SOLD – Westfield MA

My final closing of 2017 in Westfield! #nofearyear

 

 

 
Congratulations Mrs. Hayden on the sale of your childhood home!

 

 

Mrs Hayden called me looking based on a referral from one of her friends that I worked with last year. She said she was looking for the “Realtor that is really patient with old people”… lol! She was very young at heart and so much fun to serve! That was the start of a beautiful friendship and a lot of laughs! We had such a good time selling this house that I almost hate for it to close! But so very glad it did – we listed on Nov 16th and it sold above asking price on 12/15 –

 

I’m really looking forward to growing our friendship and so very grateful for the referrals of my past clients! #thankful

 

Forecasting an amazing 2018 in

 

the real estate market!

Are you thinking of buying or selling??? Let’s Talk!
Talk/text – 413.301.4614
tedenton109@gmail.com
Visit my Website
Helping you make the right MOVE – one HOME at a time !
#parksquarerealty #soldit #westfield #realestate

Housing Bubble ? – Experts say….

A Housing Bubble? Industry Experts Say NO!

With residential home prices continuing to appreciate at levels above historic norms, some are questioning if we are heading toward another housing bubble (and subsequent burst) like the one we experienced in 2006-2008. Recently, five housing experts weighed in on the question. Rick Sharga, Executive VP at Ten-X: “We’re definitely not in a bubble.” “We have a handful of markets that are frothy and probably have hit an affordability wall of sorts but…while prices nominally have surpassed the 2006 peak, we’re not talking about 2006 dollars.” Christopher Thornberg, Partner at Beacon Economics: “There is no direct or indirect sign of any kind of bubble.” “Steady as she goes. Prices continue to rise. Sales roughly flat.…Overall this market is in an almost boring place.” Bill McBride, Calculated Risk: “I wouldn’t call house prices a bubble.” “So prices may be a little overvalued, but there is little speculation and I don’t expect house prices to decline nationally like during the bust.” David M. Blitzer, Managing Director and Chairman of the Index Committee at S&P Dow Jones Indices: “Housing is not repeating the bubble period of 2000-2006.” “…price increases vary unlike the earlier period when rising prices were almost universal; the number of homes sold annually is 20% less today than in the earlier period and the months’ supply is declining, not surging.” Bing Bai & Edward Golding, Urban Institute: “We are not in a bubble and nowhere near the situation preceding the 2008 housing crisis.” “Despite recent increases, house prices remain affordable by historical standards, suggesting that home prices are tracking a broader economic expansion.”

It’s an excellent time to get involved in real estate! Just ask some of my clients! Let’s talk 413.301.4614

ToriDentonRealtor.com

Helping you make the right MOVE – one HOME at a time!

Buying Remains Cheaper Than Renting in 39 States!

In the latest Rent vs. Buy Report from Trulia, they explained that homeownership remains cheaper than renting with a traditional 30-year fixed rate mortgage in the 100 largest metro areas in the United States.

The updated numbers show that the range is an average of 3.5% less expensive in San Jose (CA), all the way up to 50.1% less expensive in Baton Rouge (LA), and 33.1% nationwide!

A study by GoBankingRates looked at the cost of renting vs. owning a home at the state level and concluded that in 39 states, it is actually ‘a little’ or ‘a lot’ cheaper to own (represented by the two shades of blue in the map below).

One of the main reasons owning a home has remained significantly cheaper than renting is the fact that interest rates have remained at or near historic lows. Freddie Mac reports that the current interest rate on a 30-year fixed rate mortgage is 3.91%.

Nationally, rates would have to reach 9.1%, a 128% increase over today’s average of 4.0%, for renting to be cheaper than buying. Rates haven’t been that high since January of 1995, according to Freddie Mac.

Bottom Line

Buying a home makes sense socially and financially. If you are one of the many renters who would like to evaluate your ability to buy this year, let’s get together and find you your dream home. Let’s talk facts and put you in a house of your own – 413.301.4614 ToriDentonRealtor.com –Turning HOPES & DREAMS into HOMES!

