Personalized service is becoming a rare commodity in 2019.  From my own recent experience, you can travel from coast to coast and be surrounded by people but not interact with a single one.   Automation and artificial intelligence is taking over!  In some situations it makes perfect sense but in the real estate world with your biggest investment on the line you deserve more.  You deserve personal attention not a one size fits all box approach!    You deserve a local market expert!   You deserve a team approach where you are the top priority!  Farrelly Realty Group is just the firm you deserve. Geri Farrelly, the Broker/Owner of Farrelly Realty Group is keeping her firm "Boutique Size" where personalization is the corner stone of the business. Geri and her team believe "Your Roots are Their Foundation".  Check out the recent press on this unique personal approach to real estate.   

 

https://s3.amazonaws.com/files.usmre.com/6172/GERI%20FARRELLY%20(1).pdf

We at Farrelly Realty Group like to say, Real Estate is local and we are as local as the come!  We understand that our clients are not just buying a house but searching for a home within a community they feel they can belong.  We are connected to the communities we serve and want our clients to feel satisfied with their home AND happy in their new community. We will be bringing a new series to you each month called our "Community Spotlight".   The series will highlight different aspects of the community in order to bring you that "hometown" feel right through the your device. So sit back, relax and learn more about the  North Reading and the Park and Recreation Department and all it brings to the residents of North Reading!

 

We at Farrelly Realty Group like to say, Real Estate is local and we are as local as the come!   We understand that our clients are not just buying a house but searching for a home within a community they feel they can belong.   We are connected to the communities we serve and want our clients to feel satisfied with their home AND happy in their new community.  We will be bringing a new series to you each month called our  "Community Spotlight".   The series will highlight different aspects of the community in order to bring you that "hometown" feel right through the your device. So sit back, relax and learn more about North Reading and the Horseshoe Grille.  The Horseshoe is one of North Reading's establishments where locals go to enjoy food, drink and entertainment.   We hope to see you around town soon!

 

While no one can predict the future with certainty, most experts expect to see modest growth in the U.S. housing market for the remainder of this year and next. And Middlesex county North of Boston expects to mirror that national growth.   Inventory will remain tight, mortgage rates will continue to creep up, and affordability will remain a major issue as is the same in many parts of the country.

So what does that mean for home buyers and sellers? To answer that question, we take a closer look at some of the top indicators.

 

 

CONTINUED GROWTH IN HOUSING MARKET

 

There’s good news for homebuyers! Prices have begun to stabilize after the period of rapid appreciation we saw this summer. Nationwide, home sales experienced a slight decline of 1.6 percent in the second quarter, primarily due to higher mortgage rates and housing prices combined with limited inventory. And here in the North of Boston market, there were 3% percent fewer homes on the market and slightly fewer homes sold in June than a year earlier, according to our MLS information. This continues a trend in which home sales were flat or down in 11 of the last 12 months.

 

However, buyers who have been waiting on the sidelines in anticipation of a big price drop may be disappointed. Demand remains strong across the sector and prices continue to rise. The Case-Shiller U.S. National Home Price Index reported a 6.2 percent annual gain in June, a healthy but sustainable rate of appreciation.¹

 

In its latest Outlook Report, Freddie Mac forecasts continued growth in the housing market due to a strong economy and low unemployment rate, which dropped to 3.9 percent in July.² 

 

“The housing market hit some speed bumps this summer, with many prospective homebuyers slowed by not enough moderately-priced homes for sale and higher home prices and mortgage rates,” according to Sam Khater, Chief Economist at Freddie Mac. “The good news is, the economy and labor market are very healthy right now, and mortgage rates, after surging earlier this year, have stabilized in recent months. These factors should continue to create solid buyer demand, and ultimately an uptick in sales, in most parts of the country in the months ahead.”³

 

 

INVENTORY TO REMAIN TIGHT, NEW CONSTRUCTION MAY HELP

 

Experts predict that demand for housing will continue to outpace available supply, especially in the entry-level price range.

 

“Today, even as mortgage rates begin to increase and home sales decline in some markets, the most significant challenges facing the housing market stem from insufficient inventory accompanying unsustainable home-price increase,” said National Association of Realtors (NAR) Chief Economist Lawrence Yun in a recent release.

