Monday, January 5, 2015

My Annual 10 Real Estate Predictions For The New Year

By: Jay Burnham

Every January I post what I believe will be the trends in real estate for the coming year. Here is what I expect in 2015...

1. Interest rates will likely be on the rise this year and inch up to 5% by the year end. I was wrong on this one in 2014, but who wasn’t? I’m taking a chance on rational economics again.


2. Home prices will cool off. They’re already doing so as homes aren't selling at the rate they were in 2013. The near double-digit gains of that year are gone, but that’s actually good for the health of the overall market. Nationally, as 2014 wrapped up, home appreciation slowed to about 4.5 percent. Expect appreciation to drop further to an average 3 percent in 2015.


3. Expect home-building to ramp up this year. It is projected to rise by 20 percent from last year. That will likely help total home sales to climb by about 5 percent, reaching the best sales pace in eight years.


4. Expect many builders to shift to less expensive homes, providing new construction to a larger pool of buyers and, as a result, more and faster sales.


5. Foreign investors will still find high-end American real estate appealing because of economic turbulence in their home countries. That section of the market is still all cash – people buying up expensive properties because it’s safer here than in their own countries.


6. Mortgage originations of single-family homes will likely slip by an additional 8 percent, which can be attributed to a steep drop in refinancing volume. Refinancings are expected to make up only 23 percent of originations in 2015; they had been making up more than half in recent years.


7. 2015 may be the year first-time homebuyers make a comeback. With rents rising faster than incomes, many Millennials are expected to start looking to buy homes of their own.


8. Baby boomers are also likely to make a move in 2015. Many are downsizing, and moving to be closer to their children or grandchildren. With fewer homes underwater, they’re finally in a position to sell.


9. On the commercial side, expect multifamily and industrial properties, two strong sectors in 2014, to remain so again in 2015. While spec construction of big industrial space has returned, the problem is that there’s only so much land where more can be built. Even so, the cost to own buildings compares favorably to leasing in many situations.


10. Overall, improving economic factors will provide more people the needed income to buy. Job growth creates housing growth. More prospective buyers will be able to ditch renting in favor of buying a house for the first time, both new and resale in 2015.

It will be a good year.

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Jay Burnham is a Premier Associate at Coldwell Banker Residential Brokerage in Beverly, MA. He is a past president of the North Shore Association of REALTORS and has been honored as the Association’s REALTOR Of The Year. He has been a real estate broker for 33 years and has sold more than $300 million of residential and commercial real estate. He lives in Hamilton with his wife, Linda Morey, manager of the Topsfield Coldwell Banker office.

Friday, September 5, 2014

Strike Out ALS with Coldwell Banker Residential Brokerage- Beverly

Beverly Coldwell Banker Agents & Friends


Our office was recently challenged to the ALS Ice Bucket Challenge to help the ALS Association by the Marblehead and Gloucester Coldwell Banker offices. We gladly accepted this challenge and took to Independence Park in Beverly, MA to make it happen. Follow the link, https://www.youtube.com/watch?v=9qtZYSc5WN0&feature=youtu.be and you will be able to see our challenge accepted and to hear us call out our other offices!

We are honored to partake in the challenge and also make a donation to the ALS Association, as Pete Frates (the leader in this challenge) is a resident of Beverly and a great inspiration to us all.


Friday, July 18, 2014

Come home to something different in Wenham

25 Topsfield Road, Wenham

Custom designed and masterfully constructed, this pristine Wenham residence is quintessential New England at its finest. Presenting natural materials on the exterior and featuring clean lines and simple forms throughout its interior, this definitive Arts and Crafts style home is sure to please any and all lovers of classic architecture.

“The idea from the very start was to build a house that would stand out as something other than your conventional Colonial,” says Realtor John Farrell of Coldwell Banker Residential Brokerage, who lists this property for $1.1 million.