Helping you make the right MOVE – One HOME at a time!

The Truth About Homeowner Equity

Weeding out the deceit & falsehoods of the housing market media:

A recent article from a reputable news source was titled: Here’s why some homeowners still can’t sell. In the opening bullets of the article, the author claimed, “Negative equity is one of the main reasons why there are so few homes for sale.” This really could not be further from the truth! The article then goes on to soften that stance but we want to bring better clarity to the equity situation.

A recent report from CoreLogic (which was quoted in the article) revealed that over 80% of all homes now have “significant equity,” which means the home has over 20% equity in their home. This level of equity allows the homeowner to easily sell their home if they so desire.

If eight out of ten homeowners now have significant equity in their homes, it is hard to make the claim that lack of equity is “one of the main reasons why there are so few homes for sale.”

Massachusetts and Connecticut both support the data showing a huge number homeowners with significant equity!

Here is a map showing the percentage of homes in each state which currently have significant equity:

Bottom Line

If you are one of many homeowners who is debating selling your home and are wondering how much equity you have accumulated, let’s get together to determine if now is the time to sell your home, update, move up or down-size!

Let’s make a good strategy together! 413.301.4614 – tedenton109@gmail.com

Tori Denton, PSA, CMHS, Realtor®

 

ToriDentonRealtor.com

Helping you make the right MOVE – One HOME at a time!

The Housing Inventory – What are Realtors SO Whiny About?

There is no doubt that the largest challenge in today’s housing market is a lack of housing inventory for sale. This challenge has been defined as an “overwhelming lack of supply,” and even a “straight up inventory crisis.”

First American just released the results of a survey which sheds light on the reasons for the current lack of supply.

The survey asked title agents and real estate professionals to identify what they believe are the top reasons for this lack of inventory in their markets.

Here are the results of the survey:

• 47% – existing homeowners are worried that they will not be able to find a home to buy
• 26.5% – first-time buyer demand is absorbing a large share of available homes
• 11.3% – existing homeowners’ mortgage rates are lower than the current rates
• 10.6% – insufficient or negative equity in the home
• 4.6% – foreign buyer demand is absorbing a large share of available homes

As the survey revealed, there is a shortage of current homeowners willing to put their homes on the market for one of three reasons (see numbers 1, 3 and 4 above).

Is this an opportunity for some homeowners?

The report on the survey explains:

“The crowd has spoken, and it seems in many markets home buyers and sellers alike are ‘imprisoned’ by the lack of housing inventory.”

That leaves a tremendous opportunity for every homeowner not facing these concerns. If you can put your home on the market today, you are subject to far less competition than at any time in recent history. That will result in your home selling quickly and for the highest possible price.

Perhaps you are ready to down-size or move to a Condo or 55+ community.  I can help you there.

Is it time to use the equity in your current home to purchase your dream home or build one! I can help with that too!

Simultaneous closings take organization and attention to detail… I’ve done that successfully for others and I can do it for you!

Bottom Line

While many homeowners are feeling imprisoned for multiple reasons, those who are not handcuffed by these concerns have a once in a lifetime opportunity to sell their houses at a peak selling time. Is it your time??

Let’s talk and find out! Why not sit down with me and discuss your options… worse case we have a cup of coffee and get to know each other better.. best case – you sell your house in an amazing market!

You might not sell houses every month – but I kinda do… Let me give you a helping hand !

Tori Denton, PSA, CMHS, Realtor® ToriDentonRealtor.com 413.301.4614 tedenton109@gmail.com

Turning HOPES & DREAMS into HOMES!

 

Why Working with a Local Real Estate Professional Makes All the Difference

 

If you’ve entered the real estate market, as a buyer or a seller, you’ve inevitably heard the real estate mantra, “location, location, location” in reference to how identical homes can increase or decrease in value due to where they’re located.

Well, a new survey shows that when it comes to choosing a real estate agent, the millennial generation’s mantra is, “local, local, local.”

CentSai, a financial wellness online community, recently surveyed over 2,000 millennials (ages 18-34) and found that 75% of respondents would use a local real estate agent over an online agent, and 71% would choose a local lender.

