Feb. 13, 2017

3 Questions to Ask If You Want to Buy Your Dream Home

       

3 Questions to Ask If You Want to Buy Your Dream Home

3 Questions to Ask If You Want to Buy Your Dream Home | MyKCM

If you are debating purchasing a home right now, you are probably getting a lot of advice. Though your friends and family will have your best interest at heart, they may not be fully aware of your needs and what is currently happening in the real estate market.

Ask yourself the following 3 questions to help determine if now is a good time for you to buy in today’s market.

1. Why am I buying a home in the first place? 

This is truly the most important question to answer. Forget the finances for a minute. Why did you even begin to consider purchasing a home? For most, the reason has nothing to do with money.

For example, a survey by Braun showed that over 75% of parents say “their child’s education is an important part of the search for a new home.”

This survey supports a study by the Joint Center for Housing Studies at Harvard University which revealed that the top four reasons Americans buy a home have nothing to do with money. They are:

  • A good place to raise children and for them to get a good education
  • A place where you and your family feel safe
  • More space for you and your family
  • Control of that space

What does owning a home mean to you? What non-financial benefits will you and your family gain from owning a home? The answer to that question should be the biggest reason you decide to purchase or not.

2. Where are home values headed?

According to the latest Existing Home Sales Report from the National Association of Realtors (NAR), the median price of homes sold in December (the latest data available) was $232,200, up 4.0% from last year. This increase also marks the 58th consecutive month with year-over-year gains.

If we look at the numbers year over year, CoreLogic forecasted a rise by 4.7% from December 2016 to December 2017. On a home that costs $250,000 today, that same home will cost you an additional $11,750 if you wait until next year.

What does that mean to you?

Simply put, with prices increasing each month, it might cost you more if you wait until next year to buy. Your down payment will also need to be higher in order to account for the higher price of the home you wish to buy.

3. Where are mortgage interest rates headed?

A buyer must be concerned about more than just prices. The ‘long-term cost’ of a home can be dramatically impacted by even a small increase in mortgage rates.

The Mortgage Bankers Association (MBA), the National Association of Realtors, and Fannie Mae have all projected that mortgage interest rates will increase over the next twelve months, as you can see in the chart below:

3 Questions to Ask If You Want to Buy Your Dream Home | MyKCM

Bottom Line

Only you and your family will know for certain if now is the right time to purchase a home. Answering these questions will help you make that decision.

 

Start your SEARCH and FIND YOUR DREAM HOME IN MASSACHUSETTS or RHODE ISLAND.

Posted in buyer, buying
Feb. 6, 2017

Buyer Demand is High, Housing Supply is Low

Buyer Demand Is Outpacing the Supply of Homes for Sale | Simplifying The Market

Buyer Demand Is Outpacing the Supply of Homes for Sale

The price of any item is determined by the supply of that item, as well as the market demand. The National Association of REALTORS (NAR) surveys “over 50,000 real estate practitioners about their expectations for home sales, prices and market conditions” for their monthly REALTORS Confidence Index.

Their latest edition sheds some light on the relationship between Seller Traffic (supply) and Buyer Traffic (demand).

Buyer Demand

The map below was created after asking the question: “How would you rate buyer traffic in your area?”

Buyer Demand Is Outpacing the Supply of Homes for Sale | Simplifying The Market

The darker the blue, the stronger the demand for homes in that area. Only six states had a weak demand level.

Seller Supply

The Index also asked: “How would you rate seller traffic in your area?”

As you can see from the map below, the majority of the country has weak Seller Traffic, meaning there are far fewer homes on the market than what is needed to satisfy the buyers who are out looking for their dream homes.

Buyer Demand Is Outpacing the Supply of Homes for Sale | Simplifying The Market

Bottom Line

Looking at the maps above, it is not hard to see why prices are appreciating in many areas of the country. Until the supply of homes for sale starts to meet the buyer demand, prices will continue to increase. If you are debating listing your home for sale, let’s get together to help you capitalize on the demand in the market now!

Feb. 4, 2017

5 Reasons to Sell Before Spring

No Matter What the Groundhog Says, Here are 5 Reasons to Sell Before Spring!

Is spring closer than we think? Depending on which groundhog you listen to today, you may have less time than you think to get your home on the market before the busy spring season.

