As your real estate expert, Cervone, Deegan & Associates knows that it can be quite a challenge these days to find the home of your dreams while keeping within your budget limits. However, sticking to your budget while you work in some strategies can help you find the right home that fits your needs. Here are some helpful tips on how to begin your home search as efficiently as possible.
Audit your budget
Put aside time to sit down and do a budget. Record your monthly income and less your expenses using some hard number figures. Factor in if you are buying this property alone or along with a spouse or partner. Be sure to also add a monthly cushion between your income and expenses so that you are not financially stressed.
Hire a real estate agent
Working with an experienced real estate agent will really assist you with sort through the available properties using your budget, location, size and other needs. A good agent will be able to find these more efficiently while providing you with advice based on years of expertise. Cervone, Deegan & Associates can certainly assist you locally and put you in contact with another professional should you be relocating out of the area.
Declutter Your Home
Clear your home of any clutter as you prepare to move. You won’t want to pack or pay movers more to relocate unwanted or unnecessary items. Additionally, these items may end up using valuable storage space in your new property. Decide if having a yard sale or donating items to charity for a tax deduction would make sense.
Select a Location
It is always a smart move to choose a location that you know well or are most familiar with. This could be a place you grew up, a destination that you visited many times or is a highly regarded location by most as a hot spot. Select an area that you know has the services and attractions that you need like a great school system. Typically an area that has potential for growth or has a highly rated school system is a good investment for resale.
Cervone, Deegan & Associates is pleased to share the latest trends that are happening in the real estate market. Recently, pending home sales have jumped to their highest level in nearly a year and second-highest level in over a decade per a recent report by the National Association of Realtors. This positive activity was felt across all major regions in the country. Specifically, the Pending Home Sales Index has shown a dramatic increase of 5.5% to 112.3 in February which was up from 106.4 in January. This surge was 2.6% higher than a year ago and is the highest since April of 2016 and the second highest since May of 2006.
NAR chief economist, Lawrence Yun, explains that this activity is an indicator that spring market is nearly upon us. “Buyers came back in force last month as a modest, seasonal uptick in listings were enough to fuel an increase in contract signings throughout the country,” he said. “The stock market’s continued rise and steady hiring in most markets is spurring significant interest in buying, as well as the expectation from some households that delaying their home search may mean paying higher interest rates later this year. Last month being the warmest February in decades also played a role in kick-starting prospective buyers’ house hunt.”
Yun predicts that there will be some highs and lows this spring as the supply is challenged to meet demand. Properties are going under agreement at a fast pace particularly in the lower and mid price range markets. Inventory is thin and home prices are still rising due to multiple offer situations.
“The homes most buyers are in the market for are unfortunately the most difficult to find and ultimately buy,” said Yun. “The country’s healthy labor market is translating to greater job security, but affordability is not improving because home prices in some areas are still outpacing incomes by three times or more because of tight supply. How much new and existing inventory there is on the market this spring will determine if sales can reach their full potential and finally start reversing the nation’s low homeownership rate.”
Looking onward into the rest of the year, existing home sales are expected to be around 5.57 million this year which is an increase of 2.3% from 2016. As for prices, the median existing home sale price is anticipated to increase by 4%.
Further breakdowns of the PHSI by region in the U.S. in February were as follows. The Northeast experienced an increase of 3.4% to 102.1 as the Midwest increased by 11.4% to 110.8. The South went up by 4.3% to 127.8 and the West saw a 3.1% increase to 97.5. Overall, all markets are showing excellent signs of positive activity.
Best Newton Centre location. Come home to this lovely, open Colonial comprised of an expansive Living Room with wood-burning fireplace and generous Dining Room perfect for entertaining and big family dinners. Light-filled eat-in Kitchen with breakfast nook, a convenient first floor Den and playful half bath. Upstairs sleeping quarters consist of 3 Bedrooms and a fresh full tile Bath, including a capacious Master Bedroom with 3 closets. Gleaming hardwood floors. With direct access to the outdoor patio, this home hosts a fenced backyard and gardens with plenty of room for seasonal leisure activities and dining al fresco. Garage parking. Close to all Newton Centre conveniences, shops and restaurants, only steps to the Bowen School.
Offered exclusively at $850,000
Stately Victorian residence set on a broad deep lot, minutes from Jamaica Pond and only 3 miles from downtown Boston. Beautifully maintained, this exceptional home hosts 13 grand rooms featuring spacious formal living and dining rooms, library, study, and a well-appointed cook’s kitchen. Gracious center staircase leads to generous sleeping quarters comprising 6 bedrooms and 4 baths with a capacious master suite. Artisan architectural details showcase crown moldings, medallions, decorative marble mantels, built-ins, and hardwood floors. The expansive yard and gardens feature an outdoor kitchen, patio, pergola and fountain for entertaining al fresco. Plus 2-car garage.
Offered exclusively at $2,450,000
Luxurious 12-room residence set minutes from Jamaica Pond and just 3 miles from downtown Boston. Built in 1922, this home has been extensively renovated and appointed. Stunning architectural details include leaded glass china cabinets, columns, Palladian window, and 2 wood-burning fireplaces. An elegant center entry hall leads to formal living and dining rooms, den, chef’s kitchen with breakfast room, and sunporch. The second floor hosts 3 bedrooms, library/media room, open study and enclosed deck. Third floor grand master suite with marble bath, steam shower and 2 walk-ins closets. Lower level fitness and game room plus wine cellar. Spacious private patio and 4-car garage.
Offered exclusively at $1,825,000