South Shore Real Estate News & Market Trends

You’ll find our blog to be a wealth of information, covering everything from local market statistics and home values to community happenings. That’s because we care about the community and want to help you find your place in it. Please reach out if you have any questions at all. We’d love to talk with you!

Are You Thinking of Selling in South Shore, MA?

Chris Falco Realty's 1% Full Service Listing in South Shore, MA gives you the best advantage to sell your home. Find out more about our Full Service 1% Listing Plan.

Call (781) 706-3318 now or schedule your appointment ONLINE.

Oct. 6, 2020

Buyers 101: Real Estate Bidding Wars

If you’ve dabbled in the South of Boston real estate market, then you know, the housing market is very strong right now.  There are so few houses for sale in the area coupled with the historically low mortgage rates, homes are selling fast, over asking price and with multiple offers.  It’s the perfect storm for a bidding war. 

The market has even more buyers today than it did 6 months ago, creating fierce competition for the few homes that are listed for sale.  It’s important if you’re in the market for a home that you give Chris Falco at Chris Falco Realty a call today to help you get started with the process. 

If you find yourself in a bidding war, there are 3 things that you can do help make your offer more appealing to the sellers.

1. Come Prepared

The first thing Chris will recommend is getting pre-approved so you can begin your home search. Buyers who are prepared with pre-approval letters in hand are a step ahead of the pack when it comes time to make an offer on your dream home.  Whether you’re hoping to buy a home in a South Shore neighborhood like Weymouth or Hanover, showing the seller that you’re a qualified buyer by having a pre-approval letter in hand is key.  If you’re a qualified buyer, you are tipping the scales in your direction and starting out your home search in the best possible situation.

2. Highest and Best

As a seller’s agent, Chris Falco has had to ask Buyer’s agents for their “highest and best” offer.  In a highly competitive market, like we’re in now, it’s not uncommon for seller’s agents to recommend to a buyer’s agent to bring the “highest and best” offer by a deadline. This way the sellers can pick a day and time to review all offers at once, saving the headache and stress of back and forth negotiations.  While this may be in the seller’s best interest, it can certainly cause buyers some stress. 

To be positioned well in a “highest and best” scenario, it’s important to remember to stay within your means.  If you can only afford a mortgage of $210k, don’t over $240k just to get the home.  It’s also important to remember that the house MUST also be appraised and the value must come in at/under the amount of the loan. Otherwise you may have to come up with some cash in order to close.  You definitely want to consult a real estate professional to help make sure your offer is fair, competitive and within your means.

3. Don’t wait

In a fast-paced market like we’re experiencing today, most homes are selling within 48 hrs of being put on the market.  There is no time to waste.  If you walk through the home, and it fulfills your wishlist, then you must not wait to make a decision to put in an offer.  This is not the time to sleep on the decision.  Christopher Falco at Chris Falco Realty understands that choosing to buy a home in South of Boston is a big decision.  He will be able to make recommendations about the housing market, neighborhoods, and homes listed for sale.  You may not have time to shop around after you’ve found a house that you love.  Odds are, someone else will also love it.  If you take too long to make a decision to write an offer, it could be too late. 

Trust your real estate area expert, Chris Falco, and don’t wait.

Bottom Line

With the homes quickly going under contract, the available housing inventory is low.  If you’re planning to purchase a home in South of Boston, give Chris Falco a call and let him help you find your dream home today!

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Take a look at our Buyer Resources

Area Market Reports

Check out our latest Blogs:  Should I Sell My Home?  & COVID Impact on the Real Estate Market in the South of Boston

 

 

 

Posted in Buyer, Market Updates
Sept. 16, 2020

Late Summer/Fall 2020: Safe Outdoor Activities to Do in South Shore

It’s a crazy time, and most people are trying to find new ways of enjoying time together, but apart at the same time.  As we are approaching our seventh month of social distancing, Chris Falco at Chris Falco Realty wanted to share some of the local spots that you can safely participate in outdoor activities. 

COVID restrictions are changing daily, so make sure to check the original source of information before making plans to visit any one of these local treasures. 

