John Ternullo

North of Boston Real Estate Market Update October 2021

Welcome to our north of Boston monthly market update for October, 2021. We're taking a look at the market specifically in Middlesex and Essex counties and comparing September of 2021 to September of 2020. Now the market overall has definitely slowed down we're not seeing the intensity of bidding wars like we did last spring however it does remain a seller's market and prices are still up. So let's jump into the numbers. The total amount of units sold, that is down 10% compared to last September. Inventory levels, the amount of homes available for sale, that's also down by about 14.6%. Days on market, the time it's taking homes to sell, that's down about 24.2%.  But overall median prices are up about 4.5% compared to last September.  My advice to frustrated home buyers out there: if you decided to put your search on pause now's the time to start looking again. There are more opportunities out there now than what you may have seen last year. And in my opinion there's probably more opportunity out there now than what you may see next spring. For home sellers out there, pricing is critical if the market thinks a price is too high even if there's comps to support it a home may not sell until there's a price reduction. However, on the flip side if you price it too low you could be leaving money on the table. Sellers shouldn't automatically expect a fierce bidding war like their neighbor got about six months ago. So if you are considering a move in the suburbs north of Boston give us a call at 617-275-3379.

Curious about the numbers for your area?  Click the link for your town!

AndoverNorth Andover, North ReadingReadingWakefield and Stoneham

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For Sale! 18 Pilgrim Road Woburn, MA

18 Pilgrim Rd. Woburn, MA 01801

3 beds | 3 baths | 1722 sqft

 

Price: $647,500

Tucked away in a quiet neighborhood 18 Pilgrim Road is situated on a corner lot at the end of the street abutting conservation land, Inside, the layout is bright, airy and spacious. The kitchen, dining area and living room are completely open with soaring ceilings, making it an ideal backdrop for everyday living and entertaining. Off the dining area the deck is a convenient location for grilling and barbecues. Downstairs, the walk out finished lower level, complete with bathroom, offers flexible space, perfect for an office area and family room. Off the family room is another deck to enjoy some privacy outdoors. The two car garage makes for a much easier morning routine on cold winter mornings! Down the street Hurld Elementary School and convenient to Routes 95 and 93 making for an easy commute.

More photos and details here!

 

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The Big Question: Should You Renovate or Move?

The Big Question: Should You Renovate or Move? | MyKCM
 

The last 18 months changed what many buyers are looking for in a home. Recently, the American Institute of Architects released their AIA Home Design Trends Survey results for Q3 2021. The survey reveals the following:

  • 70% of respondents want more outdoor living space
  • 69% of respondents want a home office (48% wanted multiple offices)
  • 46% of respondents want a multi-function room/flexible space
  • 42% of respondents want an au pair/in-law suite
  • 39% of respondents want an exercise room/yoga space

If you’re a homeowner who wants to add any of the above, you have two options: renovate your current house or buy a home that already has the spaces you desire. The decision you make could be determined by factors like:

  1. A possible desire to relocate
  2. The difference in the cost of a renovation versus a purchase
  3. Finding an existing home or designing a new home that has exactly what you want (versus trying to restructure the layout of your current house)

In either case, you’ll need access to capital: the funds for the renovation or the down payment your next home would require. The great news is that the money you need probably already exists in your current home in the form of equity.

Home Equity Is Skyrocketing

The record-setting increases in home prices over the last two years dramatically improved homeowners’ equity. The graph below uses data from CoreLogic to show the average home equity gain in the first quarter of the last nine years:The Big Question: Should You Renovate or Move? | MyKCMOdeta Kushi, Deputy Chief Economist at First American, quantifies the amount of equity homeowners gained recently:

“Remember U.S. households own nearly $35 trillion in owner-occupied real estate, just over $11 trillion in debt, and the remaining ~$24 trillion in equity. In inflation adjusted terms, homeowners in Q2 had an average of $280,000 in equity- a historic high.”

As a homeowner, the money you need to purchase the perfect home or renovate your current house may be right at your fingertips. However, waiting to make your decision may increase the cost of tapping that equity.

If you decide to renovate, you’ll need to refinance (or take out an equity loan) to access the equity. If you decide to move instead and use your equity as a down payment, you’ll still need to mortgage the remaining difference between the down payment and the cost of your next home.

Mortgage rates are forecast to increase over the next year. Waiting to leverage your equity will probably mean you’ll pay more to do so. According to the latest data from the Federal Housing Finance Agency (FHFA), almost 57% of current mortgage holders have a mortgage rate of 4% or below. If you’re one of those homeowners, you can keep your mortgage rate under 4% by doing it now. If you’re one of the 43% of homeowners with a mortgage rate over 4%, you may be able to do a cash-out refinance or buy a more expensive home without significantly increasing your monthly payment.

First Step: Determine the Amount of Equity in Your Home 

If you’re ready to either redesign your current house or find an existing or newly constructed home that has everything you want, the first thing you need to do is determine how much equity you have in your current home. To do that, you’ll need two things:

  1. The current mortgage balance on your home
  2. The current value of your home

You can probably find the mortgage balance on your monthly mortgage statement. To find the current market value of your house, you can pay several hundreds of dollars for an appraisal, or you can contact a local real estate professional who will be able to present to you, at no charge, a professional equity assessment report.

Bottom Line

If the past 18 months have refocused your thoughts on what you want from your house, now may be the time to either renovate or make a move to the perfect home.