Survey respondents cited many reasons for their choice to go local, “including personal touch & handholding, longstanding relationships, local knowledge, and amount of hassle.”

Doria Lavagnino, Cofounder & President of CentSai had this to say:

“We were surprised to learn that online providers are not yet as big a disruptor in this sector as we first thought, despite purported cost savings. We found that millennials place a high value on the personal touch and knowledge of a local agent. Buying a home for the first time is daunting, and working with a local agent—particularly an agent referred by a parent or friend—could provide peace of mind.”

The findings of the CentSai survey are consistent with the Consumer Housing Trends Study, which found that millennials prefer a more hands-on approach to their real estate experience:

“While older generations rely on real estate agents for information and expertise, Millennials expect real estate agents to become trusted advisers and strategic partners.”

When it comes to choosing an agent, millennials and other generations share their top priority: the sense that an agent is trustworthy and responsive to their needs.

That said, technology still plays a huge role in the real estate process. According to the National Association of Realtors, 95% of home buyers look for prospective homes and neighborhoods online, and 91% also said they would use an online site or mobile app to research homes they might consider purchasing.

Bottom Line 

Many wondered if this tech-savvy generation would prefer to work with an online agent or lender, but more and more studies show that when it comes to real estate, millennials want someone they can trust, someone who knows the neighborhood they want to move into, leading them through the entire experience.

Whether you’re a millennial or not, your best choice is your local Realtor®

 

Got questions? I’ve got answers – Let’s talk! 413.301.4614 

Tori Denton, PSA, Realtor®

Helping you make the right MOVE – one HOME at a time!

 

Here’s WHY You Should BUY

Real Estate mogul, Sean Conlon, host of The Deed: Chicago on CNBC, was recently asked the question, should you buy? Or should you rent a house?

 

Conlon responded:

“I am a true believer that you save every penny and you buy your first house… and that is still the fastest path to wealth in this country.”

Conlon went on to suggest that first-time buyers put down 10-20% “if they can make it work,” and to remain in their home at least 4-5 years to see a return on their investment.

Who is Sean Conlon, and why should you listen to his advice?

Within a few years of working in the real estate industry, Conlon had established himself as one of the leading agents in the United States and has founded 3 billion-dollar brokerages dealing in residential, commercial and investment sales. Since immigrating to America from the United Kingdom in 1990, he believes very strongly in the American Dream and the role that homeownership plays in achieving it. Conlon is quoted on his website as saying:

“I treat people the way I would like to be treated if I went in to buy a house and I work harder than anybody I know. I think if you do that in America, you will always succeed.”

Bottom Line

Homeownership is an investment you can leverage against in the future that not only provides shelter and safety but also helps you build your family’s wealth. If you are debating whether or not to purchase a home this year, let’s get together to discuss the opportunities available in today’s market!

The Big Down Payment Myth

Having the spare capital to put 20 percent down on a home purchase is great, but it’s certainly not the norm. Still, many people think it is and that belief may be holding some would-be home buyers back, particularly young adults.

Indeed, 39 percent of non-owners say they believe they need more than 20 percent for a down payment on a home purchase. Twenty-six percent believe they need to put down 15 to 20 percent, and 22 percent say they need a down payment of 10 percent to 14 percent to buy, according to the National Association of REALTORS®’ 2017 Aspiring Home Buyers Profile report.

But now for the reality: The average down payment on a purchase mortgage was just 11 percent in 2016. And that’s just the average; often times down payments are much lower. For borrowers under the age of 35, the average down payment was just under 8 percent, according to NAR’s survey.

As such, “aspiring first-time buyers think it takes twice as much to buy a home than it really does,” writes Jonathan Smoke, realtor.com®’s chief economist, in his latest column.

How much a person truly needs for a down payment depends on their situation. Their financial circumstances, home location, and the price of the home are important factors.

But there are many mortgage options that offer the opportunity to make low or even no down payments. For example, the Department of Veterans Affairs and the U.S. Department of Agriculture offer no-money down loans to those who are eligible. In 2016, 16 percent of buyers under the age of 35 put no money down on their home purchase.

