JUST LISTED! Chic Hampton Place Penthouse

Posted on November 20, 2015 by Lara

79 Florence Street, ‪#‎600S‬, Chestnut Hill – One of the largest and most desirable units at Hampton Place! Endless options for the next resident in this corner penthouse with over 3,000 sq ft of living area with architectural details and 4 garage spaces! Bright and spacious fireplaced living room boasts tray ceiling and floor to ceiling windows offering gorgeous panoramic views. The living room flows into the dining room, large eat-in kitchen with island and cozy den. Both bedrooms are graciously sized with walk-in closets and large luxurious his and her en-suite bath for master bedroom. Laundry in-unit and tons of storage round out this penthouse. Building amenities include club house, exercise room, indoor/outdoor pools and 24/7 security. Close to Chestnut Hill shops, restaurants and Route 9. Contact me today for a private showing. Click here to view more.

Zillow: Millennials Will Be Biggest Home-Buying Bloc by End of 2015

Posted on December 12, 2014 by Lara

Courtesy of Boston.com

By Kelly O’Brien

Boston.com Staff | 12.03.14

Zillow has a prediction that ought to surprise young people feeling trapped in Boston’s rental cycle: By the end of next year, millennials will overtake Gen X’ers as the country’s biggest bloc of home-buyers.

The company forecasts 2015 will be a promising year for those trying to buy a home for the first time. After looking at factors like income growth, new home construction and increases in rental prices, it’s economists talked directly to potential homebuyers.

“Roughly 42% of millennials say they want to buy a home in the next one to five years, compared to just 31% of Generation X,” said Dr. Stan Humphries, Zillow’s chief economist, in a statement.

“The lack of home-buying activity from millennials thus far is decidedly not because this generation isn’t interested in homeownership,” he said, “but instead because younger Americans have been delaying getting married and having children, two key drivers in the decision to buy that first home. As this generation matures, they will become a home-buying force to be reckoned with.”

Michael Breer, a Boston real estate blogger, sees the same trend locally. “A lot of millennials are coming of age,” he said. Breer, who is also an agent with Sotheby’s International Realty, notes that in the Boston region, banks seem more willing than they were a few years ago to give mortgage loans to millennials – a major hurdle for the first-time home-buyer.

Still, millennials (those under 35 years old) have a lot of ground to make up on Generation X (35-50 years old) and the rest of the U.S. population. A September report from Redfin real estate brokerage said only 42% of millennials nationwide own homes, compared to 65% of the general population.

That gap is much, much bigger in the Boston metro region. According to Zillow’s numbers, only 19% of millennials in Boston, Cambridge and Newton currently own homes, compared to 61% of Gen X’ers and 77% of Baby Boomers. Zillow says the local gulf in ownership is worse than all but five other cities in the whole country.

It’s not a surprise there are relatively few millennial homeowners in Boston, given the competitive market new buyers face. There’s also the problem of matching the high expectations of young people looking to live in trendy areas like the South End, Beacon Hill or Back Bay with the financial realities there.

“You look at the neighborhoods that are desirable for millennials and they’re just not affordable,” said Breer. “Even in a place like Somerville, you’re probably looking at $300,000 to $500,000 for a studio or a one-bedroom.” Breer says under those conditions, young people are likely to rent for a few years in hot neighborhoods before looking to buy somewhere cheaper.

If Boston is going to catch the newly predicted wave of millennial homebuyers, it has to reverse that trend soon, which isn’t likely. For 2015, Boston ranks low among large cities on Zillow’s list of best places for likely first-time buyers – below even notoriously expensive markets like New York and San Francisco.

A big reason Boston is rated as unfavorable to first-time buyers is slow growth in the low-end housing market, a bracket millennials are most likely to land. According to Zillow, Boston has only 6% more units available in that market than it did a year ago. On the other end of the spectrum there’s Las Vegas, which has about 85% more bottom tier homes than it did last October.

Rich Hornblower, a broker with Coldwell Banker who also spoke to Boston.com last month about the tough first-timers market, is holding out hope for the future. He points to a number of projects underway at the Boston Redevelopment Authority, some of which include affordable housing units, as proof the city is trying to attract younger buyers.

