Today's article comes to us from a question posed by one of our readers. We love answering our reader's questions whenever possible. Should you want answers to any of your real estate please don't hesitate to send them over to firstname.lastname@example.org.
After a short break from blogging we're back and better than ever here on Boston Real Estate by the Numbers. Going forward we will be adding much more video and interactive content than we have in the past. We'll have daily updates on the Boston real estate market on our Youtube channel and will continue to post both video updates and real estate articles here. Let us know what you think of the new video format in the comments here or on our Youtube channel.FULL ENTRY
This time each year thousands of hopefuls descend upon Las Vegas with dreams of wealth and riches for the World Series of Poker. Simultaneously, all over the country, both buyers and sellers are engaged in their own individual poker games: negotiating real estate. As someone who played poker professionally this time of year reminds me of what I love about the game and the similarities it shares with Real Estate. Today, we’re looking at 3 ways you can utilize poker concepts to make more money on your next real estate deal.FULL ENTRY
Chances are if you are looking to buy a home in Boston, and many of its suburbs, condominiums will be part of your home search. Condominiums offer an excellent alternative to a single-family home, especially if you want maintenance free living. If you are starting your search, or you are a seasoned open house visitor, you should be familiar with the lingo associated with condominiums.FULL ENTRY
Have you been looking for a rental in Boston's premier luxury building 45 Province? Today we're proud to offer our readers the only active rental listing in 45 Province, a 2 bed / 2 bath unit on the 14th floor for $5,700/mo. Enjoy all the amenities of this sought after building including the amazing 33rd floor common roofdeck with panoramic views of Boston, heated outdoor pool, valet parking, spa, club level, media room and 24/7 concierge.FULL ENTRY
With real estate inventory levels in the Greater Boston area nearing all time lows our market needs needs homes for sale to meet the demands of today's buyers. In an effort to help provide more options for our buyers we're rolling out a new program for a limited time for home sellers.FULL ENTRY
Today we're taking a quick look at the cost of purchasing a home in 8 communities who are all, as the crow flies, approximately 5 miles from Downtown Boston. Where is there the most value? Which areas are seeing the largest price increases? Let us know which of these communities you'd like to buy in by tweeting us @propinthehub using #outsidebos5miFULL ENTRY
Investment properties are in no way a new concept, it is in fact one of the oldest ways to generate income, and facilitate profitability. The following outlines a modern day success story that came to fruition by using this age-old method of investing.
Price drops have seen a dramatic spike in South Boston in the last few months and the number of properties going for over asking price has seen a similarly dramatic decrease over the same period. Some see these two factors as ominous signs for one of Boston's hottest real estate markets, but is there really a slowdown occurring in Southie or is the neighborhood just finally starting to feel the effects of the skyrocketing prices over the last 24 months?FULL ENTRY
We're firmly entrenched in one of the best seller's markets in recent history in Greater Boston. The soaring prices have lead many folks to consider listing their home and taking advantage of this great opportunity. The problem that these home owners are facing is they don't know the true value of their home in today's market as many of the national sites are wildly inaccurate due to not being familiar with our local market. In an attempt to solve this problem and offer an accurate and local approach to property values we're proud to announce our brand new instant property value tool.
As you may have recognized here in the past we are all about changing the real estate experience for our clients and because of this we decided to offer this new tool to our loyal readers here before anyone else. A few weeks back we also debuted a tool which allowed you to see exactly how much you'd take home from the sale of your home and with today's announcement we're pushing the envelope even further with our property valuation tool. Simply enter your address and confirm the details about your home and you'll receive an instant (and completely free) property valuation through our new system.FULL ENTRY
Today we're unveiling a new tool we've created for our readers. As we sit in one of the hottest seller's markets in recent memory many folks are curious how much they will take home from the sale of their house. Below you will find our new listing price calculator which will help you see the approximate costs of selling your home and the approximate amount you will receive at closing at various list prices. Once you find a scenario that works for you simply click the button to request a free consultation.
Note: We have taken care to create an accurate representation in this tool, however, keep in mind that every situation is different and to get a specific and accurate figure you should set up a free consultation.
