Christina Dowell's Worcester MA Real Estate Blog

Rental: West side Worcester, cute Cape, large fenced yard, garage, hardwoods

Christina Dowell Realtor, Central MA (Worcester Property Management LLC) — Fri, 06 Nov 2009 15:11:24 -0600

RENTAL: Charlton, two bedroom, 50% discount on first month's rent

Christina Dowell Realtor, Central MA (Worcester Property Management LLC) — Fri, 06 Nov 2009 15:06:08 -0600

First time home buyer tax credit extended til April 30, 2010!

Christina Dowell Realtor, Central MA (Worcester Property Management LLC) — Fri, 06 Nov 2009 13:53:00 -0600

As part of its plan to stimulate the U.S. housing market and address the economic challenges facing our nation, Congress has passed new legislation that:

Extends the First-Time Home Buyer Tax Credit of up to $8,000 to first-time home buyers until April 30, 2010.
Expands the credit to grant a $6,500 credit to current home owners purchasing a new or existing home between November 6, 2009 and April 30, 2010.

Here is more information about how the Extended Home Buyer Tax Credit can help prospective home buyers become part of the American dream.

Who Qualifies for the Extended Credit?

First-time home buyers who purchase homes between November 6, 2009 and April 30, 2010.
Current home owners purchasing a home between November 6, 2009 and April 30, 2010, who have used the home being sold or vacated as a principal residence for five consecutive years within the last eight.

To qualify as a "first-time home buyer" the purchaser or his/her spouse may not have owned a residence during the three years prior to the purchase.

Which Properties Are Eligible?

The Extended Home Buyer Tax Credit may be applied to primary residences, including: single-family homes, condos, townhomes, and co-ops.

How Much Is Available?

The maximum allowable credit for first-time home buyers is $8,000.

The maximum allowable credit for current homeowners is $6,500.

How is a Buyer's Credit Amount Determined?

Each home buyer's tax credit is determined by tow additional factors:

The price of the home.
The buyer's income.

Price

Under the Extended Home Buyer Tax Credit, credit may only be awarded on homes purchased for $800,000 or less.

Buyer Income

Under the Extended Home Buyer Tax Credit, which is effective on November 6, 2009, single buyers with incomes up to $125,000 and married couples with incomes up to $225,000-may receive the maximum tax credit.

These income limits have changed from the 2009 First-Time Home Buyer Tax Credit limits.

If the Buyer(s)' Income Exceeds These Limits, Can He/She Still Get a Credit?

Yes, some buyers may still be eligible for the credit.

The credit decreases for buyers who earn between $125,000 and $145,000 for single buyers and between $225,000 and $245,000 for home buyers filing jointly. The amount of the tax credit decreases as his/her income approaches the maximum limit. Home buyers earning more than the maximum qualifying income-over $145,000 for singles and over $245,000 for couples are not eligible for the credit.

Can a Buyer Still Qualify If He/She Closes After April 30, 2010?

Under the Extended Home Buyer Tax Credit, as long as a written binding contract to purchase is in effect on April 30, 2010, the purchaser will have until July 1, 2010 to close.

Will the Tax Credit Need to Be Repaid?

No. The buyer does not need to repay the tax credit, if he/she occupies the home for three years or more. However, if the property is sold during this three-year period, the full amount credit will be recouped on the sale.

North Worcester well kept Cape--large yard, garage!

Christina Dowell Realtor, Central MA (Worcester Property Management LLC) — Sun, 25 Oct 2009 16:00:10 -0500

Hot Air Balloon Festival! Hudson, MA August 8, 2009

Christina Dowell Realtor, Central MA (Worcester Property Management LLC) — Tue, 04 Aug 2009 12:13:01 -0500

Hot Air Balloon Festival! August 8, 2009

Hudson Elks 99 Park St Hudson, MA 01749

6:00 am Lift-off - Hot air balloons will lift off from field behind the Hudson Elks. Come down and watch the take-off!

Beginning at 2:00 pm - Family Events - Vendors, entertainment and field events for the kids.

There will be live music all afternoon featuring the McMurphys from 2-5:30, the Country Kickers from 5:30-6 pm and the Bruce Marshall Group from 6-9 pm! Hamburgers, hot dogs, ice cream, fried dough, and cold drinks will be available.

6:00 pm - Lift-off - Approximate time for evening balloon lift-off from the pavilion field.

Come down and watch the hot air balloons lift off! Music, food and beverages will continue until early evening.

Dusk - Balloon Glow - The pilots will ignite their burners as night is falling creating an incandescent glow of the tethered balloons in the night sky while live music continues with the Bruce Marshall Group.

Morning Admission: Adults $2.00 Children $1.00 (under age 2 Free)

Afternoon Admission: Adults $4.00 Children $2.00, (under age 2 Free) Come for the morning lift-off and Adult paid admissions will get a coupon for $1.00 off afternoon admission price

Worcester's Restaurant Week: enjoy the local flavor!

