Remax Dorchester Mass 02122 Presents Baker Chocolate Loft Unit

Quincy

 

Quincy 02169

Baker Square Baker Lofts condos baker chocolate factory milton mass 02186 lowers mills old mill building artists lofts

 

 

Dorchester Housing Market Update-October 2013|Cassandra Cumberlander, Remax Boston|781-269-9836

Visit Cassandra Cumberlander’s website

Looking for the latest Dorchester housing market data to help you figure out if you should sell or buy?  Read on…

Single family and condominium Inventory in Dorchester is still down from September 2012, about 15.8%.  However, prices are up about 13.1%.  In September last year, we had 7.5 months of single family inventory available; September 2013 had us with 4.5 months of inventory available-a decline of 40.1%.  On average, in September 2012, homes remained on market for 90 days before a sale; September 2013 showed homes remaining on market for 22 days before a sale.  Condo inventory is down about 15.1% over September 2012, with the time on market until sale cut by nearly 50% year over year (83 days then vs 43 days now).  Prices are up 21%.

Multifamily homes remained on market for 26 days on average and received 100% of asking price in September 2013.  In September 2012, multis stayed on market for 49 days on average and sellers received 97% of asking price.  In Boston, 2 family sale prices are up 38.3% and 3 family sale prices are up 19.2% over this time last year. Inventory is down 32.5% for 2 families and 42.6% for 3 families.

 

So what does this mean to you as a seller?  Opportunity exists!  Low inventory combined with lower mortgage interest rates (which are rising but still good), still make it a great time to sell.  The buyers are still out there searching,  and a good property usually attracts multiple offers.  Will this price appreciation continue? For a while, yes, but it is difficult to predict for exactly how long, so don’t bet that waiting until next year to sell will mean more money for you.  Keep in mind that, as we approach more normal levels of housing inventory (5-6 months), the price gains will level off.  It is critical to work with a good REALTOR who is watching this progression.  And remember, if the price of your house appreciates 5%, then the price of the home that you’re looking to buy may also appreciate 5% (or maybe more, depending on that local market).

And for you buyers?  Make sure all of your i’s are dotted and t’s crossed now so that when you see the home that you want, you are ready to move forward.  With so many buyers competing for the same properties, sellers don’t have to deal with anyone who presents an offer with terms that they don’t like; the seller can just move on to one of the other offers.  Put your best foot forward at the outset, as you may only get one chance to make an offer.  The real estate professional you work with should be able to strategize with you to increase the chances of your offer being the chosen one and make sure that your interests are protected at the same time.

View all Dorchester properties for sale

Call me with questions or if you need help buying or selling in Greater Boston-781-269-9836.

Sell my house now or wait in Boston? Cassandra Cumberlander Remax Boston weighs in

Visit Cassandra Cumberlander’s website

One of the reasons to hire a great real estate professional is to help you understand all of the various messages in the media about the housing market. If you are thinking about selling your home and listen to what the media says, you may come away confused. There are stories about how the real estate market is still too unstable and that, with the rapid rise in prices, we may be approaching another housing bubble. Some potential sellers believe that, since prices have appreciated in Boston throughout this year, the trend will continue next year, so they should wait to sell to get even more money for their home.

Yes, it is true that prices have risen, but they are not out of control.  Prices have risen because inventory has been low-typically double-digit declines-so this is simple supply and demand. GBAR data shows that, in Mattapan for example, the amount of single family and condominium inventory is 50% lower than last year, at 4.1 and 2 months of inventory respectively. Dorchester is down 29%, at 4.3 and 3 months respectively. West Roxbury is down 56.3%, at 1.2 and 1.4 months respectively.

In markets like these, opportunity is created for sellers; when they put their homes on the market, the homes tend to sell quickly and often receive multiple offers. Looking at MLSPIN data on past month sales in the same communities mentioned above in the past month, Mattapan’s listings have been on market an average of 37 days with sellers receiving 98% of asking price, 34 days in Dorchester with 99% of asking price, and West Roxbury 38 days with 99% of asking price. And that’s just singles and condos-multifamily homes in these cities stayed on market between 6-20 days and received 100-111% of asking price.

Will this price appreciation continue? For a while, yes, but it is difficult to predict for exactly how long. Nationally, we seem to be at the early stages of a full housing recovery (NOT another bubble)-sales are up, prices have turned around to reasonable levels, and inventory is rising. Though pending home sales typically level off during the second half of the year, it’s part of the seasonality of real estate-don’t panic.   Potential sellers need to keep in mind that, as we approach more normal levels of housing inventory (5-6 months), the price gains will level off.  It is critical to watch this progression.  And remember, if the price of your house appreciates 5%, then the price of the home that you’re looking to buy may also appreciate 5% (or maybe more, depending on that local market).

