A new study on Home Buyers & Sellers in Massachusetts show that 90% of all Home Buyers and Sellers are using the Internet as part of their home buying and selling process as well as choosing to work with a real estate professional. This data is from the 2008 Massachusetts Profile of Home Buyers & Sellers, compiled by the National Association oof Realtors (NAR).
So, if you want to Sell your home, you would be wise to make sure that your home is well positioned on the Internet with exposure on all the major Real Estate web sites displaying good qualilty photos and clear & accurate Virtual Tours.
Monday, March 16, 2009
Thursday, February 19, 2009
The New Housing Plan
President Obama's housing plan is expected to help as many as seven million to nine million homeowners by making it easier for them to either refinance their mortgages or renegotiate payments.
Removing a limit on refinancing for "responsible homeowners"
4 million to 5 million households.
The bill will remove the current restriction on Fannie Mae and Freddie Mac that prohibits them from guaranteeing refinancing on mortgages valued at more than 80% of the home's value. This will allow many more homeowners to refinance at lower rates.
WHO MAY QUALIFY
EXAMPLE
TODAY A family's home value drops to $400,000 from $475,000. The loan balance at $337,460 is now more than 80 percent of the home's value, making it difficult to refinance under current rules.
UNDER THE PROPOSALThe family can refinance to a rate of 5.16% from 6.50%, which would save $196 a month and $2,347 a year.
WHO DOESN'T QUALIFY
Those holding loans not owned or guaranteed by Fannie Mae or Freddie
Mac.
Mortgages above a certain threshold -- $417,000 for single-family homes
in most areas and $729,500 in higher-priced regions.
Those whose outstanding mortgage debt exceeds 105% of their current home
value.
Helping renegotiate loan terms for "at-risk homeowners"
3 million to 4 million households.
The bill creates incentives for lenders to modify the terms of subprime
and other loans. Participating lenders will reduce payments to no more
than 38% of borrower's income, with the government matching further
reductions down to 31%.
WHO MAY QUALIFY
EXAMPLE
TODAY A family's home value has fallen to $189,000 from $230,000 and its
loan balance is $214,016. Job loss has reduced household income and loan
payments can't be made.
UNDER THE PROPOSALThe family could modify the mortgage for five years,
so that payments are manageable. This would save $406 a month or $4,870
a year.
WHO DOESN'T QUALIFY
Mortgages above a certain threshold -- $417,000 for single-family homes
in most areas and $729,000 in higher-priced regions.
Homes that are not owner-occupied.
Those who apply more than three years after program's start.
Removing a limit on refinancing for "responsible homeowners"
4 million to 5 million households.
The bill will remove the current restriction on Fannie Mae and Freddie Mac that prohibits them from guaranteeing refinancing on mortgages valued at more than 80% of the home's value. This will allow many more homeowners to refinance at lower rates.
WHO MAY QUALIFY
EXAMPLE
TODAY A family's home value drops to $400,000 from $475,000. The loan balance at $337,460 is now more than 80 percent of the home's value, making it difficult to refinance under current rules.
UNDER THE PROPOSALThe family can refinance to a rate of 5.16% from 6.50%, which would save $196 a month and $2,347 a year.
WHO DOESN'T QUALIFY
Those holding loans not owned or guaranteed by Fannie Mae or Freddie
Mac.
Mortgages above a certain threshold -- $417,000 for single-family homes
in most areas and $729,500 in higher-priced regions.
Those whose outstanding mortgage debt exceeds 105% of their current home
value.
Helping renegotiate loan terms for "at-risk homeowners"
3 million to 4 million households.
The bill creates incentives for lenders to modify the terms of subprime
and other loans. Participating lenders will reduce payments to no more
than 38% of borrower's income, with the government matching further
reductions down to 31%.
WHO MAY QUALIFY
EXAMPLE
TODAY A family's home value has fallen to $189,000 from $230,000 and its
loan balance is $214,016. Job loss has reduced household income and loan
payments can't be made.
UNDER THE PROPOSALThe family could modify the mortgage for five years,
so that payments are manageable. This would save $406 a month or $4,870
a year.
WHO DOESN'T QUALIFY
Mortgages above a certain threshold -- $417,000 for single-family homes
in most areas and $729,000 in higher-priced regions.
Homes that are not owner-occupied.
Those who apply more than three years after program's start.
Sunday, January 18, 2009
2008 Year-End Figures Pioneer Valley Real Estate
Single Family Home Sales in the Pioneer Vally fared well in 2008 compared to the National average.Though the number of sales dropped 19% from 2007.
The Median Price only dropped 4.8%
Pioneer Valley
2007 . 2008
Closed Sales (Units) 4,891 ............ 3,963
Average Sales Price $236,124.......$222,193
Median Sales Price $210,000......$199,900.
***
The following is the break down by County
***
Franklin County
Sales volume drop 21.2% * Median price drops 8.8%
*
2007 . 2008
2007 . 2008
Closed Sales (Units) 520 ............ 410
Average Sales Price $226,245.......$210,980
Median Sales Price $200,000......$182,500.
Median Sales Price $200,000......$182,500.
***
Hampshire County
Sales volume drop 22.2% * Median price down 6.7%
*
2007 . 2008
Closed Sales (Units) 1,804 ............ 843
Average Sales Price $297,363.......$281,359
Median Sales Price $268,000......$250,000.