Many sellers feel that the spring is the best time to place their homes on the market as buyer demand traditionally increases at that time of year. However, the next six weeks before spring hits also have their own advantages.

Here are five reasons to sell now.

1. Demand is Strong 

Foot traffic refers to the number of people who are out, physically looking at homes right now. The latest foot traffic numbers from the National Association of Realtors (NAR) show that the number of buyers out looking for their dream homes in December reached the highest mark since February 2016.

These buyers are ready, willing and able to buy…and are in the market right now! Take advantage of the strong buyer activity currently in the market.

2. There Is Less Competition Now 

Housing inventory just dropped to a 3.6-month supply, which is well under the 6-month supply needed for a normal housing market. This means, in many areas, there are not enough homes for sale to satisfy the number of buyers in that market. This is good news for home prices; however, additional inventory is about to come to market.

There is a pent-up desire for many homeowners to move, as they were unable to sell over the last few years because of a negative equity situation. Homeowners are now seeing a return to positive equity as real estate values have increased over the last four years. Many of these homes will be coming to market soon.

Also, new construction of single-family homes is again beginning to increase. A study by Harris Poll revealed that 41% of buyers would prefer to buy a new home, while only 21% prefer an existing home (38% had no preference).

The choices buyers have will increase in the spring. Don’t wait for this other inventory to come to market before you sell.

3. The Process Will Be Quicker

One of the biggest challenges of the housing market has been the length of time it takes from contract to closing. Banks are requiring more and more paperwork before approving a mortgage. There is less overall business done in the winter. Therefore, the process will be less onerous than it will be in the spring. Getting your house sold and closed before the spring delays begin will lend to a smoother transaction.

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

If you are moving up to a larger, more expensive home, consider doing it now. Prices are projected to appreciate by 4.7% over the next 12 months 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. You can also lock-in your 30-year housing expense with an interest rate around 4% right now. Rates are projected to rise by half a percentage point by the end of 2017.

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 back 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.

Posted in selling
June 5, 2015

Property Video - 44 Raymond Drive, Seekonk MA 02771

 

Custom Designed in 1987 to be one of Seekonk's most beautiful homes. Welcome to 44 Raymond Drive. This home sits on a gorgeous lot and features over 3000 sqft of living space with 4+ bedrooms and 3 full baths. Open Kitchen, hardwood and marble floors, a fireplaced living room, a large master suite with cathedral ceilings and a huge walk in closet. Additionally a formal dining room, an oversized 2.5 car garage, Central Air, great room with an attached sunroom, 1st floor laundry room, and a 900 sqft deck truly make this property a must see. Potential for home office with a separate entrance is also possible. A fabulous example of a mid 80's custom built contemporary that is waiting for it's new owner to make it their own. Call today to schedule your private showing.

April 1, 2015

EXIT Realty Consultants Converts Office to RE/MAX ELITE

As our franchise agreement came to an end with EXIT Realty a little over a month ago, I was presented with the opportunity to convert our office to a RE/MAX office. After much consideration, I am happy to announce that effective April 1st, 2015, our brokerage is now affiliated with RE/MAX and we will be operating as RE/MAX ELITE. I'm excited for this next chapter and for the opportunity to bring a higher level of branding, technology, training, and support to all of our agents. I look forward to building a team of highly motivated, ?#‎ELITE? real estate professionals.

I do want to thank EXIT Realty and many of the people who I highly respect and have become friends with over the past 5 years, especially the EXIT RI Broker/Owners and agents. I also want to thank the entire RE/MAX of New England Regional Team who has welcomed us in with open arms and made this transition seamless. Lastly (but not least) I'd like to thank my beautiful wife, my wonderful parents, and our fantastic agents. You have all supported my decision from day one and I truly could not have made this move without you. This decision was not easy but I know in my heart it was the right one for myself, my family, and for all of our agents and clients.

Hope you all have a great day!

 

- Manny Menezes
  Broker/Owner

  RE/MAX ELITE

To search for a home click here

Find out how much your house is worth here

 

Find an agent at:

EliteTeamNE.com

 

 

RE/MAX ELITE, Pawtucket RI, Seekonk MA

Homes For Sale

 

Jan. 6, 2015

Where will Mortgage Rates be Headed in 2015

Where will Mortgage Rates be Headed in 2015?

