Archive for real estate news
Tax Credits Gone, What’s in Store For Wellesley, MA Real Estate?
Tax Credits Gone, What’s in Store For Wellesley, MA Real Estate?
Call Christine Norcross for more information – cell 781-929-4994 or to research the Boston neighborhoods, visit my website www.HomesbyNorcross.com.
While it is true that the home buyer tax credits spurred real estate sales during the past 12 months or so, it is also true that that is exactly what the tax credits were designed to do. There is an old saying, “all good things must come to an end”, the tax credits could not last forever but just because they are gone does not mean that recovery is not occurring.
What does the real estate market have going for it now? Two very important things: low mortgage rates and low home prices. While a tax credit may be helpful up front, low mortgage rates can save much more than a tax credit over the length of a loan, diminishing the overall cost of a home by thousands of dollars.
Real estate is recovering at a steady pace. While impatience may create a doubt about the reality of recovery it is important to remember that it is a boom that created the bust in the first place, and a slow approach is more likely to be a secure step in the right direction.
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 Boston Metro West Market – Natick, Newton, Needham, Wellesley, Wayland, Weston and more.
Click here to read a recent article from Realty Times regarding the current state of real estate.
Learning the Cause of the Wellesley, MA Housing Bubble May Help Avoid Another One in the Future
Learning the Cause of the Wellesley, MA Housing Bubble May Help Avoid Another One in the Future
Call Christine Norcross for more information – cell 781-929-4994 or to research the Boston neighborhoods, visit my website www.HomesbyNorcross.com
Learning about the cause of the housing bubble could help us avoid a future one
There has been a lot of talk about what caused the housing bubble. As with anything in life, hindsight is 20/20. There are however, always lessons to be learned and hopefully what we have learned from the real estate market can be used in avoiding future housing bubbles from occurring.
Economists are blaming the housing bubble on a few factors. One economist, Randal O’Toole, points out that the housing bubbles that have occurred across the country have been localized, in fewer markets than the general population might even be aware of. According to O’Toole only 12 states have really been hit by the housing bubble. This particular economist attributes states with urban planning departments as those with the biggest issues. Community planners and developers restrict development and, as a side effect, create volatile real estate values.
Of course another point to be taken is the 0% loans. The traditional 20% down helped cover a borrower during typical market fluctuations, keeping borrowers from going under water. With 0% down a borrower has nothing to lose if he walks away. When Fannie and Freddie started buying loans with 10%, 5% and then 0% down, other lending institutions followed suit making the sub-prime loans run rampant.
Whatever the causes of the housing bubble and regardless of whether it happened in 12 states or 50 states, the effects have been felt nationwide. Understanding how we got here will help us face the future.
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 Boston Metro West Market – Natick, Newton, Needham, Wellesley, Wayland, Weston and more.
Wellesley Readers, Is it Time to Let the Tax Credit Walk Off into the Sunset?
Wellesley Readers, Is it Time to Let the Tax Credit Walk Off into the Sunset? Will Congress Extend the Home Buyer Tax Credit?
Call Christine Norcross for more information – cell 781-929-4994 or to research the Boston neighborhoods, visit my website www.HomesbyNorcross.com
It’s that time of year again: time for lobbyists to convince Congress to extend the home buyer tax credit.
The National Association of Realtors and other industry groups are beginning to make the rounds on Capitol Hill to press their case, which goes something like this: We know you’ve extended the tax credit two times already, but the housing market is still fragile, the tax credit is working, and don’t forget– you’re up for re-election soon. In other words, do you really want to own the next leg down in home prices?
They’ll also make their case by reminding polls that a series of other market supports are being removed, the largest of which is the Federal Reserve’s purchases of $1.25 trillion in mortgage-backed securities that expires next month and has pushed mortgage rates to postwar lows for much of the past year. The Federal Housing Administration is also under pressure to pull back its lending, and more foreclosures could add to the housing inventory as borrowers fail to qualify for modifications.
Industry groups are also pushing the argument that the credit should be extended because it’s taking so long for banks to approve short sales, where lenders agree to a sale for less than the value of the mortgage.
To recap, Congress first passed a $7,500 tax credit in 2008 for first-time buyers, but that credit had to be repaid over 15 years. When it expired one year ago, Congress extended it, expanded it to $8,000, and said it wouldn’t have to be paid back. Just before that credit was to expire last December, Congress extended it again, until April 30 (sales contracts signed by April 30 have until June 30 to close). A new credit of $6,500 was created for current home-buyers. “There’s nothing more permanent in Washington than a temporary tax credit,” jokes Howard Glaser, a housing-industry consultant.
This time, the lobbyists certainly have their work cut out for them. For one, industry groups last time swore that the last tax credit extension would be, well, the last extension. To secure the deal, the lawmaker who shepherded that effort through Congress, Sen. Johnny Isakson (R., Ga.), made clear at the time that extending it again would be a nonstarter. (His spokeswoman says that he has no plans to offer any legislation extending the credit. “Part of the benefit of the tax credit is the urgency of it sunsetting,” said spokeswoman Sheridan Watson.)
