Sullivan Team

Millennials Choose Parents’ Homes Over Romance

Mom and dad must make cool roommates. Young adults between the ages of 18 to 34 are more likely to live with a parent than to get married or move in with a romantic partner, according to a newly released analysis of Census data by the Pew Research Center. 

This is the first time in more than 130 years in which young adults have chosen their parents’ homes over forming their own households, the study notes. In 2014, 32.1 percent of young adults were living with a parent. On the other hand, slightly fewer—31.6 percent—were living in a household formed upon a “romantic relationship,” either with a spouse or a partner, according to Pew’s analysis.

What do you think? The National Association of Home Builders recently issued a report, “Missing Young Adult Households,” which attributes the lack of demand for single-family homes to millennials opting to live with their parents longer.

The trend for young adults to live with their parents longer grew more pronounced after the Great Recession in 2008. Fewer job opportunities forced some young adults to move back home. Also, young professionals are delaying marriages longer (with one in four young adults who may never marry), and the trend of young adults living together has “substantially fallen since 1990,” according to researchers.

Young men are living at the family home at the greatest numbers. About 35 percent of young adult men were living with a parent compared to 29 percent of women. About 14 percent of 18 to 34 year olds live alone, the study shows.

Source: “Living with Parents Is Most Common Arrangement for Young Adults,” Chicago Tribune (May 25, 2016)

New Drone Outsmarts Bad Pilots

 Phantom 4 Review: DJI’s New Drone Outsmarts Bad Pilots

 

The new Phantom 4 drone from DJI keeps pilots from getting into crashes with computer vision that can sense and avoid obstacles including trees, buildings and people. WSJ Personal Tech columnist Geoffrey A. Fowler takes it for a test flight, including a head-on game of chicken.

By
Geoffrey A. Fowler
Updated March 1, 2016 11:30 a.m. ET

The first thing I did with DJI’s new Phantom 4 drone was fly straight toward a tree.

Not the best way to treat a $1,400 flying camera, sure. But this quadcopter can do something other drones can’t: keep you and me from being idiot pilots.

My Phantom 4 made a beeline toward a cypress, then screeched to a halt a few feet before it. A spider-like array of cameras built into its body can see obstacles in 3-D and make split-second decisions to pause or veer to a new flight path.

After a rash of drone crashes and injuries, these flying lawn mowers needed a breakthrough. It’s computer vision. The Phantom 4, arriving in Apple stores March 15, is the first consumer drone that can sense and avoid trees, buildings and moving objects. A novice can tap on an app and have it trail someone like a flying paparazzo. To put it to the test, I even challenged it to a game of chicken.

Read More »

The Hottest Trend in Outdoor Living?

The Hottest Trend in Outdoor Living? Fireplaces and Fire Pits

 

As more homeowners seek to bring the indoors to the outdoors, fireplaces and fire pits are becoming an even hotter commodity — literally and figuratively.

Fire pits are one of the biggest trends in 2016 for homeowners wanting to upgrade their outdoor living spaces.  In fact, landscape architects surveyed by the American Society of Landscape Architects identified fireplaces and fire pits as the number 1 outdoor design element for 2016.

Fire features such as fireplaces and fire pits “not only add ambiance to an outdoor space but also provide heat and light that allows you to use your deck later into the evening and into the year,” says design expert Kate Campbell, one of the stars of HGTV’s “Decked Out.”

For full article ... http://rismedia.com/2016-03-10/the-hottest-trend-in-outdoor-living-fireplaces-and-fire-pits/

Home Prices Up 5.76%, MA Home Prices Up 4.3%

Home prices continue to rise across the country and in MA.

 

KCM Blog: http://goo.gl/oA6fKw

Mortgage Rates Near Record Lows - WOW!

Mortgage Rates Near Record Lows - 3.65% for 30 Year Fixed

 

http://sullivanteam.com/pages/news

Home Sizes Expand, Along With Prices

Home Sizes Expand, Along With Prices

New U.S. houses are getting bigger in size and more expensive, but larger new homes do not necessarily mean strength in the housing market. Here's why. 

