homes – And Builders Are RespondingPeople Want Less Expensive Homes – And Builders Are Responding
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In today’s housing market, there are two main affordability challenges impacting buyers: <a href="https://www.simplifyingthemarket.com/en/2023/08/03/how-inflation-affects-mortgage-rates/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">mortgage rates</a> that are <a href="https://www.simplifyingthemarket.com/en/2023/07/19/explaining-todays-mortgage-rates/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">higher</a> than they’ve been the past couple of <a href="https://www.freddiemac.com/pmms/archive" rel="noopener noreferrer" target="_blank">years</a>, and rising home prices caused by <a href="https://www.simplifyingthemarket.com/en/2023/08/08/theres-only-half-the-inventory-of-a-normal-housing-market-today/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">low inventory</a>. To overcome those challenges, many people are working with their agents to find less expensive homes. And with newly built homes making up a historically large <a href="https://www.simplifyingthemarket.com/en/2023/06/29/where-will-you-go-if-you-sell-newly-built-homes-might-be-the-answer/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">percentage</a> of the total available inventory today, that search often includes brand new homes.
People Are Spending Less on Newly Built Homes
The graph below uses the latest information from the <a href="https://www.census.gov/construction/nrs/index.html" rel="noopener noreferrer" target="_blank">Census</a> to show, in June, more of the newly built home sales in this country were in lower price ranges than in 2022:<a href="https://www.simplifyingthemarket.com/en/content/images/20230816/20230817-Newly-built-home-sales-by-price-segment.png?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank"><img src="https://files.keepingcurrentmatters.com/content/images/20230816/20230817-Newly-built-home-sales-by-price-segment.png" /></a>Last year, only 58% of newly built home sales were less than $500,000. This June, that number was up to 65%. This means more people are buying less expensive newly built homes right now while affordability remains a challenge.
Builders Are Offering Lower-Cost Options
Builders have picked up on this trend and are reacting accordingly. George Ratiu, Chief Economist at Keeping Current Matters, <a href="https://twitter.com/KCMcrew/status/1684206839523684355" rel="noopener noreferrer" target="_blank">explains</a>:
“Builders are also responding to this shift by bringing slightly smaller homes to market in an effort to meet lower price points . . .”
New <a href="https://www.census.gov/construction/nrs/index.html" rel="noopener noreferrer" target="_blank">data</a> from the Census further confirms this pattern – it shows the median sales price of newly built homes has dipped down in recent months (see graph below):<a href="https://www.simplifyingthemarket.com/en/content/images/20230816/20230817-Newly-built-home-prices-reflect-smaller-homes.png?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank"><img src="https://files.keepingcurrentmatters.com/content/images/20230816/20230817-Newly-built-home-prices-reflect-smaller-homes.png" /></a>And as Mikaela Arroyo, Director of the New Home Trends Institute at John Burns Real Estate Consulting, <a href="https://www.marketwatch.com/story/the-shrinking-american-home-as-demand-rises-builders-go-smaller-ed2a327c?siteid=msnheadlines" rel="noopener noreferrer" target="_blank">says</a>, the builders who are most responsive to this trend are forming pathways to homeownership:
“. . . it is creating opportunities for people to be able to afford an entry-level home in an area. . . . if you get that size down, that automatically will make it a more affordable home. The [builders] that are decreasing [size] the most are probably the ones that try to build more of an affordable product.”
How an Agent Can Help
Builders producing smaller, less expensive newly built homes give you more affordable options at a time when that’s really needed. If you’re hoping to buy a home soon, partner with a local real estate agent to find out what’s available in your area. An agent can help you look at newly built homes or ones under construction nearby.
Bottom Line
If you’re having a hard time finding a home you like in your budget, let’s connect. You need a <a href="https://www.mykcm.com/2023/08/09/the-value-of-an-agent-when-buying-your-new-construction-home/" rel="noopener noreferrer" target="_blank">real estate professional</a> who knows all about the latest inventory in our area, including homes still under construction or just built. That way you have an expert on your side who can provide information on builder reputations, builder contracts and negotiations, and more to help you with the homebuying process.2023-08-21T06:00:00-07:002023-08-17T12:47:13-07:00Seth Williamstag:sellinboston.com,2012-09-20:5980The Ultimate Guide To Buying A Home In Winthrop, MA [2023 Edition]<img src="https://assets.site-static.com/userfiles/1635/image/The_Ultimate_Guide_To_Buying_A_Home_In_Winthrop_-_custom.jpg" width="1300" height="1200" alt="The Ultimate Guide To Buying A Home In Winthrop" />
Imagine yourself in a small coastal town, enjoying the beautiful setting while sipping a cup of your favorite beverage. While you’re in this relaxing environment, you’re making plans for an evening trip to <a href="https://www.sellinboston.com/boston-ma/" target="_blank">Boston</a>. Once there, you’ll sample all the cultural opportunities available in the city. If this picture appeals to you, you may be considering a move to Winthrop, Massachusetts. What can you expect once you get there? This ultimate guide will help prepare you for all the wonders that <a href="https://www.sellinboston.com/boston-ma/winthrop/" target="_blank">Winthrop, MA</a> has to offer!
What Are the Steps to Buying a Home in Winthrop, MA?
Buying a home in Winthrop, MA could be your ticket to greater personal happiness. Or moving could simply be your way of pursuing an exciting career opportunity. Either way, it’s important that you take the right steps, in the right order, to get the ideal home for you. Here’s how to buy a home in Winthrop, MA, to achieve the results you desire.
1. Spend Time in Winthrop
You already may have spent some time in Winthrop, but you might need to take another trip with a home purchase in mind. While you’re there, check out all the tourist attractions, of course.
Between your explorations, you can enjoy meals at the best Winthrop restaurants, where you may soon be dining as a local. In Winthrop, you’ll find everything from cozy diners to upscale restaurants.
You’ll also want to get to know all the Winthrop neighborhoods. Many people prefer the southeastern neighborhoods in Winthrop, while others find the northern neighborhoods more affordable. When you find a neighborhood that seems to suit your budget and your preferences, spend some time there so you’ll have some idea of what it will be like to live there.
2. Take Stock of Your Finances
Before you start looking for a home, it’s a good idea to take a look at where your finances stand now. You need to know if you can afford a downpayment, manage the mortgage payments, and have enough money left for maintenance and repairs.
<img src="https://assets.site-static.com/userfiles/1635/image/The_Ultimate_Guide_To_Buying_A_Home_In_Winthrop_4.png" width="750" height="300" alt="finances" />
It’s also important to check your credit score and decide if you need to work on improving it before you try to purchase a home. The median credit score needed for a conventional mortgage is usually 640 in Winthrop, MA.
Your income should be adequate, of course, but it also needs to be stable and reliable. Gather your pay records, such as pay stubs, W-2s, or self-employment records. Be ready with your tax returns in case the mortgage lender requests them.
Do you have enough room in your budget for a house payment and all the expenses associated with owning your own home? Take a look at your debt-to-income ratio. It’s a simple calculation. Simply divide your monthly debt by your gross monthly income. If the result is 50% or less, a mortgage lender will look more favorably at your application.
Mortgage lenders usually require a 20% downpayment, but certain programs allow you to pay less. If you don’t have 20% of the price of houses you’re interested in buying, you may still qualify under one of these programs.
3. Connect with a Reputable Real Estate Professional
Don’t put off connecting with a reputable real estate professional located in your preferred city. They can help you navigate all the ins and outs of buying a home in Winthrop, MA.
How do you choose the right <a href="https://www.sellinboston.com/contact/" target="_blank">agent</a>? There are several ways to be sure you’re working with a real estate pro who will guide you seamlessly through the process. Consider the following factors as you search:
How many years of experience do they have?
How many homes have they sold in the past year?
Do they typically sell homes within your price range?
Have they gotten mostly good reviews? What average review score do they have?
Do they specifically offer services in Winthrop, MA?
Once you have a likely candidate, have a conversation with them. If you’re not in Winthrop, you may be able to manage this by phone or Zoom. Better yet, see the agent in person.
<img src="https://assets.site-static.com/userfiles/1635/image/The_Ultimate_Guide_To_Buying_A_Home_In_Winthrop_2.png" width="750" height="300" alt="agent shaking hands" />
During this conversation, you can get more answers about the agent’s experience and any specialties they have. You’ll also want to be sure they’re someone you feel comfortable talking to and working with when you’re buying a home in Winthrop, MA.
4. Get Pre-Approved
You’ll want to get pre-approved for a mortgage before you begin searching for a home. Pre-approval means that the mortgage lender is offering you a certain amount to buy a home. In fact, most sellers in Winthrop, Massachusetts require that you be pre-approved before they will allow you to see their home.
Remember that the pre-approval is based on your current financial situation. If you open new credit accounts, close accounts, or fail to make your credit payments, the offer may be rescinded.
<img class="img-without-shadow-mobile" src="https://assets.site-static.com/userfiles/1635/image/four-tips-for-making-your-best-offer-on-a-home.jpg" alt="4 Tips for Making Your Best Offer on a Home" width="270" height="232" data-uw-rm-ima="gn" />
Related Post
4 Tips for Making Your Best Offer on a Home
<a title="4 Tips for Making Your Best Offer on a Home" href="https://www.sellinboston.com/blog/-4-tips-for-making-your-best-offer-on-a-home/" target="_blank" rel="noopener" data-uw-rm-brl="false" aria-label="Related Post" data-uw-rm-vglnk=""> Read More </a>
5. Make a List of Must-Haves
Now, it’s time to decide what you’re looking for in a home. Think about your ideal home as well as the minimum features you will accept. Ask yourself the following questions, and sort your answers into must-haves and nice-to-haves. This is one of the best tips for homebuyers because there are so many great houses to consider!
How many bedrooms?
How many bathrooms?
What is the age of the home?
What is the neighborhood like?
Does it have easy access to major highways and streets?
How big should the yard be?
What is the square footage of the home?
Finalize your list and share it with your real estate agent. Communicating your requirements and preferences early will increase the likelihood that the agent can show you homes you’ll find acceptable.
6. Browse Homes for Sale in Winthrop, MA
Many homebuyers find browsing for homes an exciting step in buying a home in Winthrop, MA. You can look online, drive through neighborhoods looking for sale signs, or take virtual tours of properties.
While you can do a lot of this on your own, you can also rely on your real estate agent to guide you to homes that could meet your needs. Look for listings that show plenty of photos, both inside and outside. Consider all the points on your must-have and nice-to-have lists, and narrow down your options to the ones you want to explore further.
7. Check Out Promising Possibilities
<img src="https://assets.site-static.com/userfiles/1635/image/The_Ultimate_Guide_To_Buying_A_Home_In_Winthrop_1.png" width="750" height="300" alt="family views property with agent" />
At this point, you get to check out the homes you’ve found during your search as well as other homes your real estate agent suggests. When you go for the showing, take your time. Look for any defects or inconvenient features. Remember, buying a home is a major commitment, and it’s one you don’t want to regret!
Your real estate agent, being an expert in Winthrop, MA homes, may suggest suitable homes that you don’t find yourself. Keep an open mind! Be willing to view homes your agent suggests, and you might be surprised to discover a hidden gem!
8. Make an Offer
After you’ve looked at several homes and found the one you want to pursue, it’s time to make an offer.
Don’t worry! Your real estate agent will assist you in writing the offer. They know everything you need to include for an attractive offer that will help you get the home you desire. They’ll help you decide on things like:
The price to offer
The move-in date you prefer
Whether appliances will remain with the home
Financing contingencies
Target closing date
After you make the offer, you might have to wait a while to get a response from the seller. Your wait may be different during different seasons. For example, in Winthrop, homes stay on the market for the longest time in December and the shortest time in June. If it’s June and the seller has many offers, they might take time to decide between buyers, but they still will typically move fairly quickly.
9. Have Inspections and Appraisals Done
Your offer has been accepted! You’ll sign the contract now and begin preparations to close the sale. However, the sale isn’t necessarily a done deal. At this point, you need to be sure all the inspections and appraisals are completed with satisfactory results.
<img src="https://assets.site-static.com/userfiles/1635/image/The_Ultimate_Guide_To_Buying_A_Home_In_Winthrop_3.png" width="750" height="300" alt="meeting" />
You’ll need to have the following inspections and appraisals done when buying a home in Winthrop, MA:
Roof inspection
Electrical system inspection
Foundation inspection
Plumbing inspection
HVAC inspection
Radon inspection
Pest inspection
Home appraisal
If the home doesn’t pass the inspections, your real estate agent should help you determine the next steps. If the problem can be fixed, your agent might suggest giving the seller time to take care of that before having it reinspected. In some cases, when a home fails an inspection, you can be released from the contract and get back to finding a home you’ll love.
If the appraisal comes in too low, your lender might rescind their offer to finance the home. In most instances, this will mean that you look further to find another home to buy in Winthrop. Patience is a plus! Your real estate professional will guide you through each part of the process until you find your new home.
<img class="img-without-shadow-mobile" src="https://assets.site-static.com/userfiles/1635/image/Winthrop-Investment-Opportunities-Short-Term-Rentals-cropped-related-blog-post.jpg" width="270" height="230" data-uw-rm-ima="gn" />
Related Post
Winthrop Investment Opportunities: Short-Term Rentals
<a title="Winthrop Investment Opportunities: Short-Term Rentals
" href="https://www.sellinboston.com/blog/winthrop-investment-opportunities/" target="_blank" rel="noopener" data-uw-rm-brl="false" aria-label="Related Post" data-uw-rm-vglnk="">Read More</a>
10. Close the Deal and Move In!
Closing on a home in Winthrop, MA, is a fairly clear-cut process. You meet at the title office where you’ll finalize all the documents and pay your closing costs. The deed of the home will be transferred to you, and it’s yours!
Get ready for move-in day. Your agent may provide you with standard to-do lists for moving into a new home. Then, you can make a smooth transition to your new residence.
FAQs on Buying a Home in Winthrop, MA
How Much Should I Expect to Pay for a Downpayment in Winthrop?
The downpayment you pay will depend on whether you are using one of the house-buying programs in Winthrop, MA. A rule of thumb is that you should not have to pay more than 20% of the home’s cost as a downpayment. However, with the available programs, you may have a very low down payment or possibly none at all!
