2019 is in the rearview. So what did the real estate market do?

Hi, I am Jeff Chubb and here is the 2019 Real Estate Review for Cohasset, Hingham, Hull and Scituate.

Let’s start with the Cohasset market. Sales in Cohasset for 2019 were down 3.17% from 126 sales in 2018 to 122 sales in 2019. Not a huge movement in the number of houses, but none the less. Sales were down. The average sale price in Cohasset was down 3.17% as well year over year with an average sale price of $1,124,379 vs 1,161,208 in 2018. Inventory at the end of December in Cohasset is down 17.14% with 29 Single Family homes available to buyers to start the New Year.

Cohasset was the only town that we will be looking at that had depreciation in 2019.

In Hingham, sales were down 4.64% to 267 closed units in 2019. The average sales price was up 2.91% to $986,030. Inventory for the year ended down 21.15% with 41 Single family homes available to buyers looking to make a move in the beginning of the New Year.

Hull is the only market where the amount of sales increased year over year. In Hull, sales increased 15.33% to 158 Single Family homes selling 2019. The average sales price was up 5.86% to $521,170. Meanwhile the increase in sales put additional inventory pressure on the market with available Single-Family inventory down 47.37% to 20 Single Family homes available to start 2020.

In Scituate sales were down 1.38% to 286 Single Family homes sold in 2019. The average sale price was up 7.93% to $726,256. This is the highest percentage gain of...

2019 is in the rearview. So what did the real estate market do in Massachusetts?

Hi, I am Jeff Chubb and here is the 2019 Real Estate Review for some of the largest cities in the Bay State. We have the data we are sharing for all towns, so if you are specifically wondering how your town held up, then shoot me an email at [email protected]!

The Single-Family market in Massachusetts saw a .50% increase in the amount of homes sold to 52,999 units. The average sale price of $516,843 represented a 3.17% increase year over year. The biggest movement was related to inventory with the amount of Single-Family homes available to buyers decreasing 20.26% year over year to 6,993.

The Massachusetts condo market saw a decrease of .73% to 20,951 units sold. This was coupled with the 10.56% decrease in the number of condos available on the market year over year with 2,542 being available at the end of 2019. Prices for condos increased 4.13% to an average sale price of $521,744.

In Boston, both the Single Family and condo markets saw a decrease in the amount of sales, increase in the average sale price with a decrease in the amount of inventory available to buyers. The Single-Family market saw a 6.10% decrease in sales to 969 units sold in 2019 with an average sales price of $875,086. This accounts for a 5.73% increase in pricing. Inventory in 2019 decreased 28.43% to 73 Single-Family homes currently available.

The Boston condo market had 4,343 sales in 2019 which accounts for a 4.95% decrease in the amount of homes sold. Inventory in the condo market decreased 1.75% to 618 units with the average sales price for sold condos up 5% to $923,010.

In Cambridge, 567 condos...

How to Buy A home - Home Financing Questions - Part 1

What is a Fixed Rate Mortgage vs. an Adjustable Rate? or maybe “What will my rate be?” Or “What am I paying when I pay my mortgage payment?” or how about “What’s PMI and will my monthly payments change during the loan term?

Hi, I am Jeff Chubb with the Chubb Realty Group and today I am answering those questions!

-        So “What is the difference between a Fixed Rate and an Adjustable Rate?

For a fixed rate mortgage, the interest will stay the same throughout the life of the loan. The most common fixed rate mortgages are 15 and 30 year notes. An adjustable Rate Mortgage, otherwise known as an ARM means that the interest rate can change periodically. This means that the monthly payments can go up or down. Generally the initial interest rate is lower than of a comparable fixed-rate mortgage which is called the teaser rate. After that period ends, interest rates-and your monthly payments can go higher or lower.

Your expected utilization of a property will ultimately help drive this decision. I will however note that interest rates are at historical lows and the only real place for them to go… Is well UP.

-        So “What is my interest rate going to be?”

That is a tough question to answer depending how far out you are from the actual buying process. The farther out you are, the bigger the guess! When you are getting pre-approved, you do not want to worry about a bank’s interest rates. Banks rates vary daily and a bank may be competitive one day and less competitive the other.

When you have found a home and gone under agreement on that home, then that...

How to Buy A home - Home Financing Questions - Part 2

Here are some recent questions that I received from people that are thinking about buying a home.

Hi, I am Jeff Chubb with the Chubb Realty Group and today I wanted to share with you some additional questions from prospective home buyers that I often here.

-        People often ask “What are the differences between a pre-approval and a pre-qualification.”