Economists mostly agree that the tax credit has helped to goose demand and sell more homes, though there’s still considerable debate over just how many homes would have sold anyway.
Mark Zandi, chief economist at Moody’s Economy.com, pushed to extend the tax credit last fall but says now it’s time to let it expire. “It’s worn out its benefit,” he says. “If you extend it again, it isn’t going to do much, and what you’re doing is providing a tax break to folks who bought anyway.”
While there’s still about 10 weeks before the current tax credit expires, that doesn’t leave much time for buyers looking to cash-in, notes Keith Gumbinger of HSH.com, a financial publisher. Home sales surged last October when it looked like the tax credit might expire for good, and then plunged in December, once it the credit had been extended.
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 Boston Metro West Market – Natick, Newton, Needham, Wellesley, Wayland, Weston and more.
By Nick Timiraos-Wall Street Journal
Personal Opinion Moment: We are at the bottom of the Housing Market
We are at the bottom of the Housing Market
I definitely feel we are at the bottom of the Housing Crisis. In Wellesley MA last week we had 8 offers on a home and many of the offers were over asking. In Natick Real Estate we are seeing the exact same thing. It is completely amazing the number of people coming to open houses. If buyers think they are going to wait till the open house to get in – I would not.
The home they are waiting to see at the open house just may be locked up and under agreement in a day.
I know it sounds like hype. But I personally know of 3 deals last week that came on and off in 1 day. I called on a Home for Sale in Wellesley, MA for $475,000 that came on and at 9am the next day when I called to set up a showing it was under agreement.
In this article – Karl Case – Co-creater of the S&P/Case-Shiller Home Price Index states he would bet even odds we are at the bottom and that he thinks prices will start heading up.
Call Christine Norcross for more information – cell 781-929-4994 or to research the Boston neighborhoods, visit my website www.HomesbyNorcross.com
Our Own Natick, Massachusetts Makes the Top 12 List of Places to Live
Natick Massachusetts Makes the Top 12 List of Places to Live
Natick, Massachusetts Condos
Call Christine Norcross for more information – cell 781-929-4994 or to research the Boston neighborhoods, visit my website www.HomesbyNorcross.com
The Boston Globe has announced a list of the top twelve places to live in the Commonwealth and Natick Massachusetts has made spot number seven.
According to the Boston Globe, many factors go into deciding where to live – schools, proximity to public transportation, green space – but the recession has moved one component to the top of the list for many people: stability of real estate values.
How well have Natick home sales held up during the recession?
Natick Market Snapshot:
Median single-family home price in 2009: $417,750
Change since market peak in 2005: -9%
Median condo price in 2009: $310,000
Change since market peak in 2005: +29%
Population: 31,880
Residential tax rate:$11.67
Real estate values have shrunk in Massachusetts by 20 percent since the peak which was 2005. And, the towns in the top 12 list have fared rather well by comparison to the rest of the state.
One of the factors that help to keep Natick ahead of the pack is that it is surrounded by the affluent towns of Weston, Wellesley, Sherborn, Wayland and Dover. As you head west out of Boston, Natick is the first affordable town.
Other attractions of Natick are the great schools that have consistently had high MCAS scores, the quaint downtown area with historic churches as well as commercial buildings, miles of walking trails and conservation land as well as the allure of the upscale mall – The Natick Collection.
The Natick Collection Mall also features the Nouvelle Natick, deluxe condos in the middle of Metrowest suburbia. Although this condo project has seen its share of problems it has begun to bounce back and offers an interesting lifestyle for a number of people.
All in all, Natick has done well during times that have been difficult in this state and remains a town where real estate values have held in place.
The other towns in the Globe’s top twelve were: Wenham, Jamaica Plain, Cambridge, Winchester, Rowley, Lynnfield, Downtown Boston, Weston, Brookline, West Tisbury and Eastham.
We are proud of our great neighbor, Natick!
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 Boston Metro West Market – Natick, Newton, Needham, Wellesley, Wayland, Weston and more.
Pending Home Sales Increase – Wellesley, MA Real Estate
Pending Home Sales Increase for the Boston Metro West Market – Wellesley, Natick, Newton Needham, Brookline, Weston and more!
This month the National Association of REALTORS released it’s December Pending Home Sales Index showing an increase of 1.0 percent in the index from November (seasonally adjusted) and a 10.9 percent increase from last year.
Here are highlights from the report:
- December’s pending home sales index (seasonally adjusted) was 96.6 (the index is based upon 100.0 being equal to the average level of sales activity in 2001 which we could call the last “normal” year) which was a 1.0% increase in the index from November and an increase of 10.9 percent from the year before.
- December’s not-seasonally adjusted index index was at 64.0, a 18.1 percent decrease from November and a 10.5 percent increase from a year ago.
Lawrence Yun, the chief economist for NAR, gives this video statement: Pending Home Sales are Up! – Video
This is great news for the Boston Metro West Market!
Call me if you want help with your home purchase. Our team, Christine Norcross & Partners, at William Raveis can help you find your dream home in the Boston Metro West Market – Natick, Newton, Needham, Wellesley, Wayland, Weston and more.
