Christine's Newton, Newton Real Estate MA Blog

Beat the Heat in Your New Wellesley Home

Christine Norcross (William Raveis, Wellesley MA) — Fri, 25 May 2012 13:43:42 -0700

Beat the Heat in Your New Wellesley Home

The approach of summer brings longer days and bright memories of time spent outdoors with family and friends, whether at the beach or in your backyard. This time of year can also bring back memories of heatstroke, sunburns and feeling like you might actually melt. Before the heat hits, be sure to prepare by stocking up on water, sunscreen and snazzy sunglasses, and then take a look at how you can adapt your Wellesley home. The following tips can help you in bracing your Wellesley home for a hot summer so that you can make it a bit cooler as the sun shines down.

First and Foremost, Be Cool

If you have and will be using an air conditioning unit, take the time now to make sure your filter is clean and that the refrigerant level is correct so you do not waste energy when it is being used. Calling a service technician before summer hits will result in a lower check-up cost than needing a emergency call during the heat, and provide you with peace of mind. You may also want to invest in a programmable thermostat to keep your energy costs low this year.

If you do not have an air conditioning unit, you can still stay cool by sealing and caulking windows and doors. Following that, your goal is to circulate air inside your home with fans and strategically opened windows to create a breeze inside your home. You can also install a whole-house fan or ceiling fan (have it rotate counter-clockwise) to take advantage of cooler nighttime temperatures all day long.

Second, Consider Harnessing the Sun’s Power

If you have been thinking about installing solar panels on your roof, act now to get the most out of your panels this summer and throughout the years to come. If not, consider solar window film as an option for keeping your home cooler. Lastly, if you can’t beat the heat, embrace it, by lounging poolside or taking advantage of local parks where you can enjoy the sunshine under the shade of well-established trees.

We have a team of experts to help you with your real estate transaction and assisting you in finding the home of your dreams. Call Christine Norcross for more information – cell 781-929-4994 or to research the Boston neighborhoods, visit my Wellesley Real Estate or Newton Real Estate websites. Search for homes HERE. We have a team, Christine Norcross & Partners, at William Raveis and we can help you find your dream home in the Wellesley Real Estate market – Natick, Newton, Needham, Wellesley, Wayland, Weston and more.

Buying a Wellesley Home Still Considered a "Best" Investment.

Christine Norcross (William Raveis, Wellesley MA) — Thu, 17 May 2012 10:44:16 -0700

Buying a Wellesley Home Still Considered a "Best" Investment.

Buying a Wellesley home has several unique advantages when compared with renting. Aside from being to decorate as you choose, receive additional tax benefits, enjoy stability in your housing payments, and increase your ability to make future investments, it just feels good to own your own home!

A survey conducted last month by the PEW Research Center, a non-profit, non-partisan organization considered a “fact tank” on social & demographic trends in America, determined that the majority of adult Americans (81%) still believe “that buying a home is the best long-term investment a person can make.” It is interesting to note that while the same study showed that 47% of those surveyed felt that current economic factors have resulted in a decrease in their current home value, those same home owners felt that their home investment was a safe one.

Even renters seem to agree with the idea of investing in a home, with 81% wishing to buy a home at some point, even if individual circumstances prevent it currently. In fact, when asked to rate long-term financial goals, homeownership and “being able to live comfortably in retirement” were rated the highest by 80% of those surveyed. Survey participants seemed to understand that owning a home provides more than an avenue for generating savings - it also is a place to live and provides an element of physical and emotional stability unlike other investment options.

Further pursuing this question, the survey compared investments - trying to determine which held fast in the long run - the stock market or the housing market. The answer was variable, depending on the year of investment, however, and unable to be determined overall. One item not considered in the survey is that owning a Wellesley home provides income tax benefits that are not likely to be found in other investments, which could affect the dividend bottom line and how you choose to invest. Click here to view the survey in its entirety.

Play to Win When Buying a Wellesley Home

Christine Norcross (William Raveis, Wellesley MA) — Thu, 10 May 2012 10:47:47 -0700

Play to Win When Buying a Wellesley Home

Many areas of the United States are seeing a shift towards a seller's market. In a seller's market, homes for sale may receive multiple offers and are often sold in less time. Home sellers get excited at that news, but if you are trying to purchase a Wellesley home, it may make competition a bit tougher. If you have been searching for a Wellesley home and have finally settled on one that you love, don't delay on contacting your lender, or you may miss out on the home of your dreams.

Interest rates have been reduced to historic lows allowing you, the Wellesley home buyer, to get more home for the same amount of money, which sounds fantastic. However, if you do not "lock" in your rate and then follow through with providing the necessary paperwork in a timely manner, you could lose your opportunity. More than ever, now is the time for you to know the rules and play to win in the housing and lending market. If you are wondering about how you can make sure you are doing all you need to qualify for your loan and your home, contact me or consult the following list.

DO get your paperwork in time. Whether you are asked for a letter of employment verification or 27 pages of bank statements, do not delay in submitting these documents to your lender. Any delay can result in your loan taking longer than necessary, making the seller potentially question your ability to purchase, especially when back up offers have been submitted.
Do not encourage the seller to begin any construction work until after the appraisal, even if your inspection warrants changes being made. An appraiser could see the hardhats and debris and devalue the property. Wait until AFTER the appraisal is complete to request repairs OR agree to do the work yourself once you own the home.
Do not buy a new car or new furniture or go on a celebratory shopping spree until your escrow has funded! Credit ratios are VERY important at this time and if they become out of balance or new credit is extended, it can make you less likely to qualify for your home loan. It does not matter if the offer is ZERO percent interest... it still affects your credit line.
DO pay your current financial obligations. During the busy home buying time, it can be easy to forget to pay bills or miss deadlines - be careful because late payments will reflect negatively on your credit and could even result in your loan being denied.
Do not make changes in your employment - including changing jobs to make more money. The key to getting a mortgage is showing a picture of stability and a job change could tarnish that image. Wait until after escrow closes to accept the new position.