A beautifully renovated condo in South Boston for under $340,000? Today we're thrilled to announce 254 Bowen St #1, another new listing in South Boston on this blog. Listed at $339,000 this 2009 gut renovated condo is packed with extras like Carrera Marble counters, Stainless Bosch Appliances, an in-unit washer and dryer, and an exclusive use patio and ready for it's new owner to enjoy.FULL ENTRY
If you haven't personally gone through the mortgage process recently be prepared to supply more documentation than ever before. In the last few years the documentation requirements for a new loan have changed significantly, which means you'll need to supply more documentation then you may think to receive your new mortgage.FULL ENTRY
Ever wonder which neighborhood in Boston you should live in? Well we came up with a
highly scientific way to find out. Take the quiz below and find out which neighborhood you should call home and hopefully have a little fun along the way.
Have you been looking for a single family home in South Boston recently only to be blown away by the prices? We're premiering a new listing today on the East Side of South Boston near Thomas Park that just may cure your house hunting blues.
2 Dixfield St is a detached single family home boasting 4 bedrooms, 2 bathrooms, a huge new deck and best of all, off street parking! (Note: Current owner actually parks two cars at property, only partial curb cut for 2nd spot though) All this for $509,000. This property is a great option for both the owner occupant or investor. Move in right away and enjoy the updates or add your finishing touches. Either way you will not want to miss this one!FULL ENTRY
Today we're offering our readers an exclusive first look at a few pre-market homes for sale in South Boston. None of the homes listed below are publicly available on any other site as of yet! As one of our readers you have an opportunity to see them first. We've included a short breakdown of our two featured pre-market properties as well as the general specs for one other pre-market home in the neighborhood. If you are interested in these properties or future pre-market opportunities please fill out our short form to get on our pre-market buyer list. From there we will reach out to you to discuss next steps.FULL ENTRY
I may be the only person who sees the word homestead and imagines old western movies, horse drawn wagons, and cowboys staking a flag in the ground to claim their rights to the land, and or an image of Tom Cruise in the 1992 blockbuster Far and Away in a race to claim his land. Whatever image the word homestead brings to mind, western cowboy land staking turns out to be an apt analogy for the Massachusetts legal document called the Declaration of Homestead. For those of you reading this article who own a property in MA that you occupy, or plan to occupy, as your principal residence, MA wants to offer you protection!FULL ENTRY
"The Southie ones were a bust. One unit had multiple offers before we could even get in and there was a line for the open house."~ South Boston Home Buyer
It may not feel like it, but Spring is here. At least the Spring Home Buying Market is here and is hot throughout Greater Boston. A common compliant most home buyers have is the lack of inventory. There are reports of lines out the door at open houses with many listings going under agreement after the first open house with multiple offers. If you are not armed with a pre-approval letter before you start your home search, you could be scrambling to get your paperwork to your mortgage advisor over the weekend before final and best offers are due by Sunday night.FULL ENTRY
Recently we posted an article about a new listing we had at in South Boston. The listing was for an updated 2 bedroom, 1 bath condo. It was the first time we had used this blog as an outlet for listings and the results were stunning.FULL ENTRY
Have you ever wondered what the difference in pricing is between a 1 bedroom and a 2 bedroom condo? What about upgrading from a 2 bedroom to a 3 bedroom unit? Today we've tried to answer this question by breaking down the average condo sale prices in and around Boston in the past 12 months. We are using a fairly simple methodology here and excluding all other factors except number of bedrooms. So condition, square footage, and number of bathrooms are not accounted for here.FULL ENTRY
Have you been looking to get into the South Boston market but haven't yet found the right property for your budget? Get into a huge 2+ bedroom condo in desirable City Point without breaking the budget at $425,000. At over 950 square feet this unit offers a ton of space for the money with extras like the deeded back fenced-in patio and deck, in-unit washer and dryer, stainless appliances, granite countertops and an extra room which can be used as a guest room, home office, or den. Do you know someone looking for a great place in South Boston? Share this post.FULL ENTRY
Do you have a college bound child? Why pay room or board or high city rents?
Boston is known for a lot of things and Higher Education ranks up at the top. With 58 total institutions of higher education inside 128 / 95 loop (excluding colleges and universities along the North Shore, South Shore and in suburbs to the west) metropolitan Boston enrolls about 250,000 students.