Wompatuck State Park

While the Boat Launch, Picnic Areas, and Visitor Center is currently closed to aid in the prevention of spreading covid-19, there is still plenty to do at Wompatuck State Park spans 3,526 acres of forest, streams, and ponds! 

This park is popular for trailer camping because it has electric hookups.  It also features paved bike trails, hiking trails, and mountain biking trails.  There is so much to do and see in the park, that an afternoon just isn’t enough time.  If you’re looking for a way to get out and enjoy nature this fall, consider going fishing or camping in nearby Wompatuck State Park.  

wompatuck state parkImage Source: Google Photos

Wessagusset Beach

Although Summer is almost over, it’s not too late to enjoy a trip to the beach! One of our favorite and also most convenient locations is Wessagusset Beach in North Weymouth.  The stone wall of the beach parallels Fort Points Road where you'll find a small cove.  While parking is limited, the view from the beach is most beautiful at sunset as it overlooks the Boston skyline.  With the Wessagusset Yacht Club close by you’re sure to see a few boats on the water.

Be sure to bring your sandals as the sand is a little rocky, and walking barefoot could be challenging! 

wessagusset BeachGeorge Lane Beach (courtesy of bostonpat.wordpress.com)

Webb Memorial State Park

Webb Memorial State Park has beautiful scenic views of Boston’s harbor and skyline.

The main parking area is closed to aide in the prevention of spreading Covid, but the state park is still open. The park is popular for canoeing and kayaking, fishing or hiking.

If you need a break from it all, the park is a great place to enjoy a peaceful walk. Feel free to customize your trip with cut through paths, or walk the full trail. Whether you’re walking along the water or through using the gravel/grass paths through the marsh, the best part of the Park is the tranquility that’s offered.  Dogs are allowed as long as they’re leashed, so it’s a great place for exercising your dog and getting some fresh air.

webb memorial state parkImage Source: Google Photos

Nantasket Beach

Nantasket Beach is located on the South Shore.  While the parking capacity is at 50% for the time being, due to the coronavirus pandemic, you can still enjoy a walk along the beach, beautiful views, and nearby beachfront communities of Hull, Hingham and Cohasset. Reducing the parking capacity is one step local authorities are taking to combat the spread of COVID-19.  Unlike the rocky sand of Wessagusset Beach, Nantasket Beach has fine light gray sand. It is also one of the busiest beaches in the South Boston area, the beach is known for tide pools at low tide.  

Wompatuck State Park and World’s End, both mentioned in this article, are nearby and waiting to be explored. 

Weir River Farm

Weir River Farm is a nature reserve located in Hingham, Massachusetts this 75-acre working farm. We provide thousands of events and programs for you to enjoy across the state at our inspired places.

The actual working farm is part of a large area which includes, not only a working farm, but also walking trails and turkey hill, which offers a vista of Boston harbor and the whole Boston skyline. The livestock includes some banded cows that are sometimes moved to other trustee properties to graze. Even if they're out on a lunch date somewhere else there's lots for kids to do. 

weir river farmImage Source: Google Photos

Holly Hill Farm

Holly Hill Farm is a local family farm that has been in operation since the 80s.  The working farm is over 120 acres of land and is a local treasure. If you haven’t visited the farm, definitely check out their events page, as they offer regular things to entertain all ages! The farm offers outdoor yoga on Saturdays and small, safe adventures for families.  Through November, Holly Hill Farm is offering Quests for Kids, which are like treasure hunts set on a one-hour nature walk.  While typically, during the summer a camp for children is typically offered, due to covid-19 all summer camp programs at holly hill farm were cancelled.

holly hill farmImage Source: Holly Hill Farm Website

Furnace Brook Golf Club

Not far from Quincy, Furnace Brook Golf Club offers terrific views and challenging play for golfers at every skill level. Many golfers prefer to play the course with a local, or someone who has played it before.  Regardless, Furnace Brook Golf Club is a terrific choice for your regular rounds of golf or a new destination for you and friends when visiting Quincy.