Where will Mortgage Rates be Headed in 2015? | Simplifying The Market

We finished 2014 with the 30 year fixed mortgage rate at 3.87% as per Freddie Mac. This is very close to the historic lows in the spring of 2013.

However, the Mortgage Bankers Association projects mortgage rates to be about 5% by the end of 2015. The website Investopedia agrees and gives some perspective on the 5% rate:

“Barring another financial and housing market implosion, and if the economy continues to improve, expect interest rates to rise in the latter half of 2015. If they do jump to the 5% range it will be a modest hike when compared to historical averages. Rates will still be far below the approximately 8.5% 30-year fixed-rates mortgages have averaged since 1971 when Freddie Mac started tracking them. Rates averaged 6% in the years leading up to the recession.”

Here are the latest 2015 mortgage rate projections from Fannie Mae, Freddie Mac, the Mortgage Bankers’ Association and the National Association of Realtors:

Interest Rates 2015 | Simplifying The Market

 

All information deemed reliable but not guaranteed. The opinions expressed in this article are intended to supplement opinions on real estate expressed by local and national media, local real estate agents and other expert sources. You should not treat any opinion expressed in this article as a specific inducement to make a particular investment or follow a particular strategy, but only as an expression of opinion. Steve Harney, Inc. does not guarantee and is not responsible for the accuracy or completeness of information, and provides said information without warranties of any kind. All information presented herein is intended and should be used for educational purposes only. Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision. All investments involved some degree of risk. Steve Harney, Inc. will not be liable for any loss or damage caused by your reliance on information contained in this article.
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Posted in buyer, buying, selling
Jan. 4, 2015

Increasing Your Home's Value the Most for the Least

 

The following are tips to help increase your home's value and get your home sold in the fastest time possible based on my experience working with home owners who have sold their home and feedback from home buyers that buy homes. The last two tips will be most appropriate if you are thinking you might sell your home within the next 1-2 years.

 

TIP ONE: Painting and Carpeting
A fresh coat of paint will make a room look new and clean and new carpets will make it shine that much more. Be sure to pick a paint color that is neutral as that will appeal to the most people. I have seen many buyers walk into a home with rooms painted the seller's favorite color and just walk out because they hated it! Buyers also will always look down at the floor when they walk into a room. So be sure that the carpets are clean, and if they are worn, consider getting them replaced. Worn or dirty carpets and badly painted or dirty walls will make a buyer think that there are other issues with your home even if there is not.

 

TIP TWO: Energy Costs
These days, most buyers will ask me "What is the average monthly utility bill cost?" of homes they are looking at to buy. Most utilities offer free energy audits. Take advantage of this as it can help you save money now and it can help you down the road when you are ready to sell your home! I have seen buyers favor homes that have lower monthly utility costs over other homes all else being equal!

 

TIP THREE: The Kitchen
In most homes, buyers will spend the most time in the kitchen. Make sure your kitchen is ready for
this. If you have appliances that are dirty or old, get them cleaned spotless or consider replacing them. You do not need to spend a lot of money replacing your stove or refrigerator with top end appliances, but you do not want buyers walking into a kitchen, see a dirty stove or refrigerator and then walking out because of it. And do not forget the drawers and cabinets as buyers will open these! If you need a referral to a good cleaning service, let me know and I can send you a couple of names.

 

TIP FOUR: The Bathrooms
Your bathrooms will also get the drill sergeant review from buyers, in particular any master bathrooms. Similar to the kitchen, make sure that any old fixtures are replaced and that the floors, bathtub & shower and walls are CLEAN. You can replace bathroom fixtures easily these days without spending a lot of money. And a fresh coat of paint can go a long way here too. I have seen buyers walk out of houses after walking into dirty old bathrooms.

 

TIP FIVE: Curb Appeal
First impressions count. Similar to a fresh coat of paint for a room, a yard that has the grass cut nicely goes a long way. Walk outside and look at your front yard and the front of the home. Does the front of the house need paint or residing? Are there any broken windows or shutters that need repair? Does the yard need cleaning? You do not need to hire a landscape architect, but you want to make sure that your yard looks clean and nice. Be sure to pick up any items in the yard, position trash bins so that they are not visible from the street and any other general cleaning / maintenance that might be needed. If you need information for a someone that does this type of work, let me know and I can send you a couple of names.

