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6 Peach Tree Lane, Newton

6 Peach Tree Lane, Newton MA 02459

Are you looking for your new perfect home? Watch the video to learn about this new listing:

Sunny and cheerful home in desirable South Newton location.  

Check out the gallery of photos:

Set on a dead-end street, on a private lot, this is a split level house with gleaming hardwood floors.

Kitchen features maple cabinets, granite counters, with stainless steel appliances and sub-zero fridge, opens to spacious dining area ideal for entertaining.  Large living room with fireplace with bonus study/sitting room area overlooking backyard with treetop views.  En-suite master bedroom.   

Lower level perfect for a family/game room with professional grade pool table included, plus full bath with indoor jacuzzi.  Access to enclosed patio and yard from lower level.  Custom wrought iron gate and shutters and maintenance-free exterior.   Direct entry two car garage, plus tons of storage space.

Close to schools, major highways.

 

Specifications:

3 bed

3 bath

1930 sf

Schools: Memorial Spaulding, Oak Hill, South High School

Lot 10K

Price:  $1,068,000

 
Schedule your private showing or request the open house schedule. Give us a call at 617.291.0323 or send an email to Showing@MalkinREGroup.com.

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Newton Pending house Sales

Newton Single Family Houses Market Update: March 2014

Newton MA’s housing market has been eliciting many complaints from buyers for about a year now.  The tight market is putting pressure on prices and many young families are priced out.

Housing Market Update for Newton MA

Since 2010, house prices have climbed from an average of $744,367 to $1,167,944, according to statistics from Multiple Listing Service (MLS).

Newton Single Family Sold, 2010-2014

Sold Homes Average Price Average Days on Market
March 2010 32 $744,367 65
March 2011 28 $906,121 101
March 2012 29 $718,552 69
March 2013 26 $974,728 60
March 2014 33 $1,167,944 72

 Currently, there are 100 houses on market, with 54 of them priced between $1,000,000-$2,500,000.

Newton houses on market

There are 132 pending sales, 68 of these homes price between $900,000-$2,000,000.  Compared with the number of currently listed homes, this is a very tight market.

Newton Pending house Sales

Newton Center, 02459, Housing Update

Newton Center, zip code 02459, is especially desirable.  The market action index (MAI) is a measure of the housing market’s orientation.  A number above 30 is a seller’s market.  Currently, at 48, Newton Center has a strong seller’s market.

Medium Chart

It’s easy to see why Newton Center has a strong seller’s market: inventory has been on a steady decline for three years.  The seasonal turnaround starts around early Spring, and we see a slight rise in inventory this year.  But will it exceed last years?

Medium Chart

My prediction is that inventory will rise and buyers will regain some control over the market.  In Newton, and particularly Newton Center, 2014 will continue the trend as a seller’s market, but with a decline from the current position.

This year seems extremely slow so far, this is due to the weather and lack of motivation to both prepare a home for market and go out to look at homes January through most of March.  A turnaround in April and May is expected.

Buyers have no reason to rejoice, but at least breath a little.

Click on the link to stay current with weekly or monthly market update in your zip code.  Know how much your home’s value is changing, and when the best time buy and sell your real estate.

real estate newton ma

Home Prices in Newton Center, 02459

Houses in Newton Center come in diverse sizes, ages and styles. Zip code 02459 covers a large residential area, from the historical Victorians on Beacon Street to the late 1940’s ranches of Oak Hill. From splendor to tear-downs, we have it all.  And with Newton MA so desirable, prices are rising with the large jump in 2013.

Newton Center Home Prices, Median Price:
2011 $872,500
2012 $875,000
2013 $1,000,000

The chart below shows the median listing price for properties on market, and the trend in the market in the past three years. What is most apparent is the sharp fall in prices off-season.

Large Chart

Why do prices fall so sharply during the slow months of real estate?

The table below shows the Newton Center housing market divided into quartiles by asking price. Note the fourth quartile, the one with the lowest price range, has the longest days on market. Although houses in the lower price range are often highly desirable as they allow families to move into Newton with greater ease, a portion of this market is houses requiring extensive renovation or have another attribute making them difficult to sell.

Newton MA Single Family Prices

If you considering selling your home in Newton Center, what does this mean to you? Since home buyers are still outnumbering homes for sale, the “off market” season is a great time to be a home seller at any price range.  Your competition will be minimal, positioning your home along side stale inventory.

Are you interested in following the Newton Center real estate housing market? Do you want to be knowledgeable in current housing trends? Sign-up for weekly market update.

Newton Real Estate Buyers

Do Home Buyers Pay A Commission in Newton MA?

Home buyers in Newton and the Greater Boston Area often ask me how do real estate agents get paid? It is a source of confusion and sometimes it prevents buyers from hiring an buyer’s agent.