Further, the largest share of loans for buyers under age 35 last year were for people putting down less than 5 percent on a home purchase (or about $3,500). The 3 percent down payment programs backed by Fannie Mae and Freddie Mac, and the 3.5 percent FHA mortgage that primarily targets first-time buyers, are both helpful programs to consider. These loan programs don’t require unblemished credit either. The average FICO score was 713, but realtor.com® notes borrowers with a 639 were still getting approved.

As such, Smoke says the millennial dreaming about homeownership needs to get this message: They need a FICO score of at least 639 and enough for a 5 percent down payment (that is, if they don’t qualify for the other programs with lower payment options). In that case, they’ll need to save about $3,500 to buy in the typical American town.

Source: “Attention First-Time Buyers: Here’s the Key Stuff You Don’t Know About Mortgages,” realtor.com® (Feb. 9, 2017)

Home Prices: Where Will They Be in 5 Years?

My clients make good decisions because they are well-educated… the transaction is well-executed, and the CLOSING is well-delivered! Here’s a sample of the information I provide to my clients (short & sweet, just the meat – no fillers):

Today, many real estate conversations center on housing prices and where they may be headed. That is why I like the Home Price Expectation Survey.

Every quarter, Pulsenomics surveys a nationwide panel of over one hundred economists, real estate experts, and investment & market strategists about where they believe prices are headed over the next five years. They then average the projections of all 100+ experts into a single number.

The results of their latest survey:

Home values will appreciate by 4.0% over the course of 2017, 3.2% in 2018 and 3.0% the next three years (as shown below). That means the average annual appreciation will be 3.24% over the next 5 years.

The prediction for cumulative appreciation ticked up from 18.7% to 21.4% by 2021. The experts making up the most bearish quartile of the survey are projecting a cumulative appreciation of 10.2%.

In A Nutshell

Individual opinions make headlines but I believe this survey is a fairer depiction of future values. Who wouldn’t want to make an average of 21% on a 5 year investment?

The market is still appreciating. That means it’s good to be a buyer OR a seller at this time… If you are a seller your house has appreciated and you have significant equity in your house allowing you to MOVE UP to your dream home. If you are a buyer, you still have plenty of appreciation left in a new home and if purchasing your first home (at historically LOW interest rates) you are STILL making a great INVESTMENT!

Got questions?? I’ve got answers – let me add some value to your financial knowledge database! My clients make good decisions because they are well-educated, the transaction is well-executed, and the CLOSING is well-delivered!

Contact me today to learn more! 413.301.4614 OR tedenton109@gmail.com

No Housing Bubble? Then What is IT??

With home prices expected to appreciate by over 5% this year, some are beginning to worry about a new housing bubble forming. Warren Buffet addressed this issue last week in an article by Fortune Magazine. He simply explained:

“I don’t see a nationwide bubble in real estate right now at all.”

Later, when questioned whether real estate and/or mortgaging could present the same challenges for the economy as they did in 2008, Buffet said:

“I don’t think we will have a repeat of that.”

What factors are driving home prices up?

It is easily explained by the theory of supply and demand. There is a lack of housing inventory for sale while demand for that inventory is very strong. According to a recent survey of agents by the National Association of Realtors(NAR), buyer traffic was seen as either “strong” or “very strong” in 44 of the 50 states (the exceptions being: Alaska, Wyoming, North Dakota, West Virginia, Connecticut and Delaware).

Also, in NAR’s latest Pending Home Sales Report, it was revealed that the index was the highest it has been in a year.

What does the future bring?

As prices rise, more families will have increased equity in their homes which will enable them to put their home on the market. As more listings come to market, price increases should slow to more normal levels.

Anand Nallathambi, President & CEO of CoreLogic, recently addressed the issue:

“Home price gains have clearly been a driving force in building positive equity for homeowners. Longer term, we anticipate a better balance of supply and demand in many markets which will help sustain healthy & affordable home values into the future.”