Buying a Wellesley Home? Don't Forget the Inspection!

Christine Norcross (William Raveis, Wellesley MA) — Thu, 03 May 2012 06:38:16 -0700

Buying a Wellesley Home? Don't Forget the Inspection!

You’ve finally found the Wellesley home that is just right and made an offer and it was accepted. Now you just wait for escrow to close, right? Wrong.

Now is the time to have the Wellesley home inspected to make sure you are aware of any possible issues in the home before it’s too late and the deed has been transferred. An independent inspector can evaluate your potential home on a structural and functional level and give you a full report, generally in under two hours. This report can help you feel at ease with your purchase and alert you to any areas of concern.

If there is a swimming pool or spa or unusual home appliance or fixture, you may want to have that inspected individually by a reputable repairman in that field. Questions and concerns relating to asbestos, lead or chemicals, mold and mildew, or pests will need to be directed to an inspector licensed in those specific areas of expertise.

Generally speaking, a home inspection on a property for sale will cover the following areas:

An evaluation of the walls, ceiling, floor, roof, firewall, windows, foundation and slab.
Inspection of the landscaping, looking particularly at grading and drainage, although drives and walkways, fencing, trim, doors, windows, and outlets will be checked as well.
General framing as seen in exposed beams or attics, ventilation, duct and plumbing systems, and the condition of roofing materials, plumbing and rain gutters will be noted, too. Water heaters, fireplaces and the sprinkler system should be evaluated.
The electrical sources and wiring in the home will be inspected, from circuit breakers and grounding systems to exhaust fans and receptacles.
All appliances, including the garbage disposal, alarm system (if needed) and all smoke detectors.

Every county and state has different regulations in regards to home inspections, so it it best to use a local inspector recommended by someone you trust. If the inspection uncovers issues in the home regarding health and safety issues, a need for the roof or ventilation system to be replaced, a problem in the home’s foundation or significant drainage concerns, you will want to further explore the problem at the seller’s expense.

How Buying a Wellesley Home is Like Finding the Perfect Shoe

Christine Norcross (William Raveis, Wellesley MA) — Thu, 26 Apr 2012 06:58:34 -0700

How Buying a Wellesley Home is Like Finding the Perfect Shoe

The adage “one shoe fits all” does not work when buying a Wellesley home. It doesn’t work when shoe shopping, either, for that matter! Homes, like shoes, are very personal, and often emotionally-based purchases.

Try as they might to create a home that will meet every need and every taste, home builders are aware that it just can’t be done. As with shoes, versatility lies in key components - simple design, elegant tones, and a combination of shine, style and comfort.

As with your shoe purchase, buying a Wellesley home requires you to consider what is most important to you and your future plans.

Open design vs. cozy comfort?
Modern storage options vs. vintage style?
Planned, pre-designed landscaping vs. creative gardening?
Modular vs. eclectic structure?

You should also consider how and who will be using the home. Should it be tailored to you or is it an investment property?

Primary residence or vacation home?
Adults only? Adults and pets? Adults, children and pets? Renters? College students?
Will it be used to entertain often and is parking sufficient? Do you need a guest room?

Of course, there are many other questions to be considered, so take your time with your home purchase. Enjoy the journey as you find the Wellesley home that is the perfect fit for you and your circumstances. And when you find the home that makes you want to click your heels so you can return? Make an offer! As to shoes? If the shoe fits... buy it in every color!

Will Wellesley Housing Prices Soar By 2014?

Christine Norcross (William Raveis, Wellesley MA) — Mon, 16 Apr 2012 06:35:19 -0700

Will Wellesley Housing Prices Soar By 2014?

Real estate economists and analysts are increasingly optimistic that the Wellesley housing market will have a dramatic recovery in the next two years, according to results of a new semi-annual survey of 38 real estate economists and analysts conducted by the Urban Land Institute’s Center for Capital Markets and Real Estate.

The economists predict that the national average for home prices will stop falling by this year and a subsequent turnaround will occur. By next year, they project that home prices will begin to rise by 2 percent, and then get a larger boost of 3.5 percent by 2014. The economists also predict that housing starts will nearly double by next year.

They also foresee rental prices continuing to increase for all property types, ranging from 0.8 percent to 5 percent.

The economists’ predictions were made on assumptions that the economy would continue to strengthen, including a larger drop in unemployment.

“While geopolitical and global economic events could change the forecast going forward, what we see in this survey is confidence that the U.S. real estate economy has weathered the brunt of the recent financial storm and is poised for significant improvement over the next three years,” says Patrick L. Phillips, ULI chief executive officer. “These results hold much promise for the real estate industry.”

New Weston, MA Listing! 26 Driftwood Lane

Christine Norcross (William Raveis, Wellesley MA) — Thu, 05 Apr 2012 14:05:15 -0700

New Weston, MA Listing! 26 Driftwood Lane

Take a Tour of this Beautiful Weston, MA Home!