As a First-Time Buyer, What Credit Score Do I Need to Buy a Home in Winthrop?
In Massachusetts, the minimum credit score for buying a single-family home is 640. However, if you don’t quite qualify, talk to your real estate about other options or ways to improve your score.
Purchasing a home in Winthrop, MA promises more than just a property investment. It offers a lifestyle imbued with a rich historical heritage, stunning coastal views, and a warm and vibrant community. From its diverse selection of homes to its outstanding schools and recreational facilities, Winthrop truly is a hidden gem in the real estate market. Whether you're a first-time homebuyer or looking for a place to settle with your family, you'll undoubtedly find your perfect home in Winthrop, MA.
Seth has 15 + years in multi-unit retail management, and is bringing the renewed focus to the client that has been absent from the industry for decades. We integrate the latest and greatest technology, at the same time making your purchase or home sale as stress free as possible. Get in touch today by filling out a <a href="https://www.sellinboston.com/contact/" title="Contact Form" target="_blank" data-uw-rm-brl="false" aria-label="contact form - opens in new tab" data-uw-rm-ext-link="" uw-rm-external-link-id="https://www.sellinboston.com/contact/$contactform">contact form</a> or giving us a call.
A local Winthrop real estate agent is ready to help you find your dream home!
<a href="tel:(781) 332-4055" aria-label="call (781) 342-0052" data-uw-rm-brl="exc">Call Today!</a>
2023-08-18T07:06:52-07:002023-08-23T09:33:46-07:00Seth Williamstag:sellinboston.com,2012-09-20:5963The Value of an Agent When Buying Your New Construction HomeThe Value of an Agent When Buying Your New Construction Home
<br /><img src="https://files.keepingcurrentmatters.com/content/images/20230808/20230809-The-Value-of-an-Agent-When-Buying-Your-New-Construction-Home.jpg" width="600" /><br /><br />
Buying a <a href="https://www.simplifyingthemarket.com/en/2023/06/29/where-will-you-go-if-you-sell-newly-built-homes-might-be-the-answer/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">new construction</a> home can be an exciting experience. From being the very first owner, to customizing your home’s features, there are a lot of benefits. But navigating the complexities of buying a home that’s under construction can also be a bit overwhelming. This is where a skilled real estate agent can make all the difference.
An article from The Mortgage Reports <a href="https://themortgagereports.com/91925/guide-to-buying-a-new-construction-home" rel="noopener noreferrer" target="_blank">sums</a> it up like this:
“Your Realtor or real estate agent will be key to helping you navigate this process. . . . they can guide you through construction and help anticipate and solve for any possible snags along the way.”
Here’s how your agent is an invaluable resource in your search to find and buy your new home.
Agents Know the Local Area and Market
Your agent is well-versed in the emerging communities and upcoming developments that could influence your decision. For example, you'll want to be aware if there were any plans to construct a highway through the woods behind your prospective backyard. It’s important to consider how the neighborhood and the surrounding area might evolve before making your home purchase. Your agent can help you find a community that perfectly aligns with your preferences, lifestyle, and future needs.
Knowledge of Construction Quality and Builder Reputation
An agent also has the expertise to evaluate the construction quality and <a href="https://www.nahb.org/other/consumer-resources/how-to-choose-a-home-builder" rel="noopener noreferrer" target="_blank">reputation</a> of different builders. Their knowledge and experiences with local builders allow them to offer insights into each one’s track record, customer satisfaction, and construction practices. This information can help you avoid any potential risks and help you confidently select a builder known for delivering quality homes.
Assistance with Customization and Upgrades
The most obvious benefit of opting for new home construction is the opportunity to customize your home to suit your preferences. Your agent will guide you through that process and share advice on the upgrades that are most likely to add long-term value to your home. Their expertise ensures you focus your budget on areas that will give you the greatest return on your investment later on.
Understanding Builder Contracts and Negotiations
Builder <a href="https://www.realtor.com/advice/buy/steps-to-buy-a-new-construction-home/" rel="noopener noreferrer" target="_blank">contracts</a> can be complex and differ from traditional home purchase agreements. Your agent can help you navigate these contracts to make sure you fully understand the terms and conditions. They’re also skilled negotiators who can advocate on your behalf, potentially securing better deals, upgrades, or incentives for you throughout the process.
Bottom Line
The guidance and expertise of a local real estate agent can make all the difference in turning your vision of the perfect home into a reality. Let’s connect so you can feel confident about purchasing your new construction home.2023-08-16T06:00:00-07:002023-08-11T05:48:35-07:00Seth Williamstag:sellinboston.com,2012-09-20:5883Tips for Making Your Best Offer on a HomeTips for Making Your Best Offer on a Home
<br /><img src="https://files.keepingcurrentmatters.com/content/images/20230718/20230726-Tips-for-making-your-best-offer-on-a-home.jpg" width="600" /><br /><br />
While the wild ride that was the <a href="https://www.simplifyingthemarket.com/en/2023/05/30/todays-real-estate-market-the-unicorns-have-galloped-off/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">‘unicorn’ years</a> of housing is behind us, today’s market is still competitive in many areas because the <a href="https://www.simplifyingthemarket.com/en/2023/07/06/todays-housing-inventory-is-a-sweet-spot-for-sellers/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">supply of homes</a> for sale is still low. If you’re looking to <a href="https://www.simplifyingthemarket.com/en/2023/07/13/how-remote-work-expands-your-homebuying-horizons/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">buy a home</a> this season, know that the peak frenzy of bidding wars is in the rearview mirror, but you may still come up against some multiple-offer scenarios.
Here are a few things to consider to help you put your best foot forward when making an offer on a <a href="https://www.simplifyingthemarket.com/en/2023/06/27/why-homeownership-wins-in-the-long-run/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">home</a>.
1. Lean on a Real Estate Professional
Rely on an agent who can support your goals and help you understand what’s happening in today’s housing market. <a href="https://www.simplifyingthemarket.com/en/2023/05/22/why-buyers-need-an-expert-agent-by-their-side/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">Agents are experts</a> in the local market and on the national trends too. They’ll use both of those areas of expertise to make sure you have all the information you need to move with confidence.
Plus, they know what’s worked for other buyers in your area and what sellers may be looking for in an offer. It may seem simple, but catering to what a seller needs can help your offer stand out. As an article from Forbes <a href="https://www.forbes.com/advisor/mortgages/real-estate/housing-market-predictions/" rel="noopener noreferrer" target="_blank">says</a>:
"Getting to know a local realtor where you’re hoping to buy can also potentially give you a crucial edge in a tight housing market."
2. Get Pre-Approved for a Home Loan
Having a <a href="https://www.simplifyingthemarket.com/en/2023/07/03/evaluating-your-wants-and-needs-as-a-homebuyer-matters-more-today/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">clear budget</a> in mind is especially important right now given the current <a href="https://www.simplifyingthemarket.com/en/2023/04/26/the-three-factors-affecting-home-affordability-today/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">affordability</a> challenges. The best way to get a clear picture of what you can borrow is to work with a lender so you can get <a href="https://www.simplifyingthemarket.com/en/2022/09/16/a-crucial-first-step-mortgage-pre-approval-infographic/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">pre-approved</a> for a home loan.
That’ll help you be more financially confident because you’ll have a better understanding of your numbers. It shows sellers you’re serious, too. And that can give you a competitive edge if you do get into a multiple-offer scenario.
3. Make a Fair Offer
It’s only natural to want the best deal you can get on a home. However, submitting an offer that’s too low does have some risks. You don’t want to make an offer that will be tossed out as soon as it’s received just to see if it sticks. As Realtor.com <a href="https://www.realtor.com/advice/buy/five-tips-successful-lowball-offer/" rel="noopener noreferrer" target="_blank">explains</a>:
“. . . an offer price that’s significantly lower than the listing price, is often rejected by sellers who feel insulted . . . Most listing agents try to get their sellers to at least enter negotiations with buyers, to counteroffer with a number a little closer to the list price. However, if a seller is offended by a buyer or isn’t taking the buyer seriously, there’s not much you, or the real estate agent, can do.”
The expertise your agent brings to this part of the process will help you stay competitive and find a price that’s fair to you and the seller.
4. Trust Your Agent’s Expertise Throughout Negotiations
During the <a href="https://www.simplifyingthemarket.com/en/2023/06/09/why-you-cant-compare-now-to-the-unicorn-years-of-the-housing-market-infographic/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">‘unicorn’ years</a> of housing, some buyers skipped home inspections or didn’t ask for concessions from the seller in order to submit the winning bid on a home. An article from Bankrate <a href="https://www.bankrate.com/real-estate/smart-way-to-waive-home-inspection/" rel="noopener noreferrer" target="_blank">explains</a> this isn’t happening as often today, and that’s good news:
“While the market has largely calmed down since then, sellers are still very much in the driver’s seat in this era of scarce housing inventory. It’s not as common for buyers to waive inspections anymore, but it does still happen. . . . It’s in the buyer’s best interest to have a home inspected . . . Inspections alert you to existing or potential problems with the home, giving you not just an early heads up but also a useful negotiating tactic.”
Fortunately, <a href="https://www.simplifyingthemarket.com/en/2023/07/05/two-questions-to-ask-yourself-if-youre-considering-buying-a-home/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">today’s market</a> is different, and you may have more negotiating power than before. When putting together an offer, your trusted real estate advisor will help you think through what levers to pull and which ones you may not want to compromise on.
Bottom Line
When you buy a home this summer, let’s connect so you have an expert on your side who can help you make your best offer.2023-08-02T06:00:00-07:002023-07-28T07:41:39-07:00Seth Williamstag:sellinboston.com,2012-09-20:5882Homebuyers Are Still More Active Than UsualHomebuyers Are Still More Active Than Usual
<br /><img src="https://files.keepingcurrentmatters.com/content/images/20230726/20230727-homebuyers-are-still-more-active-than-usual.jpg" width="600" /><br /><br />
Even though the housing market is no longer experiencing the frenzy that was so characteristic of the last couple of years, it doesn’t mean today’s market is at a standstill. In actuality, buyer traffic is still strong today.
The ShowingTime <a href="https://www.showingtime.com/blog/may-2023-showing-index-results/" rel="noopener noreferrer" target="_blank">Showing Index</a> is a measure of how much buyers are touring homes. The graph below uses that index to illustrate buyer activity trends over time to help put today into the proper perspective.
<a href="https://www.simplifyingthemarket.com/en/content/images/20230726/20230727-Buyer-Traffic-Returning-to-Seasonality.png?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank"><img src="https://files.keepingcurrentmatters.com/content/images/20230726/20230727-Buyer-Traffic-Returning-to-Seasonality.png" /></a>
It shows there’s <a href="https://www.simplifyingthemarket.com/en/2023/07/25/dont-fall-for-the-next-shocking-headlines-about-home-prices/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">seasonality</a> in real estate. If you look at the last normal years in the market (shown in gray), there was a consistent pattern as buyer activity peaked in the first half of each year (during the peak homebuying season in the spring) and slowed as each year came to a close.
When the pandemic hit in March of 2020, that trend was disrupted as the market responded to the resulting uncertainty (shown in blue in the middle). From there, we entered the <a href="https://www.simplifyingthemarket.com/en/2023/05/30/todays-real-estate-market-the-unicorns-have-galloped-off/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">‘unicorn’ years</a> of housing (shown in pink). This is when mortgage rates were record-low and buyer demand was sky high. Similar seasonal trends still existed even during that time, just at much higher levels.
Now, let’s look at 2023. Traffic is down from the previous month and it’s also lower than the peaks we saw in the <a href="https://www.simplifyingthemarket.com/en/2023/06/09/why-you-cant-compare-now-to-the-unicorn-years-of-the-housing-market-infographic/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">‘unicorn’ years</a>. But what’s happening isn’t a steep drop off in demand – it’s a slow return toward more normal seasonality. As the ShowingTime report <a href="https://www.showingtime.com/blog/may-2023-showing-index-results/" rel="noopener noreferrer" target="_blank">explains</a>:
“Showing traffic declined about 10% in May . . . This follows a typical seasonal pattern – disrupted by the pandemic but now beginning to return . . .”
And, to highlight this isn’t a drastic decline, let’s zoom in. Here’s a graph using just the May data for the last five years. It shows just how strong buyer demand still is.
<a href="https://www.simplifyingthemarket.com/en/content/images/20230726/20230727-Traffic-Remains-Above-Pre-Pandemic-Levels.png?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank"><img src="https://files.keepingcurrentmatters.com/content/images/20230726/20230727-Traffic-Remains-Above-Pre-Pandemic-Levels.png" /></a>
What Does That Mean for You?
Buyers are still out there touring homes. They’re more active than they were in May 2022 (when sticker shock over higher <a href="https://www.simplifyingthemarket.com/en/2023/07/19/explaining-todays-mortgage-rates/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">mortgage rates</a> started to set in) and certainly more than they were in the last normal years. So, remember, buyer activity is still strong. And it could actually be even stronger if it wasn’t constrained by the <a href="https://www.simplifyingthemarket.com/en/2023/07/06/todays-housing-inventory-is-a-sweet-spot-for-sellers/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">limited supply</a> of homes for sale. According to <a href="https://realestate.usnews.com/real-estate/articles/when-will-the-housing-market-crash" rel="noopener noreferrer" target="_blank">U.S. News</a>:
“Housing markets have cooled slightly, but demand hasn’t disappeared, and in many places remains strong largely due to the shortage of homes on the market.”
Bottom Line
Don’t lose sight of just how active the market still is today. If your house isn’t on the market, it’s not getting in front of all those buyers who are looking to make a purchase right now. Let’s connect to start the process.2023-07-31T06:00:00-07:002023-07-28T07:41:02-07:00Seth Williamstag:sellinboston.com,2012-09-20:5878Moving To Winthrop, MA: What You Need To Know<img src="https://assets.site-static.com/userfiles/1635/image/Moving_To_Winthrop_What_You_Need_To_Know_-_custom.jpg" width="1300" height="1200" alt="Moving To Winthrop, MA What You Need To Know " />
Has making a big move been on your mind lately? If you're considering a change of scenery and seeking a calming yet flourishing coastal community, look no further than <a href="https://www.sellinboston.com/boston-ma/winthrop/" title="Winthrop Homes & Real Estate - Boston, MA" target="_blank">Winthrop, Massachusetts</a>.