See more of Lillian Shapiro's article on The Salem News website at: http://www.salemnews.com/homes/x1927860926/Come-home-to-something-different-in-Wenham

Friday, May 16, 2014

Relish the views from this Beverly oceanfront Colonial


91R Hale Street, Beverly

Here is part of the article posted in The Salem News regarding Peter Dorsey's listing 91R Hale Street in Beverly by Lillian Shapiro

"On the interior, the strategic use of large windows, skylights and sliders helps to “bring the outside in,” particularly in the sunroom, where the walls of glass overlook the sea below. Featuring an easy flow, the main level also includes a fully applianced kitchen with generous silestone counters, a formal dining room and a very large family room, complete with cathedral beamed ceiling, multihued slate flooring and an eye-catching brick wall and fireplace. Should you be seeking solitude or a private work space, a roomy den rounds off this floor."

Be sure to visit http://www.salemnews.com/homes/x2117391443/Relish-the-views-from-this-Beverly-oceanfront-Colonial for more of the article and www.nemoves.com/peter.dorsey for more information on the property.

Friday, April 18, 2014

Danvers Colonial with inviting pool -- just in time for summer

26 Lakeview Avenue, Danvers
Here is part of the article posted in The Salem News regarding Pamela Spiros's listing 26 Lakeview Avenue in Danvers by Lillian Shapiro.

"Sited on nearly an acre and close to the reservoir, this attractive Danvers Colonial in the sought-after Putnam View Estates subdivision makes a stunning first impression. With a wide-open and adaptable floor plan bathed in a gorgeous neutral palate, this home is sure to satisfy today’s contemporary homebuyer. Should your lifestyle require generous spaces in which to entertain or comfortable rooms in which to unwind, this is a house to fit the bill.

'Right now, you would be hard pressed to find another listing like this one on the local market,” says Realtor Pamela Spiros of Coldwell Banker Residential Brokerage. “This home was designed to accommodate easy living. There is such a natural, airy flow, with all of the rooms melding seamlessly together, and there is tons of storage throughout.'"

Be sure to visit http://www.salemnews.com/homes/x1445048622/Danvers-Colonial-with-inviting-pool-just-in-time-for-summer for more of the article and www.nemoves.com/pamels.spiros for more on the property.

Thursday, April 3, 2014

Beverly by the Numbers - March Real Estate Round-Up



Beverly Numbers


Beverly inventory levels have seen some improvement in the past month, but remain below target. There is an average of 2 months inventory of single family homes and four months inventory of condominiums on market as of April 1st. Pending sales for April are up over March: 24 single family homes; 7 condominiums; 2 multi-families. 
 
As we put the first quarter of 2014 in the books, real estate in Beverly has seen a 14% increase in total number of units of inventory sold and a 21% increase in total sales volume over the first quarter of 2013.

If you would like more detailed information about market conditions in Beverly, please contact me. I can be reached via email, direct line, via my website, Facebook Business Page or follow me on Twitter.

Karen Fogarty, Realtor, ABR, Green, CHMS


COLDWELL BANKER RESIDENTIAL BROKERAGE
50 Dodge Street, Suite 105
Beverly, MA 01915
Direct Line: 978-882-4135
Email: Karen.Fogarty@NEMoves.com
Website:
www.NorthShoreMoves.com
Facebook: www.facebook.com/NorthShoreMoves
Twitter: www.twitter.com/NorthShoreMoves

Tuesday, March 4, 2014

February Real Estate Sales Summary

Beverly Numbers

February was a tough winter month, but the buyers are out in full force. The 15 units of single family homes sold in February (down from 21 units in January) is largely attributable to exceptionally low inventory levels offered during December and January. As of March 3rd, there are already 16 single family homes with pending sales in the month of March.
Inventory levels, while improving, remain lower than target.

If you would like more detailed information about market conditions in Beverly, please email Karen.Fogarty@NEMoves.com or call Karen direct at 978-882-4135.