This is a wonderful home in Weston, MA southside. Great for commuting to Boston or towns west. This is a convenient location to Wellesely town center, shopping, commuter rail and more. This is a lovely home that is spacious and private. It is located on over an acre of land and surrounded by trees for privacy Take a look at this video and see for your self.

5600 sf custom Cape set back on 2.4 acres of manicured private lot with circular drive in desirable So. Weston neighborhood. Formal Living Room with fireplace, Family Room with fireplace, skylights, patio access, Chef's kitchen with granite, island, eat-in area. 3 bedrooms on 1st floor, Master Suite & luxurious bath on 2nd floor. Full finished basement. Other features elevator, sprinkers, 6 zn Viessmann heating system, 3 zn central air, alarm, hardwoods, 3 fireplaces, cedar closet & more!

New Wellesley, MA Listing!

Christine Norcross (William Raveis, Wellesley MA) — Thu, 29 Mar 2012 07:10:27 -0700

New Wellesley, MA Listing!

Take a Video Tour of 102 Woodlawn Avenue!

We have a new Wellesley, MA listing that just came on the market. This is not your typically center entrance colonial. It is a gorgeous home that was completely updated in 1999 & 2000 from top to bottom. It is a Arts and Crafts home with amazing wood work, lots of light and just under an acre of land. This beauty is 6000+ sf of living space. Has a gorgeous eat in kitchen will all high end appliances. There are a total of 6 bedrooms and 6 bathrooms. Has a 3-car garage as well. One of the amazing things you will notice about this home if all the windows and natural light as well as the yard that is just under 1 acre. Don't miss this home - it's easy to see.

Exquisite 6000+sf turn of the century Victorian superbly crafted and located in desirable Wellesley Farms. Situated on professionally landscaped 39,900 sf private lot, the entire home has been expertly renovated while preserving period detailing.

Some of the additional upgrades include 4 fireplaces, 5 bedrooms, 6.5 baths, hardwood floors, alarm system, central vacuum, recessed lights, sound system, 5 zone heating & 5 zone central air conditioning, sprinkler system, 2 staircases and 3 car garage & walk to commuter rail & more!

Our Wellesley Real Estate Market is Different - We're "HOT"!

Christine Norcross (William Raveis, Wellesley MA) — Thu, 22 Mar 2012 07:48:44 -0700

Our Wellesley Real Estate Market is Different - We're "HOT"!

The spring Wellesley real estate market is "hot". Everything seems to be getting better. I sat down with a friend for breakfast at The Maugus Restraurant in Wellesley. Michael works with Morgan Stanley and we were talking about the stock market and when the slide in real estate and the market seamed to take a big hit. We both commented it was Fall of 2008. Everything seemed to stop - stock market and real estate market.

He commented about the stock market and how things are getting better. His clients are taking money from savings and putting it back into stock market. The stock market has been climbing. I know personally my portfolio has already gone up 8.5%... That is a lot better most of us have been seeing over the past 4 years.

Just this week a listing came on in Natick in the $800's and had 6 offers in 2 days. Many listings in Wellesley are going under agreement in days. We had a listing in Needham for $775,000 that is under agreement in 2 days. We had a home in Wellesley that sold in 1 day that was listed for $1,115,000.

My point is my friend Mike and I both agree - the market "IS" better. Especially, when the papers and magazines and people are all finally agreeing that this is the bottom. Over the past 4 years the experts have been trying to identify the bottom but everyone had different views and could not agree. Now it seems they are all agreeing.

Interest rates are going up and if you have been waiting - wait no longer. I would get in the real estate market and make a move.

Give us a call if you have any questions and would like to make a move - we can help! (Or if you'd like to talk with our friends at Morgan Stanley - I think they are awesome!)

Will we see Discounts in the Spring Wellesley Housing Market?

Christine Norcross (William Raveis, Wellesley MA) — Thu, 15 Mar 2012 16:15:08 -0700

Will we see Discounts in the Spring Wellesley Housing Market?

Sales of previously owned homes fell sharply in February, setting the stage for steep discounting in the Wellesley Housing Market.

The National Association of Realtors reported Monday that existing home sales dropped 9.6%, and the median price, $156,100, was the lowest since February 2002.

The silver lining, say economists, is that bargain prices, coupled with low interest rates, might finally spur some buyers off the fence as the real-estate industry prepares for its busiest season. Even without the $8,000 federal tax credit that stoked sales last spring, industry watchers predict a larger number of transactions this year.

The job market is getting better and that will help the Wellesley housing market and make people feel more confident about their income-earning prospects. You need that confidence to buy a house. Household formations are also very important. Kids may have moved back in with their parents, or two people may have moved in together, because of job concerns. Now they can move into their own place.

Still, Monday's data painted a picture of pain and price declines that have spared no region.

The housing market is still clearly years away from staging any meaningful recovery.

February sales data are expected to show that the market for new homes is just as lackluster as that for existing dwellings.

Some builders of new homes are increasing discounts on residences and boosting commissions to brokers.

Overall, February's weakness could have been driven by bad weather, deals canceled over lowball appraisals and a higher number of distress sales, according to the National Association of Realtors.

A third of transactions were all-cash sales, and investors accounted for 19% of February sales activity, down from 23% in January. Low prices in many markets also reflect a new reality as sellers finally give in and reduce the asking prices on their homes in hopes of a fast deal.

"After three years of the housing downturn, people are becoming much more realistic in terms of valuing their homes," said Lawrence Yun, the National Association of Realtors' chief economist.