Resting along the shores of Greater Boston, Winthrop stands proudly as an oceanside suburban haven at the north entrance to the illustrious Boston Harbor. Boasting its proximity to Logan International Airport and being hailed as the gateway to the North Shore, this charming town in <a href="https://www.sellinboston.com/boston-ma/suffolk-county/" target="_blank" title="Suffolk County Homes for Sale">Suffolk County</a> offers a unique blend of seaside living convenience and endless possibilities.
In this 2023 edition of our blog, we're here to provide you with all the essential information you need to know about moving to Winthrop, MA. So, let's embark on an exciting journey together and discover why this hidden gem is the perfect destination for your next chapter in life.
Why Choose Winthrop?
<img src="https://assets.site-static.com/userfiles/1635/image/Moving_To_Winthrop_What_You_Need_To_Know_1_.png" width="750" height="300" alt="Winthrop" />
People choose Winthrop, Massachusetts for a multitude of reasons, and its ideal location is undoubtedly one of them. Situated just 10.5 miles from Boston, this charming town offers the best of both worlds, a peaceful retreat from the bustling city while maintaining easy access to its vibrant opportunities.
Winthrop's laid-back lifestyle and quiet ambiance create an irresistible allure for those seeking a calming escape from the daily hustle and bustle. With approximately one-third of the land dedicated to parkland, residents can immerse themselves in the beauty of nature, whether it's strolling through picturesque parks or enjoying leisurely picnics in serene surroundings.
This quaint New England town is adorned with charming shops, inviting parks, marinas, cozy inns, and, of course, miles of stunning beaches, including the popular <a href="https://www.sellinboston.com/boston-ma/winthrop-winthrop-beach/" title="Winthrop, MA Winthrop Beach Homes For Sale" target="_blank">Winthrop Beach</a> and Yirrell Beach. Regardless if you crave a refreshing swim, a peaceful beach walk, or simply basking in the sun's warmth, Winthrop provides an idyllic coastal experience that captures the hearts of its residents.
<img class="img-without-shadow-mobile" src="https://assets.site-static.com/userfiles/1635/image/four-tips-for-making-your-best-offer-on-a-home.jpg" alt="4 Tips for Making Your Best Offer on a Home" width="270" height="232" data-uw-rm-ima="gn" />
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4 Tips for Making Your Best Offer on a Home
<a title="4 Tips for Making Your Best Offer on a Home" href="https://www.sellinboston.com/blog/-4-tips-for-making-your-best-offer-on-a-home/" target="_blank" rel="noopener" data-uw-rm-brl="false" aria-label="Related Post" data-uw-rm-vglnk=""> Read More </a>
Tips For Moving to Winthrop, MA
Once you've made the decision to move to Winthrop, MA, it's time to start planning and preparing for your big day. To ensure a smooth transition into this charming town, here are some essential tips that will help make your move easier:
Get Organized - Take the time to plan out every aspect of your move and create a detailed checklist. Ensure your finances, paperwork, and other logistics are in order before moving day.
Research the Local Housing Market - Before you commit to any property, do your due diligence and research the area's current housing market to get a better understanding of what types of homes are available within your budget.
Visit Winthrop Ahead of Time - Are you able to visit Winthrop before committing to a move? If so, take the time to explore the town and get a better feel for its culture. This can help you decide if this is really the place you want to call home.
Start Packing - Begin packing as early as possible, sorting items and labeling boxes accordingly so that they can be easily identified upon arriving at their new home.
Hire Professional Movers - Getting assistance from experienced movers can make your big day less stressful and ensure that all of your belongings are safely transported to their new destination.
Begin Building Relationships - Reach out to your new neighbors and start familiarizing yourself with the community. As you make connections, taking the time to get to know local business owners, teachers, and other residents can help you feel more at home in no time.
By putting these steps into action, you'll be off to a good start and ready for the exciting journey ahead.
Real Estate in Winthrop, MA
In the captivating realm of Winthrop, MA's real estate market, 2023 has ushered in a spirited seller's market, where opportunity knocks and homes find their new owners with remarkable speed. The allure of this oceanside suburban community has resulted in a surge of demand, making it imperative for prospective buyers to embrace agility and seize the moment.
As of June 2023, the average days on the market hover at an astonishingly brief 29, a testament to the fervor surrounding Winthrop's sought-after properties. With a median list price of approximately $560,000, the housing landscape showcases a diverse range of offerings, from lovely single-family abodes that exude character and charm to low- to mid-rise condominium communities that epitomize contemporary coastal living.
Where to Live in Winthrop, MA
Having the proper real estate knowledge is just the first step in finding a new home in Winthrop. To assist you with the second part of your mission, here are some of the most popular neighborhoods for homebuyers in Winthrop:
<a href="https://www.sellinboston.com/boston-ma/winthrop-court-park/" title="Winthrop, MA Court Park Homes For Sale" target="_blank">Court Park</a> - Located on the Boston Harbor side of town, this area offers moderately sized single-family homes that have a great view of the ocean and access to plenty of amenities.
Winthrop Beach - Boasting new construction homes, and wonderful condo properties with <br />stunning views of the ocean, this is a great spot if you're looking for an upscale lifestyle.
<a href="https://www.sellinboston.com/boston-ma/winthrop-point-shirley/" title="Winthrop, MA Point Shirley Homes For Sale" target="_blank">Point Shirley</a> - As one of the more affordable neighborhoods, Point Shirley offers beautiful single-family homes and condos at a fraction of the cost compared to other parts of town.
Winthrop Highlands - Situated along the breathtaking Massachusetts Bayside, Winthrop Highlands presents ample real estate opportunities and a broad price range, making it a fantastic choice for homebuyers of all budgets.
Getting Involved in Winthrop, MA
Being a member of the Winthrop community means more than just finding a place to lay your head at night, it's about getting involved in and contributing to the town. Whether you're joining one of the numerous clubs, participating in charitable events, or supporting local businesses, there are plenty of ways to get connected and build meaningful relationships with fellow residents.
Festivals & Events
<img src="https://assets.site-static.com/userfiles/1635/image/Moving_To_Winthrop_What_You_Need_To_Know_1_copy.png" width="750" height="300" alt="Boston Harbor" />
All year round, Winthrop is alive with noteworthy festivals and events that everyone can enjoy. Listed below are some of the most treasurable occasions that take place in this remarkable town:
Fourth of July Festivities - Celebrate the nation's birthday with a bang, featuring an eye-catching fireworks display and plenty of recreational activities such as beach volleyball, horseshoe tournaments, and more.
<a href="https://www.boatcruisesummerseries.com/" target="_blank">Summer Boston Harbor Cruise</a> - This popular event offers a unique way to explore the beauty of Winthrop, with a captivating sunset cruise that whisks you away on an unforgettable experience.
Parades - A lively and colorful parade takes place every year during the winter season, featuring floats, bands, and much more.
Historical Association Strawberry Festival - Enjoy scrumptious strawberry shortcakes and savor the sweet taste of summertime with a wide variety of festive activities.
A Taste of Winthrop - Sample delicious dishes from some of the area's top restaurants and take part in a wonderful day of food, music, and entertainment.
Holiday Tree Lighting Festival - Begin the holiday season with a festive tree lighting ceremony and fill your spirit with joy.
<a href="https://www.staffordnj.gov/409/Town-Wide-Yard-Sale" target="_blank">Town Wide Yard Sale</a> - As one of the most anticipated events in town, the Town Wide Yard Sale offers an opportunity to find unique items and chat with neighbors.
<img class="img-without-shadow-mobile" src="https://assets.site-static.com/userfiles/1635/image/Winthrop-Investment-Opportunities-Short-Term-Rentals-cropped-related-blog-post.jpg" width="270" height="230" data-uw-rm-ima="gn" />
Related Post
Winthrop Investment Opportunities: Short-Term Rentals
<a title="Winthrop Investment Opportunities: Short-Term Rentals
" href="https://www.sellinboston.com/blog/winthrop-investment-opportunities/" target="_blank" rel="noopener" data-uw-rm-brl="false" aria-label="Related Post" data-uw-rm-vglnk="">Read More</a>
Clubs & Memberships
Winthrop is home to a variety of clubs and memberships that only enhance the quality of life for its residents. Below are some of the most popular:
<a href="https://win-yc.org/" target="_blank">Winthrop Yacht Club</a> - Enjoy sea adventures during summertime by joining this prestigious club, whose mission is to promote sailing regattas and social events.
Winthrop Garden Club - For those who appreciate the beauty of nature, this vibrant organization hosts numerous gardening workshops and meetings throughout the year.
Rotary Club of Winthrop - Make a positive impact on the community by joining this esteemed organization that focuses on service projects geared towards helping others.
<a href="https://www.winthropgolfclub.com/">Winthrop Golf Club</a> - Get ready to take your golf swing to the next level by joining this exclusive club, which offers a 9-hole course set in the beautiful Winthrop landscape.
Support Local
<img src="https://assets.site-static.com/userfiles/1635/image/Moving_To_Winthrop_What_You_Need_To_Know_1_copy_3.png" width="750" height="300" alt="Metcalf " />
Supporting local businesses is perhaps one of the most important steps in becoming a part of the Winthrop community. As you become more and more familiar with the area, you'll quickly realize that small businesses make up the backbone of this town.
Four of Winthrop’s most notable business districts include:
Shirley Street Business District
Highlands District
The Center
Magee’s Corner District
Prospective homebuyers in 2023 have the opportunity to enter a unique and rapidly changing market. With the right real estate knowledge and a few easy steps to get involved, anyone can make Winthrop their home sweet home. Whether you're just starting your house-hunting journey or are looking to make a move soon, the town of Winthrop is ready to welcome you with open arms.
Seth has 15 + years in multi-unit retail management, and is bringing the renewed focus to the client that has been absent from the industry for decades. We integrate the latest and greatest technology, at the same time making your purchase or home sale as stress free as possible. Get in touch today by filling out a <a href="https://www.sellinboston.com/contact/" title="Contact Form" target="_blank" data-uw-rm-brl="false" aria-label="contact form - opens in new tab" data-uw-rm-ext-link="" uw-rm-external-link-id="https://www.sellinboston.com/contact/$contactform">contact form</a> or giving us a call.
A local Winthrop real estate agent is ready to help you find your dream home!
<a href="tel:(781) 332-4055" aria-label="call (781) 342-0052" data-uw-rm-brl="exc">Call Today!</a>
2023-07-26T21:40:30-07:002023-10-02T08:49:34-07:00Seth Williamstag:sellinboston.com,2012-09-20:5858Owning Your Home Helps You Build WealthOwning Your Home Helps You Build Wealth
<br /><img src="https://files.keepingcurrentmatters.com/content/images/20230718/20230720-Owning-your-home-helps-you-build-wealth.jpg" width="600" /><br /><br />
You may have heard some people say it’s better to rent than <a href="https://www.simplifyingthemarket.com/en/2023/07/11/momentum-is-building-for-new-home-construction/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">buy</a> a home right now. But, even today, there are lots of <a href="https://www.simplifyingthemarket.com/en/2023/06/02/reasons-to-own-your-home-infographic/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">good reasons</a> to become a homeowner. One of them is that owning a home is typically viewed as a good <a href="https://www.simplifyingthemarket.com/en/2023/06/06/real-estate-is-still-considered-the-best-long-term-investment-1/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">long-term investment</a> that helps your net worth <a href="https://www.simplifyingthemarket.com/en/2023/06/16/how-owning-a-home-grows-your-wealth-with-time-infographic/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">grow</a> over time.
Homeownership Builds Wealth Regardless of Income Level
You may be surprised to learn homeowners across various income levels have a much higher net worth than renters who make the same amount. Data from <a href="https://blog.firstam.com/economics/homeownership-remains-strongly-linked-to-wealth-building" rel="noopener noreferrer" target="_blank">First American</a> helps illustrate this point (see graph below):
<a href="https://www.simplifyingthemarket.com/en/content/images/20230718/20230720-Homeowners-Build-Wealth-Across-Incomes.png?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank"><img src="https://files.keepingcurrentmatters.com/content/images/20230718/20230720-Homeowners-Build-Wealth-Across-Incomes.png" /></a>
What makes wealth so much higher for homeowners? A recent article from Realtor.com <a href="https://www.realtor.com/advice/finance/everyones-talking-about-home-equity-heres-what-yours-means-in-todays-market/" rel="noopener noreferrer" target="_blank">says</a>:
“Homeownership has long been tied to building wealth—and for good reason. Instead of throwing rent money out the window each month, owning a home allows you to build home equity. And over time, equity can turn your mortgage debt into a sizeable asset.”
Basically, the wealth you accumulate when you own a home has a lot to do with equity. As a homeowner, equity is built up as you pay down your loan and as home <a href="https://www.simplifyingthemarket.com/en/2023/06/27/why-homeownership-wins-in-the-long-run/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">prices appreciate</a> over time. Mark Fleming, Chief Economist at First American, <a href="https://blog.firstam.com/economics/the-reconomy-podcast-why-it-matters-that-millennials-have-closed-the-homeownership-gap" rel="noopener noreferrer" target="_blank">explains</a> how this same benefit isn’t true for renters in a recent podcast:
“Renters as non-homeowners gain no wealth benefit as home prices rise. That wealth actually accrues to the landlord.”
Before you <a href="https://www.simplifyingthemarket.com/en/2023/06/15/why-buying-or-selling-a-home-helps-the-economy-and-your-community/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">decide</a> to sign another rental agreement, now is a good time to <a href="https://www.simplifyingthemarket.com/en/2023/07/03/evaluating-your-wants-and-needs-as-a-homebuyer-matters-more-today/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">think</a> about whether it would be better for you to <a href="https://www.simplifyingthemarket.com/en/2023/07/05/two-questions-to-ask-yourself-if-youre-considering-buying-a-home/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">buy a home</a> instead. The best way to figure out what makes sense for you is to have a conversation with a real estate expert you trust. That professional can talk you through the benefits that come with owning to determine if that’s the right next <a href="https://www.simplifyingthemarket.com/en/2023/06/22/what-homebuyers-need-to-know-about-credit-scores/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">step</a> for you.
