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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Justin entered the Boston real estate scene in late 2007 as an investor and since transitioning to the role of real estate agent his volume has more than doubled each year as he finds himself climbing towards the top of the Bostons competitive market. A native of central MA, Justin has lived all over the country before settling back home in Boston in 2006, after a successful stint on the professional poker circuit. An avid, if not fanatical, sports fan, he brings his love of statistics in sports to his viewpoint in real estate transactions and pricing. An early adopter of new technologies, he believes in streamlining the process for clients and is constantly grappling with new ideas to make the process of buying and selling a home easier and more efficient for everyone involved.