***
Hampden County
Sales volume drop 17.6% * Median price drops 4.2%
*
2007 . 2008
Closed Sales (Units) 3,287 ............ 2,710
Average Sales Price $217,491.......$205,485
Median Sales Price $192,000......$184,000.
Friday, January 9, 2009
Happy New Year!
If a new home is in your plans for the New Year or if you are thinking of selling your home this year there is good news........... The interest rates are at record lows. There are programs for 1st time buyers and plenty of local banks and lending institutions willing to lend.
Be careful not to be confused and disoriented by the National News. Remember REAL ESTATE IS LOCAL. What is going on in Franklin County is different than the National average. Keep posted for the year in figures. They should be out soon. I think you will be pleasantly surprised!
Be careful not to be confused and disoriented by the National News. Remember REAL ESTATE IS LOCAL. What is going on in Franklin County is different than the National average. Keep posted for the year in figures. They should be out soon. I think you will be pleasantly surprised!
Tuesday, December 9, 2008
Home Improvements...Will it increase my Home Value?
Before you make improvements to your home it is wise to speak with a Real Estate Professional. There are many factors to consider and to weigh out when you are thinking of doing home improvement projects and additions. Will these improvement increase the value of your home depends on several factors...such as the neighborhood price range, the current value of the home, what the improvement will add, ie.... another bathroom, bedroom, update kitchen, baths etc. In addition, the length of time you plan to stay in the house will also effect the value of the improvement. If you are thinking of selling your house in the next year or two, it may be smarter to focus of certain improvements vs. if you are planning on staying in your home for 5+ years. Each case is different.
So, make sure you consult a Realtor before investing in Home Improvements.
Before you make improvements to your home it is wise to speak with a Real Estate Professional. There are many factors to consider and to weigh out when you are thinking of doing home improvement projects and additions. Will these improvement increase the value of your home depends on several factors...such as the neighborhood price range, the current value of the home, what the improvement will add, ie.... another bathroom, bedroom, update kitchen, baths etc. In addition, the length of time you plan to stay in the house will also effect the value of the improvement. If you are thinking of selling your house in the next year or two, it may be smarter to focus of certain improvements vs. if you are planning on staying in your home for 5+ years. Each case is different.
So, make sure you consult a Realtor before investing in Home Improvements.
Tuesday, December 2, 2008
Safety First
With the cold weather and holiday season upon us...... Please check to make sure that your Smoke detectors and CO (carbon monoxide) detectors are working properly and in the correct locations.
In Massachusetts it is a State Law that a smoke alarm and CO detectors in a home be inspected and certified prior to sale. The fire department representative needs to certify that the smoke alarms and CO detectors are operating properly and in the correct locations. They recommend smoke alarms to be located on the ceiling on each floor including the basement. CO detectors on each living level. (for specific requirements, please contact your local fire department)
In addition, if you burn with wood and have a wood stove, it is important to have the wood stove inspected and certified (usually it is the town/city building inspector who certifies). Give this certification to your Home Owners Insurance carrier. Most insurance companies will not cover claims in the unfortunate event of a fire caused by a wood stove if the wood stove wasn't inspected.
In Massachusetts it is a State Law that a smoke alarm and CO detectors in a home be inspected and certified prior to sale. The fire department representative needs to certify that the smoke alarms and CO detectors are operating properly and in the correct locations. They recommend smoke alarms to be located on the ceiling on each floor including the basement. CO detectors on each living level. (for specific requirements, please contact your local fire department)
In addition, if you burn with wood and have a wood stove, it is important to have the wood stove inspected and certified (usually it is the town/city building inspector who certifies). Give this certification to your Home Owners Insurance carrier. Most insurance companies will not cover claims in the unfortunate event of a fire caused by a wood stove if the wood stove wasn't inspected.
Thursday, November 20, 2008
FIRST TIME HOME BUYER TAX CREDIT
$7,500
This is a Federal tax credit program know as...
Housing and Economic Recovery Act of 2008
Bill H.R. 3221
Who is eligible:
1st time home buyers who purchase a home between 1/9/08 through 7/1/09
Full credit will go to single person with income under $75K and 150K on a joint return (it will phase out above those caps ($95K and $170K respectively)
Eligible property:
Single family residences including condos that will be used as a principal residence.
Refundable:
This will reduce the income tax liability for the year of the purchase. Claimed on the tax return for that tax year.
Here's the catch....
There is a Recapture involved:
Portion (6.67% of the credit to be repaid each year for 15 years. If home is sold before 15 years, then remainder of credit recaptured on sale.
For more information please call or email me and/or consult your CPA or tax preparer.
$7,500
This is a Federal tax credit program know as...
Housing and Economic Recovery Act of 2008
Bill H.R. 3221
Who is eligible:
1st time home buyers who purchase a home between 1/9/08 through 7/1/09
Full credit will go to single person with income under $75K and 150K on a joint return (it will phase out above those caps ($95K and $170K respectively)
Eligible property:
Single family residences including condos that will be used as a principal residence.
Refundable:
This will reduce the income tax liability for the year of the purchase. Claimed on the tax return for that tax year.
Here's the catch....
There is a Recapture involved:
Portion (6.67% of the credit to be repaid each year for 15 years. If home is sold before 15 years, then remainder of credit recaptured on sale.
For more information please call or email me and/or consult your CPA or tax preparer.
Subscribe to:
Posts (Atom)