With so many students enrolled in the Boston area and rents on the rise many parents are taking advantage of a loan program that allows them to buy a one unit home for their college bound son or daughter.FULL ENTRY
As I'm sure you know Low Inventory has been the buzzword in the real estate industry for the last year. South Boston is no different and despite a surge of new listings last fall the market cannot keep up with buyer demand. Long story short, South Boston's real estate market needs your home!FULL ENTRY
When I first speak to buyers I go over a myriad of things, most important of which is monthly budget. We will connect with their lender and run numbers for their mortgage and principal. We'll then end up adding on our property taxes, home insurance estimates and PMI (if needed) to come up with their total cost and buying power. What many folks don't consider is the huge difference that property tax rates can make on your monthly budget. By utilizing the City of Boston Residential Tax Exemption you can significantly lower your monthly payments.FULL ENTRY
2013 was a whirlwind for the local real estate market and two areas in particular have been extremely hot for both development and resale. Both Somerville and South Boston have seen meteoric rises in prices in the past two years as builders have continued to gobble up inventory and turn it back over as condos. The charts below offer a glimpse of both markets in the past 8 years and show an eerily similar track record in terms of both average sale price and days on market.FULL ENTRY
The majority of the time this blog acts as a conveyance for both myself and other writers to educate and update you, the reader, on everything real estate. We talk about list prices, mortgages, appraisals, and more. In the life of this blog there will be a select few times where we veer off of this path to discuss something else. Today is one of those times. Two weeks ago this Saturday I trekked up to New Hampshire with friends, family and a special lady to get hitched. The stories, the fun, and the dances will remain close to the vest; however, as someone in the service industry I feel obligated to recognize folks that went above and beyond on our special weekend.FULL ENTRY
I recently reached out to Craig Barber of Fairway Independent Mortgage, a regular contributor here, to ask about potential article ideas and from that conversation came this amazing article from Adam Wiener of Aladdin Appraisals on how to use today's increased property values to drop your private mortgage insurance premiums and save on your monthly payments.
Have you given any thought to exactly what makes up your monthly mortgage payment? If you purchased your home with less than 20% down payment, you are paying private mortgage insurance (PMI). PMI is an insurance you agreed to pay to compensate for the higher risk the lender took on your purchase. With favorable market conditions in our area many home values have increased. The question to ask is; is my mortgage balance now lower than 80% of my homes fair market value? If so, you should remove the PMI immediately and lower your monthly payments putting that money back into your pocket.FULL ENTRY
As we cruise towards the spring real estate market many folks are getting their homes ready to sell. There are some important things you should get done before putting your home up for sale and we're going to cover that information in our first Home Seller Webinar on February 8th, 2014 @ 1:00PM EST. For more information on the webinar simply enter your email below. If you cannot attend on February 8th make sure to still register and receive a recorded version of the session.FULL ENTRY
We have a new exclusive rental at the W Boston at 110 Stuart St in Downtown Boston. This magnificent unit is available for immediate occupancy and resides on the 21st floor! Live in luxury and enjoy all the amenities of the W Hotel including Bliss Spa and Fitness Room. Wake up each morning to amazing views of the Blue Hills and South End. Interested in setting up a showing? Contact Justin Rollo of Re/Max Realty Plus for more information.FULL ENTRY
As you likely already know we're teaming up with Craig Barber of Fairway Independent Mortgage to put on a webinar for folks looking to buy a home in 2014. The first of these home buyer webinars is going to be Tuesday, January 14th @ 2:00PM. If you're interested in attending you can click here to reserve your spot.FULL ENTRY
Are you aiming to buy a home in 2014? Whether you are a first time home buyer or someone who is moving on from your current home there are some key things you should know about the local market and your mortgage options as the New Year approaches and we're here to help.FULL ENTRY
This is a common question I receive on a daily basis. Home buyers are trained to ask how much can their lender can pre-approve them for before they go out and start the home buying the process. Assuming your credit and down payment have been verified, lenders need to approve your debt to income ratio to ensure you are able and willing to repay your mortgage.FULL ENTRY
You've decided to sell your home. Great! Now what? Many folks who make the decision to sell their home fall victim to the following four pitfalls. By educating yourself about some common missteps you can save yourself from making a costly mistake when hiring an agent and listing your home.FULL ENTRY
As a follow up to his post about MassHousing loans from last month Craig Barber has created this extremely useful infographic explaining some key facts about MassHousing loans. Check out the infographic here for some key facts.FULL ENTRY
Typically winter is seen as the worst time of the year to sell your home. Sellers believe the holidays will get in the way, buyers don't like the cold, and open houses can be ruined in a blink by a snowstorm. While the temperatures are continuing to drop this December the local real estate market remains red hot, offering a unique opportunity for homeowners looking to cash in and sell.FULL ENTRY
To help our readers snap out of their tryptophan induced haze this Thanksgiving we here at Boston Real Estate by the Numbers thought we'd give you five amazing statistics about the local real estate market in 2013. Feel free to use these facts to sound smart in front of your family over the Holidays and most importantly one up your know-it-all uncle.