Christina Dowell Realtor, Central MA (Worcester Property Management LLC) — Mon, 20 Jul 2009 20:19:22 -0500

Finally like Boston, Worcester is doing a Restaurant Week! August 3-14 dine out at local participating restaurants at a substantial discount. For $20.09 per person (plus tax and gratuity), you receive a three course meal. Most restaurants will have a limited set menu from which you can chose. However, it is still an excellent way to explore new restaurants and support the local economy.

For more information, visit http://www.worcesterrestaurantweek.com/

Elm Park Summer Concert Series!

Christina Dowell Realtor, Central MA (Worcester Property Management LLC) — Wed, 08 Jul 2009 07:38:47 -0500

It's time for the Elm Park Summer Concert Series!

Sponsored by Park Spirit of Worcester, Inc., this non-profit organization, promotes citizen and community involvement in the preservation and growth of Worcester’s parks and play areas. So grab a blanket and head over for some sweet (and free!) tunes at dusk. To learn more visit www.parkspirit.org.

Schedule:

Beatles For Sale Thursday, July 9, 6:30-8 p.m.

Dennis Brennan Thursday, July 16, 6:30-8 p.m.

The Valves Thursday, July 23, 6:30-8 p.m.

Worcester Jazz Orchestra Thursday, July 30, 6:30-8 p.m.

The Dinosaurs Plus: Art In The Park Opening Thursday, August 6, 6:30-8 p.m.

Red Riders Thursday, August 13, 6:30-8 p.m.

Directions: Elm Park is located between Highland Street and Park Avenue in Worcester. Free street parking.

Tips for putting an offer on a short sale property

Christina Dowell Realtor, Central MA (Worcester Property Management LLC) — Tue, 30 Jun 2009 08:54:31 -0500

So you have found the house you want but it is a short sale. What to do? Prepare yourself!

Here are my top tips:

Short sales take longer than a private sale to close; the average is 5-6 months. Therefore you need to realize you will be tied up in this transaction for a while. Therefore put as little money down as possible. In case you need to rescind the deal, you don't want all your liquid cash tied up, waiting for the selling agency to return it.

Use an experience real estate attorney. Do not use your lawyer buddy or a lawyer who dabbles in real estate. Do not use a friend who is a criminal attorney but "will help you out" with your purchase. It is no help and can cost you dearly. You want someone who actively works in real estate to negotiate the purchase and sale to your benefit.

Put a 30 day approval clause on your offer for the seller to obtain bank approval on the offer. That way, after 30 days you can rescind the offer if you have found another property that interests you more.

Be weary of properties that have tenants in them. In most cases, I recommend to my clients to buy a building vacant with no tenants so they aren't inheriting problems. If there are tenants, you should have the seller to remove them. This can postpone a closing by several months if the tenants fight it and eviction proceedings have to begin. Therefore, if you are deciding between two buildings: one is vacant, one has tenants, the vacant one should be significantly easier and quicker for you to buy.

Short sales are complicated but these are a few tips as you begin the offer process.

A warm welcome to your home: your front entrance!

Christina Dowell Realtor, Central MA (Worcester Property Management LLC) — Tue, 30 Jun 2009 08:40:30 -0500

Source: MLSpin calendar 2009

Small details can make a big difference to the front entrance to your home. It doesn't take much to give it a fresh new look.

Replace the hardware. New locks, hinges and handles can drastically change your theme from ultramodern to rustic (or whatever look you are going for).
How about a new color scheme? Use a complementary color to the house but also a color that will stand out and make your front door the focal point of the front of your house. If you repaint, be sure to use a high quality primer and paint so your paint job can withstand mother nature.
Replace your front door completely! New doors boost of not only a new look but added energy effiency!
Decorate seasonally. Put out a nice basket of pumpkins in the fall, or a galvanized bucket with cut flowers in the spring. A little decorating goes a long way to making your home look more inviting!

Be proud of your porch!

Christina Dowell Realtor, Central MA (Worcester Property Management LLC) — Tue, 30 Jun 2009 08:30:28 -0500

Source: MLSPin calendar 2009

A well decorated front or back porch can make your home much more inviting. Is yours looking drab? Here are some ideas to spruce it up!

Wicker furniture: so easy to customize to your color scheme. Paint the wicker to match your decor and add new cushions!
Potted plants or "container gardening": these work especially well for indoor porches to add greenery and bring the outdoors inside (think of ferns or large greens). For outdoor potted plants, use several types of annuals to add depth.
Clean up! Wipe everything down. Wash doors and windows. Replace that old doormat or the wreath that has been hanging in the same place for five years. As you clean, you'll be inspired to re-decorate your space to make the most of it!

Take advantage and enjoy your porches now in the warm months!