Have you ever golfed at Furnace Brook Golf Club?  

furnace brook golf courseImage Source: Furnace Book Golf Course Website

World’s End

World's End is a 251-acre park and conservation area located on a peninsula in Hingham.  The peninsula is bordered by the Weir River to the North and East and Hingham Harbor (part of Hingham Bay, and Boston Harbor) to the West. including easy trails and wooded pathways that ultimately open up to breathtaking views of green fields & the ocean blue. 

The trail offers a number of activity options and is accessible year-round. Dogs are also able to use this trail but must be kept on leash.

Arguably the most beautiful coastal trail on the South Shore region of the Boston area.

There is no shortage of things to do in the South Shore.  What are your favorite outdoor spaces in the area? 

world's endImage Source: Google Photos

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Looking to buy a home? Take a look at these South Shore area pages and what’s for sale.  Christopher Falco at Chris Falco Realty can help you with your next home purchase. 

Hanover, Weymouth, Rockland, Abington, Pembroke, Quincy, Braintree, and more...

Now is a great time to sell.  If you need more information about selling a home in South of Boston, take a look at these seller resources

 

 

Aug. 31, 2020

Should I Wait to Sell My Home?

South of Boston has seen a surge in the real estate market in recent years as compared to other cities within the U.S. When selling your home, timing is everything.  In the current climate, you may be wondering if now is a good time to sell your home. Take a look at these tips that could help you decide.

The process of selling a home can be frustrating. To minimize your frustration, it’s important to have the right help with real estate transactions. Using a licensed real estate agent/broker like Chris Falco at Chris Falco Realty is always recommended. 

1. Get the Best Price:

If you want to sell your house at the highest price, real estate trends show that now is a good time to sell. While typically, houses sold from January to May sell at higher prices, the COVID-19 pandemic and low interest rates are having an impact on the selling market.   With the interest rates so low, eager buyers are looking to take advantage of the opportunity to own a home. 

The market is indicating that most real estate listed for sale in South of Boston, is being sold at or over market value.  If we talk about the South of Boston area specifically. Its rising prices are luring all sorts of buyers from all over the area. More and more people are looking to stick to areas South of Boston for the convenience of it all, yet they still can't afford the prices that homes and condos command in the prime area. 

2. Timing Matters:

As we all know that COVID-19 has affected the economy of many countries globally. When news of COVID-19 began circulating, we thought real estate activity might come to screeching halt. At the beginning of this pandemic, real estate business remained flat. While there wasn’t any notable growth, most markets, including that of the South of Boston area, sustained the average number of homes listed and sold.  

In real estate markets across the US, including the South of Boston area neighborhoods like South Shore, Hanover, Weymouth, and Rockland, homes are listed and sold for often over asking price due to the limited inventory available.  The market conditions are right to sell your home now.

3. Do your Homework:

Before selling your house in the South of Boston area, be sure to take advantage of our FREE, no obligation home valuation tool.  It will give you a very good idea of what your home may be worth, without having to leave the comfort of your home.  It’s also important to begin analyzing the market, to make sure that you optimize the time to sell. To save your yourself some anxiety, consider reaching out to Chris Falco at Chris Falco Realty as he can guide you in the right direction on how to get top dollar and sell your South of Boston home quickly. 

Bottom Line

If you’re concerned about Covid-19 and selling your home, then make sure you talk to Chris Falco about the innovative ways he’s using new and different technology to ensure his clients safety during the sale of your home. If you’re considering downsizing or need more space for virtual learning, then now is definitely the time to inquire about what you can get for your home. 

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Chris Falco Realty also offers a 1% Listing to save home sellers money. Take a look at more information about that, now. As a local area expert, Christopher Falco understands the real estate market and knows how to price your home to sell it fast!  

Find out how much your home is worth today using our free, no obligation, home valuation tool.  

Take a look at the Seller Resources.

Create Your Own Market Report

 

 

Posted in Seller
Aug. 18, 2020

COVID Impact on the Real Estate Market in the South of Boston

While the pandemic has taken the world by the storm, the real estate market in South of Boston is no different. Before the coronavirus pandemic, the real estate numbers were healthy. The summer market is relatively weak as compared to the spring market. If we see from a national perspective, there is a significant decrease in the South of Boston real estate metrics from the last few months. 