5 Crescent Ave, Stoneham, MA 02180

Welcome to 5 Crescent Ave, a bungalow style home thats both charming and updated! The eat in kitchen offers a gas range, stainless appliances, maple cabinets and enough room for breakfast or a quick bite. The living and dining room are open, a layout for both everyday living and easy entertaining for the holidays! The master bedroom makes up the entire 2nd level and offers a generous amount of private space separate from the main living area. Outside, there is plenty of room on the deck and patio to grill and gather with friends. The backyard offers space for play and is both flat and fenced in. The convenient 1 car garage makes winter mornings that much easier! Down the street from Lake Quanopowitt, the Wakefield commuter rail, Route 93, 95 and 28!

Click here for more photos and details!

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North of Boston Real Estate Market Update September 2021

Some seasonality came back into the market starting in July of this year.  We started to see some homes stay on the market longer, as well as some discouraged buyers put their search on hold. 

What do these trends mean? 

Check out the video for John's take on the north of Boston real estate market.

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For Sale! 5 Douglas Ave. North Beverly, Beverly, MA 01915

5 Douglas Avenue, North Beverly, Beverly, MA 01915

4 beds | 3 baths | 2,233sf

$799,900

Simply Stunning! This Cape Cod style home has been renovated, meticulously maintained, and updated with style.. both in and out! The gorgeous eat-in kitchen is complemented by white custom cabinets, stainless Bosch appliances, quartzite counters & features a generous island for family and friends to gather & mingle. While there is plenty of space for privacy, the first level is open, creating an ideal space for fun holiday entertaining, whether in the dining room or the fireplaced living room complete with wet bar! Separated from the main home, the master bedroom is truly a retreat complete with master bath & dressing room! The picture perfect yard is fenced in & welcomes gardeners, games or dinner on the patio! The clean basement offers potential. Smart home automation. Built in audio. Hardwood throughout. Refreshing central air. Oversized 2 car garage. See updates list! Convenient Location to Rt 95, down the street from commuter rail & minutes to restaurants and beaches!

See it at the Open House!  Saturday September 25 from 1pm-2:30pm

Click here for photos and more details!

 

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For Sale! 269 Green Street Stoneham, MA 02180

Loaded with curb appeal, this antique Cape Cod is both handsome, strong & anything but cookie cutter! 269 Green St welcomes you with a farmer's porch & inside you'll find New England warmth & charm. At the heart of the home, the eat-in kitchen w/ butler's pantry surrounds the wood burning fireplace. Moulding's, built-ins, & the fireplace make the dining room a perfect backdrop for holiday gatherings. The master bedroom is located on the 1st level in the front of the home, & 2 bedrooms & full bath are located upstairs. At the rear of the home on the 1st level, there is a spacious bath with stand up shower & a comfortable family room w/ rustic tongue-&-groove paneling. The office is perfectly tucked away, offering some privacy to get work done! A separate, 2nd level bonus room w/ lower ceilings would make for a fun play room, craft room or extra storage! Beautiful corner lot w/ extensive granite, stonewalls, patio & great yard for games & play! Great opportunity to make it your own!

Click here for more details and photos!

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    For Sale! 15 Cushing Drive Wilmington, MA 01887

    Welcome to 15 Cushing Drive! This split entry home is located in a highly desirable location in an established neighborhood at the end of a quiet cul-de-sac. The layout on the first level provides for both everyday living and easy entertaining. Surrounded by a wooded backdrop, the 3 season porch makes the outdoors enjoyable for morning coffee, an afternoon book, or evening dinner. Downstairs, the family room is spacious, comfortable and ready for movie nights! Convenient 1 car garage and comfortable central air! The side yard offers space for games and play. This home has been maintained with pride, is move in ready, and offers room for personalization. Convenient to shopping, restaurants, the commuter rail and the parks and recreation center at Yentile Farm!

    Click here for details and more pictures!

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      For Sale! 23 Gumwood Lane, Wakefield, MA 01880

      Welcome to 23 Gumwood Lane, a center entrance colonial in one of Wakefield's most coveted neighborhoods- Montrose Woods. The first level consists of a generous, sun-filled kitchen including a dining area, open to the fireplaced living room. The deck off of the kitchen is ready for barbecues and overlooks a tranquil, wooded lot. The family room is spacious and ready for movie nights! Upstairs, there are four bedrooms including a master bedroom and master bath. Convenient 2 car garage under and refreshing central AC! The walkout basement provides additional potential. This home is pristine, meticulously maintained and offers the ability to personalize. Wonderful location and down the street from shops, restaurants, Market Street, Lake Quannapowitt, Breakhart Reservation, Route 95, Route 1 and Wakefield Commuter Rail!

      Click here for details and more pictures!

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        For Sale! 21 Brewer Lane Reading, MA 01867

        Why live in the same home as everyone else? 21 Brewer Lane is a fashion forward,contemporary style home located on a quiet cul-de-sac in one of Reading's coveted neighborhoods! The interior is a modern, open layout, ideal for both entertaining as well as everyday living. Cathedral, planked wooden ceilings, glass and geometric lines add uncommonly refreshingly details. The eat-in kitchen has granite counters, stainless appliances & maple shaker cabinets. The fireplace is the focal point of the living room & the gas insert makes it practical,usable & enjoyable in cooler weather. The balcony off of the living room overlooks a tranquil, wooded lot. The office is tucked away off the kitchen & provides a green, natural background for zoom meetings! Downstairs the family room offers flexible space for a fun playroom,TV room, or additional work space. Located in a neighborhood of other cul-de-sacs ,down the street from Killam School, activities at Lake Quannapowitt and convenient to 93 & 95

        Click here for more details and pictures!

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