You can reach us at 781-694-3595.
By Dennis Norman
Wellesley Home for sale, Wellesley, MA
Wellesley Home for sale, Wellesley, MA
For more information call Chris Norcross at 781-694-3595 or visit our website: Wellesley Home For Sale
We just listed a beautiful Wellesley home for sale. This home is a 5 bedroom, 3.5 bathroom home with 2-car garage. It is so beautiful it feels like a home from the pages of architectural digest. If you are looking for a home that needs no updating and you can just move in – this is the one.
Wellesley Home for Sale
Enjoy the sitting parlor/office and the sun-filled formal living room which connects to the Dining Room through a custom doorway. The spectacular Chef’s kitchen has custom cabinets, granite counter tops, a glass tiled back splash, wine cooler, sub zero refrigerator, Wolfe cook top, Bosch dishwasher and Thermador double ovens. The kitchen adjoins with the large family room which features surround sound, a marble surrounded fireplace, 2 large built-in bookshelves, recessed lighting, and custom windows. French doors lead directly to the outdoor stone patio and cedar fenced-in professionally landcaped and maintained backyard.
On the second level there are 5 Bedrooms and 3 full baths. The oversized Master Bedroom has vaulted ceilings, recessed lighting, custom built Closet-tec closets and an adjoining master bath with marble counter tops and flooring and a large skylight rests directly above the Whirlpool tub.
Third floor finished walk up is perfect for an exercise room, game room or children’s playroom.
Other features include a 2 car garge, 9 ft. ceilings, oak hardwood floors, sprinkler system, custom blinds, and a central humidifier. Ideally located a mile from downtown Wellesley and within a short walking distance to Hardy Elementary school. A truly magnificent home! You won’t find a better Wellesley home for sale, it’s just beautiful.
Obama Plans to Introduce Legislation Offering Incentives for Energy Improvements to Homes
Obama Plans to Introduce Legislation Offering Incentives for Energy Improvements to Homes
Energy efficiency and greener building practices have begun to take hold across the Country, spurring incentives that warrant making home improvements to existing homes as well as better practices for building new homes. Currently President Obama is considering federal incentives to homeowners who make energy efficient improvements to their homes.
President Obama had said that energy efficiency “creates jobs, saves money for families, and reduces the pollution that threatens our environment. With additional resources, in areas like advanced manufacturing of wind turbines and solar panels, for instance, we can help turn good ideas into good private-sector jobs.”
Providing incentives to home owners to make their properties more energy efficient will not only help the homeowner but help the economy, seen as two major players in exiting the recession that has affected our Nation’s economy.
The possible legislation could provide 50% rebates up to $12,000 in incentives for product costs as well as installation costs of energy efficient home improvements that could include appliances, insulation, solar products and more. The legislation is in the planning phase but is something Obama is planning on introducing.
For more information on possible legislation click here to a view an article posted by CNN Money.
If you are interested in finding more information on buying or selling your home call us today at 781-694-3595. Christine Norcross & Partners. Click Here to learn more.
Get a Mortgage Before Searching for Real Estate
Finding a mortgage before looking for real estate is a smart idea
The first step in purchasing real estate should be getting a mortgage. Getting a mortgage, or rather getting approved for a mortgage, lets a buyer know what he can expect to afford when looking at property. It is important for a potential buyer to know how to secure a mortgage.
There are many places to look for a mortgage these days. There are banks, mortgage brokers, finance companies, credit unions and private lenders. Often experienced Realtors have mortgage brokers or banks that they work with often and using a lender that has a good reputation is often a safe bet. William Raveis Real Estate also offers William Raveis Mortgage with competive rates.
When looking for a mortgage have a good idea how much you can afford to pay each month. Look into the past, present and future to determine this. It is of the utmost importance not to bite off more than you can chew when it comes to your finances and the affordability of a home that you might buy.
When applying for a loan a person must provide documentation of income, expenses, and assets. Have your financial statements and tax returns ready and the process will be much easier.
Having a mortgage ready to go before finding a property will make the entire process smoother. Financing is harder to get these days and being prepared is a wise step in the home buying process.
For more information on mortgages click here.
Call Christine Norcross & Partners for more information about mortgage and getting prepared to purchase your home in the surrounding Boston Metro West Area.
Real Estate Appears to be Leveling Out
Real estate appears to be stabilizing across the Country
A recent report shows improvement in real estate across the country. The well known S&P/Case-Schiller index shows that the 10 city index and the 20 city index a marked improvement in real estate in the majority of cities that it tracks. What the reports displays are small improvements or minimal devaluation in home values. Home values are up anywhere from .1% to 3.4% in ten cities. In other areas real estate values have remained flat and in harder hit areas home values are decreasing at significantly lower rates.
While the news is certainly not staggering it is encouraging because it indicates that real estate markets across the Country are leveling out. Home values are falling less sharply and people are being drawn back into the real estate market. It is no surprise what is stimulating the market. Low home values, low interest rates and the First Time Home Buyer Tax Credit have combined to create an ideal buyer’s market.
For more information on the latest info click here for a report from Yahoo real estate.