 

"The answer is to encourage builders to increase supply, and there is a good probability for solid home sales growth once the supply issue is addressed,” said Yun. Additional inventory will also help contain rapid home price growth and open up the market to prospective homebuyers who are consequently—and increasingly—being priced out. In the end, slower price growth is healthier price growth."⁴

 

With so much demand, why aren’t more builders bringing inventory to the market? According to the National Association of Home Builders, a crackdown on immigration and tariffs on imported lumber have made home construction more difficult and expensive. Those factors—combined with the rising cost of land and increased zoning requirements—have put a damper on the industry overall.⁵

 

Still, there’s evidence that a modest rise in the rate of new building projects may be on the way. Freddie Mac predicts new housing construction will increase slightly after a stall last quarter.² And a recent report by Freedonia Focus Reports forecasts an annual increase in housing starts of 2.4 percent through 2022, led by an uptick in single-family homes.⁶ The boost in inventory should help drive sales growth and relieve some of the pent-up demand in tight markets.

 

While the current lack of inventory is generally preferred by sellers because it means less competition, a combination of high prices and rising interest rates has narrowed the pool of potential buyers who can afford to enter the market. Sellers should seek out real estate agents who utilize technologically-advanced marketing tactics to reach qualified buyers in their area. 

 

 

AFFORDABILITY REACHES LOWEST LEVEL IN A DECADE

 

According to a recent report by Morgan Stanley, Americans are paying the most in monthly mortgage payments relative to their incomes since 2008.⁷ And prices aren’t expected to come down any time soon.

 

"We believe that the current supply and demand environment will continue to push home prices higher, just at a decelerating pace," said John Egan, Morgan Stanley’s Co-Head of U.S. Housing Strategy.

 

Fortunately, economists aren’t concerned about affordability levels triggering another housing crisis, as lending standards are much higher today than they were during the run-up before the recession. According to credit reporting agency TransUnion, the share of homeowners who made mortgage payments more than 60-days past due fell in the second quarter to 1.7 percent, the lowest level since the market crash.⁷

 

NAR Chief Economist Lawrence Yun agreed with this assessment in a recent statement. “Over the past 10 years, prudent policy reforms and consumer protections have strengthened lending standards and eliminated loose credit, as evidenced by the higher than normal credit scores of those who are able to obtain a mortgage and near record-low defaults and foreclosures, which contributed to the last recession.”⁴

 

 

MORTGAGE RATES EXPECTED TO CONTINUE RISING

 

The Federal Reserve has taken measures to help keep the housing market—and the overall economy—from overheating. It has raised interest rates twice this year so far, causing mortgage rates to surge in the first half of the year.

 

Economists predict that the rise in mortgage rates will continue at a more gradual rate through this year and next. The U.S. weekly average mortgage rate rose from 3.99 percent in the first week of January to as high as 4.66 percent in May. Freddy Mac forecasts an average rate of 4.6 percent for 2018 and 5.1 percent in 2019.²

 

The good news is, mortgage rates still remain near historic lows and a whopping 14 points below the recorded high of 18.63 percent in the early 1980s.⁸ Buyers who have been on the fence may want to act soon to lock in an affordable interest rate ... before rates climb higher.

 

"Some consumers may be thinking that because mortgage rates are higher than they were a year ago, maybe I should just wait until rates fall down again," said NAR’s Chief Economist Lawrence Yun in a recent speech. "Well, they will be waiting forever."⁹

 

 

WHAT DOES IT ALL MEAN FOR ME?

 

If you’ve been waiting to buy a home, you may want to act now. A shortage of available homes on the market means prices are likely to keep going up. And a lack of affordable rental inventory means rents are expected to rise, as well.

 

If you buy now, you will benefit from appreciating property values while locking in an historically-low interest rate on your mortgage. Waiting to buy could mean paying more for your home as prices increase and paying higher interest on your mortgage as rates continue to rise.

 

And if you’re in the market to sell your home, there’s no need to wait any longer. Prices have begun to stabilize, and rising interest rates could decrease the number of available buyers for your home. Act now to take advantage of this strong seller’s market.

 

 

LET’S GET MOVING

 

While national real estate numbers and predictions can provide a “big picture” outlook, real estate is local. As your North of Boston local market experts, Farrelly Realty Group can guide you through the ins and outs of our market and the issues most likely to impact sales and home values in your particular neighborhood.

 

 

If you have specific questions or would like more information about where we see real estate headed in our area, let us know! We’re here to help you navigate this changing real estate landscape. Call us at (978)664-3700. We would love to hear from you!
 

