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Merrimack Valley Magazine

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Heating Up The South

September 12, 2021 by Tyler McMillan

The Days of Great Deals on Southern Homes May Be Over

This summer, my wife and I went on a 3,400-mile road trip (and honeymoon). This adventure gave me the opportunity to look at housing markets outside of the Merrimack Valley.

We began our journey with the assumption that the South would be much more affordable. Many New Englanders have heard stories about people moving there and buying homes of twice the size for half of what we would pay in the MV. Those days may be over, at least in prime locations. As usual, location is the primary catalyst of home prices, and large city centers with clear economic development command the highest prices in the housing market, whether you’re talking Massachusetts or Mississippi. 

Take Charlotte, N.C., for example. We stayed in the NoDa (North Davidson) neighborhood. It’s an “up-and-coming” destination spot, with home prices that have skyrocketed in recent years to the point where values are reaching levels that mirror communities directly north of Boston. Many homes sell for a half-million dollars or more. When you move farther out of downtown Charlotte, the prices sink and are comparable to areas in central Massachusetts, such as Leominster and Fitchburg. 

 

Southern mansion
There was a time when MV residents could move to the south, expecting outrageously low home prices. Those days are likely over, particularly in areas with hot housing markets. Still, the cost of living can offset the rising house prices.

Farther west, Tennessee boasts homes at prices low enough to shock New Englanders, but Nashville’s housing costs have risen greatly due to the city’s popularity. In Louisiana, Slidell, a community north of New Orleans, is very affordable, but in New Orleans’ French Quarter, house prices rise to the million-dollar mark.

Heading back north, Pittsburgh bucks the city inflation trend and shocked us with its affordability. We visited for a day, stalking neighborhoods with our mobile real estate apps like sharks in seal-infested waters. We pulled up to a beautiful neighborhood on the northwest side of the city. By the looks of the regal homes adorned with stone siding, we assumed values in the millions, but when we searched online, nearby homes with more than 2,000 square feet were listed around $350,000. 

There are other factors to consider beyond home values. Take food. In southern Ohio, locals flock to diners and eateries where breakfast can be covered with a $10 bill. West Virginia offers plenty of restaurants that serve cheap entrees and drinks. In many smaller towns and cities in the South, affordability and cost-effectiveness are heavily esteemed. To my delight, we found restaurants and breweries in Charlotte that offered daily and half-off specials. Beyond restaurants, groceries in general were slightly cheaper than those up north. Louisiana had some of the cheapest groceries I found, especially seafood, possibly due to its proximity to the Gulf of Mexico. 

Chicken sandwich / Southern night skyline
In many places below the Mason-Dixon line, prepare to pay less than you would back north for exemplary dining options. Photos by Martha Robertson.

Focusing on real estate and food prices only gives us a sense of the cost of living. Wages and personal revenue are crucial considerations. According to the U.S. Census Bureau, the median household income in Massachusetts in 2019 was $81,215, compared with Charlotte at $62,817 and Nashville at $59,828.

Looking at wages alone, the rising cost of housing in hot Southern markets doesn’t seem justified. However, with economic growth and new tech jobs, Southern states continue to see populations rise. With this demand comes increased home values and overall higher costs associated with basic living expenses. These rising costs put a damper on my idea of buying a part-time vacation home in Charlotte, and laid to rest daydreams of life in a Southern mansion.

   

Filed Under: Home & Garden Tagged With: home, homevalues, housingmarket, realestate, South

Home Beat – MAXIMUM Value, minimum Fuss

July 14, 2021 by Tyler McMillan

Making the Most of a Sellers Market.

Merrimack Valley home sellers can’t help but smile as lines of prospective buyers pile in front of their for-sale signs. It’s no secret that we are experiencing historical shifts in the real estate market. During this period, homeowners hold remarkable leverage, but there are still numerous factors that can impact prospective sellers.

Currently, many sellers are receiving dozens of offers within the first few days of listing their home, but this is still dependent on certain factors. Homeowners whose asking price is unrealistic may experience significantly less traction than sellers who have used more conventional metrics to price their homes. Matt Swierk of Legacy Star with Keller Williams Merrimack Valley makes clear the dangers of overpricing, saying, “My sellers all want to sell their homes for the most money possible, but listing the price higher is actually counterproductive. Generally, if you list at a fair market value, you’ll generate competing offers, and that competition will ensure a better price for a home seller along with better terms.”

The terms Swierk’s talking about embody an essential element for the modern-day home seller to consider. Terms in a contract can range from a buyer waiving their home inspection contingency to a buyer depositing hundreds of thousands of dollars as a nonrefundable deposit. 

Home sellers enjoy a significant advantage, because many homebuyers, in addition to offering well above asking price, are also waiving contingencies that would allow them to easily walk away from the deal during specific periods of the transaction. Some sellers are sacrificing the highest monetary offer in exchange for one that has more attractive terms, such as no home inspection contingency or no appraisal contingency. Ultimately, this offers more closure for a seller because there will be less room for negotiation from the buyers through the duration of the transaction.

 

Many homebuyers are looking for turnkey properties — move-in-ready homes. Homeowners benefit from having their big ticket items and major systems in good shape. Some of these include roofs, heating systems, siding and septic systems. Homebuyers may have more room for negotiation if there is something like an obvious need for a new roof, which could easily cost them thousands of dollars after purchasing the property. 

Homeowners shouldn’t necessarily invest in costly repairs and replacements of their big systems for the sake of selling their property. It is important for a prospective home seller to consult with a real estate professional to ensure that a big-ticket item is worth replacing to maximize their home’s value. “Due to the high demand,” Swierk says, “I would advise many sellers to hold off on any major overhauls on systems. They’re better off keeping that money in their pockets to help them purchase their next home.”

Cosmetic touch-ups consist of more manageable projects that significantly boost the curb appeal of a home. Grab some paint and a roller and get ready to transform that ugly beige wall into a light French-gray masterpiece. Rip out that old carpet and replace it with vinyl planks. Homeowners can even do something as simple as painting or replacing their front door to help aid the overall look of the home. These smaller projects can go a long way and may cost significantly less than renovating the major systems. 

According to Vincent Forzese, broker owner of Realty One Group Nest, “It’s very important for a seller to reach out to a licensed real estate professional at least one month before listing their home.” And he adds: “Many sellers are underestimating how quickly homes are selling. Along with the usual decluttering recommendations, creating a game plan of where you’re going to stay is essential. It is not always possible to sell and buy at the same time in this market.”

We are experiencing one of the strongest seller markets in American history, but the question remains: Where are you going next? That question looms over many potential sellers.  

 

Filed Under: Home & Garden Tagged With: home, Home Beat, Homemarket, housingmarket, MAR, MARealtors, realty, sell

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