Bottom Line
If you're not sure whether to keep renting or to <a href="https://www.mykcm.com/2023/07/04/americans-still-view-homeownership-as-the-american-dream/" rel="noopener noreferrer" target="_blank">buy a home</a>, know that owning a home, no matter how much money you make, can help build your wealth. Let's connect now to get <a href="https://www.mykcm.com/2023/06/19/saving-for-a-down-payment-heres-what-you-need-to-know/" rel="noopener noreferrer" target="_blank">started</a> on the path to homeownership.2023-07-24T06:00:00-07:002023-07-21T09:55:43-07:00Seth Williamstag:sellinboston.com,2012-09-20:5836Momentum Is Building for New Home ConstructionMomentum Is Building for New Home Construction
<br /><img src="https://files.keepingcurrentmatters.com/content/images/20230707/20230707-momentum-is-building-for-new-home-construction.jpg" width="600" /><br /><br />
If you’re in the process of looking for a home today, you know the <a href="https://www.simplifyingthemarket.com/en/2023/07/06/todays-housing-inventory-is-a-sweet-spot-for-sellers/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">supply of homes</a> for sale is low because you’re feeling the impact of having a limited pool of options. And, if your biggest hurdle right now is that you’re having trouble finding something you like, don’t forget that a newly built home is a great option.
As a recent article from the National Association of Realtors (NAR) <a href="https://www.nar.realtor/magazine/real-estate-news/contract-signings-slow-but-buyer-demand-is-still-high" rel="noopener noreferrer" target="_blank">says</a>:
“Home buyers continue to be met with limited housing options during what’s typically the real estate market’s busiest season. . . . The current supply of existing homes is about half the level it was in 2019 . . . Meanwhile, the market for new construction is a bright spot.”
Here’s a look at a key metric that shows just how much new home construction is ramping up nationwide. It’s called new residential completions. Basically, completions are newly built homes that are finished and ready to move into.
The graph below uses <a href="https://www.census.gov/construction/nrc/current/index.html" rel="noopener noreferrer" target="_blank">data</a> from the Census to show the trend of new-home completions over time, including the long-term average for the number of finished housing units (shown in black on the graph):
<a href="https://www.simplifyingthemarket.com/en/content/images/20230707/20230711-new-residential-completions-increase.png?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank"><img src="https://files.keepingcurrentmatters.com/content/images/20230707/20230711-new-residential-completions-increase.png" /></a>
As you can see on the left (shown in orange), leading up to the housing crash, builders exceeded that average. The result was an oversupply of homes on the market, so <a href="https://www.simplifyingthemarket.com/en/2023/06/12/are-home-prices-going-up-or-down-that-depends/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">home values</a> declined. That was one of the factors that led to the housing crash back in 2008.
Since then, the level of new home construction has fallen off, and builders haven’t built enough homes to meet the historical average (shown in red). That underbuilding left the housing market with a multi-year inventory deficit. And, that deficit is part of what makes inventory so low right now.
But, here’s the good news. The green on the right shows that according to the <a href="https://www.census.gov/construction/nrc/current/index.html" rel="noopener noreferrer" target="_blank">latest report</a> from the Census, builders are matching the long-term average right now. And that means they’re bringing more newly built homes to the market than they have in recent memory.
And residential starts and permits are also gaining momentum. Starts are homes where the construction has officially kicked off. Permits are homes where builders are planning to break ground soon. Since both are up, it’s a sign there are even more newly built homes coming soon.
What This Means for You
More newly built homes in various stages of the construction process means your pool of options just got bigger. If you’re looking to move right now and timing is important to you, reach out to a local<a href="https://www.simplifyingthemarket.com/en/2023/05/22/why-buyers-need-an-expert-agent-by-their-side/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank"> real estate professional</a> to explore the homes that were recently completed in your area. If construction is done on those homes, you should be able to move in quickly.
But, if you can wait a bit and the idea of customizing a home from the ground up appeals to you, ask that same agent about the homes in your area that are in the process of being built. If you buy a home that’s still in the works, you can help pick the features and finishings along the way. And when none of the homes you’ve looked at so far are to your liking, being able to tailor one to your taste may be your best option.
Either way, a trusted real estate agent is a crucial part of the process. They’ll know exactly what’s available in your area and can base their recommendations on your unique needs, desired neighborhoods, and more.
Bottom Line
So, if you're having trouble finding a home you like while inventory is so low, it may be time to consider looking into new-home construction. If you'd like to start that conversation, let’s connect so you’re working with an expert on what’s available in our area.2023-07-19T06:00:00-07:002023-07-14T10:55:32-07:00Seth Williamstag:sellinboston.com,2012-09-20:5835How Remote Work Expands Your Homebuying HorizonsHow Remote Work Expands Your Homebuying Horizons
<br /><img src="https://files.keepingcurrentmatters.com/content/images/20230711/20230713-How-Remote-work-expands-your-homebuying-horizons.jpg" width="600" /><br /><br />
Even as some companies transition back into the office, remote work remains a popular choice for many professionals. So, if you currently enjoy working from home or hope to be able to soon, you’re not alone. According to a recent <a href="https://www.flexjobs.com/blog/post/exploring-the-impact-of-remote-work-on-mental-health-and-the-workplace/" rel="noopener noreferrer" target="_blank">survey</a>, most working professionals want to work either fully remote or hybrid (see below):
<a href="https://www.simplifyingthemarket.com/en/content/images/20230711/20230713-Ideal-work-environment.png?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank"><img src="https://files.keepingcurrentmatters.com/content/images/20230711/20230713-Ideal-work-environment.png" /></a>
This trend is good news if you’re looking to <a href="https://www.simplifyingthemarket.com/en/2023/07/05/two-questions-to-ask-yourself-if-youre-considering-buying-a-home/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">buy</a> a home because a remote or hybrid work setup can help you overcome some of today’s affordability and <a href="https://www.simplifyingthemarket.com/en/2023/07/06/todays-housing-inventory-is-a-sweet-spot-for-sellers/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">housing inventory</a> challenges.
More Work Flexibility Equals More Home Options
Remote or hybrid work opens up a world of opportunities. That’s because it allows you to broaden your search for your next <a href="https://www.simplifyingthemarket.com/en/2023/06/27/why-homeownership-wins-in-the-long-run/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">home</a> since you’re no longer limited to living close to your workplace. With the freedom to work from anywhere, you can explore more affordable areas that may be located farther away from bustling city centers or your office. This flexibility can be a game changer while higher mortgage rates are making it difficult for some homebuyers to afford a home.
An <a href="https://www.nytimes.com/interactive/2023/06/17/upshot/17migration-patterns-movers.html" rel="noopener noreferrer" target="_blank">article</a> from the New York Times (NYT) highlights how remote work can greatly assist you in overcoming that challenge:
“. . . take advantage of the opportunity remote work has presented to move to more affordable communities (either farther out in the suburbs, or in another part of the country).”
And, since the supply of homes for sale is still so low, another key challenge for you today may be finding something with all of the features you want and need. Because remote work allows you to broaden your search radius to include additional areas, you may actually have less trouble finding a home with the features you want the most because you’ll have a bigger pool of options to pick from.
Working remotely gives you the flexibility to find an affordable home with the features you <a href="https://www.simplifyingthemarket.com/en/2023/07/03/evaluating-your-wants-and-needs-as-a-homebuyer-matters-more-today/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">want</a>. In other words, you have a better chance of getting what you need without blowing your budget.
Bottom Line
Working remotely not only gives you more flexibility in your job but also presents a great chance to broaden your search for a <a href="https://www.mykcm.com/2023/07/04/americans-still-view-homeownership-as-the-american-dream/" rel="noopener noreferrer" target="_blank">home</a>. Since you're not limited to a specific location, you have the opportunity to explore more options. Let's get in touch to discuss how this can expand your choices and help you find the perfect home.2023-07-17T06:00:00-07:002023-07-14T10:54:41-07:00Seth Williamstag:sellinboston.com,2012-09-20:5753Saving for a Down Payment? Here’s What You Need To Know.Saving for a Down Payment? Here’s What You Need To Know.
<br /><img src="https://files.keepingcurrentmatters.com/content/images/20230615/20230619-saving-for-a-down-payment-heres-what-you-should-know.jpg" width="600" /><br /><br />
If you're planning to buy your <a href="https://www.simplifyingthemarket.com/en/2023/05/31/keys-to-success-for-first-time-homebuyers/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">first home</a>, then you're probably focused on saving for all the costs involved in such a big purchase. One of the expenses that may be at the top of your mind is your down payment. If you’re intimidated by how much you need to save for that, it may be because you believe you must put 20% down. That doesn’t necessarily have to be the case. As the National Association of Realtors (NAR) <a href="https://www.nar.realtor/blogs/economists-outlook/tackling-home-financing-and-down-payment-misconceptions" rel="noopener noreferrer" target="_blank">notes</a>:
“One of the biggest misconceptions among housing consumers is what the typical down payment is and what amount is needed to enter homeownership.”
And a recent Freddie Mac survey <a href="https://myhome.freddiemac.com/buying/down-payments-and-pmi" rel="noopener noreferrer" target="_blank">finds</a>:
“. . . nearly a third of prospective homebuyers think they need a down payment of 20% or more to buy a home. This myth remains one of the largest perceived barriers to achieving homeownership.”
Here’s the good news. Unless specified by your loan type or lender, it’s typically not required to put 20% down. This means you could be closer to your homebuying dream than you realize.
According to NAR, the <a href="https://www.nar.realtor/research-and-statistics/research-reports/highlights-from-the-profile-of-home-buyers-and-sellers" rel="noopener noreferrer" target="_blank">median down payment</a> hasn’t been over 20% since 2005. In fact, the median down payment for all homebuyers today is only 14%. And it’s even lower for first-time homebuyers at just 6% (see graph below):
<a href="https://www.simplifyingthemarket.com/en/content/images/20230615/20230619-todays-median-down-payment-is-less-than-20-percent.png?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank"><img src="https://files.keepingcurrentmatters.com/content/images/20230615/20230619-todays-median-down-payment-is-less-than-20-percent.png" /></a>
What does this mean for you? It means you may not need to save as much as you originally thought.
Learn About Options That Can Help You Toward Your Goal
And it’s not just how much you need for your down payment that isn’t clear. There are also misconceptions about down payment assistance programs. For starters, many people believe there’s only assistance available for first-time homebuyers. While first-time buyers have many options to explore, repeat buyers have some, too.
According to <a href="https://downpaymentresource.com/" rel="noopener noreferrer" target="_blank">Down Payment Resource</a>, there are over 2,000 homebuyer assistance programs in the U.S., and the majority are intended to help with down payments. That same resource goes on to say:
“You don’t have to be a first-time buyer. Over 38% of all programs are for repeat homebuyers who have owned a home in the last 3 years.”
Plus, there are even loan types, like <a href="https://www.hud.gov/buying/loans" rel="noopener noreferrer" target="_blank">FHA loans</a> with down payments as low as <a href="https://www.benefits.gov/benefit/504" rel="noopener noreferrer" target="_blank">3.5%</a> as well as options like <a href="https://www.va.gov/housing-assistance/home-loans/loan-types/" rel="noopener noreferrer" target="_blank">VA loans</a> and <a href="https://www.rd.usda.gov/programs-services/single-family-housing-programs/single-family-housing-guaranteed-loan-program" rel="noopener noreferrer" target="_blank">USDA loans</a> with no down payment requirements for qualified applicants.
If you’re interested in learning more about down payment assistance programs, information is available through sites like <a href="https://downpaymentresource.com/" rel="noopener noreferrer" target="_blank">Down Payment Resource</a>. Then, partner with a trusted lender to learn what you qualify for on your <a href="https://www.simplifyingthemarket.com/en/2023/06/01/the-true-value-of-homeownership/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">homebuying</a> journey.
Bottom Line
Remember, a 20% down payment isn’t always required. If you want to purchase a home this year, let’s connect to start the conversation about your homebuying goals.2023-06-28T06:00:00-07:002023-06-23T11:35:32-07:00Seth Williamstag:sellinboston.com,2012-09-20:5746What You Need To Know About Moving To East Boston<img src="https://assets.site-static.com/userfiles/1635/image/What_You_Need_To_Know_About_Moving_To_East_Boston_-_custom.jpg" width="1300" height="1200" alt="What You Need To Know About Moving To East Boston" title="What You Need To Know About Moving To East Boston" />
Welcome to East Boston, the neighborhood that promises to captivate you with its charming atmosphere! If you're considering moving to <a href="https://www.sellinboston.com/boston-ma/east-boston/" target="_blank">East Boston</a>, you’re in for a treat. This article will guide you through everything you need to know about moving to this exciting neighborhood, including tips to ensure that your move is smooth sailing.
Life in East Boston
East Boston is quickly becoming one of the most popular neighborhoods in <a href="https://www.sellinboston.com/boston-ma/" target="_blank">Boston, MA</a>. Young professionals have found East Boston to be a haven due to its affordable pricing and close proximity to Downtown. It's also a great option for families, as there are plenty of parks, recreational activities, easy access to the Atlantic Ocean, and excellent schools in the area.
The neighborhood of East Boston is celebrated for its cultural diversity and abundance of unique food options, thanks to its history of housing multiple immigrant communities. East Boston offers plenty of opportunities to engage with the arts and experience new cultures.
No matter your interests, East Boston provides!
<img src="https://assets.site-static.com/userfiles/1635/image/What_You_Need_To_Know_About_Moving_To_East_Boston_3.png" width="750" height="300" alt="What You Need To Know About Moving To East Boston" title="What You Need To Know About Moving To East Boston" />
Homes For Sale in East Boston: What to Expect
With its convenient location, just minutes from Downtown Boston, and its diverse communities, East Boston's popularity as a home-buying destination is understandable. From luxury condos in Jeffries Point to single-family homes in Orient Heights and Eagle Hill, there are plenty of options for prospective buyers.
Jeffries Point is one of the most popular developments in East Boston due to its waterfront views and close proximity to Downtown Boston. This neighborhood offers luxury condos boasting stunning views of the harbor and skyline as well as single-family homes with easy access to public transportation.
Orient Heights is another desirable development in East Boston, with many single-family homes available at affordable prices. It’s an incredibly attractive option for buyers looking for good value.