 

 

Sources:

1. S&P Dow Jones Indices Press Release -
   https://www.spice-indices.com/idpfiles/spice-assets/resources/public/documents/766551_cshomeprice-release-0828.pdf?force_download=true
2. Freddie Mac Outlook Report -
   http://www.freddiemac.com/research/forecast/20180827_strong_economic_growth.html
3. DSNews -
   https://dsnews.com/daily-dose/08-28-2018/freddie-weighs-in-on-housing-market
4. PR Newswire -
   https://www.prnewswire.com/news-releases/realtors-chief-economist-reflects-on-past-recession-whats-ahead-for-housing-300702632.html
5. CNN Money -
   https://www.keyt.com/lifestyle/where-is-the-us-housing-market-headed-4-things-you-need-to-know/787471572
6. PR Newswire -
   https://www.prnewswire.com/news-releases/us-housing-starts-to-rise-2-4-yearly-to-2022--300711989.html
7. Business Insider -
   https://www.businessinsider.com/housing-affordability-slowing-market-sales-2018-8
8. Value Penguin -
   https://www.valuepenguin.com/mortgages/historical-mortgage-rates
9. Times Free Press -
   https://www.timesfreepress.com/news/business/aroundregion/story/2018/aug/14/despite-prospects-higher-mortgage-rateshousin/476979/

Whatever your reasons are for relocating to a new area or new home, the process can feel overwhelming.

Whether you’re moving across town or across the country, you’ll be changing more than your address. Besides a new house, you may also be searching for new jobs, schools, doctors, restaurants, stores, service providers and more.

Of course you’ll need to pack, make moving arrangements, and possibly sell your old home. With so much to do, you may be wondering: Where do I start?

In this guide, we outline seven steps to help you get prepared, get organized, and get settled in your new community. Our hope is to alleviate the hassle of relocating—so you can focus on the exciting adventure ahead!

1. Gather Information

If you’re unfamiliar with your new area, start by doing some research.¹ Look for data on average housing prices, demographics, school rankings and crime statistics. Search for maps that illustrate local geography, landmarks, public transportation routes and major interstates. If you’re moving across the country, research climate and seasonal weather patterns.

Check out local newspapers and blogs for information on political issues and developments that could impact your new community. You may also want to search for online forums and Facebook Groups relevant to your new area. These can be a great place to find information, ask questions and just observe local attitudes and outlooks.

If you’re relocating for a job, find out if your new employer offers any relocation assistance. Many large corporations have a designated human resources professional to assist employees with relocation efforts, while others may contract this service out to a third party. Some employers will also cover all or a portion of your relocation and moving costs.

By gathering this information up front, you’ll be better prepared to make informed decisions down the road.

Let us know if you’d like assistance with your information gathering process. We have a wealth of knowledge about this area, and we keep a number of reports and statistics on file in our office. We would be happy to share information and answer any questions you may have. Call any of our agents at (978)664-3700 or visit our WEBSITE to learn more about the area

 

2. Identify Your Ideal Neighborhoods

Once you’ve sufficiently researched your new area, you can start to identify your ideal neighborhoods.

The first step is to prioritize your “needs” and “wants.” Consider factors such as budget; commute time; quality of schools; crime rate; walkability; access to public transportation; proximity to restaurants, shopping, and place of worship; and neighborhood vibe.

If possible, visit the area in person to get a feel for the community. If you’re comfortable, strike up conversations with local residents and ask about their experiences living in the area.

Still not sure which neighborhood is the best fit for you and your family? Contact a local real estate agent for expert assistance. It’s usually the most efficient and effective way to narrow down your options.

We provide neighborhood assessments and advice as a free service if you’re relocating to our area. Or, if you’re moving out of town, we can refer you to a local agent who can help. Call any of our agents at (978)664-3700 or visit our WEBSITE to learn more about the local towns and neighborhoods North of Boston.

3. Find Your New Home (and Sell Your Old One)

Once you’ve narrowed down your list of preferred neighborhoods, it’s time to start looking for a home. If you haven’t already contacted a real estate agent, now is the time. They can search for current property listings that meet your needs at no cost to you.

Create another list of “needs” and “wants,” but this time for your new home. Include your basic requirements for square footage, bedrooms and bathrooms, but also think about what other factors are important to you and your family. An updated kitchen? A large backyard? Double sinks in the master bathroom?

Narrow your list down to your top 10 and prioritize them in order of importance.² This will give you a good starting point to begin your home search. Unless you have an unlimited budget, don’t expect to find a home with everything on your list. But having a prioritized list can help you (and your agent) understand which home features are the most important, and which ones you may be willing to sacrifice.

