Author Archive

The Cost of Buying a Home is Rising!

Friday, February 15th, 2013 By

Housing analysts and mortgage bankers are in agreement that the “cost” of buying a home will increase this year.  The near record interest rates that we saw as we rang in the New Year are not going to be around for long.   According to the Mortgage Bankers Association  30 year mortgage rates are expected to creep up slowly in 2013 to 4.4%.   The other factor adding to the cost of  buying your first home or trading up to your dream home is the price of a house.  Housing analysts project that home values will increase by 3.1% this year.   Act now before the cost rises!  This  delightful 4 bedroom Cape in Dover is completely renovated and ready for you to move in!  Please call for a showing.

If you are thinking of buying or selling a home in Wellesley, WestonNeedham, Natick, or Dover,  please contact Susan Lyman, Realtor at Pinnacle Residential Properties , Wellesley, MA. Email slyman@pinnaclehouses.com or call 781.799.3449.

Move-Up Home Buyers in Wellesley MA – “DO IT NOW!”

Thursday, December 6th, 2012 By

If home buyers in Wellesley MA are thinking of moving up, The KCM Crew reports that real estate whiz Barbara Corcoran advises move-up buyers to “DO IT NOW!”  The following is her quote from CNBC’s show Fast Money:

“Right now, if you are upgrading to a bigger house, even if you’re selling at 10% off, you buy your new house at 10% off. Price appreciation is going to go much higher than people anticipate.”

If you are looking to trade up in Wellesley, MA, there are currently just 71 houses on the market.  Pinnacle’s listing at 53 Maugus Hill Road in Wellesley is a great home in which to move-up! This six bedroom home in Wellesley is priced at $2,499,000.

She also stated that in 9 out of 10 real estate markets, buyers are likely to be outbid on a housing purchase at least once.

If you are thinking of buying or selling a home in Wellesley, WestonNeedham, Natick, or Dover,  please contact Susan Lyman, Realtor at Pinnacle Residential Properties , Wellesley, MA. Email slyman@pinnaclehouses.com or call 781.799.3449.

Don’t Wait Until Spring to Buy a Home in Wellesley, Weston, Needham, or Dover

Tuesday, December 4th, 2012 By

Based on prices, mortgage rates and soaring rents, there may have never been a better time in real estate history to buy a home in Wellesley, Weston, Needham or Dover than right now. You may wish to consider purchasing Pinnacle Residential Properties’ listing in Dover, MA for instance.  It is a completely renovated 4 bedroom storybook cape that is listed for $1,099M.   Today, real estate is selling ‘low’.  It’s time to buy.

If you are thinking of buying or selling a home in Wellesley, WestonNeedham, or Dover,  please contact Susan Lyman, Realtor at Pinnacle Residential Properties , Wellesley, MA.  Email slyman@pinnaclehouses.com or call 781.799.3449.

Wellesley MA Commuter-Rail Service Has Been Enhanced

Tuesday, November 27th, 2012 By

When purchasing a home in the Boston area you may wish to consider the easy commute from Wellesley, MA.  There is good news for Wellesley MA commuter-rail service.  As of early October the commuter-rail line along the Framingham/Worcester line is  under ownership of the commonwealth.   This enabled MassDOT (Massachusetts Department of Transportation) to immediately  increase commuter-rail service between Boston and Worcester, with the addition of new inbound and outbound trains for a total of 31 stops.   There is now increased service for Wellesley Farms, Wellesley Hills and Wellesley Square.  Attached is a link to the  most recent schedule for the Framingham/Worcester Commuter Rail Line.

If you are thinking of buying or selling a home in Wellesley, WestonNeedham, Natick, or Dover,  please contact Susan Lyman, Realtor at Pinnacle Residential Properties , Wellesley, MA. Email slyman@pinnaclehouses.com or call 781.799.3449.

 

Mortgage Rates: What Goes Up Must Come Down…And Vice-Versa

Thursday, November 8th, 2012 By

As of last week the Mortgage Bankers Association predicts mortgage rates are likely to stay below 4 percent through the middle of 2013. After that mortgage rates will continue to increase gradually as the economy improves and finish around 4.4 percent in the fourth quarter of 2013. Rates will again increase slightly to average 4.5 percent in 2014. The increase in rates will impact buyers. If you are a buyer who has waited for the bottom you may have already missed a great opportunity to keep down the cost of buying a home.

What Does This Mean to a Buyer?