We're starting a new series of posts today which will chronicle the best places to live in Boston. Today we're looking at the best neighborhoods in the Boston area for employees of Mass General Hospital to live. We're looking at neighborhoods which are close in proximity as well as those which offer other perks such as suburban feel, lower housing costs and other relevant factors.FULL ENTRY
Most buyers assume that FHA is their only option when looking for low down payment mortgage options. They also assume that because FHA products typically have the lowest rate, they will also have the lowest possible payment with their minimum down payment.
In Massachusetts, MassHousing loans may make more sense than FHA loans to pursue if your scenario requires a low down payment.
As of this writing there are currently 5 active listings in Boston’s Charlestown neighborhood, one of which needs extensive renovations, and another which has sat for approximately 6 months due to issues with pricing and condition. This means amongst the entire neighborhood there are only 3 single family properties without significant drawbacks in price or condition. As a neighborhood that has seen many its older homes turned into condos over the years, this inventory shortage is likely not going anywhere; however, with rising prices and aggressive bidding wars becoming normal it is surprising that more long term residents aren't cashing in.FULL ENTRY
If you’re looking a buying a property in the Boston area, you’ll likely be checking out some condos. As discussed on this blog, the Boston market is extremely hot and condos are one of the reasons why. Many buyers are priced out of single family residences and therefore look at condo units to purchase. Buying a condo in Boston is a different process than buying a single family. Not all condos are eligible for traditional mortgage financing. Why Not?FULL ENTRY
If you’re like most people in the market for real estate these days you’re probably wondering how the government shutdown is affecting your ability to buy a home. Many government agencies like the FHA, IRS, VA, and Social Security Administration are facing cut-backs and furloughs that do affect the mortgage and housing market.
According to the MLSPIN records, home sellers who pay their listing agent a 5% commission have put more in their own pockets at the closing table than those who used a discount broker in 2013. I know what you're thinking; a real estate agent pontificating about the virtues of higher commissions, truly ground breaking.
I undertook this project as a way to see for myself if there was statistical validity to the claim that home sellers do indeed net more money at closing by using a full-service agent and paying full commission. To do this I broke down the differences in time on market, original listing price, sale price and list-to-sale ratio of sold properties which listed for a 5% commission, and those which listed at a lower commission. Discount brokerages began taking a major foot hold a couple years ago and have since begun popping up more and more as brokers engage in more commission slashing to gain business in today's uber competitive market. As someone who is active in the market each day I wasn't entirely sure how wide the statistical chasm would be between listings which paid a higher commission and those which used a discount broker, and whether this disparity would be enough to counteract the discount in fees.
Touted countless times as one of the most desirable towns to live in Massachusetts, Milton has always been a top location for prospective home buyers. Much like the hot real estate market statewide Milton has also seen a nice bounce recently. Today we’re looking at the single family home market in Boston’s neighbor to the South.FULL ENTRY
You have probably seen stories about how the Boston real estate market has been cruising along and you may be wondering what your home is really worth in today's seller's market. Today we’re taking a quick break from neighborhood updates to breakdown some of the factors that go into evaluating a home’s market value. We've outlined some of the most important below:
South Boston has been the single most active neighborhood in the city of Boston's real estate market for several years now and the current market is no different. As developers continue to pump Southie with new complexes and renovations the question that many have had is whether the neighborhood’s condo market has hit a saturation point yet. With construction everywhere you look it would seem completely plausible that we'd have finally hit a tipping point where supply may outweigh demand in the short term. However, even with new developments dropping units onto the market in bunches the numbers suggest that going forward things still remain very bullish in South Boston.FULL ENTRY
With the Davis Square neighborhood anchoring a strong push this summer the Somerville multi family market is setting records for both prices and speed in which these investment properties are selling. Thus far in 2013 we’ve seen 105 multi family homes sold in Somerville with 8 of these sales going for over $1,000,000. 2012 saw 110 total sales over the same period with only 2 sales topping the million dollar mark, an indicator of the market wide increase in prices. Average sale prices have risen precipitously over the past year, increasing from $553,179 in 2012 to $694,952 in 2013, an increase of over $140,000 in just a year’s time.FULL ENTRY
What's for sale in Jamaica Plain? In this post we're taking a look at the active listings currently available in one of Boston's most interesting neighborhoods. As of today there are currently 44 active listings (including those listed as contingent) in JP and of these 44 listings 36 are condominiums (81.8% of market) and both single family and multi family homes come in at 4 a piece (9.1% each). If we look back to this date last year there was a total of 87 total active listings in Jamaica Plain, marking a pretty stunning drop in inventory of almost 50%. This however, for anyone looking to purchase in Boston, should come as no surprise as inventory citywide is down to historically low levels leading to multiple offer feeding frenzies and many scenes each week which are eerily reminiscent of this Arnold Schwarzenegger classic (just insert reasonably priced Boston condo into it each time you hear turboman doll).
