mortgage: How Much?? - 12/15/23 07:58 AM
When we were considering the purchase of our home the traditional downpayment was 20%. It was something we had strived and saved for. Now, times have changed and it is nearly impossible for most people to come up with 20% given the price of homes. BUT, the good news is that you do not need that 20% as shown below in the infographic. 
What You Need To Know About Down Payments Some Highlights If you want to buy a home, you may not need as much for your down payment as you think. There are various loan options for qualified buyers with down payments as … (13 comments)

mortgage: Mortgage Pre-Approval? - 10/16/23 07:05 AM
So, you're looking to buy a piece of the American Dream, owning a home. There are a couple of very important first steps you should do.
1. Find a professional Realtor® to partner with. They will be able to guide you through the entire process. This is valuable.
2. Work with your local mortgage lender to find out just how much you can afford and obtain a mortgage pre-qualification or pre-approval. 
Once you do those two things you can begin to work on finding that one piece of Real Estate that will meet your needs or your family's needs. Below is an interesting article … (7 comments)

mortgage: Is Smaller The New Trend? - 09/08/23 03:08 PM
With the cost of Real Estate spiraling upwards due to the demand for housing and lack of inventory to meet that demand, it seems that new construction sizes may be trending downward as we move along our timeline. I have a family member who lived in a 6,000 sq. ft. home until they sold it and are now downsizing (3,500 sq.ft.)(??)...lol.
Years ago I spoke with a developer in the western middle of the state. He was building 1,700 sq.ft. - 2,100 sq.ft. homes on smaller lots and couldn't meet the demand. He was swamped with orders. 
Today, many buyers are spending upwards … (16 comments)

mortgage: Changing Rates Impact - 06/07/23 04:31 PM
One of the first things I did as a first-time buyer was to go to the ebook store and purchase a mortgage interest rate book so I could figure out the monthly principal and interest charges on my potential note. We didn't have the internet as we do now where you can find all that information. But, let that go.
We have watched average mortgage interest rates rise from the mid-2% to the mid-7% range (in Massachusetts). With rising prices and still high demand those rates could push some out of the market. BUT, do not fret. Markets go up and markets … (10 comments)

mortgage: Should I Sell, Or What? - 05/17/23 10:13 AM
There are many reasons to sell your home and only you know why you are considering placing it on the market. The first thing you should do is contact your local Real Estate Professional and schedule an appointment with them to discuss your options.
Much depends on where you are living but some things are pretty static. There is much demand and there is still a low inventory. Rates are what they are so you must understand that people sell and purchase homes in all markets,
Below is a basic infographic to help you along the patrh
Reasons To Sell Your House Today    … (6 comments)

mortgage: Skin In The Game... - 01/11/23 09:44 AM
The down payment is a sticking point with many buyers. With escalating home prices and interest rates, of recent, it's easy to see why buyers are concerned when looking at the conventional rule of thumb being 20% down. That's not the case though, as there are programs and mortgage options that exist that do not require a 20% down payment. If you live in a qualified rural area the USDA has a program with no money down. FHA is as little as 3% and the VA does provide no down payment loans to veterans. So, don't get too wound up as … (9 comments)

mortgage: Are You Preapproved? - 11/02/22 08:52 AM
Besides hiring a Professional Licensed Realtor® the next most important step to purchasing a home is being pre-qualified and/or pre-approved for a mortgage. A serious seller rarely considers a buyer that has not presented an offer that includes a pre-qualification/pre-approval letter. Don't wait to the last minute to accomplish this important step.
Pre-Approval Is a Critical First Step on Your Homebuying Journey   If you’re planning to buy a home this year, one of the first steps on your journey is getting pre-approved. Especially in today’s market when mortgage rates are higher than they were just a few months ago, getting a mortgage pre-approval can be a game changer. Here’s … (10 comments)

mortgage: Are You A First-Time Buyer? - 10/17/22 01:55 PM
The Real Estate market has been crazy for the last couple of years and first-time buyers are wondering if they're being priced out of the market. I can't blame them for having that viewpoint. But listen up! There are things you may want to do or look into before you give up the search or lose all hope. 
The infographic below is rudimentary but helpful. The first thing to do is hook up with a Real Estate Professional. They will be able to guide you through the waters and suggest some things you may not know about, such as first-time buyer assistance … (16 comments)

mortgage: The Impact of Rising Interest Rates... - 04/20/22 08:32 AM
I remember when my wife and I were house hunting in the mid-1980s. Housing prices were rising and interest rates were rising. We were wondering if we'd really be able to afford a house if the trajectory on pricing and interest kept rising. We had been looking for a bit and were getting antsy BUT we knew the market. Finally, we found a home that was underpriced and needed updating. We offered full price with a credit for the replacement of the septic. The interest rate was locked in at 13%. The one thing we were certain of was interest rates … (14 comments)

mortgage: Do You Know What I Mean? - 11/28/20 01:56 PM
No matter what industry you deal with there are terms that are specific to that industry, AND, you may be familiar with the terms BUT you might not know what their meaning is.
So many times, those in the industry, are so familiar with our everyday terms we may, unintentionally, forget that others may not be as familiar with them.
In the Real Estate industry, both buyers and sellers need to be aware of the terms and their meanings, especially the 1st-time buyer. In the infographic below compiled, by the folks at KCM, are very basic Real Estate terms and their … (6 comments)

mortgage: How Low Can They Go??? - 11/20/20 10:00 AM
Interest rates have hit a low for the 13th time this year! With prices escalating the interest rates have been very friendly to the buying & selling public.
Buyers, this is a great time to get prequalified/approved for a mortgage and begin your search.
Sellers, this is a great time to ready your house and place it on the active market. 
Inventory is low, but, one of the reasons for this is houses being placed in the active market are getting scooped up. So be prepared to submit your highest and best offer and avoid the games some play. 
 