SOLD! 18 Auburn Street, Victorian 3 family, $199,000

Christina Dowell Realtor, Central MA (Worcester Property Management LLC) — Sun, 21 Jun 2009 16:23:12 -0500

Christina Dowell | Worcester Property Management LLC | 508-856-0711

18 Auburn Street, Worcester, MA

Three family, renovated with parking

6BR/3BA Multi-Family, 3 units

offered at $209,000

Year Built	1890
Sq Footage	3,661
Bedrooms	6
Bathrooms	3 full, 0 partial
Floors	3
Parking	4+
Lot Size	6,508 sqft
HOA/Maint	$0 per month

DESCRIPTION

Solid Victorian 3 family in UMASS Memorial location. Quiet one way street, long term tenants. Furnaces 3 years old in units 1 & 2. Spacious units with hardwood floors, updated plumbing and electrical and windows. New roof including mansard. Off street parking for 6 cars. Could be packaged together with MLS #: 70873470. Agent is seller.

see additional photos below

PROPERTY FEATURES

Central heat	Hardwood floor	Tile floor
Living room	Dining room	Refrigerator
Stove/Oven	Basement	Washer
Dryer	Laundry area - inside	Yard

COMMUNITY FEATURES

Laundry on-site

ADDITIONAL PHOTOS

Photo 1	Photo 1
Photo 2	Photo 3

Contact info:

Christina Dowell

Worcester Property Management LLC

508-856-0711

For sale by agent/broker

Equal Opportunity Housing

Posted: Mar 15, 2009, 12:58pm PDT

Forbes: America's Most Livable Cities: Worcester ranked #9!!

Christina Dowell Realtor, Central MA (Worcester Property Management LLC) — Thu, 18 Jun 2009 12:04:29 -0500

Forbes, In Depth: America's Most Livable Cities
Source: Forbes, 4.01.09, Zack O'Malley Greenburg

Worcester, Mass. ranked number 9!

Metro Area: Worcester
Metro Population: 787,000
Income Growth: 3.5% (No. 145 of 379)
Cost of Living Index: 106.1 (No. 147 of 379)
Culture Index: 98 (No. 7 of 379, tie)
Crime per 100,000: 2,334 (No. 29 of 379)

Unemployment: 7.8% (No. 13 of 379)

To form the list, Forbes looked at quality of life measures in the nation's largest continental U.S. metropolitan statistical areas--geographic entities defined by the U.S. Office of Management and Budget for use by federal agencies in collecting, tabulating and publishing federal statistics. Forbes eliminated areas with populations smaller than 500,000 and assigned points to the remaining metro regions across five data sets: five-year income growth per household and cost of living from Moody's Economy.com; crime data and leisure index from Sperling's Best Places; and annual unemployment statistics from the Bureau of Labor Statistics.

Appraisal discrepancies troublesome for sales

Christina Dowell Realtor, Central MA (Worcester Property Management LLC) — Wed, 10 Jun 2009 12:24:16 -0500

The Boston Globe had an interesting article on how appraisals can hold up or ruin some deals, mainly because of the bank owned properties being sold much lower than market rate. It’s an issue all Realtors and buyers are facing right now.

What’s the take away from all this? Work with an experienced Realtor (whether you are a buyer or a seller) to help navigate through these muddy market waters…

Source: Appraisal discrepancies hold up some sales By Jenifer B. McKim Globe Staff / June 10, 2009

Property appraisals, once a routine part of a real estate deal, are complicating home sales as the slumping market makes it difficult for appraisers to pinpoint values.

Surprising buyers and sellers, appraisers increasingly are setting home values lower than an agreed upon sales price or the amount required for a homeowner to refinance. The discrepancies are, in part, being caused by a paucity of recent home sales - making it challenging to properly compare prices - and sales of foreclosed properties, which can disproportionately depress neighborhood values.

As a result, sales and mortgage refinances are increasingly in danger of falling through, according to real estate agents and others in the industry.

"If you can't get a reasonable appraisal, it can tank the transaction," said Barry Nystedt, owner of Buyer Brokerage Realty in Wellesley. "It's very difficult when there are no direct comparable properties to set the value. It involves a lot of interpretation."

Barbara Shea McDonald, a real estate agent in Westwood, said the uncertainty is adding drama to deals in a market already tenuous due to nervous buyers and tight financing. "We hold our breath hoping that the appraisal will come out OK," she said.

In Chicopee, real estate agent Ray Authier said he recently had a deal almost fall through after the appraisal came in $4,000 below the agreed upon price of $165,000. Eventually, the buyer and seller agreed to split the difference, he said. "If it is worth $161,000, it's worth $165,000," Authier said "We did put it together, but it caused both stress and heartache to both parties. . . . We are sweating out all the appraisals right now."

Jon Treon, a broker for Re/Max Executive Realty in Natick, said two of his pending sales were recently challenged because the appraisals came in about $10,000 lower than the agreed upon price, a last-minute problem he hasn't seen in more than a decade.

