Vacation Home Sales Rise in 2012

by The KCM Crew on April 15, 2013

The American desire to own a second home as a vacation home is alive and well!

The National Association of Realtors analysis of U.S. Census Bureau data shows there are 7.9 million vacation homes in the U.S. Their 2013 Investment and Vacation Home Buyers Survey shows vacation home sales improved in 2012.

NAR Chief Economist Lawrence Yun said favorable conditions are driving second-home sales:

“We had a strong stock market recovery, which helps more people in the prime ages for buying vacation homes. Attractively priced recreational property is also a big draw.”

Here are the key findings from the report:

Raw Numbers

• Vacation-Home sales rose 10.1 percent to 553,000 from 502,000 in 2011
• Sales accounted for 11% of all transactions last year, unchanged from 2011
• The median price was $150,000, compared with $121,300 in 2011, reflecting a greater number of more expensive recreational property sales in 2012
• 35% of vacation homes purchased in 2012 were distressed homes

Buyer Profile

• The typical vacation-home buyer was 47 years old
• The median household income was $92,100
• Buyers plan to own their recreational property for a median of 10 years
• 29% said they were likely to purchase another vacation home within two years
• 78% of all second-home buyers said it was a good time to buy (compared with 68% of primary residence buyers)

Reasons for Purchasing

Lifestyle factors remain the primary motivation for vacation-home buyers:

• 80% want to use the property for vacations or as a family retreat
• 27% plan to use it as a primary residence in the future
• 23% plan to rent to others
• 23% wanted to diversify their investments or saw a good investment opportunity

Location

• 45% of vacation homes purchased last year were in the South
• 25% in the West
• 17% in the Northeast
• 12% in the Midwest

The vacation home buyer purchased a property that was a median distance of 435 miles from their primary residence.

• 34% were within 100 miles
• 46% were more than 500 miles

Financing

• 46% of vacation-home buyers paid cash in 2012
• The median down payment was 27%, the same as in 2011

Tomorrow, we will cover the findings on investment properties.

Thinking of relocation to Southern Massachusetts, feel free to contact me.

Noemi Cardoso
William Raveis Real Estate
508-558-1945
www.DistinctiveHomes-NE.com
Noemi.cardoso@raveis.com
 

Thinking of Buying Your Dream Home? DO IT NOW!

by The KCM Crew on February 12, 2013
 

A recent survey showed that 3 out of 4 future home buyers (who are not first time buyers) plan to move up to some form of a ‘better’ home. The breakdown:

• Move to a significantly bigger home (49%)
• Move to a nicer home (17.5%)
• Move to a nicer part of town (8.6%)

If you or your family falls into any one of these categories, you should strongly consider making the move sooner than later. The ‘cost’ of your new dream house will be determined by two factors: the price of the house and the mortgage interest rate. Both are projected to increase this year.

Prices Set to Increase

In the recent Home Price Expectation Survey, 105 leading housing analysts called for a 3.1% increase in home values by the end of 2013.

Mortgage Interest Rates Projected to Increase

According to the Mortgage Bankers Association, after reaching record lows in 2012, the 30 year mortgage rates are expected to creep up slowly in 2013 to 4.4%.

Now is a great time to buy the home you always dreamt of owning. However, the longer you wait, the more it will cost.

If you are thinking of buying a home in Westport MA visit www.DistinctiveHomes-NE.comfor a free list of homes for sale in Westport MA.

If you are thinking of selling your home contact me for a FREE Current Market Analysis and to learn about our Market Plan to get your home SOLD!

We work with one going in mind, YOURS!

Noemi Cardoso
Local Office. Local Agents. Local Knowledge.
William Raveis Real Estate
911 Main Rd - Westport MA 02790
Cell: 508-558-1945
www.DistinctiveHomes-NE.com
noemi@DistinctiveHomes-NE.com

10 Biggest Issues for New Construction in 2013

by The KCM Crew on January 7, 2013

 

Builder Magazine recently ran an article revealing the Top Ten Issues that will impact new construction in 2013.

1. Impact of Political Decisions
2. Energy Efficiency
3. Rebounding Prices
4. Startups and Startovers
5. Need for Land
6. Demand for Multifamily Housing
7. Foreclosures and Rentals
8. Need for Labor
9. Desire for the Micro House
10. Loss of Some Industry Leaders

You may want to take the time to read the article in its entirety.

If you are thinking of buying a home in or around Bristol County MA or RI, please visit www.DistinctiveHomes-NE.com for a free list of homes for sale in Westport MA and surrounding towns.

Would you like to receive a current market update of your specific area? Contact me with your request.

If you are thinking of selling your home contact me for a FREE Current Market Analysis and to learn about our Market Plan to get your home SOLD!

We work with one going in mind, YOURS!

Noemi Cardoso

Local Office. Local Agents. Local Knowledge.

William Raveis Real Estate
911 Main Rd - Westport MA 02790
Cell: 508-558-1945
www.DistinctiveHomes-NE.com
noemi@DistinctiveHomes-NE.com

5 Real Estate Trends to Look For in 2013

by The KCM Crew

 

 

Predicting trends during volatile economic times in American is no easy task. However, we are going to give it our best shot. We strongly believe these are the five real estate items we should keep an eye on in 2013:

Demand for Housing Will Continue to Surge

The housing market has turned the corner and there is no reason to believe that buyer demand will not maintain momentum throughout 2013. Household formations shot up to boom-time levels in 2012 and are projected to increase at even a faster rate over the next twelve months. A lack of inventory will be more of a challenge to sales increases than will a lack of demand.