But, despite the pandemic, the are market is ripening for recovery. According to Realtor.com, the housing market is positioning itself for recovery because of the diversity in its economy. The Boston economy pillars include healthcare, financial services, biotech, hospitals, and pharma companies, with the tech sector remaining stable and well insulated. Christopher Falco, Owner/Broker of Chris Falco Realty, has continued to work from home, aiding sellers, or buyers, consequently contributing to housing recovery.  

Home buyers are thinking;

Is it a good time to buy?

Because of the tech-savvy approach, both buyers and sellers are feeling confident, which is keeping the competition and housing demand high. Chris Falco is working hard while keeping himself and his clients socially distant. Virtual showings are the new normal, and people can walk through the house while sitting in their houses, cars, or business offices. Moreover, the entire home buying processes are being handled online – from the onset of signing the offer to closing in some cases- hence keeping everyone safe. 

An Increase in the Availability of Apartments and Rental Price Trends

Due to COVID-19, the availability of apartment inventory has seen an increase. Since April, an unusual trend was seen where the real-time availability rate of apartments is on the rise.  

The apartment price can be seen as holding steady as the rental prices are increased for the units in South of Boston.

The Average Condo Sale Price

There was an increase in the condo's average sales price, which was up to 40.4% compared to 2019, and the average price per square foot increased by up to 29.1%. The median sales prices increased 24.465. 

Property Price Development for Residential Area

The demand for residential properties will not decrease despite facing coronavirus crisis because people always need a roof over their heads. It appears that the real estate market will remain stable when it comes to price.

Mortgage Rates Will Remain Low

To counter the coronavirus's negative effects, the Federal Government issued a cut point of 50 to lower down the interest rates. This will help in reducing the borrowing cost and make the housing affordable for the next few months. Moreover, the mortgage rate, which was up to 3.80% at the start of the year, fell to a low level of 3.13%, representing a significant saving of costs. For buyers who are able to afford monthly payments, these lower rates are providing them an opportunity to capitalize that they will enjoy for the upcoming years.

The Bottom Line

It is obvious that the coronavirus will create an impact on the real estate market all over the country, but it is clear that you don't need to panic. The lower rates will help offset the headwinds in South of Boston, and the situation is predicted to be back to normal.

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If you are looking to buy real estate in any South of Boston neighborhood, Chris Falco can help you find the best deal. Whether you’re looking for a home in Hanover, Weymouth, South Shore, Quincy, Abington, or any other local areas, he can help! 

As a local area expert, Christopher Falco understands the real estate market and knows how to price your home to sell it fast!  

Find out how much your home is worth today using our free, no obligation, home valuation tool.  

Take a look at the Buyer Resources.

Create Your Own Market Report

 

Posted in Market Updates
Aug. 6, 2020

Best Places to Live South of Boston

Much of the American drama had its prologue on the beaches, in the forests, and amid the quarries south of Boston. From the anchor-drop of the Mayflower to the earliest establishment of self-governance and freedom to worship, the story of southern Massachusetts looms large over U.S. culture. Presidents, generals, and artists lived here. Today, the communities south of Boston make headlines for their elite quality of life. From historic houses to world-class amenities, sandy shores to woodland preserves, here are some of the best places to live south of Boston ... 

South Shore

Forget the T—are you ready to commute to work in downtown Boston by ferry boat? Not every community in South Shore, which hugs the coast from south Boston to Cape Cod, operates Boston commuter ferries ... but the possibility of a morning boat ride to work is just one of the perks of coastal living that tempts discerning home buyers to South Shore.

South Shore boasts some of the most beautiful beaches on the East Coast, water from deep harbours and tidal estuaries lapping white sand along a meandering coastline that touches 32 separate communities. Swimmers, surfers, and ocean kayakers will be in heaven. 

With great schools and beautiful scenery, it’s no wonder that Massachusetts’ rich and famous keep opulent houses in coastal communities like Cohasset and Scituate. Towns like Hull, Duxbury, and Marshfield offer more affordable living options. Median home sale prices clock in at $570,000.