While this blog is called Boston Real Estate By The Numbers today we're looking a bit at words and how they're used in listings in Massachusetts. We've taken every active and pending listing in the state as well as all sales in the past 6 months and compiled some statistics about the most often used phrases in the region's listings. We'll poke fun at some and add insight to others. Do you think we've missed any? Let us know in the comments section.
One of the more well known developments in Charlestown's famed Navy Yard neighborhood, Parris Landing has seen a nice bump in value for its? owners in 2013. Units in the complex have seen a marked improvement from just a year ago in almost every statistic. The full service building has seen a total of 20 sales for its? 1 bedroom layout thus far in 2013, matching the amount of sales for 1 bedroom units over the entire year in 2012. Price per square foot in these 1 bedroom units are also up, with sales in 2013 tallying an impressive average of $527.91/sqft, up from $483.32/sqft last year, a 9.2% increase. Two bedroom units have also scored an increase as well, with sales in 2013 resulting in close to a $10/sqft increase year over year.FULL ENTRY
Thanks for stopping by my new little corner of the Internet here on Boston.com. Over the coming weeks and months I’ll be covering the Boston real estate market and attempting to do so in an informative, yet engaging way. I like to utilize videos and graphics a good amount in my posts to chop up my sometimes lengthy thought process. However, my goal here is simple: inform the readers and be a resource for those interested in the happenings locally, while still incorporating some humor to make things a little less dense. I'll do my best to cover a myriad of topics and when possible, pull in guest bloggers to cover every aspect of the real estate market.
I am naturally inclined to look at things statistically so there will be numbers, and probably lots of them. As a child of the 90’s I grew up trying to rack up the best statistical season possible with Bo Jackson in Tecmo Super Bowl, and rolling dice to determine outcomes in Statis Pro Baseball, so my enthusiasm for numbers and their importance in our lives is heavily ingrained in who I am. Fortunately, this lead me to look outside of sports for more statistical patterns; including the wonderful game of poker which was a large part of my life for many years during and after graduating college. My success in playing poker professionally lead to an opportunity to purchase and renovate a rental property and ultimately lead to me catching real estate fever. After a few purchases of my own I became more and more interested in the actual analysis of properties and turned to the role of real estate agent as my next endeavor.
In the real estate world there are two main driving forces: the emotional side and the analytical side. As a real estate agent, the goal is to attempt to stay grounded in the analytical world and advocate our clients away from the emotional as best we can while keeping their wants and needs in mind, ultimately driving them to making the most sound decisions that will lead to long term satisfaction. This blog will act as a little bit of a peek behind the curtain and a look at what agents like me take into account when determining value.
I am excited and genuinely enthusiastic to share, collaborate, and learn from you, the reader, through this journey. This post itself is the realization of an idea which I had with the people at Boston.com some 10 months ago, and it feels gratifying to sit here today and write this post.
Justin Rollo is a real estate agent with RE/MAX Realty Plus in South Boston. He assists both buyers and sellers in the Greater Boston area. You can find him, along with every listing in the Greater Boston area at www.propertiesinthehub.com.
About this blogJustin Rollo of RE/Max Realty Plus in South Boston provides an analytical and irreverent look at the Boston real estate market. More »
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