If you already own a home, you’ll also need to start the process of selling it or renting it out. A real estate agent can help you evaluate your options based on current market conditions. He or she can also give you an idea of how much equity you have in your current home so you know how much you can afford to spend on your new one.

Your agent can also advise you on how to time your sale and purchase. While some buyers are able to qualify for and cover the costs of two concurrent mortgages, many are not. There are a number of options available, and a skilled agent can help you determine the best course given your circumstances.

We would love to assist you if you have plans to buy or sell a home in our area. Please contact us to schedule a free consultation so we can discuss your unique needs and devise a custom plan to make your relocation as seamless as possible. If you’re relocating outside of our area, we can help you find a trusted agent in your new city. Call any of our agents at (978)664-3700 or visit our WEBSITE to contact us.

4. Prepare for Your Departure

While everyone considers packing a fundamental part of moving, we often overlook the emotional preparation that needs to take place. If you have children, this can be especially important. Communicate the move in an age-appropriate way, and if possible take them on a tour of your new home and neighborhood. This can alleviate some of the mystery and apprehension around the move.⁴

Allow yourself plenty of time to pack up your belongings. Before you start, gather supplies, including boxes, tape, tissue paper and bubble wrap. Begin with non-essentials—such as off-season clothes or holiday decorations—and sort items into four categories: take, trash, sell and donate/give away.⁵

To make the unpacking process easier, be sure to label the top and sides of boxes with helpful information, including contents, room, and any special instructions. Keep a master inventory list so you can refer back to it if something goes missing.

If you will be using a moving company, start researching and pricing your options. To ensure an accurate estimate of your final cost, it’s best to have them conduct an in-person walkthrough. Make sure you’re working with a reputable company, and avoid paying a large deposit before your belongings are delivered.⁶

If you plan to drive to your new home, map out the route. And, if necessary, make arrangements for overnight accommodations along the way. If driving is not a good option, you may need to have your vehicles transported and make travel arrangements for you, your family and your pets.

Lastly, if you will be leaving friends or family behind, schedule final get-togethers before your departure. The last days before moving can be incredibly hectic, so make sure you block off some time in advance for proper goodbyes.

Looking for a reputable moving company? We are happy to provide referrals, as well as recommendations on where to procure packing supplies in our area. Call any of our agents at (978)664-3700 or visit our WEBSITE to see our trusted preferred vendors list.

5. Prepare for Your Arrival

To make your transition go smoothly, prepare for your arrival well before moving day. Depending on how long your belongings will take to arrive, you may need to arrange for temporary hotel accommodations. If you plan to move in directly, pack an “essentials box” with everything you’ll need for the first couple of nights in your new home, such as toiletries, toilet paper, towels, linens, pajamas, cell phone chargers, snacks, pet food and a change of clothes.⁷ This will keep you from searching through boxes after an exhausting day of moving.

Arrange in advance for your utilities to be turned on, especially essentials like water, electricity and gas. (And while you’re at it, schedule a shut-off date for your current utilities.) Update your address on all accounts and subscriptions and arrange to have your mail forwarded through the postal service. If you have children, register them for their new school or daycare and arrange for the transfer of any necessary records.

You may want to have the house professionally cleaned before moving in. And if you plan to remodel, paint or install new flooring, it’s easier to have it done before you bring in all of your belongings.⁸ However, it’s not always feasible without someone you trust locally who can supervise. Another option is to keep a portion of your things in storage while you complete some of these projects. 

If there are no window treatments, you may need to install some (or at least put up temporary privacy film), especially in bedrooms and bathrooms. And if appliances are missing, consider purchasing them ahead of time and arranging for delivery and installation shortly after you arrive. Just be sure to check measurements and installation instructions carefully so you aren’t stuck with an appliance that doesn’t fit or that requires costly modifications to your new home.

If you own a car, check the requirements for a driver’s license and vehicle registration in your new area and contact your insurance company to update your policy.⁸ If you will rely on public transportation, research options and schedules.

If you’re relocating to our area, we can help! We offer “VIP Relocation Assistance” to all of our buyer clients. Contact us for a list of preferred hotels, utility providers, housekeepers, contractors and more! Call any of our agents at (978)664-3700 for personal service or visit our WEBSITE to see our trusted preferred vendors list.

6. Get Settled In Your New Home

While staring at an endless pile of boxes can feel daunting, you should take advantage of this opportunity to make a fresh start. By creating a plan ahead of time, you can ensure your new house is thoughtfully laid out and well organized.