A pre-qualification is a quick conversation with your lender in talking about income, assets and the anticipated down payment. A buyer has not submitted any underlying paperwork to support this conversation and thereby a mortgage banker has not dug deep into the credit worthiness of a buyer.

A pre-approval is where a lender will verify the financial information needed and submit the loan to underwriting for a preliminary approval. A pre-approval takes a little more time and documentation, but offers a lot more certainty throughout the buying process.

Think of it this way, if you are looking to put an offer and it is a competitive offer situation, then the pre-qualification is not going to carry nearly the same weight as compared to the buyer who has a buyer that has actually been pre-approved. The pre-approved buyer will offer the home seller a little more certainty in what can be a very uncertain process. When you are a home seller and you are about to make a very serious decision, generally they are going to want to go in the direction of the most certainty.

-        Another great question we hear is “What type of closing costs should I expect” and “are there any...

How to Buy A home - Home Financing Questions - Part 1

Here are 3 Common Questions from people that are thinking about buying a home.

Hi, I am Jeff Chubb with the Chubb Realty Group and today I wanted to share with you some common questions from prospective home buyers.

-        The first question is “Do I really need to put 20% down to buy a home?”

And the answer is a resounding NO. There are programs available to home buyers in which they can put as little as 3.5% down. A buyer can always put more down, but this is the limit. Another not well-known fact is that this down payment can actually be gifted from a friend or family member. At the end of the day, the bank with these FHA type programs need to see at least 3.5% of owner equity in order to feel comfortable moving forward.

However, if you are a Veteran, the VA program will actually allow a buyer to buy a home with 0% down. This is only a program that is available to the men and woman currently or those that have served in our armed forces in the past.

-        The second question I often hear is “Do I need spectacular credit to get a mortgage?”

Like above, the answer to this question really varies by which mortgage program a buyer is evaluating. The FHA mortgage programs will lend to buyers putting 3.5% down with credit scores of 580 or higher.

If your credit score is below 580 however, you aren’t necessarily excluded from FHA loan eligibility. Applicants with lower credit scores will have to put down a 10% down payment if they want to qualify for a loan.

There are many...

The story of selling 560 Jerusalem Road, Cohasset

A case study that examines why it took the 6th agent to sell this home. 

 TABLE OF CONTENTS
1. EXECUTIVE SUMMARY
2. TIRING HOUSE SALE PROCESS
3. REASONS HOUSES DO NOT SELL
4. STORY OF 560 JERUSALEM ROAD
5. SELLING HOUSE THE RIGHT WAY
6. FASTER WAY TO SELL YOUR HOUSE
7. REFERENCES FOR THE CASE STUDY 

1. EXECUTIVE SUMMARY

The homeowners of 560 Jerusalem Road in Cohasset failed to sell their home working with 5 different agents. They were able to accomplish their goals after working with their 6^th!

Some real estate markets favor sellers, some favor buyers. There are factors that dictate what type of market a community is in. Once you start to understand how your market works and the market conditions, you can do the extraordinary. Which is ultimately accomplishing your goals.

There are several factors that influence the time it will take when it comes to selling a house. There are some aspects of the house sale process that help sell properties faster and for top dollar.

This white paper sheds light on the notable problems house sellers face and the factors that may cause trouble.

An interesting case involving the sale of the house at 560 Jerusalem Road in Cohasset will be discussed in the middle of the document. Included will be important points that help sell properties faster and for top dollar.

   2. TIRING HOUSE SALE PROCESS

Selling a house is not an easy task. You will have to invest time and energy to the sales process in order to achieve your objectives

A number of challenges for house sellers have been identified in different research studies. Learning from these studies and other people’s successes as well as failures will increase your chances of a successful sale.

Traditionally, when people sell a property, they...

Will the real estate market gains hold out as we go into the last month of 2019?

Hi, I am Jeff Chubb and I wanted to share with you the market stats for the first 11 months of 2019 for a couple markets throughout Massachusetts. Today we are going to look at MA as a whole, Brockton, Canton, Dorchester, Framingham, Quincy and Reading.  

All of MA Real Estate

Decreasing inventory is the story to be told through the Bay State. With Condos continuing the trend and now down 8.43% year over year. Meanwhile Inventory for Single Families continued to shrink and is now down 15.14%.

Sales are down in both the Condo and Single-Family segments with condos down 2.46% year over year and the Single-Family market now down .85% when comparing the first 11 months of sales for 2018 vs. 2019.

Home prices continue to be up year over year with the average sale price of a condo at $521,276 which represents a 3.84% increase and the average sales price for Single Families up 2.89% to $517,921.  