In one case, an appraiser valued a Natick home at $11,000 less than the $341,000 price agreed upon by the seller and buyer because an identical property in the duplex sold for $330,000 the previous year. Treon said he understood the appraiser's rationale, but the decision put at risk a sale that had a willing buyer and seller. "Buyers are the ones that determine value, that is how real estate works," Treon said. "When you are talking a few percentage points it is ridiculous."

Appraisers say they are now being required to provide lenders with more comparable sales and detail the local market history.

When there are no comparable sales, appraisers examine recent sales of bank-owned properties, something that can drag down the values in a neighborhood, said Stephen Sousa, executive president of the Massachusetts Board of Real Estate Appraisers. In towns with slow sales but fewer foreclosures, he said, appraisers need to take into account listings that have been sitting on the market. "There is a lot more attention being paid to appraisals, and that means everyone is looking at these things more conservatively than before," Sousa said.

Adding to the pressure, new regulations governing mortgage giants Fannie Mae and Freddie Mac that took effect in May give appraisers freedom to set values without influence from mortgage brokers and loan originators. The regulations, meant to create a firewall between appraisers and those who order loans, prohibit brokers and other loan originators from ordering appraisals. Instead, loan originators are required to go through a third party, such as an appraisal management company, to get the work done. The new rules are intended to prevent the inflated appraisals that contributed to the national housing crisis. But some real estate industry officials worry the rules will push housing prices even lower.

For instance, Sousa said, appraisers hired from a pool of workers now may travel further distances to do their work, often working in unfamiliar neighborhoods. Also, he said, a prohibition on lenders and mortgage brokers discussing a property's value prevents simple negotiations to reconcile prices differences of a few thousand dollars. "A lot of deals that are squeaky close to working are now falling apart because you can't have that conversation anymore," Sousa said.

Ronn Huth, president of Buyer's Choice Realty in Wenham, said buyers prefer conservative appraisals, he also worries that appraisers hired through a third party might not be familiar with the regions they are covering. In addition, appraisers are wary about what their figures will look like a year from now if property values continue to decline, said Peter Milewski, an official at MassHousing, the state's affordable housing bank. Appraisers struggle to balance the current value of a house with what it could be next year, he said. "People are very concerned about having their work reviewed in the harsh light of time," he said. Richard Goulet, owner of The Appraisers Group in Belmont, agreed that appraisers are struggling to pinpoint home values in this volatile market. "Appraisal is not an exact science," Goulet said. "Often times values can be a moving target."

How to Know that You're Ready to Buy

Christina Dowell Realtor, Central MA (Worcester Property Management LLC) — Fri, 22 May 2009 19:13:12 -0500

This is an excellent article by Michele Dawson on how to know you are ready to buy! Enjoy!

Signs That You're Ready to Buy

Figuring out whether you're ready to buy a house -- whether you're a renter or are aiming to move up or size down -- can be a daunting task. But there are signs that will indicate whether you're ready to take the buying plunge. If you are thinking about buying, you're not alone. So are you ready to make the move?

You might be if you:

1. Are familiar with the market. If you've been paying attention to how much houses are listed for in the neighborhoods you're eyeing and have a realistic view of how much a house will cost you, you're in good shape. But if you're dreaming about that big corner house with no clue about it's asking price, you may want to spend some more time becoming familiar with the market and how much houses are going for.

2. Have the money for a down payment and closing costs. The down payment is a percentage of the value of the property. Freddie Mac says the percentage will be determined by the type of mortgage you select. Down payments usually range from 3 to 20 percent of the property value. Also, you may be required to have Private Mortgage Insurance (PMI or MI) if your down payment is less than 20 percent. Closing costs include points, taxes, title insurance, financing costs and items that must be prepaid or escrowed and other settlement costs. You can expect to pay between from 2 to 7 percent of the property value. Generally, buyers will receive an estimate of these costs from your lender after you apply for a mortgage.

3. Know how much you can afford. Freddie Mac says that as a general guide, your monthly mortgage payment should be less than or equal to a percentage of your income, usually about a quarter of your gross monthly income. Also, your income, debt and credit history go into determining how much you can borrow. As a general rule, your debt -credit card bills, car loans, housing expenses, alimony and child support -- should not be more than about 30 to 40 percent of your gross income.

4. Know what additional expenses will come with owning a home. This includes homeowners insurance, utility bills, maintenance costs -- roofing, plumbing, heating and cooling.

5. Have your credit in good shape and make sure your credit report is accurate. Potential lenders will view your credit history -- how much debt you've accrued, how many accounts you have open, whether your payments are made on time, etc. -- to determine whether they'll give you a loan. You should get a report from each of the three credit reporting companies: Equifax, Experian, and Trans Union.