The other great allure of South Shore is the history. The Puritan Pilgrims first made landfall at Plymouth and spread out along the coast throughout the 17th Century, dotting South Shore with charming New England Colonial villages brimming with museums, church steeples, theaters, and cultural treasures like the Plymouth Philharmonic Orchestra. The “Irish Riviera” also encapsulates in living history the thriving heritage of Irish immigration to Massachusetts.

Search South Shore Homes For Sale

Hanover

First settled in 1649, Hanover is the quintessential New England village—echoes of history sprawled across greenery, the modern seamlessly co-existing with the past under the shade of preserved trees that display brilliant fall colors in the waning summer. With median home prices of $475,000, Hanover is a steal to live in this much peace and quiet, a short commuter train ride from downtown Boston.

Only 10 miles inland from South Shore, the amenities of coastal living are close at hand. But it’s the greenery that draws nature lovers to inland suburbs like Hanover. Forge Pond Park represents the multimillion-dollar efforts of Hanover conservationists to preserve 240 acres of trails, fields, and rivers, perfect for a canoe or kayak trip to a favorite picnic spot.  

Closer to home, Hanover also boasts Starland Sports Park and Fun Center, where locals and visitors alike can enjoy mini golf, bumper cars, and indoor sporting events.

Search Hanover Homes For Sale

Weymouth

The best reasons to live in Weymouth are the affordable prices and the sense of community. A family-friendly town, nearly three quarters of the households married and over half raising children, Weymouth is the kind of village that forms tight bonds. Neighbors in Weymouth come together to celebrate triumphs, and have each others’ backs through the hard times. 

A “failed colony” when it was settled back in 1622 by ill-prepared colonists, this village, sandwiched between Braintree and Hingham projecting inland from the coast, has always been a bit of an underdog in the region. Hurt when an adjacent Naval Air Station closed in 1996, property values haven’t kept up with the surrounding region.

What that does mean is that you can get into a Weymouth home at median prices of $384,000—not bad for a town only a short commuter train or ferry ride to downtown Boston. With the South Weymouth Naval Air Station site slated for development, don’t count Weymouth out as a growth area. 

With the right guidance, you can easily find beauty and charm in Weymouth, including 43 parks, playgrounds, recreational areas, and memorials, as well as the preserved house where the nation’s second First Lady, Abigail Adams, was born. 

Search Weymouth Homes For Sale

Rockland

Rockland was named for the rocky terrain, different from the fertile farms and forests that characterize southeastern Massachusetts. Poor for agriculture, this inland town to the south of Weymouth instead became a hub of industry and milling, as well as a strategic military post. 

Industry has mostly left Rockland, resulting in shells of old factories and warehouses that dot the historic streets. Interestingly, this has made Rockland a destination of choice for artists, who reclaim the aesthetically pleasing buildings as studios, galleries, meeting places, and installation sites. This has lent the mostly technical and STEM-oriented workforce of Rockland a decidedly bohemian flare.

With median home prices just north of $320,000, it’s one of the most affordable towns in the area. With habitation dating back to the 17th century, it’s also one of the easiest places to live in a historic colonial home or repurposed industrial loft, a remarkably short driving or train commute to Boston. 

Rockland is adjacent to the now-defunct South Weymouth Naval Air Station, a site slated for development, which bodes well for the future of Rockland property values. So does forward movement on a motion to revitalize Rockland Center, a stretch of Union Street poised to thrive with a little love. The Lower South Union Street Historic District is a dream-come-true for history buffs, home of the Grand Army of the Republic Hall and eight other buildings on the National Register of Historic Places.

Search Rockland Homes For Sale

Abington

Abington is where you move if you are endlessly charmed (and who can blame you?) by the fondness of Puritan settlers for “Village Greens.” Most of the towns south of Boston have at least one. Perched between Weymouth, Brockton, and Rockland, Abington has thirty. 

There’s almost no home in Abington, where the home prices median out at an affordable $359,000, that isn’t within walking distance of a beautiful, manicured green space, perfect to walk pets, have a picnic, or just enjoy the fall colors on a brisk Massachusetts autumn day.