Economists say the number of distressed sales will continue to rise, and put pressure on Wellesley Housing Market prices. But mortgage rates, which were trending upward during the fall and winter months, have been falling in recent weeks amid global turmoil over the crises in Japan. Rates for 30-year loans were well below 5% last week.

"Few think mortgage rates are going lower," said Moody's Analytics chief economist Mark Zandi. "It's more likely they will be 6% than 4% next spring. This lights a fire under buyers."

Wellesley, MA: A Commuters Sweet Spot

Christine Norcross (William Raveis, Wellesley MA) — Thu, 08 Mar 2012 06:46:05 -0800

Wellesley, MA: A Commuters Sweet Spot

In a traffic clogged state like Massachusetts, where getting to work can be a daily endurance test, maybe drive time should be the top factor when house hunting. Newton, Wellesley and Needham can put you in the commuter sweet spot! Let me help you find the perfect home close to your office so you may spend more quality time with the family!

Our beloved Bay State is practically tops when it comes to the amount of time people spend in their cars and on trains and buses going to and from work, according to a new survey by Suffolk University's Beacon Hill Institute.

Right now, the median commute in Massachusetts is 27.6 minutes - meaning it takes more than a half hour for half the state's commuters to get to work in the morning, notes Jonathan Haughton, a Suffolk professor and a senior economist at the Beacon Hill Institute. (The drive time numbers are pulled from a larger survey BHI does ranking the business environment of states across the country.)

And when you factor in all the folks working out of home offices or the lucky few who live around the corner from the office, well the numbers start to look even more miserable for the average Mass commuter.

"It means there are a fair number of people who are taking an hour to get to work," Haughton notes.

So where do we rank?

Top honors for the most miserable commute goes to Maryland, where it takes the average commuter 31.8 minutes each day to get to work. Commuters in New York, Illinois (Chicago) and New Jersey also all have it worse, but that's it.

By contrast, in the fine state of North Dakota the median commute is just over 16 minutes - though where folks are commuting to out there beats me. That's the best in the country.

If you don't want to spend 10 hours or more on the road each week then you need to find those commuter sweet spots scattered across Greater Boston. (I define GB as from I-495 in.)

In Newton, Wellesley and Needham, you can get the best of both worlds. You can hop on the commuter rail and be in town in a half hour, or you can jump on the Turnpike - not perfect but less miserable than 128.

Natick and Framingham are the next stops - the drive and train time increases a bit, but it's a bargain compared to, say, slogging it in each day from Plymouth.

There are also little commuting sweet spots to the north and south of Boston as well.

Quincy is one of my favorites - home prices, after getting out of hand during the bubble years, have fallen, while the commute, at least if you are working in Boston, is a relative dream. The Red Line, the most reliable of the T lines, can get you downtown in 15 minutes - a North Dakota like commute!

The key to the North and South Shores is the commuter rail - driving can be a tougher proposition than if you live to the west of the city.

6 Housing Markets Gear Up for a Rebound - Wellesley Real Estate

Christine Norcross (William Raveis, Wellesley MA) — Thu, 01 Mar 2012 09:04:57 -0800

6 Housing Markets Gear Up for a Rebound - Wellesley Real Estate. Stronger job markets are pushing several cities’ housing markets into recovery-mode. Forbes and the Local Market Monitor, a real estate research firm, recently profiled its top picks for cities that are most poised for a real estate rebound. The list is based on housing and economic data from the 100 largest cities in the country.

“For real estate to do well you want to see two things: that incomes are growing rapidly … and that the growth in jobs attracts other people to that market,” Ingo Winzer, founder and president of Local Market Monitor, told Forbes.

Here are the 6 housing markets poised for a rebound:

1. San Jose, Calif.
Population growth: 5 percent
Job growth: 3.3 percent
Home prices for the past 12 months: 2 percent decrease
New-home construction: 97 percent increase

2. Houston, Texas
Population growth: 7 percent
Job growth: 3 percent
Home prices for the past 12 months: 2 percent decrease
New-home construction: 38 percent increase

3. Boston, Mass.
Population growth: 3 percent
Job growth: 2.1 percent
Home prices for the past 12 months: 1 percent decrease
New-home construction: 1 percent increase

4. Raleigh, N.C.
Population growth: 12 percent
Job growth: 1.4 percent
Home prices for the past 12 months: 2 percent decrease
New-home construction: 14 percent increase

5. Austin, Texas
Population growth: 11 percent
Job growth: 1.5 percent
Home prices for the past 12 months: 2 percent decrease
New-home construction: 20 percent increase

6. Oklahoma City, Okla.
Population growth: 4 percent
Job growth: 2.6%
Home prices for the past 12 months: 3 percent decrease
New-home construction: 1 percent decrease

Staging The Outside of Your Wellesley, MA Home - Wellesley Real Estate

Christine Norcross (William Raveis, Wellesley MA) — Thu, 23 Feb 2012 08:27:28 -0800

Staging The Outside of Your Wellesley, MA Home - Wellesley Real Estate

Staging the outside of Wellesley real estate is as important as staging the inside. Outdoor living spaces are very attractive to today’s Wellesley real estate buyer, no matter where in the country your home is located. The outdoor of your home should be neat, tidy, and uncluttered, just like the inside.

Some ideas for staging Wellesley real estate:

Outdoor furniture. For a relatively small investment you can showcase your deck, patio, or front porch as a comfortable spot to spend time and/or entertain. If your deck is worn, an outdoor carpet can spruce it up as well.

