Mortgage help is out there, exactly where is the question.  Obama may have signed a housing bill this week in Arizona but the details are not completely clear to most of us, yet. The old adage “patience is a virtue” just might come in handy.  The focus seems to be on those facing foreclosure but there are many other people wanting help.
There are a great deal of people out there who are still paying their mortgages but whose home values have dropped enough that they are unable to re-finance and acquire the low rates.  Mortgage companies simply don’t want to …read more

Real estate has been a tough topic lately.  In recent years many people bought homes which have since decreased in value.  Others got caught up in the real estate trend of borrowing more than they could actually afford with putting little or no money down, before they realized that they actually couldn’t afford the home they purchased.  A bleak picture has been at hand indeed, with home prices falling, people losing equity and many unable to pay their mortgages any more.  Bleaker still is the fact that borrowing money has become increasingly more difficult.  There is good news however.
The good …read more

First-time home buyers will receive an $8,000 tax credit if they purchase a house between January 1, 2009, and December 31, 2009.  The $8,000 tax credit is for the purchase of a primary residence, must be for a first-time home buyer and is not meant to be re-paid.  This is a credit not a loan and has been created to be an incentive for people who are considering purchasing their first home. The tax credit is to be claimed on the buyer’s tax return and any unused portion will be mailed to the buyer.  The $8,000 tax credit is a …read more

Desirable towns seem to maintain their values where nearby, less high-end towns’ housing values are declining.  This phenomenon is an interesting one to say the least, one town’s property values drop significantly while a neighboring town’s property values rise.  A recent article by Ted Seifer in the Boston Globe pointed out how Wellesley, MA and Weston, MA real estate values remained strong while nearby Wayland home values dropped significantly.  In fact real estate values in Weston and Wellesley increased while the median Wayland home value dropped by nearly 20%.  Seifer demonstrates this in the Globe article “Just compare Weston and …read more

Last Wednesday the Senate approved of a $15,000 tax break for home buyers.  The tax incentive was approved separately from the overall stimulus package which is still being discussed by congress.  The aim of the $15,000 tax break is to help jump-start the housing sector.  The tax break is meant to  give prospective home buyers the encouragement that they might need to buy a home.  The details of the tax credit are not completely clear yet.  Originally it was planned to be for first-time home buyers but it appears as if the tax credit will be for new home buyers.
Stabilizing …read more

In real estate location can mean all the difference.  When real estate across the country has taken a nose dive, the only areas which are holding up are either those where the economy is still strong (yes there are some), areas where banks did not partake in the sub-prime lending or in areas that are always desirable to live in.  There are many high-end towns across the country that are in areas where real estate values have dropped 20%.  In these areas the most desirable towns have only dropped 10%, if at all.
A recent article in the Boston Herald mentions …read more

Buying a home today is different than it was even a year ago.  Some things change and some things stay the same but in today’s market you are definitely better off preparing yourself before you find a home that you have your heart set on.  Her are a few important things to keep in mind when you are preparing to buy a home:

Save. It is very important to save money for a down payment.  95-100% mortgages are much less common these days, if not a thing of the past.  Having a 20% down payment to put down will make securing …read more

This week mortgage rates dropped .02% to 5.10%, down from a year ago when mortgage rates were at %5.68.  While the rates were lower still a couple of weeks ago, they do not appear to be rising significantly any time in the near future.   The increase in home sales in December appears to be due to a combination of a decline in home prices and the drop in mortgage rates.  The fact that many homes are at 2004 prices makes real estate more appealing to many potential buyers who may not have been able to buy a particular home during …read more

December showed a surprising increase in home sales across the country, a positive sign in a world of uncertainty.  According to realtor.org, existing home sales rose 6.5% in December, a nice increase in a tough year.  Home prices have been falling as have interest rates, creating a perfect climate for home buyers.  The factors that make buying a home attractive to potential home buyers are falling into place and while there is no way of knowing whether real estate prices have hit the bottom it is certain that if they are not at the bottom they will be soon.
In a …read more

It’s not news any more to see that the majority of the country is in a buyer’s market.  The low interest rates mixed with lower home prices and a large inventory all add up to create this reality.  It just makes it more valuable information to hear it from a true professional and someone in “the know”.
In a recent article at realtor.org the president of NAR, Charles McMillan stated what many people have been stating, it’s a good time to buy real estate.  “The typical buyer plans to stay in their home for 10 years, which is the correct approach …read more