Archive for the 'health of the real estate market' category

If you've been on the fence about buying a home, here's some news to consider.

The National Association of REALTORS® has just reported the news that the Federal Housing Authority (FHA) is set to increase fees on FHA loans significantly, effective April 1st.  From the article:

The agency is raising its fees in an effort to try to recoup some of its depleted reserves*, which suffered from the rising number of home owners who defaulted on their mortgages. The agency also says it’s raising fees to try to encourage the return of more private capital to the market. 

FHA loans allow for smaller down payments, as low as 3.5 percent compared to traditional loans, and they often have less stringent credit requirements, which have made them soar in popularity in recent years. (The agency insures loans but doesn’t issue them.) About 40 percent of all new mortgages for home purchases in 2010 were FHA-backed mortgages. 

In particular, FHA will increase two fees that borrowers pay. Starting April 1, it will increase its annual mortgage insurance premium for loans under $625,500,  bringing the total cost from 1.15 percent of the loan amount to 1.25 percent. Starting June 1, larger loan premiums will see an increase of 0.35 percent of a percentage point, bringing the total premium costs up to 1.5 percent of the loan amount, The New York Times reports. 

FHA also announced it will raise a fee for the upfront mortgage premium by 0.75 of a percentage point, which will now total 1.75 percent of the loan amount.

So what does this mean for a typical borrower?  According to The New York Times:

... a borrower with a 3.5 percent down payment with a mortgage of $193,000 can expect to pay an upfront mortgage premium alone of $3,377, compared to the prior $1,930. That can be rolled into the mortgage.

From the example, it's plain to see that these rate hikes will have an impact on how much home you can afford.  But if you secure a mortgage before April 1st, you can avoid these new fees (and save yourself some money).

In addition, these rate hikes will also apply to anyone with a current FHA loan who refinances.  So if you've been considering refinancing, now would also be a good time, before these rate increases go into effect.

Remember, you can search all MA homes for sale right here from my site.  Registration is free, and you are never obligated to buy a home.  And of course, you can take advantage of my Exclusive Buyer Guarantee and save AT LEAST $10,000 on any home you purchase through me.

I'm proud to present my new listing at 25 Rolling Lane in Wayland.  This is a 3 bedroom Split Level home on a desirable cul de sac.  Features include hardwood floors, 2 full baths, lovely landscaped lot, central A/C, updated heating system and hot water heater, and more.

Many people rave about the school system in Wayland, and this home is served by the Happy Hollow School, which is just down the street.  The brand new high school, which is also just down the street, is scheduled to open in December.

If you'd like to schedule a showing for this house, EMAIL ME.  This home is priced perfectly for first-time homebuyers looking to move into Wayland and take advantage of all that this great town has to offer.

Click to see ALL Wayland MA homes for sale.

Click  to see ALL Wayland MA condos for sale.

And if you're thinking of selling your Wayland MA home, you can request a FREE market analysis.  You could be pleasantly surprised at the current market value of your Wayland MA home.

I'll be holding an Open House this Sunday, July 31, from 1:00 pm to 3:00 pm at 88 Stonegate Road in Chelmsford.  This is a fantastic detached luxury townhome located in the desirable Stonegate Community.  It is 4 bedrooms, 2.5 baths, and almost 2,300 sq feet of finished living area with lots of hardwood and a garage.

You can find much more info and more than a dozen photos by clicking HERE.  If you're a buyer looking for a condo or townhouse in Chelmsford, you owe it to yourself to come see this beautiful home.

Of course, you can find every condo or townhouse for sale in Chelmsford (from all real estate companies) by visiting my Chelmsford MA Condos For Sale page.

But if you're looking for single family homes for sale in Chelmsford, check out my Chelmsford MA Homes For Sale page instead.

Buyers, don't forget to look at my Exclusive Buyer Guarantee, available when you hire me as your Buyer Agent.

I look forward to seeing you at the Open House.

PS  If you are thinking of selling your Chelmsford MA home, I'm happy to provide you with a Free, No Obligation Market Analysis so you can determine your home's value in today's market.  Click Here and I'll be happy to help you with that.

Over the past couple of years, I've had the pleasure of listing and selling several homes for sale in Reading MA.  In fact, just this morning I attended the closing for my listing at 31 Longwood Road in Reading, bought by a nice young couple who are first time homebuyers.

Earlier this year, I successfully represented the seller of this expanded Cape home, who was able to get out from under a tough situation and restart her life.  And in one of my prouder moments as an agent, I listed this wonderful starter townhouse on Lowell Street, and sold it in only 10 days, after other offices had tried to sell it for several years without success.

Currently, I have this beautiful condo at Belmont Arms - 243 Main Street (Unit D12) in Reading - listed for sale.  It is absolutely move-in condition with great updates.  It would be the perfect starter home for a first time homebuyer.

Right now the real estate market in Reading is relatively strong.  So if you're looking for homes for sale in Reading MA, I can help you as your buyer agent (for more information on buyer agency, CLICK HERE).

To see all single family homes for sale in Reading MA from all real estate companies, visit my Reading MA Homes For Sale page.  For all condos for sale in Reading MA, check out my Reading MA Condos For Sale page.

Both pages update hourly, so bookmark them and check in often so that you never miss a new listing (or you can create a Saved Search and get updates daily).

And if you're thinking of selling your Reading MA home, click HERE for a Free No Obligation Market Analysis.

I look forward to helping you with your real estate needs.  Remember, I guarantee my services.

If you’re thinking about buying a home in Winchester MA, look no further than my website for help in finding your perfect home.  Whether you’re looking for a single family home, or a condo or townhouse in Winchester, I’ve got you covered.

If you’re looking for a single family home in Winchester, go to my Winchester MA Single Family Homes For Sale page.  If it’s a condo or townhouse that suits your needs, visit my Winchester MA Condos For Sale page.

Both pages feature every single property currently available for sale (from ALL real estate companies) with full descriptions, addresses and photos, as well as a rich mapping application, school info, and more.  You also get a snapshot of the current Winchester real estate market stats, including total number of properties currently for sale, the number of new properties over the last month, and the current average list price of all Winchester properties.

Perhaps best of all, these pages update HOURLY.  So bookmark them, and check back often.  Better still, set up your own custom daily property updates and guarantee that you never miss the perfect home for you when it comes on the market.  You can do that HERE.

And don’t forget my Exclusive Buyer Guarantee, offered nowhere else.

Already own a home in Winchester?  I certainly wouldn't want to leave you out.  If you are thinking of selling your Winchester home, you can click HERE to receive a Free Market Analysis.  You might be pleasantly surprised at the current value of your Winchester home.

So get started today, and happy hunting.