By
Laura Kusisto
Jan. 24, 2016 4:48 p.m. ET

The size of new homes rose last year, suggesting Americans’ love of space remains strong but making new homes less affordable for a bigger swath of buyers.

The average size climbed to about 2,720 square feet in 2015 from about 2,660 square feet the previous year, according to data released by the National Association of Home Builders at its annual trade show.

Almost half of the homes started last year had four or more bedrooms, and one out of four had garages with room for three or more cars.

That isn’t necessarily a sign of strength in the housing market, however. 

Home sizes have grown lately because new construction has been tilted toward the high end. Builders do aim to draw young buyers in at lower price points, so that there is a market for some of their more expensive products over the long term. But they haven’t made more starter homes in recent years mainly because of land prices, construction costs and lack of available mortgages for less-affluent buyers.

Those potential buyers, who may also be younger, help bring down the average size of new homes because they tend to live in smaller spaces than their older counterparts. They have been slow to purchase homes because they are struggling to save for down payments or be approved for mortgages. 

The average price of new homes for sale in 2015 climbed to $351,000, up $100,000 from 2009.

The average new-home size bottomed during the 2008 financial crisis at about 2,360 square feet and climbed sharply before leveling out in 2014 and then jumping again in 2015. Rose Quint, assistant vice president of survey research at the home builders association, said she expected square footage might begin to decline as more first-time buyers came back into the market.

“Last year I was expecting, and I wasn’t alone, that the average size of homes would actually fall … because there were new measures that were supposed to bring in a wave of first-time home buyers,” Ms. Quint said. “That didn’t happen.”

Measures to help entice younger buyers into the market included lowering fees on loans from the Federal Housing Administration, which tend to be more appealing to first-time buyers because they have lower down-payment requirements.

The share of first-time buyers of U.S. homes fell to 32% of all purchasers in 2015 from 33% the previous year, according to the National Association of Realtors, its lowest level in three decades.

A major topic of conversation at this year’s International Builders’ Show was how to entice younger buyers to begin purchasing homes again. Ideas ranged from more communal amenities, such as pools and clubhouses, to mimicking high-end rentals to smaller homes with more outdoor space that tend to be cheaper.

“It’s a little bit concerning,” said Jeff Roos, a regional president for Lennar Corp. He said the company is looking at integrating technology and designs that appeal to younger buyers. “As the millennials get older they’ll see the value of buying versus renting.”

http://www.wsj.com/articles/home-sizes-expand-along-with-prices-1453672105

The Future for Wearable Devices Like Apple Watch - UP

http://www.wsj.com/articles/the-future-of-the-wearables-market-1452736738

Real Estate Shined As An Investment in 2015

So how did homeownership match up against other investments in 2015? 

Here is a chart that compares its return on investment against precious metals and the stock market last year:

 

 

 

Bottom Line

Not only did homeownership offer all its social benefits. It also was a great investment financially.

Historic Salem Colonial affords opportunity of a lifetime

Historic Salem Colonial affords opportunity of a lifetime

BY LILLIAN SHAPIRO DIRECTOR OF REAL ESTATE, SALEM NEWS, http://goo.gl/VIuvin

  

After a remarkable $2 million overall renovation and modernization, the famed Joseph Story House, just steps from Salem Common, the waterfront and a vibrant downtown, is being exclusively offered by the Sullivan Team at RE/MAX Advantage for $2,650,000. While this regal home affords every modern-day convenience, the stately Federal, built in 1811 for U.S. Supreme Court Justice Joseph Story, retains every ounce of its historic integrity.

“This home represents three centuries of history and architecture. It has had many illustrious owners including Dr. Amos Howe Johnson who added the two-story addition on the back,” says Broker Kathleen Sullivan. “After extensive consultation with the Historic Commission and meticulous planning, the current owners followed their hearts and completed a truly majestic residence. I can honestly say that in my 30 years of selling real estate, I have never seen a house quite like this.”