Flowers. Whether you have a yard for flower beds, room on the porch for a bucket of flowers, or a place to hang flower baskets, flowers add beauty and appeal to any home, drawing the eyes away from less appealing spots.

Exterior. Clean your windows, siding, decks, walkways, etc. You will never get a second chance to make a first impression and the cleaner and fresher your home appears the more attractive it will be.

People love to spend time outside. You do not have to invest in an elaborate outdoor kitchen or fireplace, but if you can show that there is comfortable and inviting outdoor spaces, you will add to the overall image of space that your home provides.

Quick Glimpse at Wellesley Real Estate

Christine Norcross (William Raveis, Wellesley MA) — Thu, 16 Feb 2012 13:15:17 -0800

Quick Glimpse at Wellesley Real Estate

A quick glimpse at Wellesley real estate suggests that the picture is getting better. Headlines lately have run the gamut, from cautious to downright optimistic, averaging out to infer that Wellesley real estate is getting to be more positive. Of course the fact that Wellesley mortgage rates are staying low and those in the know are speculating a bottom has been reached has some would-be buyers diving in to home ownership.

Let’s take a look at some recent headlines:

“30-year mortgage rate holds at record low” CNN Money

“Average 30-Year Fixed-Rate Mortgage Holds at All-Time Record Low” Realty Times

“Home builders and investors both see signs of a turn” USA Today

“Forecast: Drops in Home Values Less Severe in’12” Wall Street Journal

“Homes in foreclosure decline by 130,000” CNN Money

“Office and home rent will keep rising and rising” MSNBC

“Metro Home Prices Boost Affordability, Sales Improving” Realtor.org

Granted you can find negative headlines as well, but for the most part the news is leaning toward the optimistic side of the spectrum, something we have not seen much of in recent years. In a nutshell, it is still a buyers market in Wellesley, affordability levels are high, borrowing money is cheap, and it’s a great time to be a landlord. Have you been waiting until the time is ripe to invest in Wellesley real estate?

Wellesley, MA...What Does Warren Buffet Think About Investing in Real Estate?

Christine Norcross (William Raveis, Wellesley MA) — Thu, 02 Feb 2012 09:35:49 -0800

Wellesley, MA wants to know...What does Warren Buffet Think About Investing in Real Estate? Warren Buffet is seen by many as the greatest investor of our time. When he speaks, people listen. Like anyone else in his position of influence, he is criticized by some for using his bullhorn to promote his own business agendas at times. That makes it very interesting when we occasionally learn of how he privately advises those closest to him. Let's see what Warren Buffet thinks about investing in Real Estate.

Such a situation occurred this week. Debbie Bosanek, Warren Buffet’s secretary of 37 years, recently purchased a second home in Surprise, Arizona.

In an article in the Omaha World Herald, Mrs. Bosanek discussed her reasons for purchasing a second home and the personal advice she received from Mr. Buffet.

“I just thought it was time to buy a home. Warren tells me that it will be the best opportunity in my lifetime. Mortgage rates are low and prices have dropped dramatically…I share Warren’s view about the future of America, and we believe that our country will do just fine. I’m happy to make this investment.”

The greatest investor of the last century privately has told the people closest to him that buying a home right now “will be the best opportunity in [their] lifetime”.

That’s good enough for us. How about you? Now is the time to purchase your next home!

Call Christine Norcross for more information – cell 781-929-4994 or to research the Boston neighborhoods, visit my Wellesley Real Estate or Newton Real Estate websites. Search for homes HERE. We have a team, Christine Norcross & Partners, at William Raveis and we can help you find your dream home in the Wellesley Real Estate market – Natick, Newton, Needham, Wellesley, Wayland, Weston and more.

Is Wellesley, MA Poised for a 2012 Real Estate Rebound?

Christine Norcross (William Raveis, Wellesley MA) — Thu, 05 Jan 2012 10:08:31 -0800

Is Wellesley, MA Poised for a 2012 Real Estate Rebound?

Call Christine Norcross for more information – cell 781-929-4994 or to research the Boston neighborhoods, visit my Wellesley Real Estate or Newton Real Estate websites. Search for homes HERE.

Predicting trends during the most volatile housing market in American real estate history is no easy task.

Let's break this down and see where we stand.

1. Wellesley and most of the western suburbs missed the worst of the housing bubble.

2. Certainly prices in places like Wellesley, Needham and Brookline have skated through the worst of the downturn, even if sales are down.

3. The Boston Globe reports that the 128 beltway is kicking into high gear - with the amount of vacant office space having dropped to 13 percent in Waltham, the highway's bellwether market.

4. Biotech and high-tech firms are hiring again, with Cambridge turning into a hub of construction activity as new research palaces take shape.

5. If the jobless rate has anything to do with it, then yes, 2012 could be very interesting when it comes to home prices, especially in the western suburbs.

Trends

Now let's look at the trends I expect to see in 2012:

1. Buyers will return. In 2011, a lack of consumer confidence in the overall economy dramatically impacted the housing market. Buyers were afraid to make a purchasing decision on any big ticket item. By the end of 2011, consumer confidence began to return and sales increased. Economic conditions will continue to improve throughout 2012 and consumer sentiment will solidify.

2. Foreclosures will increase. The ‘shadow inventory’ of foreclosures which has been growing since the robo-signing challenges of late 2010 will finally be introduced to the market. Distressed properties sell at discounted prices. They will impact the housing values of the non-distressed homes in the area.

