Just Listed in Granby!
37 Salmon Brook Street, Granby, CT 06035 @ $239,900 "Come see this value priced cape set on an open 1.6 acre level lot. Inside find a generous sized eat in kitchen with center island, pantry, bay window, and ample cabinet space. Hardwood floors throughout. Newer roof, vinyl siding, & energy efficient windows. Two car oversized garage with plenty of extra storage space. Outside find a cleared back yard and a shed with electricity & wood burning stove. Enjoy entertaining on the stamped concrete patio area with fire pit. New septic 2015." View more info and photos here: https://37salmonbrookst.thebestlisting.com/ #JustListed #ForSale #Granby #SimardRealtyGroup #eXpRealty
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Homeownership has a number of compelling benefits. Let’s get together to make your dream a reality if you are ready to buy a home of your own!
#GranbyHomes #Homesforsale #Realestate #Simsburyhomes #HomeValues #RealEstateAdvise #RealtorGranby #RealEstateSimsbury #StephenSimard #eXpRealty Some Highlights:
SOURCE KCM #ForBuyers #ForSellers #Infographocs #SimardRealtyGroup #eXpRealty During the housing market crash, Gen X homeowners lost more wealth than other generations. However, things are changing now! A strong economy, increasing home prices, and the recovery of the housing market are helping this generation to regain their lost wealth.
According to Pew Research Center, “Their fortunes have rebounded more than those of other generations during the post-recession economic expansion and as home and stock prices have risen. Since 2010, the median net worth of Gen X households has risen 115%. In fact, in 2016, the most recent year with available data, the net worth of a typical Gen X household had surpassed what it was in 2007 ($84,200 vs. $63,400)”. The same report also mentioned, “15% of Gen X’s homeowners were ‘underwater’ on their homes in 2010 (meaning they owed more than they owned). By 2016 only 3% were underwater.” As a result of homes regaining market value and their increasing net worth, many Gen Xers are presented with the opportunity of selling their current home in order to move up to the house they always dreamed of! According to the 2019 Home Buyers and Sellers Generational Trends Report by the National Associations of Realtors, in 2018 Gen Xers made up the second largest share of home buyers by generation at 24%. The report also provided some highlights about their purchase:
But this generation is not only buying- they are selling too!
Bottom Line If you are a Gen Xer who would like to know exactly how much your house is worth today so that you can move up to the home of your dreams, contact a local real estate professional who can help you analyze your current circumstances. SOURCE KCM #Demographics #HousingMarketUpdates #SimardRealtyGroup #eXpRealty
FOR SALE!
13 N Pond Rd, Southwick MA Unique opportunity to build your dream home on North Pond! Enjoy epic views from this elevated .82 acre lot. Over 170 feet of shoreline frontage on North Pond (Congamond Lakes) can now be yours. Allows for water sports of all kinds as well as great fishing. The 46-acre spring-fed pond North Pond is the deepest and clearest of the three sections. In the evening you will enjoy sitting on your dock or in the yard watching the sunset glistening over the lake. Hop on your boat for a long cruise North Pond offers it all. Set on the quiet end of the lake with a more natural feel. Access is off an established cul-de-sac of quality homes. All tests have been done, this is an approved building lot. Plans available and builders ready to build your dream home. Schedule your appointment to tour this special lot. #ForSale #Southwick #SellingMA #SimardRealtyGroup #eXpRealty A lot is happening in the world, and it’s having a direct impact on the housing market. The reality is this: some of it is positive and some of it may be negative. Some we just don’t know yet. The following three areas of the housing market are critical to understand: interest rates, building materials, and the outlook for an economic slowdown. 1. Interest Rates One of the most important things to consider when buying a home is the interest rate you will be charged to borrow the money. In our recent post we posed the question, “Are Low Interest Rates Here To Stay?” The latest information from Freddie Mac makes it appear they are. We are currently at a 21-month low in interest rates. 2. Building Materials Talk of tariffs could also affect the housing market. According to a recent article, the National Association of Home Builders reports that as much as $10 billion in goods imported from China are used in homebuilding. Depending on the outcome of the tariff and trade discussions between several countries, there could be as much as a 25% boost in the cost of building materials. 3. Economic Slowdown In a prior blog post on this topic, we began the year with many economic leaders thinking we could expect a recession in late 2019 or early 2020. As spring approached, we reported that economists had started to push that projection past 2020. Now, three leading surveys indicate that it may begin in the next eighteen months. Bottom LineWe are in a strong housing market. Wages are increasing, home prices are appreciating, and mortgage rates are the lowest they have been in 21 months. Whether you are thinking of buying or selling, it’s a great time to be in the market.
