One of the most frequently asked questions I hear is people wanting to know is How are Housing Prices? Some of the individuals asking this question are interested in knowing the value of their homes while others are interested in knowing if its a good time to sell their property while others are looking to purchase their first home and do not wish to see their purchase fall in value.
With nearly 20 years of real estste experience behind me,I have seen a major rise of home values.What many individuals do not realize that home values rise and fall with the economy.These economic factors include the employment rate,interest rates,consumer confidence local economic conditions and a wide range of other factors.Sources such as the Case Schiller Index have shown that home prices have dropped 4.1% in 2010. However,the National Association of Realtors Data have shown that prices rose in 78 communities while prices dropped in 71 communities during the same time period.There are other studies that show the historicial data on housing prices and projected house prices.There are a wide range of resources that indicate real estate values and trends.I work in Metro Boston and see wide varations in home prices from sub community to sub community and over time.
If you are looking to buy or sell a home it is important to look at what part of the real estate cycle we are in and how long you have owned your home or how long you plan to stay in the home.While a home is an investment,it also needs to be viewed as a place to live and entertain friends and family.It is important to look at the economic implications of buying or selling a home,but its equally important to look at the feeling of being a home owner
Thursday, April 7, 2011
Thursday, March 24, 2011
Residental Landscaping
Landscaping is an often overlooked part of home ownership.A well landscaped lawn serves a wide range of benefits to the homeowner.During the nicer months it serves as a pleasant place to relax with friends and family. Use of well paced shade trees not only provides shade for quests,but can also help shade the house.While shading the house may not seem important,but shade trees keep the house cool in the summer and reduce cooling costs.At the same time,certin well placed trees and shrubs can help protect the house from cold winter winds and mitigate the need for higher fuel costs.Flowers can help make the house more attractive and bring in various species of birds and animals.Many people seem to enjoy the beauty of plants and having a wide range of birds and butter flyes flittering around the yard.Not only are these factors enjoyable while living in the house,but well placed plants help increase the value of a house.In a time when home buyers are being selective about the homes they purchase,an attractive well landscaped house can increase home value and create a positive impression for the home buyer.
Saturday, February 26, 2011
Home Staging
Now that the worst of the winters bad weather is behind us,we are in the early stage of the spring real estate market.We have noticed an increasing large number of home buyers out their looking to purchase their first or new home.Lending institutions seem to be cooperating by easing their loan process to well qualified buyers.While these signs are good,home sellers need to be willing to have a marketing plan that will entice home buyers to look at the home for sale and make a workable offer to purchase the home.
One of the newer trends in marketing a home is Home Staging.There are a number of home staggers that I use to assist in creating a home that is more appealing to the home buyer.First impressions are always key and landscaping is a frequently overlooked aspect of the home.Trees,shubs,flowers and the lawn need to be neatly trimmed and attractive.The inside of the the property needs to have a homey lived in feel and be decluttered and free of odors that may be objectionable to potential home buyers.I usually do not recommend major updating of the house prior to placing it on the market for sale.Leaving some updating to be completed allows the perspective home owner to talk about how they envision the home once they move in.Studies how that most remodeling projects do not recoup the money expended on them.The one possible exception to the rule is to look at any health and safety issues or major issues like a leaky roof and address them.It is important for the home seller to recognize that their sense of style may not appeal to a home buyer and a well ordered home usually sells more quickly and for more money that a house that is not staged.While staging a home and furnishing a vacant home is an expense,its worth the expense to make the house attractive for the home buyer.
One of the newer trends in marketing a home is Home Staging.There are a number of home staggers that I use to assist in creating a home that is more appealing to the home buyer.First impressions are always key and landscaping is a frequently overlooked aspect of the home.Trees,shubs,flowers and the lawn need to be neatly trimmed and attractive.The inside of the the property needs to have a homey lived in feel and be decluttered and free of odors that may be objectionable to potential home buyers.I usually do not recommend major updating of the house prior to placing it on the market for sale.Leaving some updating to be completed allows the perspective home owner to talk about how they envision the home once they move in.Studies how that most remodeling projects do not recoup the money expended on them.The one possible exception to the rule is to look at any health and safety issues or major issues like a leaky roof and address them.It is important for the home seller to recognize that their sense of style may not appeal to a home buyer and a well ordered home usually sells more quickly and for more money that a house that is not staged.While staging a home and furnishing a vacant home is an expense,its worth the expense to make the house attractive for the home buyer.
Tuesday, February 15, 2011
FICO SCORING
The mortgage process can be a complex and daunting process.Mortgage approval requires a series of events that include the mortgage lender to investagate the homes value and the borrowers ability to repay
the money borrowed for the home in question.While the borrowers income and down payment are key to
this process,the FICO Score is a key factor in this process.
The FICO Score shows how much money the individual has borrowed,how much money they currently owe on each account.This report also shows if the individuals credit limits and if he/she has ever been late on the required payments on each account.Each of the three major credit reporting companies will rate the borrower with a potental low score of 300 and a high of 850.Each company will not have information from the same reporting sources and lending institutions will interprate these scores through a slightly different lens. Typically the higher the FICO Score,the better rates and mortgage conditions will vary from one lending institution to another and a threshold minium "Good Score" will also vary from one institution to the next.