3. Prices will soften.

As more and more foreclosures come to market, there will be greater downward pressure on the values of houses in the region. Foreclosures impact values of non-distressed properties in two ways:

They will eat up some of the buyer demand in the market.
They will impact the appraisal on ALL transactions in the area.

4. Short Sales will increase. As mentioned above, I strongly believe that home prices will soften through at least the first half of 2012. Falling prices will force more homeowners into a position of negative equity. Negative equity is one of the triggers that cause people to strategically default on their mortgage obligations. If this happens, there could be an increase in the number of foreclosures. However, I predict that banks will take preventative measures which will help many of these homes avoid foreclosure by easing the requirements in the short sale process for both homeowners and real estate professionals.

Bottom Line:

With thriving high-tech and knowledge sectors priming the economic pump and ready to chase away the housing market blues in our lucky markets, economic conditions will continue to improve throughout 2012 and consumer sentiment will solidify. Once that happens, home buyers will realize that now is the time to buy.

Call me if you want help with your home purchase. We have a team, Christine Norcross & Partners, at William Raveis and we can help you find your dream home in the Wellesley Real Estate market – Natick, Newton, Needham, Wellesley, Wayland, Weston and more.

Wellesley, MA Real Estate: An Upbeat Ending for 2011

Christine Norcross (William Raveis, Wellesley MA) — Thu, 29 Dec 2011 10:35:37 -0800

Wellesley, MA Real Estate: An Upbeat Ending for 2011

Call Christine Norcross for more information – cell 781-929-4994 or to research the Boston neighborhoods, visit my Wellesley Real Estate or Newton Real Estate websites. Search for homes HERE.

Wellesley, MA Real Estate is ending the year of 2011 on a surprisingly upbeat note. Mortgage rates are again at historic lows, averaging 3.91% this week for a 30 year fixed rate loan. In addition, inventories are down, to the lowest levels since 2006, and home prices are up from a year ago. The rebound is captured here in the 2011 3rd Quarter Housing Report

While the real estate news is hardly earth shattering, it is an improvement and in these uncertain times any improvement is great news. Life is gradually coming back to real estate, construction of apartment buildings is up and consumer confidence levels have increased.

Low mortgage rates remain a real lure for buyers, offering huge savings over the lifetime of a loan, and real estate investors are seeing value in placing their dollars in property as opposed to the volatile stock market. While the nation’s real estate markets continue to struggle rates will remain low, which is great news for buyers, especially for Wellesley, MA real estate buyers which is already showing signs of life!

If the job picture continues to improve and inventories continue to lower, markets around the country will continue to inch back. While there will most certainly be more bumps in the road we can look forward to starting 2012 in a better position than a year ago, a great way to begin a new year.

Why Wellesley, MA SELLERS Should Care About A Lender

Christine Norcross (William Raveis, Wellesley MA) — Thu, 15 Dec 2011 10:22:13 -0800

Why Wellesley, MA SELLERS Should Care About A Lender

Call Christine Norcross for more information – cell 781-929-4994 or to research the Boston neighborhoods, visit my Wellesley Real Estate or Newton Real Estate websites. Search for homes HERE.

One thing many real estate agents have learned is the importance of having a team of professionals to facilitate a smooth transaction. Having a lending expert on the team, can make available the following services to you…all for FREE:

They stand ready to screen all potential buyers. Today’s lending landscape is a rapidly changing environment. Programs and requirements are changing regularly. A good loan officer should have a reputation for being on top of current guidelines and finding the best solutions for prospective clients. You need to know that when you accept an offer, the buyer can actually close.
Financing is an important component to getting a home sold. Whether it’s marketing flyers, carrying costs, unique mortgage strategies (such as buy-downs and Sales Concessions) or even loan programs to differentiate your home (ex. loans that can incorporate monies for the purchase and renovation of a home), the best loan officers take pride in their ability to help increase the number of people for whom your home could be a fit. More prospects equals higher sales prices.
In so far as a professional loan officer is seen as an educator, they would want to offer you the chance to tune into some of their online seminars (called webinars) and videos. Here are a few good articles about lending practices: "Tips to Present a Stronger Mortgage Application" , "Money to Purchase AND Renovate Your Home" , "Disasters and Real Estate: Who's on Your Side?" Lenders are constantly striving to be a resource for everyone they come in contact with.
Lastly, your loan officer knows that most home sellers become home buyers. Not only will they run your credit and analyze your income and assets, but they will also pre-approve you for your next mortgage, typically free of charge. And most lenders will give you access to technically advanced mortgage calculators that will give you even more assurance your new mortgage will not break the bank.

Both your agent and the loan officer on their team are committed to the highest level of advice and integrity. Reach out to them for any questions you may have.

Real Estate Rebound in Massachusetts

Christine Norcross (William Raveis, Wellesley MA) — Thu, 01 Dec 2011 10:34:01 -0800

Real Estate Rebound in Massachusetts

Call Christine Norcross for more information – cell 781-929-4994 or to research the Boston neighborhoods, visit my Wellesley Real Estate or Newton Real Estate websites. Search for homes HERE.

Home sales are up and prices are down across Massachusetts, new reports out today show.

The National Association of Realtors recently released their 2011 3rd Quarter Housing Report. In the report, they showed that combined sales of single family homes, condos and co-ops increased in EVERY state as compared to the 3rd quarter of last year. In Massachusettes, the increase was 12.1%. Not too shabby.

Falling prices and rises sales are the basic ingredients an eventual comeback in home sales. But we will have to see much more of both before any recovery really kicks in.

