massachusetts real estate: What is a Good Faith Estimate?
- 09/25/14 04:04 AM
Buying a home can be very confusing and not to mention the new terms you need to know. This is especially true when it comes to navigating the mortgage process. One important term to understand is the Good Faith Estimate. Twenty years ago this mandatory form didn't exist, so today's buyers are fortunate to have this greater protection.
The Good Faith Estimate or GFE is a government-mandated form mortgage brokers and lenders are required to give prospective borrowers within three days of a loan application. The GFE summarizes the terms of the loan. It can be used to compare loan offers from the … (3 comments)
massachusetts real estate: Franklin Home Sales Price Up By 9% For 2014
- 08/18/14 05:21 AM
Generally it is commonly known that sales prices have been rising & the real estate market has been hot in the greater Boston area. The Franklin, Massachusetts real estate market has been strong for 2014 but the data was not clear until recently when many closings occurred. This sales data represents a 9% increase in sales prices from last year to this one. Here is a comparison for the same 6 month period of 2013 vs. 2014:
If you have been thinking about selling, the numbers are in your favor. Appreciation is expected to continue into the fall as … (0 comments)
This question can only be answered in terms of the equity in the home and any remaining mortgage. If a seller still carries a significant mortgage and has minimal equity, a current sale will likely result in needing to bring money to the closing table. For those with little or no mortgage, now may be the perfect time to capture the many buyers who are able to purchase a home with the current 4% mortgage rates. Studies show that many buyers are actually using adjustable rate loans which are now in the 2% range! The chart … (0 comments)
massachusetts real estate: More Franklin, Massachusetts Homes Sold Over Asking Price
- 02/05/14 02:00 AM
More Franklin, Massachusetts Homes Sold Over Asking Price With the shortage of available homes in the greater Boston area continuing, buyers are often competing for good properties. Here are a few homes that I have sold over their asking price: List Price--$400,000 Sale Price--$455,000 List Price--$400,000 Sale Price--$416,000
List Price--$469,900 Sale Price--$471,777 Maybe now is the time to sell? Call me at 508-369-5131 to find out what your home is worth... You may be pleasantly surprised! … (0 comments)
massachusetts real estate: Available Homes in Boston Towns Reach All Time Low
- 01/28/14 12:44 AM
We have heard that there is a severe home shortage for awhile now but it seems to have reached an all time low. As a Franklin, Massachusetts Realtor since 1996 I have never known of so few homes on the market! A sampling of currently available homes in 4 towns totals as follows: Franklin--32 Wrentham--32 Plainville--10 Mansfield--29 The good news is that as the cold snap starts to lift we are beginning to see a few homes hitting the market each week. Sellers have heard that Franklin, MA real estate is definitely appreciating but they may need to hear it a few more … (0 comments)
massachusetts real estate: Another Happy Seller in Franklin Massachusetts
- 12/04/13 10:10 PM
Another Happy Seller in Franklin Massachusetts! We closed yesterday on this great neighborhood home at 215 Dailey Drive, Franklin and my seller could not be happier. He had purchased the home back in July 2011 for $337,000 which was a great deal at the time. I was his buyer agent. Life went on and this fall he found he needed to move out of the area--which two years ago was not AT ALL in the grand plan. We listed the home for $359,900 and it went under contract within a few weeks. We closed yesterday with a selling price of … (0 comments)
massachusetts real estate: Does a Franklin MA Home Seller Net More Money with a Local Realtor?
- 11/07/13 05:01 AM
How Does a Franklin, MA Home Seller Net More Money with a Local Realtor? This question was posed to me recently when a Franklin, MA home seller was deciding whether to hire their cousin, who was a Realtor 60 minutes away on the South Shore of Massachusetts to list the Franklin home. I pointed out that although any good Massachusetts Realtor has access to the same sales data through our MLS (Multiple Listing Service--Pinergy), real estate is actually very localized. What this means to a seller is that although the sales data may show their home would likely sell within $230,000 and … (0 comments)
massachusetts real estate: Bay State September Home Sales Reach Eight Year High
- 10/30/13 01:47 AM
Massachusetts real estate is looking good...with sales in the positive numbers in most counties other than Berkshire County. In fact, Norfolk County shows some of the strongest sales numbers in the entire state! This is very good news for the greater Boston area and Franklin, Massachusetts in particular... Banker and Tradesman's, The Warren Group, reported that last month marked the best September for Massachusetts single-family homes sales since 2005. A total of 4,358 single-family homes sold in Massachusetts in September, a 16 percent increase from 3,739 sales in September 2012. Sales also increased in the third quarter - rising to 16,097 … (0 comments)
massachusetts real estate: Franklin, Massachusetts Real Estate Best Buys for October 28, 2013
- 10/28/13 01:26 AM
Franklin, Massachusetts Real Estate Best Buys for October 28, 2013 I have attempted to show some of the more outstanding Franklin properties that are currently on the market through these Best Buy lists. These Franklin, Massachusetts homes may or may not be my listings, rather they are, in my opinion only, the best values for the money…
Great reverse split in quiet neighborhood setting. Beautiful updated kitchen; central air, 2 full baths, cathedral living room with fireplace, hardwood floors on first and second floors. Lower level family room plumbed for a wood stove, town water/sewer and natural gas. Asking $299,900.