<a href="https://www.sellinboston.com/south-shore-ma/eagle-hill-new-community-homes-for-sale/" target="_blank">Eagle Hill</a> is increasingly popular among buyers due to its quiet streets and close proximity to local amenities such as restaurants, shops, and parks. Eagle Hill offers both single-family homes and multi-family properties at reasonable prices.
Education in East Boston
If education is on your list of priorities when considering a move, then you'll be happy to know that East Boston is home to a variety of excellent institutions for students of all ages.
The area's school district offers a wide range of programs and activities that are tailored to meet the needs of each individual student. East Boston offers educational opportunities for students of all levels, from elementary to high school. There are several post-secondary institutions in the area that provide students with the opportunity to pursue higher education.
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Winthrop Investment Opportunities: Short-Term Rentals
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Top Schools in East Boston
East Boston is home to both public and private schools, giving parents a range of options to choose from.
Public schools in East Boston are part of the Boston Public Schools District, which includes some of the best elementary schools in Massachusetts. Eliot Elementary, Manassah E. Bradley, Warren-Prescott, Nathan Hale, and Joseph P. Manning are all highly rated by GreatSchools and offer students a well-rounded education that prepares them for postsecondary success.
For those looking for more specialized educational opportunities, there are also several highly ranked private schools in East Boston. Niche.com ranks <a href="https://www.buacademy.org/" target="_blank">Boston University Academy</a> as one of the top 9 private high schools in Massachusetts. Other notable private institutions include Commonwealth School, The Advent School, <a href="https://www.toritschool.org/">Torit Montessori School</a>, and <a href="https://www.wildflowermontessorischool.org/" target="_blank">Wildflower Montessori School</a>.
Post-Secondary Options in East Boston
In addition to its K-12 education system, East Boston offers numerous post-secondary options for college-aged students. Another Course To College (ACTC) provides an innovative approach to college preparation and success through its unique partnerships with local universities and colleges. Excel Academy's first charter school was founded in 2003 and admits students from East Boston, Chelsea, and surrounding areas. KIPP Massachusetts Public Schools also offers a variety of programs for college-aged students looking to further their education.
Local universities such as Northeastern University and Harvard Medical School give students access to world-class research facilities. For those interested in trade or technical programs, Bunker Hill Community College offers a variety of courses ranging from nursing to business administration.
With its diverse selection of public and private schools as well as post-secondary institutions, living in East Boston provides exceptional educational options.
<img src="https://assets.site-static.com/userfiles/1635/image/What_You_Need_To_Know_About_Moving_To_East_Boston_1.png" width="750" height="300" alt="What You Need To Know About Moving To East Boston" title="What You Need To Know About Moving To East Boston" />
East Boston Attractions & Amenities
With its rich history, scenic waterfront parks, and diverse dining options, East Boston has become one of the city's hottest neighborhoods for development. As you consider moving to an East Boston neighborhood, you'll appreciate knowing that there are plenty of attractions and amenities to explore. From the Paris Street Community Center to Suffolk Downs, here's what you need to know about <a href="https://www.sellinboston.com/blog/reasons-to-live-in-east-boston/" target="_blank">living in East Boston</a>:
Amenities & Attractions
East Boston offers plenty of attractions and amenities for locals and visitors alike. The <a href="https://veronicaroblesculturalcenter.org/" target="_blank">Veronica Robles Cultural Center</a> is a great place to learn about Latin American culture through music, dance, and art classes. For art lovers, the Fountain Street Gallery showcases local artists' work in an intimate setting. Don’t forget to check out the stunning views of the harbor!
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Parks & Recreation
East Boston is home to several beautiful parks that offer plenty of recreational activities. Constitution Beach is perfect for swimming, fishing, or just relaxing on the beach with friends and family.
Belle Isle Marsh Reservation offers hiking trails as well as bird-watching opportunities. Maverick Square Park is a great spot for picnics or outdoor concerts!
Festivals & Events
East Boston hosts several festivals and events throughout the year that celebrate its unique culture and heritage. The annual Feast of St. Anthony celebrates Italian-American culture with food, music, dancing, and more!
Eastie Week is an annual celebration of the rich, vibrant, and resilient community of East Boston. A weeklong event with incredible music, art, culture, and other activities. It's a great way to explore all that East Boston has to offer.
The San Gennaro Festival is another popular event in the community. The festival features various aspects of Italian culture such as food, music, dancing, and plenty of activities for kids of all ages.
The East Boston Farmers Market will become a regular outing—a great way to support local businesses while enjoying delicious food!
Shopping & Dining
East Boston is a great place to shop and dine. With its diverse population, it offers a wide variety of stores and restaurants that reflect the tastes and traditions of its residents. Here are just a few of the popular options available to East Boston locals:
Faneuil Hall Marketplace is one of the most popular shopping destinations in East Boston, offering an array of retail shops, restaurants, and entertainment venues
Northgate Shopping Plaza is another great spot for shopping with its many stores and eateries
Copley Place offers luxury brands and high-end retailers
When it comes to dining in East Boston, the options are endless. From Italian favorites such as D'Parma Restaurant to globally-inspired dishes at ReelHouse, your culinary expectations will never be disappointed.
Tawakal Halal Café offers a unique Somali cuisine experience, while Angela's Café serves up delicious Mexican chilaquiles. The Daily Catch Waterfront has amazing seafood and Sicilian-style pasta dishes.
With so many amazing eateries to choose from, East Boston has the perfect spot for your next meal.
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Should I Move to East Boston?
East Boston, or 'Eastie' as it's affectionately known, is a vibrant neighborhood with a lot to offer. Should you move to East Boston? Absolutely! It’s a great place to live!
Tips For Moving to East Boston
Considering which area or development in East Boston is best suited to your needs can be more than a bit overwhelming when making the move. Best tip or advice—work with a local, highly recommended realtor.
Other tips for moving to East Boston include making a list of your must-haves. Include your interests and be upfront with your ideal budget. Such information ensures that you'll end up in the right home, in the best East Boston neighborhood for you.
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Who is this Neighborhood Best For?
East Boston is ideal for those looking for a diverse community with plenty of amenities nearby. With its waterfront views and close proximity to Downtown Boston, it's perfect for young professionals or families looking for a city lifestyle without sacrificing nature or convenience. It has a variety of housing options ranging from single- and multi-family homes to high-rise apartments so you're sure to find a place that fits your needs and budget.
What to Expect When Moving
When moving to an East Boston neighborhood, expect a friendly community atmosphere with plenty of opportunities for entertainment and recreation. The area has numerous parks and green spaces as well as a wide range of restaurants offering different cuisines from around the world. You'll find easy access to public transportation which makes getting around town easy and convenient.
East Boston is slightly cheaper than the average for Boston, so you’re sure to find some affordable housing options. Being close to Logan Airport makes it easy for travelers who want quick access to flights out of town.
Overall, East Boston offers an exciting mix of culture and convenience that make it an attractive option for those looking for a place to call home in the wonderful city of Boston. The neighborhood is sure to continue growing in popularity as one of the <a href="https://www.sellinboston.com/blog/best-places-to-live-in-massachusetts/" target="_blank">best places to live in Massachusetts</a>.
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Whether you're looking for a diverse community with plenty of amenities or just want easy access to public transportation and downtown Boston, East Boston is an ideal choice. With its waterfront views, affordable housing options, close proximity to Logan Airport, and cultural events throughout the year, moving to East Boston is a great choice for those looking to experience all that the city of Boston has to offer. So pack your bags and get ready to call Eastie home!
Seth has 15 + years in multi-unit retail management, and is bringing the renewed focus to the client that has been absent from the industry for decades. We integrate the latest and greatest technology, at the same time making your purchase or home sale as stress free as possible. Get in touch today by filling out a <a href="https://www.sellinboston.com/contact/" title="Contact Form" target="_blank" data-uw-rm-brl="false" aria-label="contact form - opens in new tab" data-uw-rm-ext-link="" uw-rm-external-link-id="https://www.sellinboston.com/contact/$contactform">contact form</a> or giving us a call.
A local Boston real estate agent is ready to help you find your dream home!
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2023-06-21T21:28:51-07:002023-10-02T10:37:16-07:00Seth Williamstag:sellinboston.com,2012-09-20:5673The True Value of HomeownershipThe True Value of Homeownership
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Buying and owning your home can make a big difference in your life by bringing you joy and a sense of belonging. And with June being National Homeownership Month, it’s the perfect time to think about all the benefits homeownership provides.
Of course, there are <a href="https://www.simplifyingthemarket.com/en/2023/05/15/homeowners-have-incredible-equity-to-leverage-right-now/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">financial reasons</a> to buy a house, but it’s important to consider the non-financial benefits that make a home more than just where you live.
Here are three ways owning your home can give you a sense of accomplishment, happiness, and pride.
You May Feel Happier and More Fulfilled
Owning a home is associated with better mental health and well-being. Gary Acosta, CEO and Co-Founder at the National Association of Hispanic Real Estate Professionals (NAHREP), <a href="https://www.housingwire.com/articles/opinion-why-we-all-have-a-stake-in-closing-the-homeownership-gap/" rel="noopener noreferrer" target="_blank">explains</a>:
“Studies have shown the emotional and psychological benefits that homeownership has on a person’s health and self-esteem . . .”
Similarly, Habitat for Humanity <a href="https://www.habitat.org/our-work/impact/research-series-how-does-homeownership-contribute-to-social-and-civic-engagement" rel="noopener noreferrer" target="_blank">says</a>:
“Residential stability among homeowners is related to improved life satisfaction, . . . along with better physical and mental health.”
So, according to the experts, owning a home can improve your psychological wellness by making you feel happier and more accomplished.
You Can Engage in Your Neighborhood and Grow Your Sense of Community
Your home connects you to your community. Homeowners tend to stay in their homes longer than <a href="https://www.simplifyingthemarket.com/en/2023/05/01/why-buying-a-home-makes-more-sense-than-renting-today/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">renters</a>, and that can help you feel more connected to your community because you have more time to build meaningful relationships. And, as Acosta <a href="https://www.housingwire.com/articles/opinion-why-we-all-have-a-stake-in-closing-the-homeownership-gap/" rel="noopener noreferrer" target="_blank">says</a>, when people stay in the same area for a longer period of time, it can lead to them being more involved:
“Homeowners also tend to be more active in their local communities . . .”
After all, it makes sense that someone would want to help improve the area they’re going to be living in for a while.
You Can Customize and Improve Your Living Space
Your home is a place that’s all yours. When you own it, unless there are specific homeowner’s association requirements, you’re free to customize it however you see fit. Whether that’s small home improvements or full-on renovations, your house can be exactly what you want and need it to be. As your tastes and lifestyle change, so can your home. As Investopedia <a href="https://www.investopedia.com/articles/mortgages-real-estate/08/home-ownership.asp" rel="noopener noreferrer" target="_blank">tells</a> us:
“One often-cited benefit of homeownership is the knowledge that you own your little corner of the world. You can customize your house, remodel, paint, and decorate without the need to get permission from a landlord.”
Renting can limit your ability to personalize your living space, and even if you do make changes, you may have to undo them before your lease ends. The ability homeownership gives you to customize and improve where you live creates a greater sense of ownership, pride, and connection with your home.
Bottom Line
Owning your home can change your life in a way that gives you greater satisfaction and happiness. Let’s connect today if you’re ready to <a href="https://www.sellinboston.com/" rel="noopener noreferrer" target="_blank">explore</a> homeownership and all it has to offer.2023-06-07T06:00:00-07:002023-06-02T06:35:32-07:00Seth Williamstag:sellinboston.com,2012-09-20:5646Why Buyers Need an Expert Agent by Their SideWhy Buyers Need an Expert Agent by Their Side
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The process of <a href="https://www.simplifyingthemarket.com/en/2023/05/01/why-buying-a-home-makes-more-sense-than-renting-today/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">buying a home</a> can feel a bit intimidating, even under normal circumstances. But today's market is still anything but normal. There continues to be a very limited number of <a href="https://www.simplifyingthemarket.com/en/2023/05/08/it-may-be-time-to-consider-a-newly-built-home/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">homes for sale</a>, and that’s creating bidding wars and driving <a href="https://www.simplifyingthemarket.com/en/2023/05/16/the-worst-home-price-declines-are-behind-us/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">home prices</a> back up as buyers compete over the available homes.
Navigating all of this can be daunting if you’re trying to do it alone. That’s why having a skilled expert to guide you through the homebuying process is essential, especially today. Bankrate <a href="https://www.bankrate.com/real-estate/should-i-sell-my-house-now-or-wait/#recession" rel="noopener noreferrer" target="_blank">shares</a> this perspective:
"Advice and guidance from a professional real estate agent can be invaluable, particularly amid a hot or unpredictable housing market."
Here are just a few of the ways a real estate expert makes a big difference:
Experience – Real estate professionals know the ins and outs of what’s happening today, how it impacts buyers, and how to navigate any hurdles that may pop up.
Education – Knowledge is power when it comes to buying a home. Your advisor will simply and effectively explain market conditions and translate what they mean for you so you can feel confident in your decision.
Negotiations – Your real estate advisor advocates for your best interests. Having an expert on your side provides assistance with the purchase agreement. An agent can also help you negotiate potential seller concessions if the inspection reveals issues with the home.
Contracts – Real estate advisors guide you through the disclosures and contracts necessary in today’s heavily regulated environment.
Pricing – Making an offer and negotiating with a seller can be one of the most difficult and stressful parts of the homebuying process. A skilled agent will help you understand what similar homes are selling for so you have the full picture of what you may want to offer.
All of these reasons combined may be why 86% of recent buyers used an agent according to the latest <a href="https://cdn.nar.realtor/sites/default/files/documents/2023-home-buyers-and-sellers-generational-trends-report-03-28-2023.pdf" rel="noopener noreferrer" target="_blank">Home Buyers and Sellers Generational Trends Report</a> from the National Association of Realtors (NAR). NAR also has this to <a href="https://www.nar.realtor/magazine/tools/client-education/handouts-for-buyers/7-reasons-to-work-with-a-realtor" rel="noopener noreferrer" target="_blank">say</a> about why an agent is so essential today:
“A great real estate agent will guide you through the home search with an unbiased eye, helping you meet your buying objectives while staying within your budget. Agents are also a great source when you have questions about local amenities, utilities, zoning rules, contractors, and more.”
