Rents Skyrocket to Highest Rate in Decade!

Rents Skyrocket to Highest Rate in Decade An analysis by Market Watch revealed the cost of rent was 3.8% higher than a year ago for the second straight month in June.That's the strongest yearly price gain since 2007.  Source: Keeping Current Matters  Look For Shift Back to Homeownership, notes Tom Skahen, New Homes CEO of Streamline Communities. As rental rates continue to push up in the Northeast and mortgage rates trend down, start looking for the shift from rental to homeownership. Since the great recession of 2007, homeownership rates have dropped nearly 10 percent in the United States. CNN Money reports that 110 million people in the U. S. now rent and 21 percent are paying more than 30 percent of their total wages on rent, while homeowners percentage of housing expenditure continues to trend down. This is not sustainable, and we've hit a crossroads. There is going to be a shift back to homeownership and that includes the somewhat non-existent Millennial buyer. So builders, get ready for this demographic that's about to enter your market.

New Home Sales

New-Home Sales Are on Track for a 7 year High - But it's Still Not Enough to Meet Demand Source: Realtor.com Sales of new single-family houses rose last month to an annualized rate of 546,000, the Census Bureau(https://www.census.gov/construction/nrs/pdf/newresales.pdf) and the Department of Housing and Urban Development reported on Tuesday, an increase of 2% over April and the highest rate since February 2008. Despite the fast pace of sales, the press release reported only 206,000 new houses for sale (seasonally adjusted) at the end of May - a supply of just 4.5 months.  Six months is considered a healthy supply.  Meanwhile, the median sale price of new houses was $282,800 in May, and the average sale price was $337,000.  Those numbers were $285,60 and $323,500 respectively last May.  Back then, there was a 5.1-month supply. That's pretty good news for buyers.  "New home prices are influenced heavily by what builders build and offer," says Realtor.com chief economist, Jonathan Smoke.  "The lower price is evidence that they are starting to build more affordable homes in their mix."

Cost of Waiting - The Time to Buy is Now!

Why should you buy a home now?  It may cost you more if you wait.  Below shows the projected monthly increase in a mortgage payment today versus 2017.

Taste of Nashoba

Taste of Nashoba

Nashoba Valley is celebrating their 15^th year of “Taste of Nashoba”.  On March 22^nd from 5:30-8PM, visit Lawrence Academy to see what all of the local attractions have to offer!  Restaurants, caterers, bakeries, and breweries will all be showcased at this event.  Year after year the number of attendees grows, along with the participants.  Over 1,000 people attended last year, and even more are signed up to stop by and engage in the fun this year. 

Will there be any new additions this year?  Yes, there are several newcomers including Welcome Wagon, Vitamin 1, Great Road Kitchen Oyster Bar and Grill, and many more.  Along with the first timers, there are dozens of returning vendors.

The Taste is the Chamber's largest and most popular social engagement of the year, so don’t miss out!  Tickets are $25 dollars if you sign up in advance, or $30 at the door.   For more information on sponsorship opportunities, contact Melissa at Melissa@nvcoc.com or call 978.425.5761

Here is the list of who will be there:

•    110 Grill

•    Aaronap Cellars LLC

•    Annie's Gluten-Free Bakery

•    Bailey's Bar & Grille

•    Bridges By Epoch Westford

•    Bull Run Restaurant

•    Burtons Grill

•    Carlin's Restaurant

•    Carlson Orchards, Inc.

•    Charlotte's Cozy Kitchen

•    Coleman Catering

•    Concord's Colonial Inn

•    Devens Common Center

•    Devens Grill

•    DoubleTree by Hilton

•    Evivva Cucina

•    Gibbet Hill Grill

•    Golden Girl Granola

•    Groton Wellness

•    Holiday Inn Boxborough

•    Jack O'Lantern Wine & Spirits

•    Mariano's Ristorante

•    Nashoba Café @ Nashoba Valley Medical Center

•    Nashoba Park Assisted Living

•    Nashoba Valley Technical High School

•    Red Tail Golf Club

•    Rivercourt Residences

•    Shaker Hills Country Club

•    Shriver Job Corps Center

•    Slavin in the Kitchen

•    Stonehedge Inn

•    Sub Zero Ice Cream & Yogurt

•    Sunset Tiki Bar and Grill

•    The Great American Grill

•    The Red Raven

•    Union Coffee Roasters

•    Wachusett Brewery

•    Westford Regency