If that isn’t enough flora for you, Abington also sits adjacent to Ames Nowell State Park, where the whole family can hike, ride horses, or fish in Cleveland Pond. It’s a great place for cross-country skiing in the winter, too. 

If you like peace and quiet, Abington is just a proverbial “nice place to live”—a community of quiet streets, white picket fences, and ample parking. Only 20 miles south of Boston with easy commuting by train, it’s also an affordable place to live. Median home prices tip the scales at $359,000, with a median year of construction of 1969.

Search Abington Homes For Sale

Pembroke

Sprawling across 23 square miles of greenery inland from Duxbury, encompassing sparkling lakes, trimmed municipal forests, and acres of Wildlands Trust preserves, Pembroke is a place to enjoy affordable elegance within easy reach of South Shore. Known for its excellent schools and scattered with village greens, chic restaurants, and quaint coffee shops, this historic timber town was a contender in 2009 for CNN Money’s best places to live in the US.

Driving around, it’s easy to see why. Sparsely populated with room to breathe, each tasteful house seems to exist on its own block, harmoniously incorporated into the surrounding greenery. It’s almost hard to believe that median “sold” prices around here fall as low as $360,000. 

There’s more to Pembroke than just a comfortable suburban existence, though. The annual Grand Old Fish Frye sets the town alight with savory sizzling the first weekend in May. The Pembroke Country Club is one of the best greens in Massachusetts to play 18 holes. The Pembroke Friends Meeting House, built by Quakers in 1706, is still an active meeting hall, while the Pembroke Historical Society operates out of two historic one-room schoolhouses that have been converted into museums.

Search Pembroke Homes For Sale

Quincy

Part of, yet apart from, the urban sprawl of Boston just to the north, Quincy offers the perfect mix of “urban” and “suburban” to people who want the excitement of the city at their doorstep, but also a quiet hearth to come home to. It’s also a great place to enjoy an urban Boston lifestyle without the hefty price tag. The median home prices of $477,000 are steep, but nowhere near the bite of Boston proper.

Once a center for granite production and shipbuilding, Quincy is now largely a residential suburb of Boston, scattered with bars, coffee shops, and trendy restaurants to cater to the discerning professional demographic that resides here—frugal, but with a taste for the finer things.

There’s history to be had here, too. Quincy encompasses the Peacefield farming estate that is the ancestral home of Presidents John Adams and John Quincy Adams. John Hancock also called this town home. Wollaston Beach is popular for sunbathers in the summer months, while wealthy residents keep multi million-dollar homes in Marina Bay and Squantum to the north. 

Search Quincy Homes For Sale

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A local area favorite is Hornstra Dairy Farms and Ice Cream Bar, a family-friendly chance to explore New England’s dairy heritage, meet the cows, and taste the freshest ice cream you have ever tasted.  As you travel around the area, you are very likely to see their refrigerated trucks. Providing local delivery once a week to area neighborhoods, Honstra's farm fresh dairy products, as well as other specialty products, right to your door. View their delivery radius and other FAQs.

With the unique opportunities in the South of Boston, it truly is a great place to live. Regardless of the neighborhood you choose: South Shore, Hanover, Weymouth, Rockland, Abington, Pembroke, or Quincy, there are a lot of homes available on the market in the area.  Contact Christopher Falco at Chris Falco Realty to help you with your next purchase in the South of Boston. 

May 9, 2019

Selling Real Estate 101

Real Estate Transaction Refresher

This may be the first time you've ever sold a real estate property or it may have been some time since you've been involved in a real estate transaction. Here's a quick refresher on some of the real estate specific terms you'll want to know.

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Posted in Seller
May 6, 2019

Preliminary Financing | How much home can you afford?

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Posted in Buyer
April 9, 2019

7 Easy things. Don't make these mistakes

 

7 Things To Avoid After Applying for a Mortgage!

7 Things To Avoid After Applying for a Mortgage! | MyKCM

Congratulations! You’ve found a home to buy and have applied for a mortgage! You are undoubtedly excited about the opportunity to decorate your new home! But before you make any big purchases, move any money around, or make any big-time life changes, consult your loan officer. They will be able to tell you how your decision will impact your home loan.