What’s the Key To Choosing the Right Expert?
It starts with trust. You’ll want to know you can trust the advice they’re giving you, so you need to make sure you’re connected with a true professional. No one can provide perfect advice because it’s impossible to know exactly what’s going to happen at every turn – especially in today’s market. But a true professional can give you the best possible advice based on the information and situation at hand.
They’ll help advocate for you throughout the process and coach you on the essential knowledge you need to make confident decisions. That’s exactly what you want and deserve.
Bottom Line
It’s critical to have an expert on your side who is skilled in navigating today’s housing market. If you’re planning to buy a home this year, let’s connect so you have a real estate advisor on your side to give you the best advice and guide you along the way.2023-05-31T06:00:00-07:002023-05-26T09:27:59-07:00Seth Williamstag:sellinboston.com,2012-09-20:5645Owning a Home Helps Protect Against InflationOwning a Home Helps Protect Against Inflation
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You’re probably feeling the impact of high inflation every day as prices have gone up on groceries, gas, and more. If you’re a renter, you’re likely experiencing it a lot as your rent continues to <a href="https://www.census.gov/housing/hvs/files/currenthvspress.pdf" rel="noopener noreferrer" target="_blank">rise</a>. Between all of those elevated costs and uncertainty about a potential <a href="https://www.simplifyingthemarket.com/en/2023/05/02/a-recession-doesnt-equal-a-housing-crisis-2/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">recession</a>, you may be wondering if it still makes sense to buy a home today. The short answer is – it does. Here’s why.
Homeownership actually shields you from the rising costs inflation brings.
Freddie Mac <a href="https://myhome.freddiemac.com/blog/homebuying/should-inflation-change-your-homebuying-plans" rel="noopener noreferrer" target="_blank">explains</a> how:
“Not only will buying today help you begin to build equity, a fixed-rate mortgage can stabilize your monthly housing costs for the long-term even while other life expenses continue to rise – as has been the case the past few years.”
Unlike rents, which tend to rise with time, a fixed-rate mortgage payment is predictable over the life of the mortgage (typically 15 to 30 years). And, when the cost of most everything else is rising, keeping your housing payment stable is especially important.
The alternative to homeownership is <a href="https://www.simplifyingthemarket.com/en/2023/05/01/why-buying-a-home-makes-more-sense-than-renting-today/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">renting</a> – and rents tend to <a href="https://fred.stlouisfed.org/series/CUUR0000SEHA#0" rel="noopener noreferrer" target="_blank">move</a> alongside <a href="https://www.usinflationcalculator.com/inflation/united-states-core-inflation-rates/" rel="noopener noreferrer" target="_blank">inflation</a>. That means as inflation goes up, your monthly rent payments tend to go up, too (see graph below):
<a href="https://files.keepingcurrentmatters.com/content/images/20230523/20230524-rents-increase-with-inflation-most-years.png" rel="noopener noreferrer" target="_blank"><img src="https://files.keepingcurrentmatters.com/content/images/20230523/20230524-rents-increase-with-inflation-most-years.png" /></a>
A fixed-rate mortgage allows you to protect yourself from future rent hikes. With inflation still high, when your rental agreement comes up for renewal, your property manager may decide to increase your payments to offset the impact of inflation. Maybe that’s why, <a href="https://www.buildiumstaging.com/resource/2023-property-management-industry-report/" rel="noopener noreferrer" target="_blank">according</a> to a recent survey, 73% of property managers plan to raise rents over the next two years.
Having your largest monthly expense remain stable in a time of <a href="https://www.simplifyingthemarket.com/en/2023/05/09/why-todays-housing-market-is-not-about-to-crash/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">economic uncertainty</a> is a major perk of homeownership. If you continue to rent, you don’t have that same benefit and aren’t as protected from rising costs.
Bottom Line
A stable housing payment is especially important in times of high inflation. Let’s connect so you can learn more and start your journey to homeownership today.2023-05-29T06:00:00-07:002023-05-26T09:26:36-07:00Seth Williamstag:sellinboston.com,2012-09-20:5610Powerful Job Market Fuels Homebuyer DemandPowerful Job Market Fuels Homebuyer Demand
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The spring housing market has been surprisingly active this year. Even with <a href="https://www.simplifyingthemarket.com/en/2023/04/26/the-three-factors-affecting-home-affordability-today/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">affordability</a> challenges and a limited number of <a href="https://www.simplifyingthemarket.com/en/2023/05/11/the-best-time-to-sell-your-house-is-when-others-arent-selling/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">homes</a> for sale, buyer demand is strong, and getting stronger.
One way we know there are interested buyers right now is because showing traffic is up. <a href="https://www.showingtime.com/showingtime-showing-index/" rel="noopener noreferrer" target="_blank">Data</a> from the latest ShowingTime Showing Index, which is a measure of buyers actively touring homes, makes it clear more people are out looking at homes than there were prior to the pandemic (see graph below):
<a href="https://files.keepingcurrentmatters.com/content/images/20230517/20230518-showing-traffic-above-pre-pandemic-levels.png" rel="noopener noreferrer" target="_blank"><img src="https://files.keepingcurrentmatters.com/content/images/20230517/20230518-showing-traffic-above-pre-pandemic-levels.png" /></a>
And though there’s less traffic than the buyer frenzy of the past couple of years, we’re not far off that pace. There are a lot of interested buyers checking out available homes right now.
But why are buyers so active at a time when <a href="https://www.simplifyingthemarket.com/en/2023/05/10/the-impact-of-inflation-on-mortgage-rates/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">mortgage rates</a> are <a href="https://www.freddiemac.com/pmms/archive" rel="noopener noreferrer" target="_blank">higher</a> than they were just last year?
The Job Market Is Growing at a Stronger-Than-Expected Pace
With inflation still high, the Federal Reserve (the Fed) repeatedly hiking the Federal Funds Rate, and a lot of chatter in the media about a <a href="https://www.simplifyingthemarket.com/en/2023/05/02/a-recession-doesnt-equal-a-housing-crisis-2/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">recession</a>, it might surprise you just how strong today’s job market is. What might be even more surprising is the fact that it appears to be getting stronger (see graph below):
<a href="https://files.keepingcurrentmatters.com/content/images/20230517/20230518-job-market-continues-growing.png" rel="noopener noreferrer" target="_blank"><img src="https://files.keepingcurrentmatters.com/content/images/20230517/20230518-job-market-continues-growing.png" /></a>
Each month, the Bureau of Labor Statistics (BLS) <a href="https://www.bls.gov/news.release/empsit.nr0.htm" rel="noopener noreferrer" target="_blank">reports</a> how many new jobs were added to the U.S. job market. The graph above shows 88,000 more jobs were created in April than in March. In fact, the April numbers beat expert <a href="https://www.cnn.com/2023/05/05/business/april-jobs-report-final/index.html" rel="noopener noreferrer" target="_blank">projections</a>. That’s a solid indicator the job market is growing.
Unemployment Is at a Near All-Time Low
Ever since the Fed began fighting inflation, many people expected the low unemployment rate we’ve seen over the past couple of years to rise – but that hasn’t happened.
In fact, what has happened is the unemployment rate has <a href="https://www.bls.gov/news.release/empsit.nr0.htm" rel="noopener noreferrer" target="_blank">dropped</a> to 3.4% – a 50-year low (see graph below):
<a href="https://files.keepingcurrentmatters.com/content/images/20230517/20230518-unemployment-rate-drops-to-50-year-low.png" rel="noopener noreferrer" target="_blank"><img src="https://files.keepingcurrentmatters.com/content/images/20230517/20230518-unemployment-rate-drops-to-50-year-low.png" /></a>
With so many people steadily employed and financially stable right now, they’re still able to seriously consider buying a home.
What This Means for You
If you’re thinking about <a href="https://www.simplifyingthemarket.com/en/2023/05/15/homeowners-have-incredible-equity-to-leverage-right-now/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">selling</a> your house this year, a market with active buyers is music to your ears. That’s because there’ll be increased interest in your home when you put it on the market, especially at a time when the number of homes for sale is so low.
To get started, your best resource is an experienced real estate agent. They can help you <a href="https://www.simplifyingthemarket.com/en/2023/04/13/want-to-sell-your-house-this-spring-price-it-right/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">price your house</a> appropriately, navigate the offers you’ll receive, negotiate effectively, and minimize your stress and hassle.
Bottom Line
There are plenty of <a href="https://www.sellinboston.com/" rel="noopener noreferrer" target="_blank">buyers</a> out there right now trying to find a home that fits their needs. That’s because the job market is strong, and many people have the stable income needed to seriously consider homeownership. To put your house on the market and get in on the action, let’s connect.2023-05-22T06:00:00-07:002023-05-19T10:34:32-07:00Seth Williamstag:sellinboston.com,2012-09-20:5565Buyer Activity Is Up Despite Higher Mortgage RatesBuyer Activity Is Up Despite Higher Mortgage Rates
<br /><img src="https://files.keepingcurrentmatters.com/content/images/20230505/buyer-activity-is-up-despite-higher-mortgage-rates.jpeg" width="600" /><br /><br />
If you’re a homeowner thinking about <a href="https://www.simplifyingthemarket.com/en/2023/04/19/falling-out-of-love-with-your-house-it-may-be-time-to-move/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">making a move</a>, you may wonder if it’s still a <a href="https://www.simplifyingthemarket.com/en/2023/04/25/what-are-the-experts-saying-about-the-spring-housing-market/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">good time</a> to sell your house. Here’s the good news. Even with higher mortgage rates, buyer traffic is actually <a href="https://www.simplifyingthemarket.com/en/2023/04/11/the-big-advantage-if-you-sell-this-spring/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">picking up speed</a>.
Data from the latest <a href="https://www.showingtime.com/blog/february-2023-showing-index-results-buyer-activity-continues-to-normalize/" rel="noopener noreferrer" target="_blank">ShowingTime Showing Index</a>, which is a measure of buyers actively touring homes, helps paint the picture of how much buyer demand has increased in recent months (see graph below):
<a href="https://files.keepingcurrentmatters.com/content-images-20230502-20230503-showing-traffic-up-again-in-february.png" rel="noopener noreferrer" target="_blank"><img src="https://files.keepingcurrentmatters.com/content-images-20230502-20230503-showing-traffic-up-again-in-february.png" /></a>
As the graph shows, the first two months of 2023 saw a noticeable increase in buyer traffic. That’s likely because the limited number of homes for sale kept shoppers looking for homes even during colder months.
To help tell the story of why the latest report is significant, let’s compare foot traffic this February with each February for the last six years (see graph below). It shows this was one of the best Februarys for buyer activity we’ve seen in recent memory.
<a href="https://files.keepingcurrentmatters.com/content-images-20230502-20230503-showing-traffic-is-still-higher-than-pre-pandemic-years.png" rel="noopener noreferrer" target="_blank"><img src="https://files.keepingcurrentmatters.com/content-images-20230502-20230503-showing-traffic-is-still-higher-than-pre-pandemic-years.png" /></a>
In the last six years, we saw the most February buyer traffic in 2021 and 2022 (shown in green above), but those years were highly unusual for the housing market. So, if we compare February 2023 with the more normal, pre-pandemic years, data shows this year still marks a clear rise in buyer activity.
The uptick in buyer traffic is even more noteworthy considering the increase in mortgage rates this February. The <a href="https://www.freddiemac.com/pmms/archive" rel="noopener noreferrer" target="_blank">Freddie Mac</a> 30-year fixed mortgage rate rose from 6.09% during the week of February 2nd to 6.50% in the week of February 23rd. But even with higher rates, more buyers were looking for a home.
Jeff Tucker, Senior Economist at Zillow, <a href="https://www.marketwatch.com/picks/after-seven-straight-months-of-home-price-declines-heres-what-6-economists-and-real-estate-pros-say-to-expect-from-the-housing-market-this-spring-df79d2c3" rel="noopener noreferrer" target="_blank">says</a> the increased buyer activity could continue:
“More buyers will keep coming out of the woodwork. We always see a seasonal uptick in home shoppers in March and April . . .”
If you’re looking to sell your house, seeing buyers still active in the market this year should be encouraging. It’s a sign buyers are out there and could be looking for a home just like yours. Working with a real estate professional to list your house now will help you get your home in front of eager buyers today.
Bottom Line
Rising foot traffic is a bright spot for this year’s housing market and indicates that buyers are looking to purchase this year, even with higher mortgage rates. If you’re ready to sell your house, let’s connect.2023-05-08T06:00:00-07:002023-05-16T03:07:32-07:00Seth Williamstag:sellinboston.com,2012-09-20:5538The Three Factors Affecting Home Affordability TodayThe Three Factors Affecting Home Affordability Today
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There’s been a lot of focus on higher mortgage rates and how they’re creating affordability challenges for today’s homebuyers. It’s true that <a href="https://www.freddiemac.com/pmms/archive" rel="noopener noreferrer" target="_blank">rates climbed</a> dramatically since the record-low we saw during the pandemic. But home affordability is based on more than just mortgage rates – it’s determined by a combination of mortgage rates, home prices, and wages.
Considering how each one of these factors is changing gives you the full picture of home affordability today. Here’s the latest.
1. Mortgage Rates
While mortgage rates are higher than they were a year ago, they’ve hovered primarily between 6% and 7% for nearly eight months now (see graph below):
<a href="https://files.keepingcurrentmatters.com/content/images/20230425/20230426-mortgage-rates-hover-between-6-7.png" rel="noopener noreferrer" target="_blank"><img src="https://files.keepingcurrentmatters.com/content/images/20230425/20230426-mortgage-rates-hover-between-6-7.png" /></a>
As the graph shows, mortgage rates have experienced some volatility during that time. And even a <a href="https://www.simplifyingthemarket.com/en/2023/04/03/how-changing-mortgage-rates-can-affect-you/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">small change</a> in mortgage rates impacts your purchasing power. That’s why it’s so important to lean on your team of real estate professionals for expert advice to stay up to date on what’s happening in the market. While it’s hard to project where mortgage rates will go from here, many experts <a href="https://themortgagereports.com/32667/mortgage-rates-forecast-fha-va-usda-conventional" rel="noopener noreferrer" target="_blank">agree</a> they’ll likely continue to remain around 6%-7% in the immediate future.