If you followed our suggestion to pack an “essentials box” (see Step 5), you should have easy access to everything you’ll need to get you through the first couple of nights in your new home. This will allow you some breathing room to unpack your remaining items in a deliberate manner, instead of rushing through the process.⁷

If you have young children, consider unpacking their rooms first. Seeing their familiar items can help them establish a sense of comfort and normalcy during a confusing time. Then move on to any items you use on a daily basis.¹⁰

Pets can also get overwhelmed by a new, unfamiliar space. Let them adjust to a single room first, which should include their favorite toys, treats, food and water bowl, and a litter box for cats. Once they seem comfortable, you can gradually introduce them to other rooms in the home.¹¹

As you unpack, make a list of items that need to be purchased so you’re not making multiple trips to the store. Also, start a list of needed repairs and installations. If you have a home warranty, find out what’s covered and the process for filing a service order.

Although you may be eager to get everything unpacked, it’s important to take occasional breaks. Have some fun, relax and explore your new hometown!

Need help with unpacking, organizing or decorating your new home? Contact us for a list of recommended professionals in our area. And when you’re ready to start exploring local “hot spots,” we’d love to fill you in on our favorite restaurants, stores, parks and other attractions! Call any of our agents at (978)664-3700 or visit our WEBSITE to learn more about the local area

7. Get Involved In Your New Community

Studies show that moving can lead to feelings of loneliness and depression. People who have recently moved tend to be isolated socially, more stressed, and less likely to participate in exercise and hobbies. However, there are ways to combat these negative effects.¹²

First, get out and explore. In a 2016 study, recent movers were shown to spend less time on physical activities and more time on their computers, which has been proven to lead to feelings of depression and loneliness. Instead, get out of your house and investigate your new area. And if you travel by foot, you’ll gain the advantages of fresh air and exercise.¹²

Combat feelings of isolation by making an effort to meet people in your new community. Find a local interest group, take a class, join a place of worship or volunteer for a cause. Don’t wait for friends to come knocking on your door. Instead, go out and find them.

Finally, be a good neighbor. Make an effort to introduce yourself to your new neighbors, invite them over for coffee or dinner, and offer assistance when they need it. Once you’ve developed friendships and a support system within your new neighborhood, it will truly start to feel like home.

Want more ideas on how to get involved in your community? We can help! Call any of our agents at (978)664-3700

LET’S GET MOVING

While moving is never easy, these seven steps offer an action plan to get you started on your new adventure. To avoid getting overwhelmed, focus on one step at a time. And don’t hesitate to ask for help!

In a 2015 study, 61 percent of participants ranked moving at the top of their stress list, above divorce and starting a new job.¹³ But with a little preparation—and the right team of professionals to assist you—it is possible to have a positive relocation experience.

We specialize in assisting home buyers and sellers with a seamless and “less-stress” relocation. Along with our referral network of movers, handymen, housekeepers, decorators, contractors and other service providers, we can help take the hassle and headache out of your upcoming move. Give us a call (978)664-3700 or visit our  website www.FarrellyRealtyGroup.com  to schedule a free, no-obligation consultation!

 

Sources:

1. You Move Me -
   https://www.youmoveme.com/us/blog/105-tips-for-a-successful-relocation
2. HouseLogic.com -
   https://www.houselogic.com/buy/house-hunting/must-have-items/
3. Livestrong -
   https://www.livestrong.com/article/436651-the-effects-of-sunlight-fresh-air-on-the-body/
4. Parents Magazine -
   https://www.parents.com/parenting/money/buy-a-house/make-moving-easier-on-you-and-your-kids/
5. The Spruce -
   https://www.thespruce.com/starting-to-pack-for-your-move-2436470
6. Moving.com -
   https://www.moving.com/tips/hiring-quality-movers/
7. The Spruce -
   https://www.thespruce.com/unpack-your-entire-home-2435815
8. HouseLogic.com -
   https://www.houselogic.com/buy/moving-in/before-you-move/
9. HGTV -
   https://www.hgtv.com/design/real-estate/moving-checklist
10. Moving.com -
    https://www.moving.com/tips/how-to-unpack-and-organize-your-house/
11. ASPCA -
    https://www.aspca.org/pet-care/general-pet-care/moving-your-pet
12. Psychology Today -
    https://www.psychologytoday.com/us/blog/is-where-you-belong/201607/why-youre-miserable-after-move

The Daily Express -
https://www.express.co.uk/news/uk/574171/Divorce-stressful-moving-home