6. You haven't made any recent major purchases, particularly a vehicle. If you do, you may have a harder time getting a loan -- or it could potentially lower the amount you'll be approved for.

Worcester MA real estate report: May 2009

Christina Dowell Realtor, Central MA (Worcester Property Management LLC) — Fri, 22 May 2009 19:05:19 -0500

Worcester MA real estate report: May 2009

Single family homes

Average sale price in Worcester, May 2009: $180,706
Average days on the market May 2009: 140 days
Number of properties sold May 2009: 43
Number of properties under agreement May 2009: 81

Statistics from May 2008

Average sale price in Worcester, May 2008: $209,736
Average days on the market May 2008: 152 days
Number of properties sold May 2008: 75
Number of properties under agreement May 2008: 0

Sale prices have declined by 14% since May last year and the amount of homes sold is also down. However, there is a significant increase in the number of properties under agreement to sell as compared to last year. A nice sign that buyers are out there!

Real Estate in Central Massachusetts Worcester Property Management LLC is a full service realty firm who specializes in buying and selling real estate in Worcester County and central Massachusetts. Worcester Property Management LLC also offers condo association management and apartment rentals. Visit www.worcestermanagement.com for more information.

Buy a home in 2009 and take advantage of the federal tax credit!

Christina Dowell Realtor, Central MA (Worcester Property Management LLC) — Mon, 23 Mar 2009 15:22:34 -0500

Information on $8000 federal tax credit

Buy a home in 2009 and take advantage of the federal tax credit!

Basics on the program:

Who can receive the credit?
Only first-time home buyers are eligible and they must close between January 1, 2009 and December 1, 2009. Investors or people purchasing a second home can not receive this credit.

Who is a first-time home buyer?
A buyer who has not owned a principal residence in the 3 previous years before buying a home. If you are married taxpayers, neither you nor your spouse can own a primary residence.

How is the amount of the tax credit determined?
It is limited to 10% of the sales price of the home, but a maximum of $8,000.

What are the income limits on people claiming the tax credit?
For single taxpayers the income limit is $75,000 and for married taxpayers filing a joint return it's $150,000.

How do I claim the tax credit?
Simply claim it on your federal income tax return; just fill out IRS Form 5405 to help you know how much to claim and write it on Line 69 of your 1040 income tax return. No other forms are required.

An important difference between this tax credit and the $7,500 credit put into effect July 2008, is that this $8,000 does not have to be paid back! The only stipulation is that you must live in the home as your principle residence for at least three years, if you don't you will have to pay back the credit.

Mortgage rates: holding steady at 5 3/4% for 30 year fixed

Christina Dowell Realtor, Central MA (Worcester Property Management LLC) — Wed, 04 Mar 2009 21:02:39 -0600

The average 30-year fixed mortgage stayed constant at 5.34% for the week ended Feb. 18, according to Bankrate.com.

Industry leaders expect the rates will remain in this range for a while.

What does this mean? If you are thinking of buying a home, talk to several banks first to determine what loan programs you qualify. Once a bank pre-approves you for a mortgage, run your own budget numbers to determine what you are able to pay each monthly comfortably. Then call a Realtor and begin looking at the properties in your price range.

With real estate prices at the bottom of the market and interest rates low, it is an excellent time to buy. There is a lot of inventory on the market so it is in your best interest to work with a Realtor to help you narrow down your search.

New foreclosure prevention plan--do you qualify?

Christina Dowell Realtor, Central MA (Worcester Property Management LLC) — Wed, 04 Mar 2009 20:49:47 -0600

Source: Cnn online, by Les Christie "Mortgage help: do you qualify?"

Many clients are asking me about President Obama's new housing foreclosure plan. I found this article, which outlines the main points clearly. Bottom line, talk with your lender to see if you qualify.

NEW YORK (CNNMoney.com) -- President Obama's eagerly anticipated foreclosure prevention program went into effect on Wednesday. It targets 9 million borrowers for help - are you one of them?

The $75 billion effort, dubbed the Homeowner Affordability and Stability Plan, boils down to two basic solutions:

First, the government is aiming to help more homeowners refinance into new low interest rates.

Second, it provides incentives to lenders and servicers to restructure your mortgage to more affordable levels.

Here's how to know whether you'll likely be able to take advantage of either of these options.

Help for those seeking refinancing
This part of the program targets borrowers who have kept current on their mortgages. Many in this group have been unable to lower their housing costs through refinancings because of falling home prices. Right now, if you're "underwater" on your mortgage, meaning you owe more than the home's market value, forget about qualifying for a refi. In fact, at least 20% equity in your home is now a must, unless you're using an FHA loan.

The new guidelines should help. Even homeowners with a mortgage that exceeds home value by 5% could be eligible. And there will be no prepayment penalties. But your loan must be owned by Fannie Mae or Freddie Mac. The government is still working on getting other loan servicers to participate. Since lenders working with Fannie and Freddie already have most of the borrower documentation they need, the refinance process should go quickly.