(10 comments)

mortgage: What Are My Options? - 10/16/20 08:24 AM
The COVID-19 virus has affected everyone, everywhere. Economies were good and in the U.S. more people were working, interest rates are low, and people are buying homes! THEN, JUST LIKE THAT, things came to a screeching halt. All of a sudden many people's jobs were declared unessential (what a slap in the face!). All of a sudden the unemployment rate skyrocketed to over 20%. People became concerned. How are we going to be able to pay for our home or rent?
Government programs were put in place to aid those who were concerned. BUT, we all know government programs usually have time … (18 comments)

mortgage: Interest Rate Update... - 10/08/20 05:10 PM
Can Interest Rates be lower? Who knows? I didn't think they'd be this low. One of my clients just refinanced at 2.75% fixed 30 years. BUYERS do not procrastinate! Now to get inventory numbers up. SELLERS. we know you are out there...lol
(10 comments)

mortgage: 2020 Projections - 01/02/20 09:28 AM
These are always interesting. For 2019 our little town of 8700 we had an increase in the number of closed sales from 100 in 2018 to 113 in 2019 a 13% increase. I fully expect 2020 to be a GREAT YEAR for people looking to buy and sell. As far as a potential recession all I have to say is markets go up and markets go down. The same holds true with economies. People buy and sell in ALL markets. 
 
The 2020 Real Estate Projections That May Surprise You This will be an interesting year for residential real estate. With a presidential … (8 comments)

mortgage: Considerations for 2020 - 12/12/19 07:12 AM
 A 365 Day Difference in Homeownership
  Over the past year, mortgage rates have fallen more than a full percentage point. This is a great driver for homeownership, as today’s low rates provide consumers with some significant benefits. Here’s a look at three of them:
Refinance: If you already own a home, you may want to decide if you’re going to refinance. It’s one way to lock in a lower monthly payment and save substantially over time, but it also means paying upfront closing costs too. You have to answer the question: Should I refinance my home? Move-up or Downsize: Another option is to … (10 comments)

mortgage: Veterans and Housing... - 11/13/19 08:54 AM
VA Home Loans have been available for 75 years. This blog post is a followup for my previous posting at the following link...
==>75 Years... <==
 
VA Home Loans by the Numbers   
Some Highlights: The Veterans Administration (VA) Home Loan is a benefit that is available to more than 22 million veterans and 2 million active duty service members to help them achieve the dream of homeownership. In 2018, $161 billion was loaned to veterans and their families through the program. In the same year, the average loan amount was $264,197 and 610,513 loans were guaranteed.  
   … (2 comments)

mortgage: Should I... - 07/22/19 06:51 AM
...Refinance my home?
My youngest son recently purchased a home in a neighboring State. He and Sarah are both very excited with the purchase and the home as they thought it may have taken quite a while before they could purchase. BUT, as life has a habit of doing, circumstances changed suddenly and they were now able to purchase. They paid a bit higher interest rate and have been working to raise their credit scores so it's over 700. They heard on the news that rates may be going down and they asked, "Dad should we refinance now?" "That's a good question", … (8 comments)

mortgage: What To Avoid Doing... - 07/20/19 08:19 AM
... when buying a home.
 
1. Doing It On Your Own
2. Avoiding Budget Talks Before Shopping
3. Not Looking Beyond the House
4. Opening a Line of Credit Before the Sale is Final
5. Being Emotional Rather Than Visionary
 
We've all been first-time buyers and as Real Estate Professionals we work with many first-time buyers. I found this helpful article, by Alejandro Herrera, on the Realty Times website and thought I'd share.
There is one area I don't agree with, though. I've not met one Real Estate Professional that suggests the staging of their clients home to distract a buyer from a negative.
 
5 Common Mistakes … (12 comments)

mortgage: Are you Qualified? - 06/27/19 07:21 AM
The most important first step any buyer should take is to find a lender and get pre-qualified or pre-approved for a mortgage. It will let you know what you can afford for a mortgage AND most buyers will not seriously consider an offer if there is no pre-qualification or pre-approval. 
 
Stop Wondering What Your Budget Is & Get Pre-Approved! In many markets across the country, the number of buyers searching for their dream homes outnumbers the number of homes for sale. This has led to a competitive marketplace where buyers often need to stand out. One way to show that you are serious about … (6 comments)

mortgage: Do I Really Need A Realtor? - 05/11/19 08:17 AM
So, you've decided to place your home on the open market and you're toying with the idea of selling it For Sale By Owner (FSBO). You figure the market is hot so why not and you'll save having to pay a Real Estate Commission. How hard could it be? After all, what does an agent do other than list the property, show it and fill out a bunch of forms. Here's a good article from the folks at KCM that discusses this subject
 
Selling Your House: Here’s Why You Need A Pro In Your Corner! With home prices on the rise and buyer demand still … (8 comments)

 
Doug Dawes, Your Personal Realtor® (Keller Williams Evolution - 447 Boston Street, Suite #5, Topsfield, MA)

Doug Dawes

Your Personal Realtor®

Topsfield, MA

More about me…

Keller Williams Evolution - 447 Boston Street, Suite #5, Topsfield, MA

Address: 11 South Main Street, Topsfield, MA, 01983

Mobile: 978-270-3037

Office: 978-887-3995

There is more to life than Real Estate. My intention is to provide not only Real Estate information but items that we all face and experience in our daily journey through life.


Listings

Links

Archives

RSS 2.0 Feed for this blog