“I think as the city keeps on improving and getting better we’re going to see more people trying to set their roots,” Hornblower said. “I think [millennial home ownership] will go up as Boston becomes more of a destination for people trying to stay after college.”

He also thinks young Bostonians will get sick of constantly rising rents and start to long for the stability of a fixed mortgage payment – another major factor in Zillow’s forecast. “They can get a fixed cost, know that they can live in the city and stay there,” Hornblower said. “That’s really valuable versus renting, especially in the downtown area where rents can go up year to year and you have no control over it.”

7 Steps to Buying a Home

Posted on August 18, 2014 by Lara

1. Define your needs.

Congratulations on your decision to purchase a new home! Before you begin your search, you need to define what kind of home and neighborhood would best suit your desires and needs. Then, make a “must-have” list for qualities in your future home that are non-negotiable. To further define your needs, you may want to divide your lists into negotiable and non-negotiable items, so your agent can operate with some flexibility when scouting for homes on your behalf. Share this list with your real estate agent. The more specific your criteria is, the more effective your home search will be.

2. Get Pre-approved.

Now that you know what you want in a home and neighborhood, you need to find out what you can truly afford. Ask your real estate agent for a list of trusted mortgage professionals to begin the pre-approval process for a home loan.

Your pre-approved status lets the seller know:

You have gone through an extensive financial background check.
A lender is willing to do business with you.
The likelihood of unexpected obstacles regarding financing is minimal.

3. Begin the Search

Now you are ready to embark on your home search. The most efficient route is to allow your real estate agent to do the initial scouting for you. Using your “must-have” list as a guide, your agent will alert you of new and existing listings that have strong potential. If these listings pique your interest, your agent will arrange home tours at your convenience. Many agents send alerts via MLS email – sometimes as often as daily, depending on the available inventory in your market.

You also can do some research on your own. Read local real estate publications, contact your local neighborhood associations, visit the local chamber of commerce, surf the Internet, or drive around your favorite neighborhoods. While these methods certainly can lead to your dream home, it’s important to note that 82 percent of home sales are the result of agent connections.

4. Make an offer with your Buyer’s Agent

When you’re ready to make an offer on a home, your buyer’s agent will help you determine the offer price by reviewing recent sales of homes similar in size, quality and amenities called “comps.” With your input, she will draft a written contract that outlines what needs to be done by both parties to execute the transaction. If the seller accepts the offer, the document becomes a binding agreement, so it is imperative that you carefully review it with your agent. It’s important to note that if the seller changes any aspect of the offer, it is not a binding agreement until the buyer agrees to the seller’s changes.

Strike a deal.

Sometimes, you get lucky and the seller accepts your offer as is. However, in most instances, the seller will make a counteroffer. This is where your real estate agent’s experience in negotiations will be invaluable. Keep in mind almost everything is negotiable when you are buying a home. This can give you a great deal of leverage in the buying process – that is, if you have adequate information and you use it in an appropriate manner.

Remain in close contact with your real estate agent so you can quickly review any changes from the seller. Remember: Bargaining is not a winner-take-all deal. It is a business process that involves compromise and mutual respect.

5. Prepare for the closing with your Attorney and Buyer’s Agent.

When an offer becomes a binding agreement, your agent will help you tackle the checklist of action items that you, as the buyer, have agreed to perform prior to closing. Depending on how the responsibilities are divvied up in the agreement, this is typically when you will:

Conduct a home inspection.
Get an appraisal and finalize your financing.
Secure title insurance.

Having these procedures done in a timely and professional manner is a must, as any delays could threaten a successful closing. Your agent will serve as your advocate, helping to coordinate activities and making sure the vendors have access to the property to perform their jobs.

6. Close the deal.

Congratulations! The closing is where home ownership is legally transferred from the seller to the buyer. It is a formal meeting that most parties involved in the transaction will attend. Closing procedures usually are held at the title company’s or lawyer’s office. The closing officer will coordinate all the document-signing and the collection and disbursement of funds. A few days before your closing date, your lender will send a final closing statement that outlines your closing costs, if applicable. Your real estate agent will review this document with you to ensure its accuracy, as well as help you gather any necessary documentation that you’ll need to bring to closing.