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Mary Jean Agostini

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Four Reasons to Sell This Fall

by Mary Jean Agostini

4 Reasons to Sell This Fall [INFOGRAPHIC]

4 Reasons to Sell This Fall [INFOGRAPHIC] | Simplifying The Market

Some Highlights:

  • Buyer demand continues to outpace the supply of homes for sale! Buyers are often competing with one another for the listings that are available!
  • Housing inventory is still under the 6-month supply that is needed for a normal housing market.
  • Perhaps the time has come for you and your family to move on and start living the life you desire.
 

Which Homes Have Increased in Value the Most?

by Mary Jean Agostini

Which Homes Have Increased in Value the Most? | Simplifying The Market

Which Homes Have Increased in Value the Most?

Home values have risen dramatically over the last twelve months. The latest Existing Home Sales Report from the National Association of Realtors puts the annual increase in the median existing-home price at 5.6%. CoreLogic, in their most recent Home Price Index Report, revealed that national home prices have increased by 6.7% year-over-year.

CoreLogic broke appreciation down ever further into four price ranges which gives a more detailed view than simply looking at the year-over-year increases of the national median home price.

The chart below shows the four tiers and each one’s growth from July 2016 to July 2017 (the latest data available).

Which Homes Have Increased in Value the Most? | Simplifying The Market

It is important to pay attention to how prices are changing in your local market. The location of your home is not the only factor in determining how much it has appreciated over the course of the last year. Lower priced homes have appreciated at greater rates than homes at the upper ends of the spectrum, due to demand from first-time home buyers and baby boomers looking to downsize.

Bottom Line

If you are planning on listing your home for sale in today’s market, let’s get together to go over exactly what’s going on in your area and your price range.

Thinking of Selling your Home? Competition is Coming!

by Mary Jean Agostini
 
Thinking of Selling your Home? Competition is Coming | Simplifying The Market

Thinking of Selling your Home? Competition is Coming

The number of building permits issued for single-family homes is the best indicator of how many newly built homes will rise over the next few months. According to the latest U.S. Census Bureau and U.S. Department of Housing & Urban Development Residential Sales Report, the number of these permits were up 7.7% over last year.

How will this impact buyers?

More inventory means more options. Danielle Hale, Realtor.com’s Chief Economistexplained this is good news for the housing market – especially for those looking to buy:

“It’s not spectacular construction growth, but it’s slow and steady in the right direction. Eventually, the pickup in single-family home construction will mean [buyers] will have more options. Especially with the limited number of sales right now, more options are really needed.”

How will this impact sellers?

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

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

With an increase in competition, the seller may not enjoy these same benefits. As Hale said:

“As new construction continues to increase, home shoppers will eventually have more [choices] and a bit more time to make purchase decisions compared to today’s quick-moving housing market.”

Bottom Line

If you are considering the sale of your home, it might make sense to beat this new construction competition to the market.

Drop in Home Values Coming

by Mary Jean Agostini

58% of Homeowners See a Drop in Home Values Coming | Simplifying The Market

58% of Homeowners See a Drop in Home Values Coming

According to the recently released Modern Homebuyer Survey from ValueInsured58 percent of homeowners think there will be a “housing bubble and price correction” within the next 2 years.

After what transpired just ten years ago, we can understand the concern Americans have about the current increase in home prices. However, this market has very little in common with what happened last decade.

The two major causes of the housing crash were:

  1. A vast oversupply of housing inventory caused by home builders building at a pace that far exceeded historical norms.
  2. Lending standards that were so relaxed that unqualified buyers could easily obtain financing thus enabling them to purchase a home.

Today, housing inventory is at a 20-year low with new construction starts well below Historic Homes norms and financing a home is anything but simple in the current mortgage environment. The elements that precipitated the housing crash a decade ago do not exist in today’s real estate market.

The current increase in home prices is the result of a standard economic equation: when demand is high and supply is low, prices rise.

If you are one of the 58% of homeowners who are concerned about home values depreciating over the next two years and are hesitant to move up to the home of your dreams, take comfort in the latest Home Price Expectation Survey.

Once a quarter, a nationwide panel of over one hundred economists, real estate experts and investment & market strategists are surveyed and asked to project home values over the next five years. The experts predicted that houses would continue to appreciate through the balance of this year and in 2018, 2019, 2020 and 2021. They do expect lower levels of appreciation during these years than we have experienced over the last five years but do not call for a decrease in values (depreciation) in any of the years mentioned.

Bottom Line

If you currently own a home and are thinking of moving-up to the home your family dreams about, don’t let the fear of another housing bubble get in the way as this housing market in no way resembles the market of a decade ago.

Slowing Sales in Summer

by Mary Jean Agostini

Highlights:

  • Existing Home Sales are now at an annual pace of 5.52 million.
  • Inventory of existing homes for sale dropped to a 4.3-month supply, marking the 25th month in a row of declines.
  • The median price of homes sold in June was $263,800. This is the 64th consecutive month of year-over-year price gains.

Singles are Falling for their Dream Home FIRST!

by Mary Jean Agostini

For most home buyers, the purchase of real estate is one of the largest financial transactions they will make. Buyers purchase a home not only for the desire to own a home of their own, but also because of changes in jobs, family situations, and the need for a smaller or larger living area. This annual survey conducted by the NATIONAL ASSOCIATION OF REALTORS® of recent home buyers and sellers provides insight into detailed information about their experiences with this important transaction. Here are highlights from the latest report.

  • At 31 percent, the primary reason for purchasing a home was the desire to own a home of their own.
  • First-time buyers made up 35 percent of all home buyers, an increase over last year’s near all-time low of 32 percent.
  • Eighty-eight percent of buyers recently purchased their home through a real estate agent or broker.
  • Eighty-eight percent of buyers would use their agent againor recommend their agent to others.
  • Only eight percent of recent home sales were FSBO sales again this year. For the second year, this is the lowest share recorded since this report started in 1981.

83 ACRES FOR SALE MIDDLETOWN-BERLIN LINE

by Mary Jean Agostini

https://vimeo.com/199594815/ca690dfe7c

 

  Gorgeous 83 + acres of level land in Central Connecticut. Historic Homes area near PISTOL CREEK and LAMENTATION MOUNTAIN! Property straddles the MIDDLETOWN-BERLIN line. Has been owned by the same family since the 18th CENTURY.  

 

CENTRAL CONNECTICUT HOME FOR SALE WITH INLAW ARRANGEMENT

by Mary Jean Agostini

Beautifully updated New England Colonial in Berlin's Historic Homes District. Rarely found first floor in-law arrangement with  bedroom, kitchen, laundry and living area. Perfect for multi generation living or Nanny suite. Conveniently located. 20 Minutes to HARTFORD and 40 minutes to NEW HAVEN. 

 

 

Home Sales breaking records across the country

by Mary Jean Agostini

https://goo.gl/gEXiKD

Millennials Need to Buy Homes!

by Mary Jean Agostini

https://goo.gl/oox0U8

Displaying blog entries 1-10 of 128