Like New England weather, mortgage rates continue to jump around. This Spring, rates have started to descend again, bringing an all time low to 30-year fixed rates mortgages and the best they've been in over a decade. Experts expect rates to stay mostly stable and only creep up about .25% throughout the year.
Blog :: 03-2015
Whether Baby Boomer or Millenial, the need for affordable housing is dire in greater Boston. According to statistics, more than 38% of Boston's homeowners are spending one-third of their income while 25% of renters spend half of their salaries to keep a roof over their head.
These statistics have residents, builders and politicians debating the solution to the shortage of affordable, scalable housing. Empty-nesters downsizing and first-time homeowners are vying for the very same thing, which is affordable, low-maintenance housing, and this may be an instance where seniority will not take priority.
As the following link suggests, solutions are debatable while the need is greater than ever.
According to Forbes Magazine, three Massachusetts cities rank as America's Most Overpriced Cities 2015, which included twenty-five locations.. These cities in their listed order of ranking are #3 Boston/Quincy, Massachusetts, #5 Cambridge, Massachusetts and #9 Essex County, Massachusetts (Peabody).
Factors such as median income, home sales price, housing affordability and costs (above national average) such as groceries, utilities, transportation and health care are included in their finding.
Leading the list as most overpriced is Honalulu, Hawaii.
You can view the entire article here:
While Millenials push forward into the housing market seeking first-time homes, Boomers in the market are demanding very different things. Many Baby Boomers in retirement or fast tracking on that road, are electing to choose renovation over relocation or opting for homes designed specifically for an older, wiser, market clientele.
The need for housing designed and equipped for our aging America has created an architectural demand specializing in purposeful yet flexible design. Topping the list are open spaces, wider doorways and staircases, and a first-floor master bedroom, all of which can be adapted to suit the needs of a potentially handicapped owner. Comforts such as radiant heating, grab bars, shower seats, raised toilets and convertible hand showers are no longer wish list items, but trending in design and demand for 75 million consumers heading into their golden years. Flexible use areas for gym or office on the first floor, as well as extra lighting, are being incorporated into what has been labeled "universal design", avoiding the handicapped or geriatric label.
In fact, there are many brokers in this age group who understand and specialize in this distinctive market.
If you would like to speak to our experts and view properties which fit the universal design criteria, talk to our consultants today.
Group Boston Real Estate is proud to announce the sale of 10-18 Brainerd Road in Boston, Massachusetts for $12,100,000! GBRE President Michael Carucci represented both the buyer and the seller in the transaction. "Michael has an exceptional ability to uncover opportunities in an otherwise very competitive market. His follow through and execution make all the difference," stated the Buyer, Bruce A. Percelay, Chairman of The Mount Vernon Company.