Recap: Inventory is down. Sales are down. Prices are up.

Brockton Real Estate

Inventory in Brockton has been down by a significant amount pretty much all year, however we saw a small surge of new properties hit the market. Inventory is now down 2.70% year over year with 108 Single Family homes currently on the market at the end of November.

The decline in sales also continued in November with now 759 units closed for the first 11 months of the year. This represents a 7.33% decline in the amount of homes sold year over year.

The great news is that the average home price continued to climb to $318,996 which represents a 6.38% increase in the average price appreciation.

Recap: Inventory is down. Sales are down. Prices are up.

Canton Real Estate

Will the real estate market gains hold out as we go into the last month of 2019?

Hi, I am Jeff Chubb and I wanted to share with you the market stats for the first 11 months of 2019 for Cohasset, Hingham, Hull and Scituate.

Cohasset Real Estate

Inventory continued to increase year over year with there now being 22.92% more inventory at the end of November this year then compared to the same time last year.

Sales are down slightly at 2.56%, but this only represents a 3 unit difference with 114 sales in the first 11 months of 2019 vs. the first 11 months of 2018.

The average sales price in Cohasset did take a little bit of a nose dive in November. For the first 10 months of 2019 we had seen point 2 percent decrease in the average sales price. With November in the books, Cohasset is currently seeing a -5.46% decrease year over year. The median home price looks even worse as it is down 7.93% year over year.

Hingham Real Estate

Inventory in Hingham is now down 1.32%, but this only represents a one unit difference with 75 homes on the market at the end of November in 2019 vs. 76 in 2018.

Sales in November were stronger then compared to the same period last year. In the month of November we saw 29 homes close in Hingham which is compared to last November where we saw only 18 units close. With 250 closed homes in 2019, currently sales in Hingham is 5.30% behind where they were at the end of November in 2018.

Home prices for the first 11 months in Hingham are up 2.18% to $985,242.

Hull Real Estate

The decline in inventory for Hull stayed about constant being down 34.04% year over year with 31 single family homes currently on the market. Meanwhile sales continued to increase in November with 148 units closed for the first 11 months of 2019...

The staple of the Chubb Realty Groups philosophy and promise to its clients. 

The Chubb Realty Group - Making Moving Easier

Less and less homes for sale… For the most part that is!

I am Jeff Chubb and I wanted to share with you the most recent market conditions update for a couple towns around Massachusetts.

In Massachusetts as a whole, we now have inventory up 1.64% for condos year over year. This is a large swing of nearly 9% considering last month we were looking at a 10.24% increase in inventory. Meanwhile in the Single-Family market inventory continued to tighten about 3% to 12.09% less inventory on the market then this time last year.

Meanwhile sales in both the Single Family and Condo market continued to build. Sales for Single Families are now up .24% year over year to 44,170 units sold while Condo sales are down 1.64% to 17,550 sales, this however is again an improvement from the -2.47% we saw last month.

Prices in Massachusetts continue to be up with the Condo market up 4.65% year over year and the Single Family up 2.89% year over year.

Quincy will be the only market that we look at that happens to have an increase in the amount of homes currently on the market. However in the condo segment we saw a big tightening month over month. Last month we had 34.69% increase in inventory yoy vs. the 16.13% we have this month. Meanwhile we did see inventory grow to 18.18% increase year over year in the Quincy Single Family segment.

Sales are up 4.64% at 316 units for the Quincy Condo market while showing a 4.67% average price appreciation to $412,562. Meanwhile sales for Single Families are down 11.03% to 371 units with a...

For the Most Part… Inventory Tightened!

With October in the books, we are continuing to see the great inventory tightening of the Fall of 2019. Okay, maybe it hasn’t been “great”, but none the less… There are less homes on the market!

I am Jeff Chubb and I wanted to share with you the most recent market conditions for Cohasset, Hingham and Hull.

In October we saw inventory continue to tighten statewide as well as in the towns of Hingham and Hull. Cohasset however had a different plan in mind.

In Massachusetts as a whole, we now have inventory up 1.64% for condos year over year. This is a large swing of nearly 9% considering last month we were looking at a 10.24% increase in inventory. Meanwhile in the Single-Family market inventory continued to tighten about 3% to 12.09% less inventory on the market then this time last year.

Meanwhile sales in both the Single Family and Condo market continued to build. Sales for Single Families are now up .24% year over year to 44,170 units sold while Condo sales are down 1.64% to 17,550 sales, this however is again an improvement from the -2.47% we saw last month.