Though designated a National Landmark and included in the National Park Service’s Underground Railroad Network to Freedom due to Story’s judicial decision in the Amistad slave ship case, one should not be fooled into thinking that its intriguing past is all that defines this grand manse. Over the course of nearly three years, owners Neil and Martha Chayet painstakingly sought to bring it well into the 21st century, installing an innovative geothermal energy system, complete with a 14-zone heating and cooling capability, which earned the LEED (Leadership in Energy and Environmental Design) Silver Certification award. From there, major infrastructure work included the restoration of its Flemish bond brick façade and chimneys, new thermo pane windows, all new plumbing and wiring, a new generator, an audio system and an elevator to service all four levels of the home. Original Samuel McIntire moldings and mantels, believed to have been the famed architect’s last work, were meticulously refurbished, as were original oak floors, pocket doors and Indian shutters.

Aesthetic construction included a new brick “carriage house” wing, comprised of a two-car, heated garage with a ramp to the basement, a media room a with wet bar, and the most astounding chef’s kitchen complete with custom cabinetry, two dishwashers, gas and electric ovens, a Wolf range and a double Sub-Zero refrigerator. An adjacent butler’s pantry is complete with glass-front cabinets, marble counters and a recycling system. Ten rooms in the original part of the house include the stunning living room with a fireplace and hand-carved trims, the dining room with custom cabinetry and a pull-down movie screen, and a more leisurely family room complete with quarter-sawn oak paneling, a wood-burning fireplace and a breathtaking bow window, affording optimal views of the yard, which features a three-tiered fountain, outdoor lighting and an irrigation system. Additionally, find two home offices, two full and three half-baths, and three bedrooms, including a sumptuous master suite with a soaking tub, walk-in shower and two dressing rooms.

Zoned as a legal three-family home, this incredible offering also features a studio and a one-bedroom apartment with a separate entrance on Oliver Street. Currently used to host vacationing dignitaries, guests of the Peabody Essex Museum and other distinguished visitors, both apartments can be closed off for privacy or incorporated into the home.

“The Chayets have been incredible stewards. They have been methodical and studious every step of the way,” says Sullivan. “They created a spectacular home that will indeed be their legacy.”

At a glance: 14 rooms, 5 bedrooms, 4 full and 3 half-baths, Approximately 7,000 square feet, $2,650,000

This exquisite property is shown by appointment. For more information, call Kathleen Sullivan at 978-927-9199 or visit www.26WinterStSalem.com.

http://goo.gl/VIuvin 

 

 

 

 

 

 

 

http://www.salemnews.com/homes/historic-salem-colonial-affords-opportunity-of-a-lifetime/article_a1f395c7-bcf9-542b-9c70-2ecece84f0c2.html

10 Reasons Why the Holidays can be the Best Time to Sell Your Home.

 

10 Reasons Why the Holidays can be the Best Time to Sell Your Home. 

 1. Buyers love to shop for homes during the holidays when they have more time.

2. Because many families take vacation time during the holidays, more husbands and wives are available to see homes together.

3. The buyers who are actively looking during the holidays are serious and focused.

4. Many buyers who do not have school age children prefer to shop during the winter to avoid the spring and summer home buying rush when negotiations are more stressful.

5. The majority of families that are relocating now have school aged children they are trying to settle in school by the January semester or when the Spring break begins. 

6. During the winter holidays we focus on family and home.  Buyers viewing an attractively decorated home can easily imagine their own family living there. 

7. With reduced inventories and motivated buyers and agents, you could have more showings now than during the busier spring and summer markets. 

8. Buyers tend to be more flexible with contract terms and conditions during the holidays.

9. Buyers are more emotional during the holidays and are more likely to pay your price.

10. Selling now makes you an appealing, non-contingent buyer in the Spring.