Below is a list of 7 Things You Shouldn’t Do After Applying for a Mortgage! Some may seem obvious, but some may not!

1. Don’t change jobs or the way you are paid at your job! Your loan officer must be able to track the source and amount of your annual income. If possible, you’ll want to avoid changing from salary to commission or becoming self-employed during this time as well.

2. Don’t deposit cash into your bank accounts. Lenders need to source your money and cash is not really traceable. Before you deposit any amount of cash into your accounts, discuss the proper way to document your transactions with your loan officer.

3. Don’t make any large purchases like a new car or new furniture for your new home. New debt comes with it, including new monthly obligations. New obligations create new qualifications. People with new debt have higher debt to income ratios… higher ratios make for riskier loans… and sometimes qualified borrowers no longer qualify.

4. Don’t co-sign other loans for anyone. When you co-sign, you are obligated. As we mentioned, with that obligation comes higher ratios as well. Even if you swear you will not be the one making the payments, your lender will have to count the payment against you.

5. Don’t change bank accounts. Remember, lenders need to source and track assets. That task is significantly easier when there is consistency among your accounts. Before you even transfer money between accounts, talk to your loan officer.

6. Don’t apply for new credit. It doesn’t matter whether it’s a new credit card or a new car. When you have your credit report run by organizations in multiple financial channels (mortgage, credit card, auto, etc.), your FICO score will be affected. Lower credit scores can determine your interest rate and maybe even your eligibility for approval.

7. Don’t close any credit accounts. Many clients have erroneously believed that having less available credit makes them less risky and more likely to be approved. Wrong. A major component of your score is your length and depth of credit history (as opposed to just your payment history) and your total usage of credit as a percentage of available credit. Closing accounts has a negative impact on both those determinants of your score.

Bottom Line

Any blip in income, assets, or credit should be reviewed and executed in a way that ensures your home loan can still be approved. The best advice is to fully disclose and discuss your plans with your loan officer before you do anything financial in nature. They are there to guide you through the process.

Posted in Buyer
March 28, 2019

How a Home is an Investment

How to Put Your Housing Cost to Work for You

How to Put Your Housing Cost to Work for You | MyKCM

There has been a lot written about the benefits of homeownership. One benefit that continues to rise to the top is the added wealth homeowners gain simply by paying their mortgage while their home increases in value over time.

The National Association of Realtors (NAR) recently broke down the equity gained from price appreciation and principal payments in their Economists Outlook Blog. Homeowners who purchased their homes five years ago have already gained almost $80,000 in equity over that time with 80% of the gains coming from price appreciation.

For a homeowner who purchased their home 30 years ago, they have gained nearly $250,000 in equity with 70% coming from price increases. The full results can be seen in the chart below.

How to Put Your Housing Cost to Work for You | MyKCM

According to the Home Price Expectation Survey, a family who purchased a median priced home this January can expect to gain more than $42,000 over the next five years simply from price appreciation alone.

Bottom Line

Your home is one of the only investments you can live inside as you pay it off over time. If you are ready to use your housing costs to build wealth, let’s get together to discuss how to make your dream a reality.

Posted in Buyer, Seller
July 31, 2017

Curious About Local Real Estate?

Receive the Latest Local Market Stats

Curious about local real estate? So are we! Every month we review trends in our real estate market and consider the number of homes on the market in each price tier, the amount of time particular homes have been listed for sale, specific neighborhood trends, the median price and square footage of each home sold and so much more. We’d love to invite you to do the same!

Get Local Market Reports Sent Directly to You

You can sign up here to receive your own market report, delivered as often as you like! It contains current information on pending, active and just sold properties so you can see actual homes in your neighborhood. You can review your area on a larger scale, as well, by refining your search to include properties across the city or county. As you notice price and size trends, please contact us for clarification or to have any questions answered.

We can definitely fill you in on details that are not listed on the report and help you determine the best home for you. If you are wondering if now is the time to sell, please try out our INSTANT home value tool. You’ll get an estimate on the value of your property in today’s market. Either way, we hope to hear from you soon as you get to know our neighborhoods and local real estate market better.

Posted in Market Updates