Prices in Massachusetts continue to be up with the Condo market up 4.65% year over year and the Single Family up 2.89% year over year.

Turning to the local markets, lets take a look at Hull first.

Hull continues to see inventory decrease with it now having 40 homes on the market which represents a 35.48% decrease in the amount of properties available to prospective buyers. Sales continue to be strong with a 17.80% year over year ...

Jeffrey Chubb and his team, the Chubb Realty Group, has been ranked as one of the Best Real Estate Agents in Boston for 2019 according to Expertise, LLC. 

Expertise is a company that makes it easy to find the best local experts, every time. They believe that finding the right highly-skilled professional takes sigificant time and effort, including in-depth reasearch, ddetailed comparisons and deciphering which online reviews are reliable and authentic. 

Expertise features only objectively quantified and qualified professionals hand-picked by their selection process. They do the research to understand what's important when searching for experienced professionals so their readers trust that when they say a company is one of the best, it is. 

Their proprietary research and selection process identifies the top service professionals in over 200 different industries across the top cities in the United States. To date, they have analyzed over 10 Million companies. 

Their selection process is based off of the following criteria:
Reputation: A history of satisfied customers giving excellent recommendations
Credability: Established in their industry with licensing, accreditations and awards
Expertise: Masters of their craft, based on years of practical experience and education
Engagement: Approachable and responsive to clients and available for new business
Professionalism: Dedicated to providing consistently quality work and impeccable customer service. 

Buying a Home in Massachusetts Can Be Scary… Until you know the facts!

Hi, I am Jeff Chubb and I wanted to share with you some truth’s when it comes to buying a Massachusetts home. There are many myths out there that are keeping our friends and family from buying a home…

“I need 20% down in order to buy a home” – This is the most common myth we hear. Potential Massachusetts home buyers are constantly being told they need 20% down in order to buy a home. This just simply is not the case. 71% of buyers who purchased homes put down 20% OR LESS. And today you can buy a home for as little as 3.5% down. If you are a Veteran then can even qualify for VA programs with 0% down. Consider this, the average down payment is 6%. AND down payments can even be gifted. (Thanks Mom and Dad!).

“I need an 800 Credit Score” This is the 2^nd biggest myth when buying a home in Massachusetts. In September, the average credit score for approved loans was 737. But there are FHA programs that will give a borrower a mortgage with a credit score of 580 or higher. Financing is complex which is why it always makes sense to speak with a mortgage banker. 

“Getting approved for a mortgage is hard when buying Real Estate in Massachusetts” – Last month 78.1% of loan applications were approved. I think it is important to remember that a bank isn’t trying to turn someone down, but they are cutting some pretty large checks and need to verify everything is in order. This can be a frustrating part of the process, but the good news is… They don’t ask for a blood sample AND you the light at the end of the tunnel results in a set of keys and owning a piece of the American Dream.

“Interest Rates are high” – Historically speaking we have some of the lowest...

Bye Bye FICO Scores? And What It Means to You.

I am Jeff Chubb and I wanted to share with you the news that the Federal Housing Finance Agency is now allowing Fannie Mae & Freddie Mac to use an alternative credit scoring model, Vantage Score. And what this means for you and your friends and family when buying a home.

The FICO scoring model was introduced in 1989 and is used by 90% of lenders.

Compared to VantageScore which was introduced in 2006. It’s developers say this model is a more predictive scoring model that is easier to understand and apply.

Many banks are using a combination of FICOs and VantageScore models for mortgages, however until now this was not the case for mortgages secured by a government entity. How much does this matter? In 2017, government backed mortgages accounted for nearly 70% of all mortgages originated in the U.S.

Are we surprised that our Government Backed Mortgage agencies were late to the party?

So what are the differences, how does Vantage Score Group Credit Information?

-        Payment history
-        Age & type of credit
-        Percentage of credit limit used
-        Total balances and debt
-        Recent credit behavior and inquiries
-        Available Credit

Compared to the 5 categories that FICO uses:

-        Payment history
-        Amounts owed
-        Length of credit history
-        New Credit
-        Credit Mix

Both these lists...

Closing Cost Credits and How to save $Thousands at the closing table when buying a ? home

I wanted to share with you what a closing cost credit is and how you can use them to help save you a LOT of money ? at the closing table.

- What is a Closing Cost Credit
- When Should you talk to your agent about closing costs?
- How to confirm amount of closing cost credits
- What happens if you ask for a larger credit then you use?
- Why a Seller May Say no

If you would like to learn more about the current market conditions whether buying or selling a home throughout Massachusetts, email ? at [email protected], or give us a call ☎️ at 617-480-2600 or visit us online.