Newton Real Estate Buyers

Here are answers to the most common questions around real estate commission home buyers often ask:

1. Do Home Buyers Pay a Real Estate Commission?
The price of the home reflects the full commission which will be paid to both the buyer’s and the seller’s agent. There is rarely commission to be paid to your agent above what is already included in the price of the home.

2. Are there exceptions?
There is an exception, though. If you have a buyer agency agreement with your broker, there are rare occassions when the commission paid through the price will not cover the full commission your broker charges. For example, your contract may have a 2.5% commission agreement, but the listing agent is only cooporating at a 2% commission.

How is this resolved?
When the commission included in the price does not cover the buyer agent’s commission, One of three things happen.
a. Your agent will demand the seller pays the full 2.5% out of the sale proceeds. This will be written into the offer which you sign.
b. Your agent may forgo the .5% commission.
c. You may have to pay the balance of the commission at closing.

Please note discount commissions are rare in Newton, MA. In my experience, I never sellers often agree to pay the full commission out of their proceeds.

3. If there is a chance I will pay additional commission, why sign a buyer agency agreement?
It is a rare occassion the buyer pays real estate commission beyond the purchase price. It usually happens when the sale is through a discount broker representing the seller or a for-sale-by-owner. Your buyer’s agent has much more work to do in either of these scenarios.

Furthermore, the buyer agency agreement is designed to protect the interest of the buyer. When hiring a excellent agent, the risk of possibly paying extra commission will be far outweighed by the risks of buying a home without representation in Newton MA.

Hiring a buyer’s agent will save you money, time, and a lot of energy. Having experienced representation will give you confidence in your decisions and guidance in your search. If you have hesitations and reservations about paying a commission, review your agency contract carefully and discuss with your agent. A highly qualified buyer’s broker will be well worth the commitment.

Do you have other questions about commission and how real estate agents get paid?  Contact me for a complete breakdown!

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Newton MA houses for sale

Houses Sold in 02459: Market Report October 2013

Newton houses are flying off the market, and zip code 02459 has been especially tight.  Below find a comparison of recent sales statistics in Octobers of 2011, 2012, and 2013.  “Sold houses” means closings, so these houses likely came on market in August, a very quiet month in real estate in Newton.   But even with the small sample, the market changes are impressive.

Time Frame October 2011 October 2012 October 2013
Number of Sales 15 14 9
Average Price (rounded to nearest $1,000)  $886,000  $1,080,000  $956,000
Median Price (rounded to nearest $1,000)  $725,000  $913,000  $915,000
Average Days on Market 96 71 17
Average Sale Price to List Price Ratio 95% 96% 100%

 

The best indicators of the tightening housing market in Newton Center are the last two, highlighted in green.  Average days on market dropped from 96 in 2011 to 17 in 2013.  And the average sale price to list price ratio has gone up from 95% to 100%. This means, on average, houses sell for asking price.

Houses sell quickly and buyers pay what the seller asks.

Houses in 02459 are hot!

How much is your house worth?  Click here to sign up for my free Newton home evaluation.

Newton Ma Houses for Sale

Newton Houses in High Demand, But Are You Positioning Your Home Correctly?

Newton real estate is in high demand and in analyzing the market for Newton houses; you find almost across the board, the market is newton, ma housesfavoring sellers.  Inventory of houses on market in Newton is just meeting demand or falling shy of it in some price ranges.

The price range with most pressure is the $800,000-$899,999 price range in Newton, with only one month of inventory.  Houses in this price range are sitting the least time on the market at only 51 days.

Alternatively, luxury Newton homes priced $3,000,000-$3,999,999 have 16 months of supply.  This means the sellers can expect their house to sell in 16 months, even if their home is the best of the lot.

What does this mean to you if you are selling your house in Newton?

First, you can use this information to set expectations on roughly how long it will take to sell your home.  The months of supply tell you if you have a lot or little competition in relation to the demand in recent months.  Many people thing the average days on market is the best indication for how long it will take for a home to sell.  But average days on market don’t always go hand in hand with months of supply.

Second, if you plan to price your home near the top or bottom of a price range, it may make sense to price higher or lower just a bit.  For example, if you plan to price your Newton home just over $900,000, it may be worth to price your home at $899,999 where you’ll have less competition and more buyers.

No matter where your home is priced, and regardless of competition, there is a guaranteed way to a quicker and easier home sale.  To beat the competition you must offer the best value in the price range.  This doesn’t mean you should have the biggest, newest, prettiest house, but the one offering the most solutions for buyers for every dollar they spend.

Next, the house needs to be marketed correctly, online exposure being the single most important element of property marketing.  Regardless of the low inventory and high demand, to attract a better buyer faster who’d pay top dollar for your home, your house must stand out in the crowd of 152 Newton houses.