2. Home Prices
Over the past few years, <a href="https://www.simplifyingthemarket.com/en/2023/04/05/why-arent-home-prices-crashing/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">home prices</a> appreciated rapidly as the record-low mortgage rates we saw during the pandemic led to a surge in buyer demand. The heightened buyer demand happened while the supply of homes for sale was at record lows, and that imbalance put upward pressure on home prices. However, today’s higher mortgage rates have slowed down price appreciation.
And, the truth is, <a href="https://www.simplifyingthemarket.com/en/2023/04/17/think-twice-before-waiting-for-lower-home-prices/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">home price appreciation</a> varies by market. Some areas are seeing slight declines while others have prices that are climbing. As Selma Hepp, Chief Economist at CoreLogic, <a href="https://www.corelogic.com/intelligence/us-home-price-insights-april-2023/" rel="noopener noreferrer" target="_blank">explains</a>:
“The divergence in home price changes across the U.S. reflects a tale of two housing markets. Declines in the West are due to the tech industry slowdown and a severe lack of affordability after decades of undersupply. The consistent gains in the Southeast and South reflect strong job markets, in-migration patterns and relative affordability due to new home construction.”
To find out what’s happening with prices in your local market, reach out to a trusted real estate agent.
3. Wages
The most positive factor in affordability right now is rising income. The graph below uses <a href="https://www.bls.gov/" rel="noopener noreferrer" target="_blank">data</a> from the Bureau of Labor Statistics (BLS) to show how wages have grown over time:
<a href="https://files.keepingcurrentmatters.com/content/images/20230425/20230426-average-hourly-earnings-of-all-employees.png" rel="noopener noreferrer" target="_blank"><img src="https://files.keepingcurrentmatters.com/content/images/20230425/20230426-average-hourly-earnings-of-all-employees.png" /></a>
Higher wages improve affordability because they reduce the percentage of your income it takes to pay your mortgage since you don’t have to put as much of your paycheck toward your monthly housing cost.
Home affordability comes down to a combination of rates, prices, and wages. If you have questions or want to learn more, reach out to a real estate professional who can explain what’s happening locally and how these factors work together.
Bottom Line
If you’re planning to <a href="https://www.sellinboston.com/" rel="noopener noreferrer" target="_blank">buy</a> a home, knowing the key factors that impact affordability is important so you can make an informed decision. To stay up to date on the latest on each, let’s connect today.2023-05-03T06:00:00-07:002023-04-28T08:46:16-07:00Seth Williamstag:sellinboston.com,2012-09-20:5428How Homeownership Is Life Changing for Many WomenHow Homeownership Is Life Changing for Many Women
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Throughout <a href="https://womenshistorymonth.gov/" rel="noopener noreferrer" target="_blank">Women’s History Month</a>, we reflect on the impact women have in our lives, and that includes impact on the housing market. In fact, since at least 1981, <a href="https://www.nar.realtor/research-and-statistics/research-reports/highlights-from-the-profile-of-home-buyers-and-sellers" rel="noopener noreferrer" target="_blank">single women</a> have bought more homes than single men each year, and they make up <a href="https://www.nar.realtor/blogs/economists-outlook/celebrating-the-single-women-home-buyers-for-galentines-day" rel="noopener noreferrer" target="_blank">17%</a> of all households.
Why Is Homeownership So Important to Women?
The rise in women pursuing homeownership hasn’t just made an impact on the housing market. It’s also been an asset for those buyers and their households. That’s because homeownership has many benefits, both <a href="https://www.sellinboston.com/" rel="noopener noreferrer" target="_blank">financial</a> and <a href="https://www.sellinboston.com/" rel="noopener noreferrer" target="_blank">personal</a>.
On the financial side, housing proves to be the key to building wealth for single women. Ksenia Potapov, Economist at First American, <a href="https://blog.firstam.com/economics/for-single-women-housing-remains-largest-component-of-wealth-creation" rel="noopener noreferrer" target="_blank">says</a>:
“For single women, housing has always made up a large share of total assets. Over the last 30 years, the average single woman’s wealth has increased 88% on an inflation-adjusted basis, from just over $142,000 in 1989 to $267,000 in 2019, and housing has remained the single largest component of their wealth.”
The <a href="https://www.sellinboston.com/" rel="noopener noreferrer" target="_blank">financial security</a> and independence homeownership provides can be life changing, too. And when you factor in the personal motivations behind buying a home, that impact becomes even clearer.
A recent report from the National Association of Realtors (NAR) <a href="https://www.nar.realtor/blogs/economists-outlook/celebrating-the-single-women-home-buyers-for-galentines-day" rel="noopener noreferrer" target="_blank">shares</a> the top reasons single women are buying a home right now (see chart below):
<a href="https://files.keepingcurrentmatters.com/content/images/20230327/20230328-top-reasons-to-purchase-a-home-MEM.png" rel="noopener noreferrer" target="_blank"><img src="https://files.keepingcurrentmatters.com/content/images/20230327/20230328-top-reasons-to-purchase-a-home-MEM.png" /></a>
Bottom Line
Homeownership can be life changing no matter who you are. <a href="https://www.sellinboston.com/" rel="noopener noreferrer" target="_blank">Let’s connect</a> today to talk about your goals in the housing market.2023-05-03T06:00:00-07:002023-05-05T07:07:04-07:00Seth Williamstag:sellinboston.com,2012-09-20:55315 Reasons To Live In East Boston<img src="https://assets.site-static.com/userfiles/1635/image/east-boston-live.jpg" width="1300" height="1200" alt="living in east boston" title="living in east boston" />
<a href="https://www.sellinboston.com/boston-ma/" title="Boston" target="_blank">Boston</a> has always been known for its unique history, beautiful homes, and incredible business opportunities. This has made the city popular with those looking to live in a beautiful city that offers everything you need nearby. East Boston has become one of the best places to consider for a new home for many reasons! If you have considered moving somewhere new, look at this list of 5 reasons to live in East Boston.
Living in East Boston
Boston has about 675,000 residents, and it's a beautiful city for those who want to live among some of the best historical spots in the country. <a href="https://www.sellinboston.com/boston-ma/east-boston/" title="East Boston" target="_blank">East Boston</a> has quickly become a real estate hotspot—everyone wants a little slice of the action! This delightful section of the city is home to a wealth of amazing amenities, from trendy new restaurants to beautiful art galleries and more. This neighborhood has so many unique features that make it comfortable, relaxing, and perfect for those who want to be close to many terrific amenities.
East Boston Real Estate
<img src="https://assets.site-static.com/userfiles/1635/image/sethwilliams/5_reasons_to_live_in_east_boston_1-100.jpg" width="750" height="300" />
If you’re looking for a <a href="https://www.sellinboston.com/boston-ma/boston-luxury-homes/" title="Luxury - style home" target="_blank">luxury-style home</a> with great Massachusetts-style architecture or an apartment that’s a good fit for your growing family, East Boston is the place to go. There are quite a few different types of homes on the market, so there are plenty of options for potential homeowners. These homes are great for retirees, older professionals, and those who are looking for a quiet residential area with a high walkability rating.
<img class="img-without-shadow-mobile" src="https://assets.site-static.com/userfiles/1635/image/20230418-5-reasons-millennials-are-buying-homes.jpg" alt="5 Reasons Millennials Are Buying Homes data-uw-rm-ima=" gn="" width="270" height="232" />
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5 Reasons Millennials Are Buying Homes
<a title="https://www.sellinboston.com/" href="https://www.sellinboston.com/blog/5-reasons-millennials-are-buying-homes/" target="_blank" rel="noopener" data-uw-rm-brl="false" aria-label="Related Post" data-uw-rm-vglnk=""> Read More </a>
Why You'll Love Living in East Boston
The area has a rich history, home to some of the first immigrants to come to Boston, and this amazing cultural impact has continued to build East Boston into a diverse neighborhood. The neighborhood has done an excellent job of ensuring the many parks and green spaces are well maintained so you can enjoy beautiful natural surroundings and see some incredible wildlife. East Boston is right for anyone who wants to be close to all of the action in the downtown area but prefers the quiet and calm of residential neighborhoods.
Living in East Boston is an excellent option for anyone who's interested in being within close proximity to all the action, as it's just 15 minutes away from some of the city's best attractions. Downtown Boston is home to excellent museums, fantastic trolley tours of some of the city's most historic areas, and the famous <a href="https://www.mlb.com/redsox/ballpark" title="Fenway Park" target="_blank">Fenway Park</a>, home to the Boston Red Sox.
Still need more? Take a look at our top 5 reasons to live in East Boston:
<img src="https://assets.site-static.com/userfiles/1635/image/sethwilliams/5_reasons_to_live_in_east_boston_4-100.jpg" width="750" height="300" />
1. Beautiful Real Estate—Old and New
We mentioned how new builders have started to come to the area of East Boston, and this has been great for those looking to find a new home with a view of the beautiful Boston Harbor and the stunning city skyline. Massachusetts has always been known for its incredible architecture that dates back hundreds of years, and many buildings in the area have kept this look to maintain a classic vibe to the neighborhood.
You don't have to go far to spot some spectacular buildings in Boston, but among the historic beauties, you’ll likely notice many modern buildings popping up all over the place. New apartment buildings and townhouses have become popular in East Boston due to the high demand for real estate. These buildings are a fantastic option for anyone who wants an upgraded home that has easy access to plenty of great amenities for its residents to enjoy.
2. Reliable Transportation
Boston has some of the best public transportation lines in the country, and many of its residents rely on them to get where they need to go promptly. Check out some of the subway and bus lines that go through East Boston to get a better idea of where they go. The prices are under $3 for a one-way bus or subway ticket, and a monthly pass is $90.
The Blue Line
If you want to head over to the Boston Aquarium, the Logan Airport, or pop in for a visit to Wood Island, then this line is your best bet. It also has stops in areas like Wonderland, Revere Beach, Maverick, and Government Center.
The Silver Line (Bus)
The Silver Line is the best choice for anyone who needs to get around the city by bus, and it stops at plenty of great places. If you need to check out the World Trade Center, Terminal A at Logan Airport, The Courthouse, or South Station, then this is the best method for you to consider.
<img src="https://assets.site-static.com/userfiles/1635/image/sethwilliams/5_reasons_to_live_in_east_boston_5-100.jpg" width="750" height="300" />
3. Full of History
Bostonians love to tell newcomers about the incredible history that started in about 1630 when Puritans established the town. It has some of the oldest historic buildings in the country, and the city has done an incredible job of preserving many of these buildings in the best condition possible. East Boston is well known for being home to members of the Kennedy family, but it has also built itself on being home to many Italian immigrants. This cultural combination has influenced everything about East Boston, from the food options to the excellent local stores, and this is one of the reasons why some people love living in East Boston.
4. Prime Waterfront Properties
We mentioned how many of the new homes being built in East Boston come with incredible views, and this has been one of the significant reasons these sites have been chosen. The Boston Harbor is another piece of Massachusetts history that many people enjoy, and you can be right on the water if you choose to live in one of the incredible waterfront properties located in East Boston.
5. Diverse Dining and Entertainment
The amalgamation of cultures the area has seen during its history has led to a wide range of different dining and entertainment options, so there are plenty of things to do in East Boston. The neighborhood offers a variety of cuisines from around the world so there are always new experiences for visitors to explore. There are also several music venues, movie theaters, and art galleries to explore. There’s simply never a dull moment in the riveting East Boston neighborhood!
<img class="img-without-shadow-mobile" src="https://assets.site-static.com/userfiles/1635/image/four-tips-for-making-your-best-offer-on-a-home-KCM.jpg" alt="5 Reasons Millennials Are Buying Homes data-uw-rm-ima=" gn="" width="270" height="232" />
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Things to Do in East Boston
Historical Landmarks
You can't go far in the East Boston neighborhood without running into another historical spot to visit, so take a look at a few that are popular in the area:
Skyline Monument: The skyline monument is located right on the Boston harbor front, and it offers beautiful views of the water. This is a great spot to go for a bit of quiet in the busy city.
Blue Caboose: The Blue Caboose represents the high number of train lines that used to be running in East Boston. The Caboose itself is similar to one that used to serve hot meals to the local dockworkers, and it's a great photo spot.
<a href="https://www.eastbostonmuseum.org/" target="_blank" title="East Boston Museum">East Boston Museum</a>: Learn about some of the amazing historical events that have happened all over the neighborhood at the East Boston Museum. You can find out so much about the local Kennedy connections and the impressive historic buildings in East Boston, plus hear the riveting stories from those who lived in the neighborhood as it was being established.
<img src="https://assets.site-static.com/userfiles/1635/image/sethwilliams/5_reasons_to_live_in_east_boston_3-100.jpg" width="750" height="300" />
Great Eats
Excellent food of all kinds awaits you in East Boston, so you will never be far from some ethnic eats, delectable desserts, and tasty treats! Whether you want something traditional or something a little more foreign to your taste buds, you can find it over in East Boston.
Here are just a few local favorites:
<a href="https://downeastcider.com/" title="Downeast Cider House" target="_blank">Downeast Cider House</a>: For some delicious locally brewed cider, head over to the Downeast Cider House and grab a drink. They have a pop-up bar that serves up some of the best flavors you can find in the city, and you can come to grab a flight of your favorite. They have plenty of fantastic flavors like strawberry, mango, and blackberry, so there is something for everyone to enjoy.
<a href="https://www.sellinboston.com/Saigon Hut" title="https://www.skiplinow.com/shop/827961k" target="_blank">Saigon Hut</a>: If you’re craving some yummy local Vietnamese food, check out the offerings at the Saigon Hut. This fantastic restaurant has plenty of different dishes to choose from that are made using traditional Vietnamese ingredients. They have outstanding ratings for their fun atmosphere and tasty ramen.
<a href="http://rinosplace.com/" title="Rino's Place" target="_blank">Rino's Place</a>: Traditional Italian comfort food awaits you over at Rino's place, which has become an East Boston hot spot. They have been featured on the popular Food Network show "Diners, Drive-ins and Dives" which has brought in customers from all over who are dying to try their fantastic pasta.