We look forward to being your real estate resource.

Thinking of selling your home?  Renovating your kitchen or adding a spare room can seem like a good idea when it comes to home improvements, but there are some upgrades that end up costing you more than what you’ll get in return.  If you plan on being in your home for a while, then you probably don’t mind losing out on a little money in order to get your dream home. When it’s time for you to sell, though, you want to get the best bang for your buck.  You also want to keep in mind that just because you upgrade your home, doesn’t mean you’re guaranteed a profit when selling your home. It would be best to consult a realtor and plan how much money to spend on making home upgrades and how much money to spend on marketing your home. Here is a list of some home upgrades that could break the bank:

Major Kitchen Remodel 

The kitchen is one of the focal (and selling) points of the home.  (Everyone loves food!) Of course, it would make sense to remodel it to be up-to-date and trendy.  However, this upgrade only has about a 60-65% return value. On average, you can expect to spend about $60,000 for new appliances, the...

People looking to buy a house near Boston often pick one of the bustling communities near the town center. Milton MA is an established nautical suburb offering homeowners posh living within easy reach of premium amenities and urban benefits.

Niche gives the city an A rating saying the community is vibrant, diverse, and rates the schools with the highest ranking. Visitors and residents often enjoy the rich history, culture, fine dining, exquisite artwork, and a multitude of events while in the area.

General Information about the Massachusetts Town

This upscale suburb sits in Norfolk County. The population is around 25,000 residents according to the 2010 Census. The city holds just over 13.3 square miles with just about all of it being land. The town is in the middle of the Blue Hills and the Neponset River.

Affluent neighborhoods flank the city with Quincy on the south and eastern borders, Mattapan and Dorchester to the north, and the infamous Hyde Park area to the west. At one time, the city was part of Dorchester.

As an agricultural community, this town brings forth a rich culture and history. The Milton MA area was a first for creating several mills offering unique goods for travelers along with fresh vegetables, grains, and fruits. One of the most fascinating facts about this area is it is the birthplace of former President George Herbert Walker Bush. His family home is now a museum where visitors can tour and learn about the family and the president as a child.

Six...

What happened during September of 2019 in Massachusetts....

And What it means to local Real Estate Prices.

The real estate market in the month of August provided for many shifts in the market place when comparing the local markets year over year. 

For much of the year the story has been increasing inventory and decreased sales. August had some major pullbacks that could shift the market dynamic as we look to close out 2019. 

• Inventory throughout Massachusetts shifted rather dramatically in both the Condo and Single Family markets.
• The two largest cities in Massachusetts (Boston & Worcester) continue perform on opposite sides of the spectrum.
• Spot checking markets throughout the state, we see some markets actually depreciating.
• Different towns throughout Massachusetts are performing at different levels. Even neighboring towns will have major swings making real estate more hyper local then ever before. 

If you would like to learn more about the current market conditions whether buying or selling a home throughout Massachusetts, reply to this email, give us a call at 617-480-2600 or visit us online.

We look forward to being your real estate resource. 

Do You Leave a Voicemail?

Are you making the most out of your prospecting time with leaving the right voicemail?

Hi, I am Jeff Chubb and I wanted to share with you the proper technique as well as a successful script when leaving a voicemail to increase your conversation rates.

If you are leaving a voicemail and trying to sell yourself in the voicemal, then you are wasting your time.

A prospect will not all you back from a message where you are talking all about you or some special offer.

So what’s on a selling yourself email? What does it sound like? It would sound something like, “Hi, I am Jeff Chubb with eXp Realty. We have a proven and repeatable system that has been proven to get seller’s more money…BLAH BLAH BLAH

People do not want to be sold. They have deleted the message by the word “proven”. Don’t sell yourself. None of this is about you!

What is the intention of leaving a voicemail? It’s to get them to call you back! So think like a consumer.

So what should you do when leaving a voicemail?

You want to remove your title and leave a lot of curiosity in the message.

So what does that sound like? “Hi, this is Jeff 617-480-2600, I sent you an email. Give me a call when you have a couple minutes. 617-480-2600”

Notice I am not saying a title or anything about eXp Realty or the Chubb Realty Group.

So what are we doing here? We are putting curiousity in the air in regards to “what email?”.

It is EXTREMELY important to not leave anything else other than your phone number. No brokerage information, no website, no details about the services… Nothing.

The only point of this is to get them to call you back so you can do the selling on the phone. You will never sell anything over a voicemail....