Keeping Current Matters published the following chart to demonstrate what impact certain changes would have on the mortgage payment of a home selling for approximately $200,000 today:

If you are thinking of buying or selling a home in Wellesley, WestonNeedham, Natick, or Dover, please contact Susan Lyman, Realtor at

Good News for Homeowners — Home Prices Expected to Rise

Tuesday, October 2nd, 2012 By

The latest quarterly survey regarding home prices is in from Pulsenomics, a “distinguished panel of over 100 economists, investment strategists, and housing market analysts regarding their 4-year expectations for future home prices in the United States. (more…)

Now is the Time to Buy in Wellesley, Weston, Needham, and Dover, MA

Tuesday, September 25th, 2012 By

If you are thinking of buying a home in Wellesley, Weston, Needham, or Dover, MA, now is the time to buy! (more…)

Absorption Rates in the Wellesley, MA Housing Market

Tuesday, August 21st, 2012 By

While many parts of the country are experiencing an oversupply of inventory (too many homes for sale), the market in the Wellesley, Weston, Needham, Dover, and Natick area are experiencing a different scenario. For example, Wellesley currently has an absorption rate of less than three months. Absorption rate is determined by dividing the total number of available homes by the number of sales per month. The figure shows how many months it will take to exhaust the supply of homes on the market. Wellesley has 123 houses on the market and 42 sold in the past month. A six month supply of homes is considered a “normal” market. Anything over 6 months is considered a “buyers market”, less than six months a “sellers market”. This rate does not take in to account additional homes that come on the market.

If you are thinking of buying or selling a home in WestonWellesley, Needham, Dover,  or Natick, please contact Susan Lyman at Pinnacle Residential Properties , Wellesley, MA (slyman@pinnaclehouses.com or 781.799.3449.

Gas Fireplace Inserts: Pros and Cons

Thursday, August 9th, 2012 By

It is hard to think about a fireplace when the temperatures are in the 90s but it is not too soon to think about the possibility of converting your wood burning fireplace to gas. We converted our inefficient wood burning fireplace 4 years ago and we are thrilled that we did. One word of caution – in our case the cost to install was greater than the actual gas insert.  The following reprint  from HouseLogic is very helpful when making the decision to switch.

Add a gas-burning fireplace insert if you want clean air and the ultimate in convenience.

Gas is the easiest fireplace insert to use and requires very little maintenance beyond the annual check-up. Click to view a larger image of this Mendota FV41i Prairie fireplace scene

Flip a switch; have fire. That’s the key appeal of a gas fireplace insert. You still enjoy real flames, but without the hassles of solid fuel. There is no firewood to stack, bags of pellets to dump, and no ashes to clean out. The air inside your house and in your neighborhood stays clean, too. No wonder that about 70% of all hearth products—fireplaces, inserts, and artificial log sets—now burn gas.

Unlike old decorative gas fireplaces, today’s gas inserts are heat-producing dynamos that use natural gas or propane to power a steady flame dancing on fake logs, decorative modern glass chips, or stones behind a sealed glass face.

Gas inserts are available as vented units or unvented units.

  • Direct-vent units are safest. They draw in outside air to keep the flame burning and exhaust all the combustion gases and water vapor released by burning gas.
  • Ventless inserts have a higher efficiency rating (92% to 99% vs. 60% to 80% for direct-vent inserts) because no heat escapes up the chimney. But the exhaust fumes and moisture released from burning gas stay in your house, which may be a cause for concern.

Most ventless gas fireplace inserts are considered safe for homeowners because they include an oxygen-depletion sensor that turns gas off before carbon monoxide reaches dangerous levels in the room. Nevertheless, some states don’t allow ventless gas units.

Check your local building codes regarding the types of fireplace inserts allowed in your area.

Capacity and cost of inserts

A gas-burning fireplace insert heats 1,000 to 3,000 square feet, depending on its size. Talk to your insert dealer about the size of your existing fireplace and what heating capacity you can expect from an insert.

Inserts cost $3,000 to $4,000, including installation and a chimney liner.

Upsides to a gas fireplace insert

  • Gas fireplace inserts can be used in masonry or prefab fireplaces; they can be vented through the existing chimney (or a wall for a free-standing unit).
  • Gas inserts require little maintenance beyond an annual $75 to $125 checkup. Its best application is for zone heating—turning up the gas in the room you’re in and lowering the thermostat in the rest of your house.
  • There’s a definite green factor—they burn with a 65% to 99% efficiency rating, which means very little pollution or smoke.
  • There’s no ash or creosote produced with a gas-burning unit.

On the downside

  • Propane is an expensive heating fuel—you won’t save money heating your whole house with a gas insert.
  • You’ll spend more on gas or propane than you would on wood or pellets to produce the same amount of heat.
  • A gas insert burns fossil fuel, so it doesn’t qualify for the 30% tax credit available for inserts that burn biomass, such as wood or pellets.

For more information about the real estate market in WestonWellesley, Needham, Dover,  and Natick, please contact Susan Lyman at Pinnacle Residential Properties , Wellesley, MA (slyman@pinnaclehouses.com) or 781-799-3449.

 

 

 

Housing Market IS Back

Sunday, August 5th, 2012 By

The market continues to be hot in the towns of Wellesley, Weston, Needham, Natick, and Dover.  This is the time to buy before prices appreciate.   There are 86 pending sales for just the past month in these areas. This number proves that the market, without doubt, is recovering nicely. It is time to get off the fence.

For more information about the real estate market in WestonWellesley, Needham, Dover,  and Natick, please contact Susan Lyman at Pinnacle Residential Properties , Wellesley, MA (slyman@pinnaclehouses.com) or 781-799-3449.

 

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