And, in some cases, lenders may not need to reappraise properties because borrowers cannot take cash out on these transactions; they're only allowed to refinance the balance they owe.

The Administration estimates that this program, which will be in effect until June 2010, will help 5 million homeowners.

Who's not eligible?
Homeowners whose property values have dipped severely, putting them underwater by more than 5% are out of luck.

Those with "jumbo" mortgages also don't qualify. Only those who took out "conforming" loans - currently defined as mortgages of less than $417,000, except in certain high-cost areas such as New York City - from Fannie or Freddie would be able to refinance.

All borrowers will have to prove they have sufficient income to be able to keep up their loan payments. Mortgage modification help for at-risk borrowers Homeowners in default or at risk of default may qualify for loan modifications, which restructure the terms of loans. Anyone at risk of default, such as those suffering serious hardships, income loss, increases in expenses, payment "shock" (such as when interest rates jump), high mortgage debt compared to income, who are underwater or who show other indications of being at risk of default, may be eligible for modification.

The mortgage must have originated before Jan. 1, 2009, and the unpaid principal can amount to no more than $729,750 for a single family home (more for a home with two-to-four units).

Borrowers with other debt, such as car loans and credit cards, exceeding 55% of their incomes, may still qualify for a modification, but they'll be required to accept debt counseling in a HUD-certified program.

If you qualify, your servicer - the company that administers the loan and to whom borrowers make their payments - or lender will reduce your monthly mortgage payments to 31% of your gross income. The reduction would come mostly through interest-rate reductions - though rates can be lowered no more than to 2% - or by extending the length of the loan to 40 years. In some cases, principal reduction also would be an option. The reduced payment would stay the same for five years and then gradually revert back to the conforming loan rates in place at the time of the modification, increasing by no more than 1% a year.

Borrowers would also receive incentive bonuses, in the form of principal reduction, of up to $1,000 a year for five years for making payments on time. Servicers who participate are required to modify all eligible mortgages under the program unless they are specifically prohibited from doing so by the contracts they have signed with investors, who are the actual owners of the notes. In those cases, lenders and servicers have to make good-faith efforts to obtain permission from investors to make the modifications.

President Obama estimated 3 to 4 million homeowners could benefit from the new modification procedures. Eligibility for the program will sunset at on Dec. 31, 2012, and borrowers may tap the program only once.

Servicers who want to participate must sign up by the end of this year.

Who's not eligible? Speculators, those who bought homes for investment purposes, do not qualify for help because the property must be owner-occupied. No investor, vacant or condemned properties are eligible. Occupancy will be verified through a credit report and other documentation. The program will also not reward homebuyers who were irresponsible in their borrowing.

All applicants will be closely examined by lenders and those who acted unscrupulously by, for example, misrepresenting their incomes in no-doc loan applications, would not qualify. To protect taxpayer money, modifications must make sound financial sense.

Servicers are required to apply a "net present value test" on the loans at risk of immediate default or that are 60 days or more delinquent. If the test determines that the value of the loan is enhanced by doing a modification compared with allowing the loan to go into foreclosure, the lender will proceed with the workout. That will disqualify many borrowers who simply can't afford any reasonable mortgage payment. "[The plan] will not reward folks who bought homes they knew from the beginning they would never be able to afford," said Obama, when he announced the program two weeks ago. "In short, this plan will not save every home." You can contact your lender starting March 4 to see if they are participating in the program. Federal officials have also posted additional information for at www.hud.gov, including a "self-assessment" option to see if you qualify.

Dec 10: Free Concert, Mechanics Hall Worcester

Christina Dowell Realtor, Central MA (Worcester Property Management LLC) — Wed, 10 Dec 2008 10:01:35 -0600

Come hear the U.S. Air Force Band of Liberty play at Mechanics Hall, Worcester today at 12PM! These 60 musicians, stationed at Hansom AFB, will bring you to your feet with their spectacular holiday show. Filled with patriotic songs and sounds of the season as well as American Songbook favorites this concert is sure to make your hearts be merry and bright!

Bring your own lunch or purchase one at the Hall prepared by Eric's LaPatisserie Cafe!

Sponsored by Bank of America. Concerts broadcast when possible on WICN 90.5FM.

Green Condos—Energy efficiency at its best!
Live in a truly energy efficient condo. Dickinson Place at 20 William Street in Worcester offers FOUR times the insulation value of other condos. We are so confident in our efficiency we are offering a five year heating cost credit!

Real Estate in Central Massachusetts
Worcester Property Management LLC is a full service realty firm who specializes in buying and selling real estate in Worcester County and central Massachusetts. Worcester Property Management LLC also offers condo association management and apartment rentals. Visit www.worcestermanagement.com for more information.