A home priced correctly and marketed properly, should be the first one sold in the price range, within the period of months of supply.  Newton houses may be a hot commodity in most price ranges, but there are still houses lingering on market for months without an offer.  Don’t be the home seller of such a house.

Newton-Houses-On-Market

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Pricing Your Home

Common Mistakes in Pricing Your Home in Rising Market

 

Pricing Your HomeIn a real estate market with rising prices, pricing your home can be a bit tricky.   I meet some home sellers who think it is easier to price a home in a rising market, but that’s not necessarily true.  The risk of mispricing is always the same, and leaving thousands of dollars on the table is at stake.

Prices are just starting to inch up around the country, but as usual, Boston real estate is a bit ahead in this regard.  Many of Boston’s neighborhoods and immediate suburbs are enjoying visibly higher home prices for some months.  And the vibrant market has encouraged many who’ve been waiting to sell.

So how much is your home worth now?  In pricing your home, ensure you receive top dollar by avoiding the following common mistakes.

Looking at sold home prices online.  Sold home prices are a great place to start your research on your home’s value, but there are some issues.  Although the information is public and generally accurate, it can be misleading when using the mapping features of Zillow or Trulia.  A house nearby of similar size could have sold for a vastly different price than what your home is worth.  Unless you know a house well, it is dangerous to compare it to yours.

Furthermore, don’t confuse recent sold home prices with the “Zestimates” on Zillow.  Those are generally useless in Newton and Brookline, and many parts of Boston.  I’ve written about my reservations about Zillow as a data source before in my article, “No More Zestimates for Newton and Brookline.

Pricing too high.  You may think pricing a bit high in a rising market is not a big deal, but remember, we are just coming off a pretty ugly real estate slump.  Market is just starting to perk-up, buyers still hold some cards.  First-time home buyers are moving the market, and they are buying on a tight budget.  There is less negotiation, so do not assume that if you price high, you’re leaving “room to negotiate.”  Instead, you’re leaving room to sit on market and wait for an inevitable price reduction.

Pricing too low.  Some real estate agents will tell you there is no danger in under pricing a home because there will be multiple offers, and you’ll get the full value of the home as buyers bid up the price.  Bologna.  Agents say this because a cheaper house is easier to sell.  There is a strategy involved in multiple-offer situations, and it involves some thought.

Generating a multiple offer situation is never a guarantee, and can be risky when you are depending on the multiple offers to bring you the full value of the home.  Here’s a post I wrote about the dangers of under pricing.  A neighbor of one of my properties under-priced for a quick sale, and after the bidding war, the condo sold for about 10K short of top dollar.

Asking the wrong agent.  Real estate is not neurology, but it does require expertise.  This expertise is labor intensive, including looking at homes, meeting with buyers, writing offers, learning the market, reading the news, etc.  Ask the wrong agent, and you’ll get the wrong answer.  Speak with local agents who seem to know what they are talking about, preferably more than one if you have reservations.  A competent agent will be able to give you a price or a price range, with some precision and confidence, and back it up with recent sales and inside knowledge.

Input from a professional will always be the best place for you to price your home.  Make sure you don’t get caught up in the mistakes outlined, and you’ll sell your home for top dollar in no time.

If you are curious about how much your home is worth, click here.

 

Boston-Real-Estate-Now

Boston Next Real Estate Bubble? More Fluff from the Globe

Last week the Boston GBoston-Real-Estate-Nowlobe’s real estate blog called Boston Real Estate Now published a post called, “The Next Housing Bubble?”  This small piece is jam-packed full of nonsense, misleading information and irresponsible journalism.

The first problem with this post is the title, “The Next Housing Bubble?”  Bubbles are a conclusion made in hindsight, and make no sense in predictions as we crawl our way out of a slump.  This whole post was based on JP Morgan’s prediction of a 12% jump in home prices over the next four years as reported in Housing Wire.  A 12% increase in home prices over four years hardly makes for a bubble.  So why call it that?

Next, the article continues to claim the Boston area as a “one of the most bubble prone metro markets in the country.”  Although I agree with the assertion of lack of inventory and new construction, lack of housing is not what creates real estate bubbles.  Shortages and scarcity lead to organic price increases, not bubbles.  Bubbles are full of air – not continuous real demand!

Of course the demand for housing has its ebbs and flows.  Prices went down in Boston but most of our neighborhoods did not suffer the economic blow of Cities where housing and new construction is abundant, like Miami and Phoenix.  Those cities had new construction condo buildings with less than 30% occupancy and price falling 50-60%.