SOURCE KCM #HousingMarketUpdates #SimardRealtyGroup #eXpRealty In a real estate market where home prices are rising, many have begun to reexamine the idea of buying a home, choosing instead, to rent for a while. But often, there is a dilemma: should you keep paying rent, knowing that rent is rising too, or should you lock in your housing cost and buy a home? Let’s look at both scenarios and analyze the pros and cons of each: Renting With the housing market crash in 2008, many homeowners lost their homes and became renters. According to Iproperty Management, “the number of households renting their home … rose from 31.2% of households in 2006 to 36.6% in 2016”. Some choose to rent because it is more convenient for their lifestyle. Those whose job requires frequent moves need the flexibility that a 6-12 month lease agreement gives them so they can move to their next assignment! Many renters believe that renting is cheaper because they do not have to pay for maintenance and repairs. (Not true! Landlords work those expenses into your rent and other fees). Another reason many rent is that they feel like they cannot afford the down payment and closing costs required to buy a house, due to their inability to save much after paying their monthly expenses. That can be true! Nearly 1 in 4 renters spend at least half their household income on rent. In 2017 the “severely” burdened renters’ rate was 24.7% with 24.9% reporting they were “moderately” burdened. Renting also brings some financial disadvantages. Homeowners can take advantage of tax deductions that let them claim their property taxes and mortgage interest. Additionally, there is a big risk that your rent will go up every time you renew your lease, as we know the median asking rent has been increased steadily since 1988! One of the major challenges with renting is that you don’t have a space to call your own. When you rent, you are paying your landlord’s mortgage, and therefore they are the beneficiaries of the equity gained from paying that mortgage.
Now let’s explore the other side: Homeownership In the past, we have mentioned the many financial and non-financial benefits of becoming a homeowner. So, let’s just focus on the one big difference between renting and owning, the ability to lock in your housing cost! Assuming you will have a fixed-rate mortgage, your costs are predictable! You will know exactly what your mortgage payment will be for the next 15-30 years. The homeownership rate in 2018 was 64.4%, and has been on the rise. Those households locked in their housing cost rather than wait for their landlord to raise their rent again! What are the disadvantages of owning a home? Well, it is a long-term financial commitment! It is not easy to pack quickly and move. You will need time and good planning to do it in a short amount of time. You need to save your money! Getting a mortgage requires a down payment, closing costs, and moving expenses. Again, that will require some savings and planning! Unless you have a homeowner’s association (HOA) (and you pay an HOA fee) or a home warranty, you will be responsible for maintenance and taking care of the home. This may range anywhere from regular landscaping to major repairs. Bottom Line Like everything in life, there are pros and cons. What is better for you depends on your situation! If you are interested in becoming a homeowner and want to discuss the pros and cons, contact a local real estate professional that can help you review your current situation! SOURCE KCM #RentVSBuy #HousingMarketUpdates #SimardRealtyGroup #eXpRealty Freddie Mac recently released a report entitled, “Perceptions of Down Payment Consumer Research.” Their research revealed that, “For many prospective homebuyers, saving for a down payment is the largest barrier to achieving the goal of homeownership. Part of the challenge for those planning to purchase a home is their perception of how much they will need to save for the down payment… …Based on our recent survey of individuals planning to purchase a home in the next three years, nearly a third think they need to put more than 20% down.” Myth #1: “I Need a 20% Down Payment” Buyers often overestimate the funds needed to qualify for a home loan. According to the same report: 22% of renters and 31% of homeowners believe lenders require 20% or more of a home’s sale price as a down payment for a typical mortgage today. And, “If a 20% down payment was required, 70% of those who were planning to buy a home in the next three years said it would delay them from purchasing and nearly 30% indicated they would never be able to afford a home.” While many believe at least 20% down is necessary to buy the home of their dreams, they do not realize programs are available which permit as little as 3%. Many renters may actually be able to enter the housing market sooner than they ever imagined! Myth #2: “I Need a 780 FICO® Score or Higher to Buy” Many either don’t know or are misinformed concerning the FICO® score necessary to qualify, believing a ‘good’ credit score is 780 or higher. To debunk this myth, let’s take a look at Ellie Mae’s latest Origination Insight Report, which focuses on recently closed (approved) loans. As indicated in the chart above, 52.4% of approved mortgages had a credit score of 600-749.
Bottom Line Whether buying your first home or moving up to your dream home, knowing your options will make the mortgage process easier. Your dream home may already be within your reach. SOURCE KCM #BuyingMyths #HomeBuyers #SimardRealtyGroup #eXpRealty Some Highlights:
SOURCE KCM #BuyVSRent #InterestRates #HousingMarketUpdate #SimardRealtyGroup #eXpRealty If you are a “baby boomer” (born between 1946 and 1964), you may be thinking about selling your current home. Your children may have finally moved out. Your large, four-bedroom house with three bathrooms no longer fits the bill. Taxes are too high. Utilities are too expensive. Cleaning and repair are too difficult. You may be ready to move into a home that better fits your current lifestyle. Many fellow boomers have already made the move you may be considering.
The National Association of Realtors recently released their 2019 Home Buyer and Seller Generational Report. The report revealed many interesting tidbits about both categories of baby boomers: younger boomers (ages 54 to 63) and older boomers (64 to72). Here are a few of the more interesting topics. Percentage of Buyers who Looked Online First
Where Boomers Found the Home They PurchasedThe two major ways buyers found the home they purchased:
The distance between the home they purchased and the home they recently sold was much greater for boomers than the average seller.
The percentage of older boomers who lived in their previous home for more than 20 years was almost twice the amount of the average seller.
Primary Reason to Sell their Previous Home
View of Homeownership as a Financial Investment
Bottom Line If you are a boomer and thinking about selling, now might be the time to contact an agent to help determine your options. SOURCE KCM #BabyBoomers #ForBuyers #ForSellers #SimardRealtyGroup #eXpRealty |
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