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August Housing Updates: Home prices, housing expense ratios and more

Picture of Jackie Crawford-Ross

The impact of location on the value of a home, housing expense ratios and more.

Welcome August – Our last official month of summer! With that, it's time to savor the last bits of vacation season, dust off our fall candles and prepare the kiddies for the new school year! I hope you've been well - I'm excited to share what's going on in our state and the local real estate market. As always, if there's anything I can assist with, send me a message, I'm always happy to help!

What's new?

This month I'm looking forward to going to Cape Cod with my family, soaking up as much sun by the pool as possible, and getting my son ready for kindergarten! I am not crying, you are crying...

On a professional front, I am excited to share that I ranked #25 RE/MAX Agent for Massachusetts for 2023 (so far)! With thousands of agents in Massachusetts alone, I am honored to be a top producing Realtor in the great state I love! Thank you for helping me get there!

Homes within walking distance to this grocery store are worth an average of $987,923

The answer? Trader Joes! Homes near a Whole Foods are worth an average of $891,416.

Homes near the German-developed Aldi are worth an average of $321,116. Despite its lower neighborhood status, Aldi can be a sign that a neighborhood is on the brink of "exploding." 

Attom's research found that homes with an Aldi in their zip code appreciated by an average 58% between 2022 and 2021. The average gross flipping return on investment (ROI) in neighborhoods with an Aldi is a whopping 54%.

The ROI is only 24% and 28% for Trader Joe's and Whole Foods respectively.

Source: Attom Data

Wondering how much you should actually spend on a home?

Let's dive into understanding "debt" a little better — the good kind, that is. We often hear about the 28/36 rule when deciding how much to spend on a home. But what does it mean?

Housing Expense Ratio

This rule suggests that your monthly housing expenses (mortgage, property taxes, homeowner's insurance) should not exceed 28% of your gross monthly income.

Debt-to-Income Ratio

This part of the rule suggests your TOTAL debt payments, including housing expenses, credit card debt, car loans, student loans, and other obligations, should not go beyond 36% of your gross monthly income.

 

Popular upgrades that may up the value of your home in 2023? Higher ceilings, added square footage (bump out a wall), and energy-efficient windows.



Sounds straightforward, right? But remember, these percentages are just general guidelines. Some may be comfortable allocating a larger chunk of their income towards housing, while others might prefer less.

It's essential to consider factors like your savings goals, lifestyle, and other financial responsibilities when deciding what an appropriate amount to spend on a home is for you!

 

 

August Home Maintenance Checklist

  • Clean or replace HVAC filters.

  • Clean the kitchen drain/garbage disposal.

  • Inspect each fire extinguisher in your home.

  • Inspect your plumbing for any leaks or damage.

  • Check and repair any damaged walls, trim, or other interior features.

  • Inspect your outdoor lighting for any damage or malfunction.

 

 

Have questions about real estate?DSC_2031-Edit-1

Whether you're interested in purchasing your first home, moving up, downsizing, or investing, my team and I are here to be a resource to you.

Let's find you a new home. And it all starts here. Tell us a bit about your situation – buying, selling, and so forth – and one of our team members will be back in touch to discuss the details directly.
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