Homes sales may be up a bit form last year's anemic levels, but the past two Octobers have seen the fewest homes sold since the very tough recession back in 1990, according to The Warren Group.

If you are thinking of selling your home in the next twelve months, selling sooner rather than later will probably get you the higher price. However, in 18-24 months, the market will return to historic appreciation norms.

How to Make Your Wellesley Home Attractive to ALL Buyers

Christine Norcross (William Raveis, Wellesley MA) — Fri, 18 Nov 2011 12:23:16 -0800

How to Make Your Wellesley Home Attractive to ALL Buyers

Call Christine Norcross for more information – cell 781-929-4994 or to research the Boston neighborhoods, visit my Wellesley Real Estate or Newton Real Estate websites. Search for homes HERE.

If there is a new home sales tract near your home, go visit. It doesn't matter what size the homes are. What you will find are some wonderfully (but sparsely) furnished homes that anyone could live in -- with the emphasis on "anyone." They are anonymous. There may be a baseball glove in the boy's room, but no family photos on the walls.

There may be "personality" - but no person.

The reason you want to make your home "anonymous" is because you want buyers to view it as their potential home. When a potential homebuyer sees your family photos hanging on the wall, it puts your own brand on the home and momentarily shatters their illusions about living in the house themselves.

Put away family photos, sports trophies, collectible items, knick-knacks, and souvenirs. Put them in a box. Rent a storage area for a few months and put the box in the storage unit.

Do not just put the box in the attic, basement, garage or a closet. Part of preparing a house for sale is to remove "clutter," and that is the next step in preparing your house for sale.

Bottom Line:
Removing personal items in your home will open it up to a wider range of potential buyers.

Homeownership: First Increase in Two Years!

Christine Norcross (William Raveis, Wellesley MA) — Fri, 11 Nov 2011 13:17:56 -0800

Homeownership: First Increase in Two Years!

Call Christine Norcross for more information – cell 781-929-4994 or to research the Boston neighborhoods, visit my Wellesley Real Estate or Newton Real Estate websites. Search for homes HERE.

There have been a growing number of reports announcing the death of American homeownership over the last two years. Some have said we are evolving into a rental society and even challenge the long standing belief that homeownership should be a part of the American Dream. They look at the falling rate of homeownership as proof of their point. Others say that the younger generations no longer see the value in owning over renting.

However, this past week, two news items might refute these points. First, DSNews reported the homeownership rate actually increased in the last quarter; the first quarterly increase in two years.

“After falling to a 13-year low during the second quarter, the homeownership rate posted a highly unexpected rise in the third quarter, according to a Census Bureau report.”

Then, Fannie Mae released their 2011 3^rd Quarter National Housing Survey. Both Generation Y (birth date mid-1970s to mid 1990s) and Generation X (birth date mid 1960s to mid 1970s) have stronger beliefs in the importance of homeownership than those of the general population.

Here are the numbers for the three major reasons to buy (as per the survey) with the percentage who believe in each reason:

1. It is a good place to raise children and provide them with a good education:

Generation Y: 84%
Generation X: 81%
General Population: 80%

2. You have a physical structure where you and your family feel safe:

Generation Y: 77%
Generation X: 79%
General Population: 76%

It allows you to have more space for your family:

Generation Y: 76%
Generation X: 77%
General Population: 73%

Both generations also believe in homeownership as an investment. 70% of Generation Y and 66% of Generation X see homeownership as a safe investment while 64% of the general population believes so.

Bottom Line

This country’s belief in homeownership is anything but dead. The younger generations have the same if not a higher level of belief than earlier generations. As the economy improves, more people will make the move into a home of their own.

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Wellesley Homeowners: Protecting your Assets and Family with Insurance

Christine Norcross (William Raveis, Wellesley MA) — Thu, 03 Nov 2011 12:10:21 -0700

Call Christine Norcross for more information – cell 781-929-4994 or to research the Boston neighborhoods, visit my Wellesley Real Estate or Newton Real Estate websites. Search for homes HERE.

I am often asked about the different types of insurances that surround real estate. And while I am no expert on the topic, I do feel qualified to give an overview and some insight to assist you in asking intelligent questions to true insurance professionals. So, here it goes:

Homeowner’s Insurance covers the replacement cost of the home and is required by lenders to ensure that their collateral (the home) will be replaced in case of damage. The amount of the policy need not include the value of the land. There are variables in cost by company and by the amount of the deductible. Many people include riders to their homeowner’s policy for personal property (like jewelry) or get discounts because they tie it to their auto policies, etc. Recognize also that policies vary for owner occupied homes to second homes to vacation homes to investment properties.
Flood Insurance is mandated by the Federal Government if your property is located in a Flood Zone. Flood Insurance Premiums are used to assist FEMA in rebuilding areas affected by flooding (like from a hurricane). Traditionally, “acts of God” have been excluded from many insurance policies. That was what forced the Flood Maps and mandatory coverages. (I imagine there is Tornado and Earthquake Insurance Policies as well, in areas where they are more likely.)
Title Insurance is usually split into two policies – an Owner’s Policy and a Lender’s Policy. Both basically insure the same thing- that the owner of record is the rightful owner and that the liens of record (mortgages, for example) are the ones that everyone has agreed to. The title company searches the public records and certifies the title and the liens. Often, they clear prior liens and handle the transfer of ownership from seller to buyer with the County Clerk. Additionally, they provide information about real estate taxes, judgment and bankruptcy searches, and Certificates of Occupancy and Building Permits.
Life and Disability Insurances are something to consider when you own a home. What if the worst case scenario happens? Depending on your age and health, the cost can be worth it. There are many types of life insurance (term vs. universal life insurance, for example) that can accomplish different goals from paying off your mortgage to planning for retirement. A strong life insurance professional is as important as a strong accountant. Cheapest is rarely best. Financially, many are covered in case of death but get crushed at times of disability. Investigate the cost….it usually makes good sense.