 

TIP SIX: Declutter
If you are thinking about selling within the next year, start this now. I have seen buyers walk through homes that have too much stuff everywhere and comment to me that it just looks messy. When a buyer thinks a home is messy, they figure that there are other problems with the home as well even if there is not! This is something that even I deal with sometimes as we just get so 'used to things' laying around that we do not even see them anymore. They almost become invisible! Do decluttering in two stages.

Stage One:
Get everything that you have not used in last few months (or years!), and do not anticipate using in the foreseeable future boxed up and in storage or the basement (neatly!). This would include clothes that you have not worn in long time, dishes / appliances that you have not used in forever, paperwork piling up, bathroom items and other things. These are items that you do not want to throw away or donate, but that you just do not need in your home on a day to day basis.

Stage Two:
This is when you are getting close to listing your home for sale. Now you want your home to be ready for buyers to walk through and have a good impression so that they think to themselves, "This is a clean and neat home, the owner must take care of it!" This will also help make moving day easier after your home is sold! Pack up even more clothes that you are not going to wear anytime soon, pack up toys, appliances that are not being used, other kitchen items, bathroom items, tools, books, art, etc. Put these in storage or boxed neatly into the attic or basement. Be sure to label all boxes with both the room they belong to, like, "Kitchen" and what is in the box "Dishes".

 

TIP SEVEN: Hire a Home Inspector
If you are thinking that you might sell your home in the next year, consider this, most buyers will hire a home inspector that will inspect your home for any and all issues. Wiring, foundation, installation, etc. In the case of a Home Inspection, you do not want to be surprised! When you accept an offer on your home, you want to close the deal with as little hassle as possible. More and more home owners will hire a home inspector and provide a home inspection report to buyers as this can make buyers more ready to make an offer on your home, especially if they are considering other homes that do not have a home inspection. The other benefit for you though is that you can use the home inspection as a 'What do I need to do' guide if you find something major. Please keep in mind that home inspection reports will be detailed and may startle you initially similar to reviewing your results from a physical if the doctor is not present! If you make the wise investment for a home inspection, have me come over after you get it to review it with you and I can give you advice on what is common in our market and what is not. Every market is different, so just because you see something that looks scary on the inspection report, does not necessarily mean you need to fix it. But either way, you can be assured that buyers will get an inspection done and you do not want to be surprised by this when you are trying to get the home sold.

Conclusion
Let me know if you have any questions on this. Again, this is based on my real world experience both selling homes for homeowners and helping buyers buy homes. Aside from marketing your home and generating buyer leads for it to the maximum extent in the market, negotiating the highest price possible for you home, we want to get your home sold fast and with the fewest issues as possible. I am in the area constantly with clients, so if you need me to come over for a few minutes to give any real world advice from a buyers perspective just let me know. Using my experience and knowledge now, BEFORE you are ready to sell, will go a long way in getting your more money, faster and easier when you ARE READY to sell.

 

Source: SearchAllProperties.com

 

 

Manny Menezes
Broker/Owner

EXIT Realty Consultants
888.908.8705

MannyTheRealtor@gmail.com

Licensed Real Estate Broker in RI, MA, & CT

Posted in selling
Jan. 3, 2015

Rhode Island Property Tax Rates

Rhode Island

 

 Town Residential    Commercial Industrial Year

 

