Listing Courtesy of JOE MAGGIO REALTY
Last week, The Wall Street Journal made it official: they had a slow news day. It was February 11 (that was Wednesday) when they ran the feature story, "A Gender Gap in Real Estate."
This was something Milton house hunters (not to mention those hoping to attract their attention) could certainly appreciate: an article about what men and women consider "very important" when it comes to features in homes. Author Adam Bonislawski based his story on National Association of Realtors® survey information; the results pointed to some dissimilarities between what women and men look for.
Now, I’ve had a good deal of experience helping both men and women house hunters in Milton, so it didn’t come as a complete surprise that their priorities differ. For instance, I was not at all surprised about the contrasting emphases the two put on the importance of having a walk-in closet in the master bedroom. The only surprise was that it was the men who found it much more important (38%-29%)!
What about house hunters’ feelings about the importance of kitchen appliances being new? Same phenomenon: men 38%, women 29% (possibly because appliances are gadgets, and men like the newest gadgets). How important is it that a home be single level? The sexes reverse: Male house hunters think it is very important 18% of the time; women, 31%. I’d bet that within the 18% that are masculine we’d find a disproportionate number of stay-at-home dads.
House hunters registered a big gap when it comes to rating 9-foot or higher ceilings as very important. A miniscule 8% of females agreed, while nearly three times that many of their male counterparts thought so (21%).
One harder to guess feature would have been the desirability of a kitchen island. Nineteen percent of male house hunters found it very important, versus just 8% of the females. Does this mean women are tired of entertaining? Do they no longer consider their masculine counterparts capable of sous chef action? Or is it that more men are taking over the cooking duties?
I’d have to admit, I’m less than certain that these national averages are 100% reflective of what house hunters in Milton prefer. Yes, Milton men certainly value attics (13%) more than the ladies (7%)—they do tend to spend more time up there (but neither are terribly committed to that form of high living). Basements are preferred by close to equal numbers.
Being that these findings are sort of interesting (not fascinating, perhaps, but at least sort of interesting), you might be wondering why at the beginning I thought it was evidence that the WSJ was having a slow news day. It’s because of some tiny print at the bottom of a graph, which gave the date of the NAR survey—all the way back in 2013! More up-to-date is what we find unfolding for today’s Milton house hunters: give me a call to get the latest!
A vital part of buying a Milton home is getting a Milton mortgage. But not all mortgages are the same. There are two general classes of mortgages; fixed rate mortgages keep the same interest rate for the full duration of the debt. The interest rates for adjustable-rate mortgages (ARMs) change every year after an initial period expires. You also choose the duration of the loan.
That’s the easy part. When it comes to choosing those details, coming up with the right option for your family can be a brain-twister (especially when you realize how big a difference different future scenarios might present). When you go about getting a Milton mortgage, you need to account consider the major factors -
· Affordability. Your budget for month-to-month payments is the largest single element to gauge when getting a mortgage in Milton. If you want to ensure lower monthly payments and minimize the risk of increases, tilt toward a longer-term fixed rate mortgage. If you can afford to risk a higher interest rate, a short-term ARM might be best.
· Future Rates. This can be a key issue when choosing between a fixed-rate mortgage and an ARM. If you suspect interest rates will decrease over time, you might tilt toward the ARM, since those mortgage payments will eventually decrease along with interest rates. If interest rates are headed up over the long haul, a fixed rate lets you to lock in today’s lower rates.
· Permanence. If you plan to live in your new home for just a short period, your choice for getting a mortgage may be less complicated. ARMs usually start out at a lower rate than do fixed-interest mortgages, and if you move before the adjustment period begins, you can take advantage of the lower initial rate and avoid the future possible payment increase.
Like all financial decisions, getting a mortgage in Milton should be carefully undertaken: always keeping in mind your long-term financial goals. I’m here to help clarify the many issues that enable my clients’ success: call me today if you are thinking about a move this spring!