Massachusetts Single-Family Home Prices Hit a Record High

If you are searching for a new home in Massachusetts, get prepared to pay record high prices. According to a market report from the Greater Boston Association of Realtors released on Wednesday, the median sales price for a single family home in the Greater Boston area just a hit a record high last month at $652,500. This marks the highest median sales price the organization has witnessed since they first started recording data in 2004. The median sales price of single-family home sold in the Greater Boston area rose by 7.1%, from $609,250 in June 2017, to $652,500 in June 2018.

The median sales price for condominiums also increased by 10.6% since last year in June 2017, jumping a median of $520,000 in June 2017 to $575,000 in June 2018. The report provided by the Greater Boston Association of Realtors follows trends from last summer, when single family homes in Massachusetts surpassed the median sale price of $400,000 for the first time.

How are these numbers affecting the real estate market? The number of single-family homes sold in the Greater Boston area decreased by 6.2%, however, these homes spent an average of 33 days on the market. The number of condominiums purchased decreased by 5.2%, but units spent an average of 29 days on the market. Sales of single-family homes and condominiums have remained steadily strong in June, however less home-owners are selling their properties due to continuously appreciating home values. Although property sales prices continue to steadily increase, the number of homes for sale are decreasing, leading to a very low inventory of available homes on the market. Additionally, closed sales have been down for 2018, despite the median prices of homes skyrocketing.

Expert Tips For Saving Space in Your Boston Rental

Finding an affordable apartment in Boston with plenty of room and extra storage space is becoming challenging, as property prices skyrocket. Fitting all of your belongings in a small one-bedroom apartment can be extremely difficult, and requires creative space-saving style solutions. Creatively managing your storage and minimizing clutter will overall make your small apartment appear larger, cleaner, and more open. Luckily, we consulted with top interior designers on how to save space and create more storage without comprising on style. Here is what they recommended as space-saving style solutions for each room in your apartment:

1. Bedroom

Utilizing the space under your bed for storage is key, and makes your room look less cluttered and cramped. If you are looking to conserve space, designers highly recommend using your bed as storage, either finding a frame with drawers included, or using plastic boxes and woven bins that slide under your bed for easy access. If you are feeling extra creative, you can even purchase a loft bed. Loft beds are one of the best ways to make the most of a really tiny space. If you don't mind climbing up a ladder to your bed, loft beds completely open up the space underneath your bed for storage, a desk, or lounge area. Furthermore, nightstands are another useful opportunity for storage in a stylish way.

2. Living Room

While decorating your living room, aim to decorate the space in a vertical way, which will open up the space and make the apartment appear larger than it actually is. Using bookshelves will make the room look more open and inviting, while serving as convenient storage opportunities. Interior designers recommended purchasing an ottoman or table with inner storage compartments, which will help hide clutter without comprising on style.  Ottomans with storage spaces can even be topped with trays to make them multi-purposeful.

3. Kitchen

When it comes to decorating your kitchen, storage spaces are not only limited to cabinets and counters. Installing freestanding shelves and racks will open up countertop space while serving as useful storage areas. If your kitchen doesn't already come with recessed lighting, interior designers recommend purchasing sconces that can be plugged into an outlet. 

4. Bathroom

Standard bathrooms include storage space below the bathroom sink and above the vanity, but interior designers recommend installing freestanding shelves above the toilet. Furthermore, install removable hooks to the backs of doorways and mount adjustable tension rods to allow easy access to towels and other necessary items. 

How to Prepare your Home for Summer Storms

As the summer of 2018 commences, it's time to prepare your home for extreme summer weather conditions and the possibility of dangerous summer storms. Every season hold it's challenges, and it's important to always protect yourself and your property. Stay safe from severe summer weather with the following tips from home experts:

1. Manage Your Gutter

Keeping water from harsh rain storms out of your property should be a leading priority, and can prevent expensive property damages. Water needs to be directed off the roof, which means gutters need to be checked for any excess leaves, tree branches, or debris. Ensure that downspout elbows are unclogged, allowing water to flow freely from the roof and away from your home. While inspecting your rooftop gutters, look for any missing shingles or holes in your roof which will allow water to slowly seep into your home. Cracked and damaged roofs lead to leaking which can cause excessive water damage, mildew, and mold.

2. Protect Your Appliances

Local property management experts recommend using a whole-home surge protector, which can be installed in your electrical panel. A whole-home surge protector will protect any plugged in appliances (including televisions and appliances), if there is an unexpected lightening strike or power outage. For further precautionary measures, you can purchase outlet surge protector power strips.

3. Trim Your Trees

Ensure trees on your property are properly trimmed and no branches are touching your house. In extreme weather conditions and high winds, branches can break and harshly damage your home exterior. 

4. Install Air Conditioners Sparingly 

As New England is expecting higher than average temperatures this summer, many homeowners are rushing to install multiple air conditioners. Experts warn to install air conditioners sparingly and with caution, and never install more than one air conditioner on the same circuit. In many homes, especially apartments and older homes, numerous rooms are wired on the same circuit. Installing air conditioners on the same circuit can damage the breaker and cause serious issues over time, including electrical fires.

4 Trends Driving Apartment Traffic in 2018

As the summer of 2018 begins, it's a great time to step back and review all your existing real estate marketing approaches, and analyze ways to adapt your advertising approaches to the ever-changing real estate market. It's important to study how renters are shopping for apartments in 2018, in order to better align your advertising approaches with those behaviors. By studying how consumers of all generations are searching for real estate properties and apartment rentals in 2018, some key trends are continuously appearing. Here are some of the top trends driving apartment traffic in 2018:

1. Virtual Tours

One very important visual tool in your apartment marketing approach should be virtual tours. In an age dominated by technology driven content, consumers are expecting more technologically advanced advertisements to hold their attention. People want to see every detail of the place they are going to live, therefore video tours and virtual tours are crucial to bringing in residents. Make the investment in your visual advertisements to show potential residents you are already serious about making them happy, and conducting your real estate business with professionalism and technologically advanced techniques.

2. Social Media 

The average millennial spends 15 hours a day consuming media, often multiple forms at once. What this research means for real estate companies is important. Today, it is imperative to spend most of your marketing budget geared towards social media, primarily on sending out advertising messages. Integrating advertising and social media is necessary to stay relevant and successful. 

3. Make it Easier for Prospective Clients to Do Business with You

When advertising real estate properties, your intent is to always bring in prospective clients to tour the property, and ultimately take the next step towards signing the lease. Make it easier for prospective clients to schedule apartment tours from their mobile device or computer, with online tour scheduling options. Calling directly on the phone can be a hassle sometimes, by quickly allowing prospective clients to schedule tours online you will increase the number of apartment tours. Also, consider installing a live chat & message feature on your real estate property advertisements. Small questions that may be holding up prospective clients, can be quickly answered and accelerate the rental process. 

4. Blogging

Creating user-generated blog content and keeping prospective and current residents in the know regarding your brand is imperative in today's competitive real estate market. Blogging has many key benefits, including bringing directed traffic to your real estate website from people searching general real estate topics on the internet. Furthermore, current residents will be impressed with your effort and ability to maintain communication and keep them updated regarding important real estate topics. Publishing detailed real estate blogs may answer many questions for both prospective and current residents, that will decrease the amount of questions your property managers and real estate agents are receiving.