So you've found the right Boston area home, it has all the features you want, the price seems right, and it is in the neighborhood you want. Suddenly you find out there are multiple offers coming in on "your perfect home." What do you do, walk away or get involved in a bidding war? This can be a stressful and sometimes even heartbreaking experience, but knowing how to prepare yourself before entering a bidding war may get you the Franklin house of your dreams without breaking the bank. "The homebuyer who refuses to engage … (1 comments)
massachusetts real estate: Unlocking the Secret Language of Massachusetts Real Estate
- 08/13/13 05:41 AM
As a longtime Franklin, MA Realtor, meeting many out of state clients over the years has taught me that Massachusetts has its own real estate language. If you are in the market to buy or sell a home in the Franklin, MA area here are some terms you will want to be familiar with. Asking Price–this is the seller’s initial price for the property and the starting point for all negotiations Offer–this is the commitment by the buyer to purchase the property and enter into a contract of sale. An initial deposit of $500-$1000 is customarily put down to make this contract binding. Home Inspection–this … (0 comments)
massachusetts real estate: Are 3% Mortgage Rates Just a Distant Memory?
- 07/09/13 05:52 AM
Are 3% mortgage rates just a distant memory? It is now the hottest weather of the year in most parts of the country--here in the greater Boston area the weather rivals the deep south with our recent 95 degree temps and high humidity. Just when prospective buyers start to consider taking a vacation from house hunting, to be resumed in a few weeks, the interest rates spiked up an entire point! This one point increase in mortgage rates translates to about $125-$150 more in monthly mortgage payments--a significant increase for some first-time buyers. The charts below show the comparison between today's rates versus one month ago. … (0 comments)
The lovely private fenced backyard offers perennials, an above ground pool and an oversized shed or studio for the artist or contractor. The exterior features vinyl siding. The roof was replaced in December 2007. The interior is freshly painted with hardwood floors in most rooms--3 full baths are tiled. The living area is 2165 and there is a heated, carpeted four-season … (4 comments)
massachusetts real estate: Panic Buying in Massachusetts
- 05/21/13 12:25 AM
As a Franklin, MA Realtor of 17 years I have seen several real estate cycles but the latest trend has been the least common. Lately I have observed buyers engaging in "panic buying" in a variety of greater Boston communities. The past few months in Franklin, MA real estate and surrounding towns have developed into a seller's market where the available inventory of homes is extremely low. Since interest rates remain at record lows and the number of buyers is at an all-time high, bidding wars have become commonplace. Little did I realize the relevance of my college economics professor who drilled the … (2 comments)
massachusetts real estate: MLS Reports Franklin, MA Sales Price 16% Higher Than Last Year
- 05/08/13 02:53 AM
A free report from the Multiple Listing Service (MLSPIN) shows median sales prices are up in most Norfolk County towns of Massachusetts. In fact, Franklin, MA real estate data shows a 16.8% sales price increase over the same time last year. As expected, fewer homes have sold due to limited inventory but those that did sell posted significant price increases. The seasonality of the real estate business means that during the spring market housing supply is low whereas demand for homes is high. My recent blog about Franklin, Massachusetts sales price increases showed an 11% price increase when only comparing the first … (2 comments)
massachusetts real estate: Massachusetts Home Price Is Negotiable But Tax Rates Are Not
- 04/30/13 02:42 AM
First-time home buyers often have a variety of ideas about Massachusetts property tax rates which is understandable given the differences in how each state handles their taxes. Here is some information that will help before you decide where you will buy your first home. In Massachusetts each town sets their own residential tax rates based on how the property is assessed Property is taxed on a per $1000 basis of the assessed value--Franklin, MA current tax rate is $13.73 Tax rates have nothing to do with home prices Tax rates do not change with a change of ownership Tax rates only change … (0 comments)
massachusetts real estate: The Secret Language of Massachusetts Real Estate
- 03/12/13 11:49 PM
As a longtime Franklin, MA Realtor, meeting many out of state clients over the years has taught me that Massachusetts has its own real estate language. If you are in the market to buy or sell a home in the Franklin, MA area here are some terms you will want to be familiar with. Asking Price--this is the seller's initial price for the property and the starting point for all negotiations Offer--this is the commitment by the buyer to purchase the property and enter into a contract of sale. An initial deposit of $500-$1000 is customarily put down to make this … (0 comments)
massachusetts real estate: There May Actually Be Ten Buyers For Every Franklin, MA Listing!
- 02/26/13 01:53 AM
Could this be true? Ten buyers for every listing that comes on the market in Franklin, Massachusetts? Maybe the million dollar home doesn't exactly fit into this scenario but homes priced between $200,000-500,000 definitely do! This greater Boston area is still experiencing a severe home shortage so well-cared for, well-priced homes are going fast. A quick look at the Multiple Listing Service shows that there are currently only 29 available Franklin homes priced between $200,00-500,000. There have been shortages before but I cannot remember anything like this in my 16 years of real estate. Sellers whose homes do come on the … (2 comments)
massachusetts real estate: Planning to Buy a Massachusetts Home in 2013--Tips to Take Now
- 01/29/13 04:58 AM
If you are one of the many buyers that I speak with on a regular basis who is thinking about making a Franklin, MA home purchase in the next few months there are some things you will want to know and do now... US News and World Report's real estate blogger, Luke Mullins, reminds us that there continue to be stricter lending standards. This does not necessarily mean you cannot get a loan, only that you may need to get more creative. The ability to have 20% saved for a down payment will guarantee the best mortgage rates but alternatively keep in mind … (2 comments)
Real estate rants and advice on the Franklin, Massachusetts and the metro west of Boston area. Stop by often because you never know what resources or tidbits you might find!
Buying a home can be very confusing and not to mention the new terms you need to know. This is especially true when it comes to navigating the mortgage process. One important term to understand is the Good Faith Estimate. Twenty years ago this mandatory form didn't exist, so today's buyers are fortunate to have this greater protection.
;)
;)