In Massachussetts,each person can receive a free copy of their FICO Scores by logging onto http://www.ficoscore.com/. If these reports are not accurate,there are mechanism to "fix" or correct the report.
If the FICO Score is low lending instutions may be unwilling to lend to an individual or specific mortgage programs may be unavailable to a borrower.There are ways to improve credit scores but they usually take some time.While the FICO Score is not the only factor in approving the buyer for a mortgage,its a key aspect of the mortgage process
the money borrowed for the home in question.While the borrowers income and down payment are key to
this process,the FICO Score is a key factor in this process.
The FICO Score shows how much money the individual has borrowed,how much money they currently owe on each account.This report also shows if the individuals credit limits and if he/she has ever been late on the required payments on each account.Each of the three major credit reporting companies will rate the borrower with a potental low score of 300 and a high of 850.Each company will not have information from the same reporting sources and lending institutions will interprate these scores through a slightly different lens. Typically the higher the FICO Score,the better rates and mortgage conditions will vary from one lending institution to another and a threshold minium "Good Score" will also vary from one institution to the next.
In Massachussetts,each person can receive a free copy of their FICO Scores by logging onto http://www.ficoscore.com/. If these reports are not accurate,there are mechanism to "fix" or correct the report.
If the FICO Score is low lending instutions may be unwilling to lend to an individual or specific mortgage programs may be unavailable to a borrower.There are ways to improve credit scores but they usually take some time.While the FICO Score is not the only factor in approving the buyer for a mortgage,its a key aspect of the mortgage process
Wednesday, January 19, 2011
Spring Real Estate Market
The Holidays and New Year are behind us and Spring is just around the corner.At the same time,the start of the Spring Real Estate Market eill be starting in a few short weeks.More homes will be coming on the market for sale and buyers will start their search for homes.For home owners its key to ready their homes for sale.This process not only includes pricing the home for sale at a realistic price.In order to price the home effectively,recent area sales and number of homes for sale must be taken into consideration.In view of the banks conserative stance regarding mortgages,its also important to price the property at a value that will pass an evaluation by the bank appraiser.Home buyers have become more aware of home prices and value.Home buyers are aware of which properties have sold and are unwilling to over pay.Home owners need to price their homes to these points in order to help make their homes stay competative regarding price. In order to help make their homes more attractive for sale,using a home stager can be helpful.Hiring a home stager can be an expense,but making a home more attractive will help increase its value and help quicken its sale.Home stagers may sugguest any number of steps from decluttering the house or rearranging the various objects around the house.Having a few plants in the house or a well landscaped outside is also a good selling point.While good advertising and correct pricing are key bringing a buyer to your home,first impressions of the buyer when they arrive at your house and what they see inside your home are key to them staying interested in your home and making an offer on it
Sunday, January 16, 2011
Green Residental Projects
Over the last few years,I have noticed that many existing home owners and perspective home owners have been an expresing an interest in living in a green home.Their major reasons for doing so are to live in a home that is more comfortable,more healthy and economical than the traditional home. While there is not a uniform standard in the real estate and green community,there are many points that need to be taken into account when talking about a green home.These include how the house is oriented on the property,the degree of insulation in the house and how much air leaks out of the house,how efficient is the heating system,the materials used in building/remodeling the house,landscaping and most important, what are the home owners habits regarding use of heat,water and electric use.Green is a relative term.In order to live in a green house,the home owner needs to strive to lowering use of their utilities,use enviremently friendly materials(and building techniques) and landscaping techniques.It is possible to create a home that is near a net zero energy use building and has limited inpact on the surrounding land but this is extremely expensive. How to create a green house and green issues will be discussed in future blogs
Friday, January 7, 2011
Direction of the Real Estate Market
One of the most frequently asked questions posed by potental buyers or sellers or interested members of the community is "What s happening in the Real Estate Market? As most of us are aware,there has been a downturn in the Real Estate Market.There reason are varied and can be attributed to a number of factors.Real estate has always been subject to the ups and downs in the broader economic market.These factors include the employment rate interest rates changing demographics and a number of other related factors.The two most important factors that relate to real estate sales is employment and interest rates and all three are closely related.Lending institutions have been perhaps too loose in some of their lending practices and have trightened their lending standards and the employment rate has changed significantly over the last three years.Housing prices have taken a major decline from a spike in prices.As a result we nave seen a major correction in the real estate market.
There is a matter of some discussion regarding if we have reached the bottom of real estate prices and the direction of the real estate market.There are indications that lending instutions are becoming more flexible with their lending practices and employment is on the rise.Interest rates are at a near record lows but rising and there is a high level of distressed properties.These factors plus the employment figures weigh heavily upon the direction of the real estate market.The direction of the real estate market depends greatly from region to region and varies greatly from community to community.There is not a set answer for the entire nation and must be viewed on a locale basis and looking at the historical perspective.
There is a matter of some discussion regarding if we have reached the bottom of real estate prices and the direction of the real estate market.There are indications that lending instutions are becoming more flexible with their lending practices and employment is on the rise.Interest rates are at a near record lows but rising and there is a high level of distressed properties.These factors plus the employment figures weigh heavily upon the direction of the real estate market.The direction of the real estate market depends greatly from region to region and varies greatly from community to community.There is not a set answer for the entire nation and must be viewed on a locale basis and looking at the historical perspective.
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