Another important consideration for sellers looking to move up or to downsize is the cost of waiting, which is different from the price you’d be able to sell your home for.  Price appreciation is one thing, and if your next home purchase involves obtaining a mortgage, you have to keep an eye on what interest rates are doing as well.  The slide below shows you how a price appreciation and an interest rate increase of .5% can affect your bottom line on the purchase of a $360,000 home.

Right now, there are no signs pointing to rates dropping.  Below are the interest rate projections for Q3 2014 from the top 4 industry experts. Selling to buy a new home now-whether you are downsizing or moving up- could be to your advantage. Do the math and see for yourself.

As I always say, everyone’s situation is different, but these are just a few things that you need to consider as you decide whether or not selling now is a good decision for you and your family.  Call me to align yourself with real estate professional who can help you keep an eye on these and other industry changes and advise you accordingly-781-269-9836.

Open Houses in Dorchester Massachusetts September 14-15 2013

Cassandra Cumberlander, Remax Boston, 781-269-9836

Search Dorchester properties for sale

Looking to buy a home in Dorchester, Massachusetts? As of today, there are 171 homes on the market. 34 of them are having open houses this weekend-7 single family homes, 6 multifamily homes, and 21 condos. With prices ranging from $139,850 to $875,000, there’s something for just about every budget.  Read on, or watch the video below.

One single family new to market today is 26 Barrington Road in Dorchester(MLS#: 71582763), an 8 room, 4 bed, 1 bath colonial with a 2 car garage near Ashmont station listed at $489,900. This home rests on an 8544sq ft corner lot, boasts professional landscaping and an open layout. Updated kitchen features granite counters and large picture window offering abundant natural light. Sliders off dining room lead to large deck perfect for entertaining or relaxing. Top-level bedroom features two oversized skylights. Modern tiled bathroom with laundry. Gleaming hardwood floors. Newer heating system. Fully fenced back yard. Open House Sunday, September 15 from 2:30 to 4:00 PM.  Listing information provided courtesy of RE/MAX Leading Edge via MLSPIN.

In the market for a large multifamily near Upham’s Corner? Go see 29 Virginia St in Dorchester (MLS # 71581710), listed for $410,000. This property has been on the market for just 2 days, and has had the same owner for over 30 years. Some of the features include original period detail, high ceilings, beautiful woodwork. Main house first flr features 2 fireplaces, formal dining room and living room, butler’s kitchen, and adjacent private terrace, plus a fully renovated full bath. Second floor has 4 large bedrooms, each w/ massive closets, 1.5 bathrooms, front and rear decks. Top floor features huge game room, another full bath and gorgeous sunlit space perfect for an art/yoga studio. Private entrance attached apartment features french doors, 1 bedroom/1 bath, galley kitchen with separate dining area. Open house Sunday, September 15, 2013 from 1:30 to 3:00 PM. Listing information provided courtesy of Gibson Sotheby’s International Realty via MLSPIN.

With many great condos on the market, it’s tough to select just one. Take a look at 4 Nonquit St Unit 4 in Dorchester (MLS # 71572522). This new construction townhome is on a dead end street and listed for $359,900. 3 levels, 3-4 bedrooms, 2.5 baths, gourmet kitchen, master bedroom with en suite bath, home office or 4th bedroom, loads of closet space, deck, hardwood floors on 2 levels, central air, huge walk out basement that has great expansion possibilities, parking & so much more. Open House Sunday, September 15, 1:00 to 3:00 PM.  Listing information provided courtesy of Discover Properties via MLSPIN.

All in all, a great weekend to buy a home.  Enjoy!

Search Dorchester properties for sale

Should I wait to buy a house in Boston?

by Cassandra Cumberlander

Visit Cassandra Cumberlander’s website

One of the things that has remained pretty constant in this market is the confusion buyers feel about whether they should by a house in Boston now or whether they should wait. With rising interest rates, many people think that they should wait because the market is still too uncertain, and prices will have to drop to prevent another housing bubble. Hate to break the news, but this may not be true.

Let’s take a look at 4 times in recent memory: 1983, 1987, 1993, and 1999. If you just look at these years, you’ll see that every time there has been a spike in mortgage interest rates, home prices have INCREASED, not decreased, as this graphic shows.

Leading industry experts now project that, by this time next year, interest rates will be between 4.75 and 5.25%.  How will those rates impact the amount of house you can afford? Take a look at this:

So, take that single family home you’ve been eyeing in the Neponset area of Dorchester that’s listed for $400,000. At a 4.5% interest rate today, you’re looking at a payment of around $2,027 monthly. If the interest rate projections hold true, that same home could cost you $182 more at a 5.25% rate. That’s $2184 more each year that you won’t have in your savings or investment account.

Delaying your home purchase can have a real financial cost associated with it; we all know that the best predictor of what will occur in the future is what happened in the past.  Be sure to consult with knowledgeable real estate professionals and lenders to help you make the best decision possible in your situation.