claudette millette: Existing Homes Sales rise Unexpectedly - Massachusetts Blog
- 03/24/09 11:12 AM
While some homebuyers have been complacent in taking their time to find a home to buy in Massachusetts, I recently noticed a trend of more and more homes quickly going under agreement. This has been occurring with more frequency as home sales have unexpectedly surged. Sales had been expected to fall this season; however they have, jumped 5.1 percent to an annual rate of 4.72 million as of last month. Here in the Northeast, sales rose 15.6% to an annualized rate of 740,000 units and are down 14.9% from a year ago Nationally, the increase in sales has been the largest increase since July 2003. The inventory of homes on … (0 comments)
claudette millette: Many Massachusetts Homeowners May Get Mortgage Help
- 03/20/09 09:39 AM
The Obama administration recently announced details on its $75 billion plan to help 9 million homeowners. This plan may benefit more than 100,000 Massachusetts homeowners who have, up to now, been unable to refinance at current low rates due to falling property values. Under the new plan eligible borrowers with loans held by Fannie Mae and Freddie Mac will be able to obtain new mortgages at currently lower rates, regardless of the amount of equity they have in their homes. Even homeowners who are somewhat underwater, that is, the value of their home is less than what they owe on the … (0 comments)
claudette millette: Metrowest Mass Considers Regionalization of Public Health
- 03/11/09 10:36 AM
In a time when state and community budgets are being stretched beyond limits, is it a good idea to think about regionalizing public health services? The MetroWest Community Health Care Foundation thinks so. In a preliminary stage of exploration, eight of the area's smaller towns have been invited to meet with officials to discuss the possibility of health care regionalization as a way to save money. To add another spark to the discussion, a new state law has recently reformed how regional public health districts are to be created. Ashland, Holliston, Hopkinton, Sherborn, Sudbury, Wayland, Lincoln and Weston have been asked … (0 comments)
claudette millette: Taking Advantage of the $8,000 First-Time Homebuyer Tax Credit in Massachusetts
- 03/04/09 10:24 AM
While some home buyers have been spurred on by current prices in Massachusetts, low interest rates and a huge inventory, there is now another reason to pull the trigger on a home purchase this year. As of March 26, 2009 there is a new economic stimulus tax credit that is providing a great opportunity for first-time home buyers. A first-time homebuyer is defined as anyone or their spouse who has either never owned a home or has not owned a home for at the past three years. Although there is much debate about whether or not the 2009 American Recovery and Reinvestment … (5 comments)
claudette millette: The Government Targets the Mortgage Interest Deduction - Massachusetts Blog
- 02/28/09 01:29 PM
In order to pay for his new budget, President Barack Obama is proposing to slice up the longtime sacred mortgage interest deduction. The proposal would reduce the deductions for those earning more than $250,000. This was unveiled this week as part of a plan that would take effect in 2011. Currently, households paying income taxes at the 33% and 35% rates can claim deductions at those rates. Under the new proposal, they could deduct only 28% of the value of those payments. This proposition is certain to set off a heated battle within the housing-related industries. The National Association of Home … (2 comments)
claudette millette: Home Construction Drops to a Record Low - Massachusetts Blog
- 02/20/09 02:18 PM
The nation's home builders are experiencing their worst nightmare. This week the Commerce Department reported that construction of new homes dropped 16.8 percent last month to a seasonally adjusted annual rate of 466,000. Well below the 530,000 units economist had expected. This was the slowest pace on records dating back a half a century. Otherwise stated, housing starts are now 56.2% below the annual pace from the January 2008 market. This is unfortunate news for home builders; however, in an environment with 11 months plus of inventory to sell, it is probably good for the housing market. With the glut of … (6 comments)
claudette millette: Massachusetts Prepares for its Share of the Stimulus Money
- 02/17/09 08:04 AM
Today, President Obama signed into law a stimulus bill that will release the biggest influx of federal dollars since Lyndon Johnson's Great Society program. The $787 billion package is aimed at reversing the country's economic problems with billions going to individual states. Governor Deval Patrick has appointed real estate developer, Jeffrey Simon to oversee the money that will flow into Massachusetts. With 30 years of experience in the real estate industry, Simon oversaw the redevelopment of several closed military bases, including Fort Devens in Massachusetts and four bases in Bermuda. Simon's title will be Director of Infrastructure Investment and will be paid a … (0 comments)
claudette millette: Massachusetts Housing Report
- 02/13/09 11:09 AM
A recent study done by the Massachusetts Association of Realtors pointed out some interesting numbers. Not surprisingly, they found that over 90 percent of all homebuyers are using the internet as part of their home search. They also found that over 90 percent of buyers chose to work with a real estate agent to guide them through the process. Social Networking According to the report, 47 percent of homebuyers are using social networking sites, such as MySpace, Facebook, LinkedIn and Friendster. That is up from 50 percent last year. Twenty-seven percent of those in ages from 18 to 24 reported that they … (4 comments)
claudette millette: Update - $15,000 Home Buyer Tax Credit Cut from Stimulus Bill
- 02/13/09 10:44 AM
The much-anticipated $15,000 tax credit for homebuyers has been scaled back to an $8,000 tax credit for first time home buyers only. A few days ago, following extensive lobbying in Washington, home builders and realtors had hailed the proposed $15,000 tax credit. Charles McMillan, President of the National Association of Realtors, had indicated that the credit might lead to 1 million additional home purchases. Toll Brothers' CEO, Robert Toll had said, "The $15,000, I have no doubt, will make the greatest difference." Pulte Home Builders' CEO, Richard Dugas was urging Congress to push the credit up to $20,000 or more and … (2 comments)
claudette millette: A $15,000 Tax Credit for Home Buyers - Massachusetts Blog
- 02/09/09 09:58 AM
The federal government is working on a plan to stimulate the currently sagging housing market. In the Senate, a "voice vote" has been made to propose a $15,000 tax break for homebuyers. More details are emerging about the amendment to the pending economic stimulus bill, which is the brainchild of Georgia Senator Johnny Isakson, a former real estate broker. Unlike the current $7,500 housing tax credit, the new credit would be available to all home buyers and would not have to be paid back. The $7,500 plan that is now in place is offered only to first-time home buyers and requires … (1 comments)
claudette millette: The Bank's Role in Real Estate - Massachusetts Blog
- 02/04/09 03:09 AM
It has been a recurring issue over the years that banks have expressed a desire to enter into the selling side of the real estate transaction. Some banks have actually sought out the opportunity to own real estate brokerages. For obvious reasons, the National Association of Realtors has been opposed to this idea and has petitioned the government to block banks from doing so. Part of their reasoning is that the division of responsibility in the real estate industry makes all parties more accountable.
