Cut Your Housing Costs in Half

Serious shoppers wait for a 50% off sale to make the decision because of the bargain factor.  Renters who are serious about lowering their monthly cost of housing should consider buying with today’s low mortgage rates.  For an example, let’s assume a person buys a $200,000 home with 3.5% down payment on a 4.5% FHA mortgage for 30 years.

The total house payment would be approximately $1,508 per month.  However, once you consider the equity build-up due to normal amortization, a monthly appreciation estimated at 2% annually for this example, the tax savings and paying maintenance that a tenant wouldn’t be required to do, the net cost of housing is $772 a month.  This is almost half of the full mortgage payment.
If this person was paying $1,750 a month for rent, it would cost him almost $978 more to rent than to own. In the first year alone, it would accumulate to over $11,000 which is more than the down payment required of $7,000.

Owning a home is the largest investment that most people make and the down payment of $7,000 to purchase this home would grow to $58,837 in equity by estimating a 2% appreciation and normal amortization.

To check out what your real housing costs might look like, go to Rent vs. Own or contact your real estate professional.


Contact Marilyn Messenger for additional information about how a buyer agent/broker can help you manage the home buying process. Visit www.marilynmessenger.com to search for homes and find market reports for Wayland, Sudbury, Maynard, Stow, and Concord MA.

Concord MA - Housing Prices Through the Roof!

Housing prices in Concord MA are through the roof! Here's what's going on in residential real estate

in Concord:

 

July Closed Sales (Single-family homes): There were 23 closed single-family home sales during July in Concord compared with 28 in July 2012. The median sale price was $815,000, up 9.6%% from $743,500 in July 2012.

Keep in mind that it takes approximately 30 to 60 days to close a sale. The buying decisions for properties that closed in July were made in April and May at the peak of the Spring market. Summer is a different market.

Year-to-date (through 7/31): Sales and prices for the first seven months of 2013 are both up over the same period last year in Concord. There have been 133 homes sold; up 14.7%. The median price of $911,725 is up 20.3% from last year. The average time on the market for Y-T-D 2013 is 93 days; 8.8% less than in 2012.

New listings in July: fewer single-family homes that came on the market in Concord during July than July 2012 – 13; 19 in July 2012. Of the 13, 5 are fully active; 2 have an accepted offer with contingencies waiting to clear, 5 are under agreement, and one of the listings has already closed.

Current: As in most places, there are fewer homes on the market than last year at this time (9/1); there are 55 single-family homes for sale compared with 80 on 9/1/2012. List prices range from $549,000 to $5,500,000. The median list price is $1,468,000; approx. 50% higher than at the peak in 2004. Last year the median list price for a single-family home was $1,048,000. See the listings at www.marilynmessenger.com

Luxury home buyers have the most opportunities in Concord. The price range with the most choices in Concord is $1,499,999 to $1,999,999– there are 11 properties for sale. The average time on the market for these properties is 96 days.

Condominiums (townhouses and garden-apartment style): There were 6 closed sales of condominiums in Concord during July; there were 4 in July 2012. The median sale price in July 2013 was $595,000; up 56.2% from July 2012. Year-to-date (through 7/31), the median condominium sale price was $590,000 up 25.9% from the same period last year.

Current: there are 12 units for sale in Concord; 3 already have accepted offers with contingencies. Prices range from $299,000 for a 2 bedroom, one bath garden apartment-style to $949,900 for a 4 bedroom, multiple bath luxury townhome at South Meadow Ridge.What's it mean to you? People who are serious about buying a home in Concord are prepared and acting quickly, especially any who’ve already missed out on a house they wanted. Being prepared is more important than ever, however, it is still important to think things through and not to make costly mistakes like waiving the home inspection or offering more than you can comfortably afford. Contact me if you want an experienced buyer agent/broker to navigate you through the process. My clients have been able to get the house they want without over-paying.

For people who own a home and are not planning to move anytime soon, higher sale prices make this a good time to do some updating, or to use some of your equity to purchase a vacation home or income property. Prices are going up everywhere so why wait? Homes for sale in Massachusetts.
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About the author: Marilyn Messenger is a Certified Residential Specialist and Accredited Buyer Representative and Broker associate with Andrew Mitchell and Company in Concord MA. She has been providing home buying and selling services for 20 years in Wayland, Sudbury, Maynard, Stow and the towns west of Boston. Visit www.marilynmessenger.com to search for homes and get the latest market information.