I expect today’s piece to get you thinking about what you must have and what you might consider for insurance. Just scratching the surface. Go get the recommendation of a professional. Check out cost, sure…but don’t lose sight of the concept of protecting your assets and your family.

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A Nation’s Strong Belief in Homeownership

Christine Norcross (William Raveis, Wellesley MA) — Thu, 13 Oct 2011 12:31:48 -0700

A Nation’s Strong Belief in Homeownership

Call Christine Norcross for more information – cell 781-929-4994 or to research the Boston neighborhoods, visit my Wellesley Real Estate or Newton Real Estate websites. Search for homes HERE.

The following polls suggest NOW is the time to buy.

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Selling? Waiting Until the Spring Makes No Sense

Christine Norcross (William Raveis, Wellesley MA) — Thu, 13 Oct 2011 12:31:25 -0700

Selling? Waiting Until the Spring Makes No Sense

Call Christine Norcross for more information – cell 781-929-4994 or to research the Boston neighborhoods, visit my Wellesley Real Estate or Newton Real Estate websites. Search for homes HERE.

Late last year, banks were warned that they needed to guarantee that the paperwork necessary to start a foreclosure process on a family was both accurate and complete. Since then, the banks have slowed down the foreclosure process while they re-examined their procedures. They are now confident that all the required documentation is in order. We are currently waiting on a settlement between the banks and the state attorneys general which will establish what penalties will be assessed.

Once this settlement is reached, the banks will again move forward on many homes which are currently stalled at some stage in the foreclosure process.

How many homes are we talking about?

There are millions of homes in this category. Calculated Risk quantified the situation:

“There are a large number of seriously delinquent mortgage loans in limbo waiting for this settlement. According to LPS, at the end of August there were about 1.87 million loans seriously delinquent and another 2.15 million loans in the foreclosure process. This is only down slightly from a year ago when 4.4 million loans were seriously delinquent or in-foreclosure. Once the settlement is reached, the pace of foreclosures will pick up sharply.

The pace will “pick up sharply”.

Bottom Line

As more foreclosures come to the market at discounted prices, there will be greater downward pressure on all housing values. Waiting for the spring selling season to put your house on the market may not make sense this year. The increase in demand may be overshadowed by an increased supply of distressed properties.

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Tips To Present a Stronger Mortgage Application

Christine Norcross (William Raveis, Wellesley MA) — Thu, 13 Oct 2011 12:31:08 -0700

Tips To Present a Stronger Mortgage Application

Call Christine Norcross for more information – cell 781-929-4994 or to research the Boston neighborhoods, visit my Wellesley Real Estate or Newton Real Estate websites. Search for homes HERE.

As underwriting guidelines for lenders become more stringent, we need to re-examine what a good mortgage application looks like. As home buyers begin their search for a home, there are a few items they should be aware of that they can do to help get their loans approved (with the best possible terms), and, at the same time, lessen some of the stress that goes along with the mortgage process.

1. Income documents

Most lenders want to see a full month of paystubs and two years’ complete Federal Tax Returns. Assembling them ahead of time and holding on to every paystub you get is a good idea even before you find a home and/or submit your mortgage application because it will save you time later. Moreover, looking at those documents and being prepared to explain any deductions that show up is crucial. Child support, alimony, garnishments, and Unreimbursed Employee Expenses are often crippling factors that, if explained and dealt with upfront, can make your loan approval smoother.

2. Asset documents

Most lenders will scour your bank accounts for the two months prior to going to contract. They are looking for large deposits because large deposits can signal a new loan that wouldn’t show up on your credit report yet. What’s a “large deposit”? Typically, any deposit that would represent more than your income can support. If you make $5000 a month, after taxes you likely net $3800 (or $1900 a bi-weekly pay period). Therefore, deposits in excess of that will need to be explained and documented. Sold a motorcycle? Have a paid receipt and motor vehicle documents in place. Received a gift? You will need a Gift Affidavit, proof of the donor’s ability and transfer of the funds. Any and all questions should be discussed with your loan officer.

3. Credit Score Optimization

Do your best to curtail your use of credit as it relates to your available credit lines. Target a cap of 30% of usage of available lines to get the best scores. Do NOT cancel credit cards. That will lower your amount of available credit, thereby raising your percentage of usage. That will damage your score. Do NOT shop for a car, explore life insurance, apply for a new credit card or increase the limits on your current cards because the running of your credit by people in other industries will also lower your credit score. Most importantly, don’t do anything that will require having your credit run without first discussing it with a mortgage professional who knows the impact it could have.

4. Appraisal Concerns

It’s unlikely you will make an offer to purchase without checking out comparable home sales. It’s also likely you received that type of data from the real estate agent you are working with. Make sure your agent prepares the same information for the appraiser. Data about similar sales, similar homes currently on the market and maybe even cost estimates for any repairs or improvements anticipated can preempt future problems with appraised values and conditions.

Overall, it is recommended that you hold onto copies of everything financial, think before allowing your credit to be run and work with an agent and loan officer who can use their experience to put your loan application in its best possible light…as soon as you start thinking about buying a home.

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