<a href="https://www.sellinboston.com/Oliveiras Steakhouse" title="https://oliveirasrestaurantboston.com/" target="_blank">Oliveiras Steakhouse</a>: Foodies rejoice and check out the amazing culinary masterpieces over at Oliveiras Steakhouse. They have tons of different options for meat lovers and plenty of other dishes for those that are looking for some traditional comfort food. Their all-you-can-eat menu is the most popular item, and it features a wide range of different BBQ options along with many different cuts of meat, so you have plenty of different options.
<img src="https://assets.site-static.com/userfiles/1635/image/sethwilliams/5_reasons_to_live_in_east_boston_2-100.jpg" width="750" height="300" />
The Great Outdoors
We mentioned how great the parks are in East Boston, but the neighborhood also has some unique spaces for you to enjoy. Take a peek at a few popular spots in East Boston that residents absolutely love:
<a href="https://www.boston.gov/departments/parks-and-recreation" title="Piers Park" target="_blank">Piers Park</a>: This spot is well known for those who live in East Boston as it's one of the best places to go to spend some time outside along the incredible harbor. There is a large playground for kids to enjoy, plus six different pavilions so you can enjoy the shade. The park is well maintained, and it also features an amphitheater along with an outdoor fitness center.
<a href="https://www.mass.gov/locations/belle-isle-marsh-reservation" title="Belle Island Marsh Reservation" target="_blank">Belle Island Marsh Reservation</a>: If you want to experience some of the best natural areas in Boston, head over to Bell Island Reserve and observe tons of different wildlife. You can enjoy the scenic hiking trails around the marsh and have a relaxing time listening to the sweet sounds of the water.
Constitution Beach: One of Boston's hidden gems is this delightful beach that’s great for swimming or catching a few rays. You get fantastic views of the boats coming into the harbor, and you can also look to the skies to see planes flying into nearby Logan Airport. You can also have some fun at the nearby athletic fields or play a bit of b-ball on the basketball courts.
East Boston is full of amazing places to go and fantastic things to do. These are just a few of the incredible features that are making people move to East Boston. Have a look online at some of the fantastic homes available all over East Boston to see which ones suit you the best.
Seth has 15 + years in multi-unit retail management, and is bringing the renewed focus to the client that has been absent from the industry for decades. We integrate the latest and greatest technology, at the same time making your purchase or home sale as stress free as possible. Get in touch today by filling out a <a href="https://www.sellinboston.com/contact/" title="Contact Form" target="_blank" data-uw-rm-brl="false" aria-label="contact form - opens in new tab" data-uw-rm-ext-link="" uw-rm-external-link-id="https://www.sellinboston.com/contact/$contactform">contact form</a> or giving us a call.
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<a href="tel:(781) 332-4055" aria-label="call (781) 342-0052" data-uw-rm-brl="exc">Call Today!</a>
2023-04-27T05:21:48-07:002023-07-28T08:44:59-07:00Seth Williamstag:sellinboston.com,2012-09-20:5488Think Twice Before Waiting for Lower Home PricesThink Twice Before Waiting for Lower Home Prices
<br /><img src="https://files.keepingcurrentmatters.com/content/images/20230414/20230417-think-twice-before-waiting-for-lower-home-prices-KCM.jpg" width="600" /><br /><br />
As the housing market continues to change, you may be wondering where it’ll go from here. One factor you’re probably thinking about is home prices, which have come down a bit since they peaked last June. And you’ve likely heard something in the news or on social media about a price crash on the horizon. As a result, you may be holding off on <a href="https://www.simplifyingthemarket.com/en/2023/04/06/trying-to-buy-a-home-hang-in-there/?a=498658-32f792f4a8c82f4c8706fbe36cee373f" rel="noopener noreferrer" target="_blank">buying a home</a> until prices drop significantly. But that’s not the best strategy.
A recent <a href="https://www.builderonline.com/data-analysis/what-is-the-millennial-mindset-on-owning-vs-renting_o" rel="noopener noreferrer" target="_blank">survey</a> from Zonda shows 53% of millennials are still renting right now because they’re waiting for home prices to come down. But here’s the thing: the most recent data shows that home prices appear to have bottomed out and are now on the rise again. Selma Hepp, Chief Economist at CoreLogic, <a href="https://www.corelogic.com/intelligence/us-home-price-insights-april-2023/" rel="noopener noreferrer" target="_blank">reports</a>:
“U.S. home prices rose by 0.8% in February . . . indicating that prices in most markets have already bottomed out.”
And the latest data from Black Knight shows the same shift. The graph below <a href="https://www.blackknightinc.com/wp-content/uploads/2023/04/BKI_MM_FEB2023_Report.pdf" rel="noopener noreferrer" target="_blank">compares</a> home price trends in November to those in February:
<a href="https://files.keepingcurrentmatters.com/content/images/20230414/20230417-home-prices-up-in-majority-of-country-KCM.png" rel="noopener noreferrer" target="_blank"><img src="https://files.keepingcurrentmatters.com/content/images/20230414/20230417-home-prices-up-in-majority-of-country-KCM.png" /></a>
So, should you keep waiting to buy a home until prices come down? If you factor in what the experts are saying, you probably shouldn’t. The <a href="https://pulsenomics.com/surveys/#home-price-expectations" rel="noopener noreferrer" target="_blank">data</a> shows prices are increasing in much of the country, not decreasing. And the latest data from the Home Price Expectation Survey indicates that experts project home prices will rise steadily and return to more normal levels of appreciation after 2023. The best way to understand what home values are doing in your area is to work with a local real estate professional who can give you the latest insights and expert advice.
Bottom Line
If you’re waiting to buy a home until prices come down, you may want to reconsider. Let’s connect to make sure you understand what’s happening in our local housing market.2023-04-19T06:00:00-07:002023-04-27T06:01:57-07:00Seth Williamstag:sellinboston.com,2012-09-20:54875 Reasons Millennials Are Buying Homes5 Reasons Millennials Are Buying Homes
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In the United States, there are over <a href="https://www.statista.com/statistics/797321/us-population-by-generation/" rel="noopener noreferrer" target="_blank">72 million</a> millennials. If you’re part of that generation and have thought about buying a home, you aren’t alone. <a href="https://www.builderonline.com/data-analysis/what-is-the-millennial-mindset-on-owning-vs-renting_o" rel="noopener noreferrer" target="_blank">According</a> to Zonda, 98% of millennials want to become a homeowner at some point if they aren’t already. But why? There are plenty of reasons you may choose to become a homeowner. Here’s why other millennials have made that decision (see graph below):
<a href="https://files.keepingcurrentmatters.com/content/images/20230417/20230418-why-did-millennials-decide-to-buy.png" rel="noopener noreferrer" target="_blank"><img src="https://files.keepingcurrentmatters.com/content/images/20230417/20230418-why-did-millennials-decide-to-buy.png" /></a>
This graph shows why millennials are buying homes <a href="https://www.builderonline.com/data-analysis/what-is-the-millennial-mindset-on-owning-vs-renting_o" rel="noopener noreferrer" target="_blank">according</a> to Zonda’s 6th annual millennial survey. The top reasons include building equity, a change in life stage, wanting stability, rising home values, and wanting to make somewhere truly their own. Here’s a look at each in more detail.
Building equity – Homeownership is a long-term investment that allows you to build wealth, increase your net worth, and become more financially stable. Beyond that, the alternative to owning a home is typically renting. With the way rents have risen so dramatically over time, it may make sense to build your own equity instead of the equity of the person you’re renting from.
A change in life stage – As a millennial, you’re reaching your prime homebuying years. That means you may be at the point where you need more space or a different location.
Stability or settling down – This could mean establishing your career or just generally deciding more concretely what you want your life to look and feel like. As that idea becomes clearer, you may want to establish that lifestyle in a particular place and put down roots.
Rising home values – By purchasing a home, you own an asset that traditionally increases in value over time. That can mean your home will have a higher resale value if you decide to move again.
Wanting to make somewhere “mine” – Owning a home gives a sense of freedom because you can customize it however you want, make updates as you see fit, and be yourself in a place that’s solely your own.
Bottom Line
There are plenty of great reasons why millennials are buying homes today. If you’ve thought about becoming a homeowner and any of these reasons resonate with you too, let’s connect to explore your options.2023-04-17T06:00:00-07:002023-04-27T06:02:35-07:00Seth Williamstag:sellinboston.com,2012-09-20:5457Trying To Buy a Home? Hang in There.Trying To Buy a Home? Hang in There.
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We’re still in a sellers’ market. And if you’re looking to buy a home, that means you’re likely facing some unique challenges, like difficulty finding a home and volatile mortgage rates. But keep in mind, there are some benefits to being a buyer in today’s market that give you good reason to stick with your search. Here are a few of them.
Long-Term Benefits Outweigh Short-Term Challenges
Owning a home grows your net worth – and since building that wealth takes time, it makes sense to start as soon as you can. If you wait to buy and keep renting, you’ll miss out on those monthly housing payments going toward your home equity. Freddie Mac <a href="https://myhome.freddiemac.com/blog/homeownership/4-benefits-owning-home" rel="noopener noreferrer" target="_blank">puts</a> it this way:
“Homeownership not only builds a sense of pride and accomplishment, but it’s also an important step toward achieving long-term financial stability.”
The key there is long-term because the financial benefits homeownership provides, like home value appreciation and equity, grow over time. Those benefits are worth the short-term challenges today’s sellers’ market presents.
Mortgage Rates Are Constantly Changing
Mortgage rates have been hovering around 6.5% over the last several months. However, as Sam Khater, Chief Economist at Freddie Mac, <a href="https://www.mpamag.com/us/mortgage-industry/market-updates/mortgage-rates-slide-again-says-freddie-mac/441427" rel="noopener noreferrer" target="_blank">notes</a>, they’ve been coming down some recently:
“Economic uncertainty continues to bring mortgage rates down. Over the last several weeks, declining rates have brought borrowers back to the market . . .”
Lower mortgage rates improve your purchasing power when you buy, and that can help make homeownership more affordable. Hannah Jones, Economic Data Analyst at realtor.com, <a href="https://money.usnews.com/loans/mortgages/articles/mortgage-market-news-march-30-2023" rel="noopener noreferrer" target="_blank">explains</a>:
“As we move into the spring buying season, mortgage rates have ticked lower, a welcomed sign of progress towards affordability.”
The recent drop in mortgage rates is good news if you couldn’t afford to buy a home when they peaked.
Home Prices Will Increase
According to the <a href="https://pulsenomics.com/surveys/#home-price-expectations" rel="noopener noreferrer" target="_blank">Home Price Expectation Survey</a>, which polls over 100 real estate experts, home values will go up steadily over the next few years after a slight decline this year (see graph below):
<a href="https://files.keepingcurrentmatters.com/content/images/20230405/20230406-estimated-home-price-performance-MEM.png" rel="noopener noreferrer" target="_blank"><img src="https://files.keepingcurrentmatters.com/content/images/20230405/20230406-estimated-home-price-performance-MEM.png" /></a>
Rising home prices in the coming years means two things for you as a buyer:
Waiting to buy a home could mean it’ll become more expensive to do so.
Buying now means the value of your home, and your net worth, will likely grow over time.
Bottom Line
If you’ve been trying to buy a home, hang in there. Mortgage rates have ticked down some recently, home prices are forecast to increase in the coming years, and the long-term benefits of homeownership outweigh many of the short-term challenges.2023-04-10T06:00:00-07:002023-04-07T12:16:36-07:00Seth Williamstag:sellinboston.com,2012-09-20:5427We’re in a Sellers’ Market. What Does That Mean?We’re in a Sellers’ Market. What Does That Mean?
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Even though activity in the housing market has slowed from the frenzy we saw over a year ago, today’s low supply of homes for sale is still a sellers’ market. But what does that really mean? And why are conditions <a href="https://www.sellinboston.com/" rel="noopener noreferrer" target="_blank">today</a> so good if you want to list your house?
It starts with the <a href="https://www.sellinboston.com/" rel="noopener noreferrer" target="_blank">number of homes</a> available for sale. The latest <a href="https://www.nar.realtor/research-and-statistics/housing-statistics/existing-home-sales" rel="noopener noreferrer" target="_blank">Existing Home Sales Report</a> from the National Association of Realtors (NAR) shows housing supply is still astonishingly low. Today, we have a 2.6-month supply of homes at the current sales pace. Historically, a 6-month supply is necessary for a ‘normal’ or ‘neutral’ market in which there are enough homes available for active buyers (see graph below):
<a href="https://files.keepingcurrentmatters.com/content/images/20230329/20230329-months-inventory-of-homes-for-sale-MEM.png" rel="noopener noreferrer" target="_blank"><img src="https://files.keepingcurrentmatters.com/content/images/20230329/20230329-months-inventory-of-homes-for-sale-MEM.png" /></a>
What Does This Mean for You?
When the supply of homes for sale is as low as it is right now, it’s much harder for buyers to find one to purchase. That creates increased competition among purchasers and keeps upward pressure on prices. And if buyers know they’re not the only one interested in a home, they’re going to do their best to submit a very attractive offer. As this happens, <a href="https://www.sellinboston.com/" rel="noopener noreferrer" target="_blank">sellers </a>are positioned to negotiate deals that meet their ideal terms. Lawrence Yun, Chief Economist at NAR, <a href="https://www.nar.realtor/newsroom/existing-home-sales-surged-14-5-in-february-ending-12-month-streak-of-declines" rel="noopener noreferrer" target="_blank">says</a>:
“Inventory levels are still at historic lows. Consequently, multiple offers are returning on a good number of properties.”
Right now, there are still <a href="https://www.sellinboston.com/" rel="noopener noreferrer" target="_blank">buyers</a> who are ready, willing, and able to purchase a home. If you list your house right now in good condition and at the <a href="https://www.sellinboston.com/" rel="noopener noreferrer" target="_blank">right price</a>, it could get a lot of attention from competitive buyers.
Bottom Line
Today’s sellers’ market holds great opportunities for homeowners ready to <a href="https://www.sellinboston.com/" rel="noopener noreferrer" target="_blank">make a move</a>. Listing your house now will maximize your exposure to serious, competitive buyers. Let’s connect to discuss how to jumpstart the selling process.2023-04-03T06:00:00-07:002023-03-31T11:14:03-07:00Seth Williams