Arguments - Pro and Con The American Bankers Association has contended that the public would … (1 comments)
claudette millette: Real Property vs. Personal Property - What is Included in a Home Purchase?
- 02/03/09 02:04 AM
You have found the home of your dreams and you are ready to put an offer on it. Before you sign the contract make sure you know which items will convey with the house and which will be excluded. There can be some confusion about this, particularly if the listing is vague on the matter. Real Property vs. Personal Property For the purpose of selling real estate, property is divided into two categories: Real Property is the land and everything that is attached to it, including the ground to the core of the Earth and up to the sky. This would … (5 comments)
claudette millette: When is it Spring in Real Estate? - Massachusetts Blog
- 01/31/09 04:45 AM
The spring market. It is a crucial time of the year in real estate. Even with the current weakness in the economy there will be buyers coming out of a winter's hibernation who are ready to look for a new home. For those who are looking to buy as well as sellers who said last year that they would list "in the spring" -- when does the season actually get started? That depends on a number of factors. Weather is key in Massachusetts. Often sellers do not want to have people trekking through their homes while there is still snow on … (2 comments)
claudette millette: Home Warranties - Are They Worthwhile?
- 01/29/09 07:56 AM
During the real estate boom years it was fairly common for a home warranty program to be included with a home purchase. Many brokers would use them as listing tools and also to provide an incentive for home buyers to feel more comfortable with their purchase. Now, with home sales down and agents needing to cut costs, the inclusion of a home warranty as part of the sale has become less prevalent. When counseling new home buyers, I encourage them to consider a home warranty plan as part of their purchasing strategy. What is a Home Warranty? As with any … (3 comments)
claudette millette: Assessing the Value of a Home
- 01/20/09 02:00 AM
I was recently asked about the connection between a property's assessment value and its potential selling price. There is often confusion about the various methods that are used to evaluate property and it's important to be able to distinguish between them and to know how they may be helpful to you in your home buying decision. Property Assessment - The assessment is a tool the town uses to determine your property tax amount. In Massachusetts each town has an assessor who is responsible for determining the value of each property and its improvements. The assessor reviews sales data from the … (2 comments)
claudette millette: Tapping the TARP - Will it Help the Housing Market?
- 01/16/09 04:17 AM
Barack Obama has asked for and has been granted the release of the second $350 billion from the Troubled Asset Relief Program funds to the treasury. The request had been met with some debate from lawmakers, some who have argued that the first $350 billion were largely wasted and that there has not been enough transparency to show if and how the bailout program has worked. Originally sold as a two-step rescue program, TARP was designed for the government to buy Wall Street's failing mortgage investments and then to rewrite those loans to help homeowners. Much of the first half … (0 comments)
claudette millette: Is a Short Sale Right for You? - Massachusetts Blog
- 01/10/09 02:17 PM
As foreclosure rates soar, some lenders are eager to negotiate short sales in order to avoid the expense of seizing a delinquent borrower's property. A short sale is one in which the seller is trying to get the bank to accept an amount that is lower than what is owed on the property. This will be a home that is facing foreclosure due to the fact that the homeowner is in financial distress. In fact, a bank will usually only agree to a short sale if the borrower can prove a case of hardship, often due to a job loss or a major … (0 comments)
As we say good-bye to a year that was one of the worst for the financial and housing markets since the Great Depression, it is incumbent on us to try to find a silver lining. What has 2008 left in its wake that may actually be helpful for new home buyers?
LOW INTEREST RATES Since the Fed announced a plan to buy up to $500 billion of mortgage securities backed by Fannie Mae, Freddie Mac and Ginnie Mae interest rates have dropped to their lowest in 37 years. The government's plan, which may continue to drive … (0 comments)
Several years ago developers were putting the finishing touches on their plans to build 215 luxury condos adjacent to the Neiman Marcus and Nordstrom department stores which were already under construction in Natick. The single-level condos would be priced in range from $379,900 for an 800-square-foot unit to $1.5 million for 2,200 square feet. It was all part of a plan to transform the Natick Mall to a shopping and living Mecca which would include 65 new stores, four restaurants, two twelve-story living towers and a world class fitness center. The $170 million Nouvelle in Natick is now … (0 comments)
I received a call last week from an investor seeking advice on a property he had purchased several months earlier in Massachusetts. It was a multi-family and he had been in the process of getting ready to find tenants when he discovered that the entire building had been wired improperly. It was so blatant a violation that it would have been posed a significant risk of fire. After asking him the obvious questions about whether or not he had the building inspected prior to purchase I discovered that he had done everything the right way. Fortunately for him, he … (1 comments)
While some homebuyers have been complacent in taking their time to find a home to buy in Massachusetts, I recently noticed a trend of more and more homes quickly going under agreement. This has been occurring with more frequency as home sales have unexpectedly surged. 
;)
;)
;)