Seasonal checklist for property maintenance

Christina Dowell Realtor, Central MA (Worcester Property Management LLC) — Fri, 05 Dec 2008 15:46:45 -0600

Source: New England Condominium, November 2008; Bill Dowell's active Rain blog

It's best to have a schedule of cleaning for properties and associations so you can be sure you are properly maintaining it. Here are some checklists to use as a reference:

Spring checklist:

wash windows inside and out; check drapes and vacuum window treatments; clean blinds; send drapes to cleaners if necessary
drain sediment from hot water heaters
clear away dead foliage and weeds from beds and lawns; begin spring planting and consult a landscaping professional for specific planting recommendations for your area
inspect roof for water damage, missing leaks, shingles etc. Arrange needed repair

Summer checklist:

schedule furnace maintenance now before the October rush
inspect yard and garden for carpenter ants or termites
inspect building exterior for peeling paint; this small thing makes a big difference in the outward appearance of a property
control garbage can odor with a can clean out. Rinse the garbage ca, dump the water, spray a disinfectant. Let the can sit for 10 minutes then rinse again
make a safety inspection of children's outdoor pay equipment; inspect, clean and repair outdoor furniture
inspect gutters and clean out debris
be sure common area patio and sliding doors operate smoothly on their track. Spray the track well with a degreasing spray and rub the built up debris from out of the track.
check washing machine hoses and dryer filters and vents; replace any hoses over two years old.

Fall checklist:

have a heating professional check your heating system every year and make sure the duct-work and filters are clean.
clean lawn equipment and run all gas-powered machines until the fuel is gone
have a certified chimney sweep inspect and clean flues and check fireplace dampers.
clean dust from the covers of your smoke and carbon monoxide alarms
inspect for water leaks; looks for cracked cauliking around tubs, toilets and vanities. Properly sealing gaps can prevent damage

------------------------

Condo Association Management in Central Massachusetts

Worcester Property Management LLC is a full service realty firm who specializes in condo association management and property management in Worcester County and central Massachusetts. Worcester Property Management LLC offers associations a flat fee structure, free site visits each week and no mark up billing from subcontractors and vendors. Visit www.worcestermanagement.com for more information.

Three Family Management in Central Massachusetts
Worcester Property Management LLC is a full service realty firm who specializes in condo association management and property management in Worcester County and central Massachusetts. Worcester Property Management LLC offers three family management and townhouse/condo management. Visit www.worcestermanagement.com for more information.

First time buyers--where to start?

Christina Dowell Realtor, Central MA (Worcester Property Management LLC) — Wed, 19 Nov 2008 21:15:34 -0600

So you want to take advantage of the low prices in the real estate market. Good idea! It is an excellent time to buy! But where to begin?

First and foremost, you need to talk to a bank for a pre-approval letter. Primarily based on your credit score, a bank will tell you how much you will need to put down for a down payment. 3%, 5%, 20%? This piece of information is crucial to understanding what price range to look in.

Next, think of what is important to you in a property. Is it school systems? A garage? A renovated kitchen? Begin working with a real estate agent to look at properties that fit your criteria. Expect to see multiple properties over a period of time. Looking at many properties can help you determine what *really* is most important to you and what upgrades for which you are willing to pay more.

However, don't fall into the trap of wanting to look...and look...and wait to see what else comes on the market. It's one thing if you don't see anything that you love--then of course, keep looking and be patient. BUT if you see a property that you love and works for you, consider making an offer. I've seen many of my clients who wait to make a move on their first choice because they assume the property will continue to stay on the market and be available whenever they decide to make an offer on it. Not true! If a property is priced well, it will move! So don't assume it will always be available for you!

I always suggest buyers work with a real estate agent to help navigate through the market, the housing inventory and the intricacies of buying real estate...especially for first time buyers.

---------------------

Real Estate in Central Massachusetts
Worcester Property Management LLC is a full service realty firm who specializes in buying and selling real estate in Worcester County and central Massachusetts. Worcester Property Management LLC also offers condo association management and apartment rentals. Visit www.worcestermanagement.com for more information.

Worcester MA real estate report, single family homes: October 2008

Christina Dowell Realtor, Central MA (Worcester Property Management LLC) — Wed, 19 Nov 2008 20:58:18 -0600

Worcester MA real estate report: October 2008
Single family homes

Average sale price in Worcester, October 2008: $183,895
Average days on the market October 2008: 137.27 days
Number of properties sold October 2008: 71
Number of properties under agreement October 2008: 46

Statistics from October 2007:
Average sale price in Worcester, October 2007: $218,885
Average days on the market October 2007: 105.04 days
Number of properties sold October 2007: 72
Number of properties under agreement October 2007: 0

As we have all heard, prices are lower than this time last year. But the market is still moving forward and properties continue to go under agreement. It’s a great time to buy!

