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110 Dracut Street, Methuen For Sale!

Updated contemporary cape in private wooded setting.  This home has been maintained with pride and includes many updates.  Including a new, renovated kitchen, with Jenn-Air stainless steal appliances.  This home features an open floor plan with master bedroom suite upstairs and two bedrooms on the first floor.  In addition this home offers a finished space above the garage that can be used as a fourth bedroom, ideal for extended family or home office. Conveniences such as two car garage and central air.  Call today to learn more.  Questions about the listing? Contact the Ternullo Real Estate Team at 617-275-3379. 

View Listing Details Here

 

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The Ternullo Team's 5th Annual Client Appreciation Night

(From left:  Christine Hurley, Lenny Clarke and Frank Santorelli)

Our team hosted our 5th Annual Client Appreciation Night at Giggles Comedy Club in Saugus.  What a night it was!  Our cheeks hurt from laughing so much!  The night started out with pizza and drinks and ended with a hilarious comedy show featuring seven comics.  Johnny Pizzi did an awesome job MC'ing the show.  

This was a special night to show our appreciation and say “thank you” to our past, current and future clients and to our friends/family for their support.  We especially want to thank our sponsors and trusted vendors:  

We hope everyone had a blast! Thanks again to Giggles Comedy Club for having us and Prince Pizzeria for the yummy food!

5 Reasons To Sell This Spring

Selling a Home with a RealtorBelow are five reasons listing your home for sale this spring makes sense.

1. Demand Is Strong

The latest Buyer Traffic Report from the National Association of Realtors (NAR) shows that buyer demand remains strong throughout the vast majority of the country. These buyers are ready, willing and able to purchase… and are in the market right now! More often than not, in many areas of the country, multiple buyers are competing with each other to buy the same home.

Take advantage of the buyer activity currently in the market.

2. There Is Less Competition

Now Housing inventory is still under the 6-month supply that is needed for a normal housing market. This means that, in the majority of the country, there are not enough homes for sale to satisfy the number of buyers in the market.

Historically, the average number of years a homeowner stayed in his or her home was six, but that number has hovered between nine and ten years since 2011. There is a pent-up desire for many homeowners to move as they were unable to sell over the last few years due to a negative equity situation. As home values continue to appreciate, more and more homeowners will be given the freedom to move.

Many homeowners were reluctant to list their home over the last couple years, for fear that they would not find a home to move in to. That is all changing now as more homes come to market at the higher end. The choices buyers have will continue to increase. Don’t wait until this other inventory comes to market before you decide to sell. 

3. The Process Will Be Quicker

Today’s competitive environment has forced buyers to do all they can to stand out from the crowd, including getting pre-approved for their mortgage financing. This makes the entire selling process much faster and much simpler as buyers know exactly what they can afford before home shopping. According to Ellie Mae’s latest Origination Insights Report, the time needed to close a loan is 49 days.

4. There Will Never Be a Better Time to Move Up

If your next move will be into a premium or luxury home, now is the time to move up! The inventory of homes for sale at these higher price ranges has forced these markets into a buyer’s market. This means that if you are planning on selling a starter or trade-up home, your home will sell quickly AND you’ll be able to find a premium home to call your own!

Prices are projected to appreciate by 4.6% over the next year according to CoreLogic. If you are moving to a higher-priced home, it will wind up costing you more in raw dollars (both in down payment and mortgage payment) if you wait.

5. It’s Time to Move on With Your Life

Look at the reason you decided to sell in the first place and determine whether it is worth waiting. Is money more important than being with family? Is money more important than your health? Is money more important than having the freedom to go on with your life the way you think you should?

Only you know the answers to the questions above. You have the power to take control of the situation by putting your home on the market. Perhaps the time has come for you and your family to move on and start living the life you desire.

That is what is truly important.

If you're thinking about selling your home in the North of Boston Suburbs, call the Ternullo Real Estate Team today!

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    March 2019 North of Boston Real Estate Market Update

    “As the spring market blows in, it is announcing itself differently in every neighborhood,” reports Linda O’Koniewski, CEO of Leading Edge. “Real estate is proving to be hyper local. As unprecedented appreciation comes to an end, some neighborhoods continue to see stiff competition for homes with multiple offers. Homes that are priced “aggressively” and missed the mark are sitting unsold. Pricing is more important now than it has been in five years.” 

    Massachusetts Real Estate Market - March 2019

    If you have any questions about our local market or if you are thinking about buying or selling a home in the North of Boston suburbs, contact the Ternullo Real Estate Team today!

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      216 Rangeway Road For Sale!

      A part of the Swan Meadows community, 216 Rangeway Road, is your new home! This home is perfect for entertaining with the open layout and the glass fireplace is adding to the ambience. Looking to host dinner parties? The kitchen offers plenty of work space with a breakfast bar for friends to mingle & opens to a dining room large enough to host the largest of family gatherings. The sun room is a great space for summer dinners & leads to a cozy patio for a barbecue grill & a space to enjoy a book & some fresh air. Questions about the listing? Contact the Ternullo Real Estate Team at 617-275-3379. 