Generations X and Y Will Prove They Believe in Homeownership

Contrary to what many have hypothesized over the last few years, young adults (18-35 year olds) are just as committed to homeownership as previous generations. Recent studies have shown:

• 43% already own a home
• 72% see homeownership as part of their personal American Dream
• 93% of those currently renting plan to buy a home

This, along with the increase in household formations mentioned above, makes us believe that 2013 will be the year that many of these young adults will jump into homeownership.

Prices Will Continue to Increase

Pricing of any item is determined by supply and demand. Demand for housing will remain strong throughout 2013. At the same time, the supply of homes ready for is shrinking in many parts of the country. Outside of a few states that still have challenges with large inventories of distressed properties (NY, NJ, CT, IL for example), prices will appreciate nicely.

Even in the areas that are still dealing with high percentages of foreclosures and short sales, prices will not tumble dramatically. The increase in demand will absorb much of this inventory. In these areas, prices will either flatten or perhaps soften to a small degree.

Move-Up Sellers Will Return in Great Numbers

Perhaps what many will find as the biggest surprise of 2013 will be the return of the ‘move-up’ seller. Over the last several years negative equity has prevented many of these sellers from moving up to the house of their dreams. However, with prices recovering, more and more of these sellers will realize that now may be their greatest opportunity to make the move to a lifestyle they always wanted.

With home prices expected to increase and more stringent mortgage qualifications (QR and QRM) scheduled to be announced this year, we believe that the first half of the year will bring many of these sellers/buyers to the market.

The Consumer Will Demand That Their Agent Be an Expert

Real Estate professionals who have invested the money, time and energy to truly understand what is happening and why it is happening will separate themselves from their competition and do very well this year.

Those who take that next step of learning how to simply and effectively communicate the market to their clients will be seen as experts. These industry leaders will dominate their markets.

If you are thinking of buying a home in or around Bristol County MA or RI, please visit www.DistinctiveHomes-NE.comfor a free list of homes for sale in Westport MA and surrounding towns.

Would you like to receive a current market update of your specific area? Contact me with your request.

If you are thinking of selling your home contact me for a FREE Current Market Analysis and to learn about our Market Plan to get your home SOLD!

We work with one going in mind, YOURS!

Noemi Cardoso

Local Office. Local Agents. Local Knowledge.

William Raveis Real Estate
911 Main Rd - Westport MA 02790
Cell: 508-558-1945
www.DistinctiveHomes-NE.com
noemi@DistinctiveHomes-NE.com

 

Westport Ma Real Estate & Homes for sale in Westport

- November 2012 -

Westport MA real estate sales remains stable. In November there were 19 homes sold in Westport compared to October  when 8 homes Sold in Westport.

SOLD HOMES:  The lowest priced house in Westport in the month of November sold for $117,000 which was a Ranch on South Berryman St and it was a Estate Sale. St. In October  the lowest priced home sold for $60,000.

The Highest priced home in Westport in the month of November sold for $1,270,000 which was a Waterfront Cape on Drift Rd with views of the Westport River. Compared to October sold for $699,000 which was a ranch on Costa Lane. One Sales was a foreclosure on Pine Hill for $155,000. There were no Condos nor Multi Families homes sold in October.

UNDER AGREEEMNT: There were 11 single family homes Under Agreement with prices varying from $135,000 to $995,000 as of November 30th.

ACTIVE LISTINGS: There are currently 101 Active listing in Westport (based on MLSPIN MA) with prices varying from $165,000  on Beechwood St up to $2,595,000 on River Road. Six units are condominiums with prices between $167,500 and $439,000, and 8 are multi families with prices from $349,000 up to $699,000. There are currently 2 Foreclosure available for sale in Westport and 1 Short Sale.

Home Sold in Westport MA - 2012 Average Prices

Average Price	January	February	March	April	May	June
List price p/SqFt	$162	$193	$182	$201	$209	$306
List Price	$345,414	$228,967	$452,670	$530,515	$370,971	$658,835
Sales Price	$329,271	$212,333	$395,740	$491,795	$331,600	$542,358
Sale price p/ SqFt	$155	$178	$171	$189	$190	$209
Days on the Market	169 days	309 days	120 days	195 days	149 days	222 days

 

Average Price	July	August	September	October	November	December
List price p/SqFt	$173	$211	$207	$151	$208
List Price	$346,535	$480,783	$328,733	$345,338	$404,532
Sales Price	$339,723	$417,150	$316,000	$327,188	$381,626
Sale price p/ SqFt	$171	$189	$202	$147	$195
Days on the Market	254 days	217 days	164 days	96 days	143 days

If you are thinking of buying a home please visit www.DistinctiveHomes-NE.com for a free list of homes for sale in Westport MA and surrounding towns. Would like to receive a current market update of your specfic area? Contact me with your request.

If you are thinking of selling your home contact me for a FREE Current Market Analysis and to learn about our Market Plan to get your home SOLD!

We work with one going in mind, YOURS!

Noemi Cardoso

Local Office. Local Agents. Local Knowledge.

William Raveis Real Estate
911 Main Rd - Westport MA 02790
Cell: 508-558-1945
www.DistinctiveHomes-NE.com
noemi@DistinctiveHomes-NE.com