 Barrington, RI 18.3 18.3 18.3 2014

 Block Island, RI 5.21 5.21 5.21 2013

 Bristol, RI 13.06 13.06 13.06 2014

 Burrillville, RI 18.88 18.88 18.88 2014

 Central Falls, RI 27.26 39.48 39.48 2014

 Charlestown, RI 9.9 9.9 9.9 2014

 Coventry, RI 18.66 22.49 22.49 2013

 Cranston, RI 22.84 34.25 34.25 2014

 Cumberland, RI 17.08 17.08 17.08 2014

 East Greenwich, RI 23.26 23.26 23.26 2014

 East Providence, RI 22.95 25.4 25.4 2014

 Exeter, RI 14.63 14.63 14.63 2014

 Foster, RI 21.06 21.06 21.06 2014

 Glocester, RI 21.24 24.14 24.14 2013

 Hopkinton, RI 20.64 20.64 20.64 2014

 Jamestown, RI 8.75 8.75 8.75 2014

 Johnston, RI 28.75 28.75 28.75 2013

 Lincoln, RI 23.57 26.94 26.94 2014

 Little Compton, RI 5.64 5.64 5.64 2014

 Middletown, RI 15.71 20.87 20.87 2013

 Narragansett, RI 10.04 15.06 15.06 2014

 Newport, RI 12.06 16.72 16.72 2014

 North Kingstown, RI 18.91 18.91 18.91 2014

 North Providence, RI 27.94 34.68 34.68 2014

 North Smithfield, RI 16.02 17.77 17.77 2014

 Pawtucket, RI 23.06 30.88 30.88 2014

 Portsmouth, RI 15.8 15.8 15.8 2014

 Providence, RI 33.75 36.75 36.75 2013

 Richmond, RI 20.94 20.94 20.94 2014

 Scituate, RI 18.98 21.94 21.94 2014

 Smithfield, RI 17.13 17.13 17.13 2014

 South Kingstown, RI 15.48 15.48 15.48 2014

 Tiverton, RI 19.3 19.3 19.3 2014

 Warren, RI 20.07 20.07 20.07 2014

 Warwick, RI 19.79 29.68 29.68 2013

 West Greenwich, RI 22.55 22.55 22.55 2014

 West Warwick, RI 25.39 30.85 30.85 2014

 Westerly, RI 10.64 10.64 10.64 2014

 Woonsocket, RI 35.94 39.99 39.99 2014

Posted in buyer, buying
Dec. 9, 2014

Waterfront Home in Portsmouth RI For Sale

 

Gorgeous panoramic views from all angles of this one of a kind property in Portsmouth's Common Fence Point Neighborhood. This well maintained "cottage" is nestled at the mouth of the Sakonnet River with expansive views of Mount Hope Bay. Highly desirable, direct water access with private beach. The home itself would be a great candidate for expansion or just a quick and easy update. If you're looking for LOCATION, then this is prime real estate. This property is ready to be your fantastic summer retreat or year round dream home. Call today for your private showing! You won't be disappointed.                    

Priced to sell at $375,000.00

247 Sakonnet Dr

Portsmouth, RI 02871

Call Manny Menezes at 401.323.8292

Manny Menezes Group @ EXIT Realty Consultants

 

 

Posted in buying
Oct. 27, 2014

3 Questions to Ask Before Buying a Home

3 Questions to Ask Before Buying a Home | Keeping Current Matters

If you are thinking about purchasing a home right now, you are surely getting a lot of advice. Though your friends and family have your best interests at heart, they may not be fully aware of your needs and what is currently happening in real estate. Let’s look at whether or not now is actually a good time for you to buy a home.

There are three questions you should ask before purchasing in today’s market: 

1. Why am I buying a home in the first place?

This truly is the most important question to answer. Forget the finances for a minute. Why did you even begin to consider purchasing a home? For most, the reason has nothing to do with finances. A study by the Joint Center for Housing Studies at Harvard University reveals that the four major reasons people buy a home have nothing to do with money:

  • A good place to raise children and for them to get a good education
  • A place where you and your family feel safe
  • More space for you and your family
  • Control of the space

What non-financial benefits will you and your family derive from owning a home? The answer to that question should be the biggest reason you decide to purchase or not.

2. Where are home values headed?

When looking at future housing values, Home Price Expectation Survey provides a fair assessment. Every quarter, Pulsenomics surveys a nationwide panel of over one hundred economists, real estate experts and investment & market strategists about where prices are headed over the next five years. They then average the projections of all 100+ experts into a single number.

Here is what the experts projected in the latest survey:

  • Home values will appreciate by 4% in 2015.
  • The cumulative appreciation will be 19.5% by 2018.
  • Even the experts making up the most bearish quartile of the survey still are projecting a cumulative appreciation of over 11.2% by 2018.

3. Where are mortgage interest rates headed?

A buyer must be concerned about more than just prices. The ‘long term cost’ of a home can be dramatically impacted by an increase in mortgage rates.

The Mortgage Bankers Association (MBA), the National Association of RealtorsFannie Mae and Freddie Mac have all projected that mortgage interest rates will increase by approximately one full percentage over the next twelve months.

Bottom Line

Only you and your family can know for certain the right time to purchase a home. Answering these questions will help you make that decision.

 

Source: Keeping Current Matters Copyright 2014

Posted in buyer