Another quote that is the mark of irresponsible journalism, “Of course, a 12 percent jump nationally translates into a 20 percent jump in Greater Boston.”  If this is true, please provide historical evidence of Boston’s real estate outpacing national real estate markets.  It didn’t outpace the last “bubble” (if you believe we had one).

My next bone to pick is with the value of data the Globe uses.  The Globe’s purpose, I thought, is to inform the local readers.  There is no way national real estate headlines inform the local buyer or seller or provides a basis for decision making.  Furthermore, the Globe’s stretching this national prediction to apply to Boston’s market adds to confusion and nonsense.

National real estate numbers, regardless of integrity of source, are totally and completely meaningless to you, dear friend.  Real estate only matters on the local levels – your street, your neighborhood, maybe your town.  If you want to learn about your local Boston area market, Boston Real Estate Now is proving to be an unreliable source.

Lastly, the author discounts the only piece of valuable information.  “The bank (JP Morgan) predicts 2.5 million problem loans will get bailed out this year through foreclosure rescue programs – sounds like wishful Wall Street thinking to me.”

The big bank is in a pretty good position to report accurately if they believe it is likely they are to have a deal coming together with the government.  This is the only interesting information I find in the report.  The Globe calling it wishful thinking shows a lack of thoughtfulness going into the post.

Do you like keeping up with your local real estate market?  I’ve got the perfect thing for you!  Learn about my Local Housing Data Newsletter.  It’s reliable, timely, and free.  Now you can be the expert…click here.

Newton Sold Homes

Newton Houses Take A Dive…Time on Market Dropping Fast!

Newton Houses sell timeMarket time for sold houses in Newton is dropping fast.  In May 2012 the average days on market for a single-family house in Newton was 64 days, less than half from the recent peak in January 2011 of 155 days.

May of 2012 has many similarities to the peak of the housing market boom in May 2005.  Time on market was almost the same, just over two months.  Average sale price is in the mid $900,000’s, and the number of sales is around 50.

But similar numbers are not necessarily results of similar conditions.  Buyers are less exuberant and more cautious, and sellers are still waiting for better market prices.

The buyers who are moving  are the ones who must. Buyers who have less pressing needs are taking their time.  In 2005, my sense was of greater urgency, a fear of missing a home, of pricing rising too fast, or mortgage rates going up.

Some agents say conditions are the same, I disagree.  Multiple offers and shortage of homes make it seem so.   But don’t forget we’re in a different economy.  Today, many potential sellers are unable to sell due to loss of equity.  Mortgage regulations leave sub-prime buyers out, and you need more than a pulse to qualify for a loan.

If you believe conditions are as they were during the boom then brace yourself because we all know what happened next.  Instead, this is just the start of a new cycle and more needs to change to return the confidence of seven years ago.

Sign-up for my Local Housing Data newsletter – the best way to keep up with your local real estate community of interest!

Your Online Resources for Brookline and Newton Real Estate

To this day I get phone calls on a couple of listings I had five or six years ago in Brighton.  This is not intentional bait-and-switch marketing, it usually catches me off guard.  On these calls I ask where they learned about the listing.  The answer is one of two websites, which I won’t mention.

There are several sites  promising listing information, but they are useless.  Worse than useless, they’ll suck-up your time.  In your Newton, Brookline or Brighton property search, use the following resources.

1.    Realtor.com.  The Realtor website is a premier stop for everything real estate.  It is linked to the Multiple Listing Services so information is current.  Once you put in your search criteria, make sure you scroll down past the ads of “featured properties.”  They are not part of your search results.  The drawback is it’s not local enough so if you want to find some area information and articles, this is not the place.

2.    Boston.com.  For open house information, and all local real estate information, Boston.com has proven itself.  It is one of the most used local real estate sites in the United States.  You’ll see the photos and have some community information, videos, maps, etc.  Again, scroll down past the ads.  Nothing against the ads, but they are not part of your search results.

3.    Your agent’s Multiple Listing Service (MLS).  This is the best.  You’ll receive your updates by email daily, what’s new to market and price reductions.  You can log on and have access to all the same information I have, delete the listings you don’t like, write comments, ask questions and request showings.  On your agent’s MLS you will see the pictures and also have access to a tour, video, and related documents such as a floor plan.

If you are serious about your search, daily email is critical.  You’ll learn about price reductions (my favorite piece of information).  You’ll learn about a property now in your price range when it was not previously.

What about the homes that don’t make it into MLS?  This is a tiny percent of the market.  Most for sale by owners in Brookline and Newton are on the MLS.  If you’ve hired a buyer’s agent, he or she should be checking Craig’s list regularly as well.

Even if you are just casually looking at real estate, or starting a serious search, please please please use good sources of information so you are not wasting your time.  Listing information is easy to obtain and it is free.  Ensure it is from an accurate and reputable source.