      View Listing Details Here

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        4 Reasons To Buy A Home This Spring

        Home BuyersBelow are four great reasons to consider buying a home today instead of waiting.

        1. Prices Will Continue to Rise

        CoreLogic’s latest Home Price Index reports that home prices have appreciated by 4.7% over the last 12 months. The same report predicts that prices will continue to increase at a rate of 4.6% over the next year.

        The bottom in home prices has come and gone. Home values will continue to appreciate for years. Waiting no longer makes sense.

        2. Mortgage Interest Rates Are Projected to Increase

        Freddie Mac’s Primary Mortgage Market Survey shows that interest rates for a 30-year fixed rate mortgage have started to level off at just under 4.5%. Most experts predict that rates will rise over the next 12 months. The Mortgage Bankers Association, Fannie Mae, Freddie Mac, and the National Association of Realtors are in unison, projecting that rates will increase by this time next year.

        An increase in rates will impact YOUR monthly mortgage payment. A year from now, your housing expense will increase if a mortgage is necessary to buy your next home. 

        3. Either Way, You Are Paying a Mortgage

        There are some renters who have not yet purchased a home because they are uncomfortable taking on the obligation of a mortgage. Everyone should realize that unless you are living with your parents rent-free, you are paying a mortgage - either yours or your landlord’s.

        As an owner, your mortgage payment is a form of ‘forced savings’ that allows you to have equity in your home that you can tap into later in life. As a renter, you guarantee your landlord is the person with that equity.

        Are you ready to put your housing cost to work for you?

        4. It’s Time to Move on with Your Life

        The ‘cost’ of a home is determined by two major components: the price of the home and the current mortgage rate. It appears that both are on the rise.

        But what if they weren’t? Would you wait?

        Look at the actual reason you are buying and decide if it is worth waiting. Whether you want to have a great place for your children to grow up, you want your family to be safer, or you just want to have control over renovations, maybe now is the time to buy.

        If the right thing for you and your family is to purchase a home this year, buying sooner rather than later could lead to substantial savings.

        If you're thinking about buying a home in the North of Boston Suburbs, call the Ternullo Real Estate Team!

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          717 Lowell Street For Sale!

          Welcome to 717 Lowell Street. This contemporary home (with a pool!) is located in Peabody's coveted West Side. There's tons of space in this property - 3 bedrooms, 3 bathrooms, and lots of space to relax both indoors and outdoors. Questions about the listing? Contact the Ternullo Real Estate Team at 617-275-3379. 

          View Listing Here

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          Will a recession cause prices to fall in the Suburbs North of Boston?

          Home PricesLast week, the National Association for Business Economics released their February 2019 Economic Policy Survey. The survey revealed that a majority of the panel believe an economic slowdown is in the near future:

          “While only 10% of panelists expect a recession in 2019, 42% say a recession will happen in 2020, and 25% expect one in 2021.”

          Their findings coincide with three previous surveys calling for a slowdown sometime in the next two years:

          1. The Pulsenomics Survey of Market Analysts
          2. The Wall Street Journal Survey of Economists
          3. The Duke University Survey of American CFOs

          That raises the question: Will the real estate market be impacted like it was during the last recession?

          A recession does not equal a housing crisis. According to the dictionary definition, a recession is:

          “A period of temporary economic decline during which trade and industrial activity are reduced, generally identified by a fall in GDP in two successive quarters.”

          During the last recession, prices fell dramatically because the housing collapse caused the recession. However, if we look at the previous four recessions, we can see that home values weren’t negatively impacted:

          • January 1980 to July 1980: Home values rose 4.5%
          • July 1981 to November 1982: Home values rose 1.9%
          • July 1990 to March 1991: Home values fell less than 1%
          • March 2001 to November 2001: Home values rose 4.8%

          Most experts agree with Ralph McLaughlin, CoreLogic’s Deputy Chief Economist, who recently explained:

          “There’s no reason to panic right now, even if we may be headed for a recession. We’re seeing a cooling of the housing market, but nothing that indicates a crash.”

          The housing market is just “normalizing”. Inventory is starting to increase and home prices are finally stabilizing. This is a good thing for both buyers and sellers as we move forward.

          Bottom Line

          If there is an economic slowdown in our near future, there is no need for fear to set in. As renowned financial analyst, Morgan Housel, recently tweeted:

          “An interesting thing is the widespread assumption that the next recession will be as bad as 2008. Natural to think that way, but, statistically, highly unlikely. Could be over before you realized it began.”

          Contact the Ternullo Real Estate Team if you have any questions about the real estate market in the suburbs North of Boston.

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            Home Buyer Update!

            Home Buyers

            Home Buyer Alert! Mortgage Rates just hit a 12 month low! John Ternullo and John Marroni discuss what that means for buyers in the Suburbs North of Boston.

            From Sam Khater, Chief Economist at Freddie Mac: "The combination of cooling inflation and slower global economic growth led mortgage rates to drift down to the lowest levels in a year. While housing activity has clearly softened over the last nine months and the lingering effects of higher rates from last year are still being felt, lower mortgage rates and a strong job market should rekindle demand for the spring homebuying season."

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