----------------------
Real Estate in Central Massachusetts Worcester Property Management LLC is a full service realty firm who specializes in buying and selling real estate in Worcester County and central Massachusetts. Worcester Property Management LLC also offers condo association management, apartment rentals and property management. Visit www.worcestermanagement.com for more information.

Do-it-yourself clubs--help for homeowners!

Christina Dowell Realtor, Central MA (Worcester Property Management LLC) — Mon, 10 Nov 2008 08:14:36 -0600

Source: Associated Press, by Melissa Kossler Dutton, November 9, 2008

Do-it-yourself clubs are popping up around the country. Comprised of homeowners who need help with projects but lack the time, money or tools to do it fully themselves, they band together with other neighbors to compound their efforts. Typically 1-2 times per month, club members devote a day to helping at a member's house. This helps in the sharing of tools, knowledge and time...and saves everyone money.

Thinking of starting a club yourself? Have some rules in place. For instance, every member gets 1-2 weekend projects done a year. All members must devote at least 1 day a month to working on club projects. The host member must provide breakfast and lunch for the members.

Overall, this is an excellent idea to pool resources and improve your property. Click here to read the full article...

-----------------------------------------------

Green Condos—Energy efficiency at its best! Live in a truly energy efficient condo. Dickinson Place at 20 William Street in Worcester offers FOUR times the insulation value of other condos. We are so confident in our efficiency we are offering a five year heating cost credit if you are under agreement by Nov 30, 2008. Contact me more for details!

LEED certification: what does it all mean?

Christina Dowell Realtor, Central MA (Worcester Property Management LLC) — Thu, 23 Oct 2008 13:38:35 -0500

I am seeing more and more about LEED certification for properties and many people don't understand what it's all about.

Here's a quick rundown:

LEED stands for Leadership in Energy and Envinromental Design. It is a certification procedure developed by www.usgbc.org to promote environmentally responsible and sustainable housing.

Building a LEED house generally costs more than a housing built to standard building codes. However, with the cost savings in energy, water and possible tax abatements, many times a LEED house quickly pays back the initial higher cost.

For a house there is a possible of 108 points. If a house reaches:
30 points it is a LEED certified house
50 points it is certified "silver"
70 points it is certified "gold"
90 points it is certified "platinum"

Examples of things that earn points:
-compact flourescent bulbs earn 1 point
-exta insulation earn 1 point
-installing a better furnace earns 3 points
-capturing rainwater for irrigation earns 1 point
-installing lowflow showerheads, toilets and faucets earn 1 point or 2 points if they are super efficient
-installing new windows 20% more efficient than Energy Star requirements earns two points
-using low VOC paint for less air pollution earns one point

If you have bought a LEED certified house, you should contact your local tax authority to see if you qualify for an tax abatements.

Source: Telegram, Oct 19, 2008 Jim Dulley LEED certification available for homes
----------------
Green Condos-Energy efficiency at its best!
Live in a truly energy efficient condo. Dickinson Place at 20 William Street in Worcester offers FOUR times the insulation value of other condos. We are so confident in our efficiency we are offering a five year heating cost credit. Contact me more for details!

Real Estate in Central Massachusetts

Worcester Property Management LLC is a full service realty firm who specializes in buying and selling real estate in Worcester County and central Massachusetts. Worcester Property Management LLC also offers condo association management and apartment rentals. Visit www.worcestermanagement.com for more information.

Buy Worcester Now--what does it mean? How does it work?

Christina Dowell Realtor, Central MA (Worcester Property Management LLC) — Wed, 08 Oct 2008 15:06:32 -0500

I get asked this question often: what exactly is Buy Worcester Now? How does it work? Unfortunately, I hear many people are getting frustrated that they can't get specifics on it from real estate agents or the Buy Worcester Now website.

Bottom line: the specifics depend on you and your situation

Here are the basics:
* the property needs to be in Worcester. There is no specifics on certain neighborhoods in Worcester, it just needs to be a property in Worcester.

* it needs to be your primary residence when you buy it

* you need to be a first time buyer (which means you can not have bought something within 3 years)

Next, call a participating lender (ask your real estate agent who they recommend or look on http://www.buyworcesternow.com/lenders.html). There are several loan programs, depending on your income and situation. Talk to the lender and find out what you qualify for. Different programs have different incentives: lower closing costs, waived application fees etc.) FInd out the specifics of what incentives for which you qualify.

You can begin talking to a lender before you find a property on which to put an offer. Once you find out the program and incentives, you can decide if it makes sense to target Worcester to buy in, or if you want to broaden your search into neighboring towns. Once you put an offer on a property, you can begin to shop around to different lenders to decide which bank you want to ultimately go with.

----------------
Green Condos-Energy efficiency at its best!
Live in a truly energy efficient condo. Dickinson Place at 20 William Street in Worcester offers FOUR times the insulation value of other condos. We are so confident in our efficiency we are offering a five year heating cost credit if you are under agreement by Oct 31, 2008. Contact me more for details!