Kitchen Trends

We all know that Kitchen and Bath renovations give the biggest ‘bang for the buck’. Over the past several years there has been a vast array of new options for people looking to upgrade their homes.

Believe it or not, I don’t spend All of my time selling Real Estate in Central Massachusetts. I enjoy cooking (and eating) and entertaining as well.

This is an example of what I did to my kitchen in the home I bought last year:

This is the Kitchen Before…
It had been ‘updated to sell’ with a granite counter & ss range

This is the (same) kitchen After…
Upgraded for my Enjoyment

Translucent Counter Surface with 70′ of LED Lighting,
Bronze European Cabinetry, Bamboo Flooring
Blanco Faucet, Tech Lighting, Jenn-Air Appliances

I know it won’t appeal to all - but I did it For ‘Us’ and not resale. Remember if you plan to stay in your house for a while, it is OK to think outside of the box and do what You Like!

Foreclosure Deeds in MA Reach A Record in April, 2008

I received an email this morning from Banker and Tradesman (a publication of The Warren Group) indicating the following:

“Massachusetts foreclosure deeds soared to their highest recorded level in April, according to The Warren Group, Banker & Tradesman’s parent company. The number of deeds so far this year outpaced those in the first four months of 2005 by 1,165 percent.”

Sounds bad doesn’t it? But here are some points to consider:
These foreclosures are largely a result of activities that took place 2 to 4 years ago.

Since then:

• Lending Standards Have Tightened significantly (and in my opinion; TOO much).
• 100% financing is no longer available to ‘Just Anyone’ anymore.
• Prices have adjusted.
• Conventional Fixed Mortgage are still Historically ‘Good’.
• Conforming Loan Limits in some counties have been increased (unfortunately Not in Worcester County).

So what does it mean for Sellers?

• You MUST price your property correctly for The Current market we are in!
• You MUST have your properties Marketed aggressively!
• Your property MUST be Better than every other that you are directly competing against!

So what does it mean for Buyers?

• You have a Great Opportunity right now!
• Mortgage Rates are Historically LOW!
• There are Many Homes for you to choose from!
• You are ‘Buying Into a Down Market’!
• Your lender does NOT want to put you in a situation where you will face foreclosure!
• The Real Estate Market will go up again - not sure when - but it will!

So Remember The Following:

• ALL Real Estate is LOCAL!
• Nobody will see ‘The Bottom’ until we are past it!
• Mortgage Interest Rates Cannot stay this low Forever!
• The Real Estate Market is Worse in some parts of the country and is Better in others!
• The “media” cannot sell ‘The Middle’ of any story. Only extremes can sell papers/tv/etc… so they always report on the worst!
• Always use the most Knowledgeable and Reputable Realtor that you can find to assist you if you are selling OR buying!

It’s a Busy Day at Towne & Country, Realtors…

One of the reasons why Towne & Country, Realtors is successful in this market: We Work!

Fannie Mae (FNMA) Takes Away Declining Market Penalty

On May 16th, 2008 FNMA (otherwise know as Fannie Mae) has repealed the reqirement that borrowers in ‘Declining Markets’ put an Additional 5% down payment on top of the typical down payment required for the program Effective June 1st, 2008. This is GREAT NEWS for Worcester Country, MA which was declared by FNMA as a declining market (FNMA’s definition of a declining market is 2 consecutive quarters showing 1% or more decline in value).

This provision was pretty unreasonable given the current climate and has further aided in the slowdown in the market in ‘declining markets’. In addition, FHA Lons have gained in popularity over the past few months due to low downpayment requirements and the realative ease of qualifying borrowers (especially first time borrowers) - In essence FHA was eating Fannie’s lunch!

More lending opportunities can only help this market which still is ripe with opportunity.

Could it be that ‘common sense’ is now starting to prevail in the mortgage lending markets?

What do you think?

T&C is #1 in Leominster Jan 1 - Apr 30, 2008

Towne & Country, Realtors is the top selling Real Estate Firm in closed $ volume according to data from MLSPIN for the following criteria: Single Family, Condo, Multi-Family & Land sales from January 1, 2008 through April 30, 2008 (as posted through today). T&C is leading in closed $ volume market share by over 13% to the next closest firm.

As for units, 1 firm closed 12 while T&C is tied with 3 others having 11 units.

Massachusetts - They get you Coming - AND Going!

The Commonwealth of Massachusetts derives revenue (read: Money) from the sale of real estate through the sale of State Tax Stamps (yes, many years ago they were actual ’stamps’ affixed to the deed. Now, they are just numbers on the deed which shows the amount removed from the Seller’s wallet).

The amount of the excise tax stamp differs from time to time depending on the action of the State General Court. In Worcester County and Northern Worcester County, the seller, by custom, is obligated to pay for the amount of this stamp tax (excise tax) just as the buyer is accountable for paying the recording fee for the deed and his/her mortgage.

The money paid for the tax stamps is income to the Registry and is forwarded to the Commonwealth of Massachusetts Department of Revenue. The current tax stamp rate is $2.28 per $500.00 of sale price (or $4.56 per $1,000.00 of sale price).

Lets assume you sell your house for $400,000 in Massachusetts: You must pay the State of Massachusetts (what is in essence) an Excise Tax in the amount of $1,824.00 for the privelidge of selling your property in the Commonwealth of MA.

As I said in the title - Tax-achusetts gets you both coming and going!

Gerry Bourgeois is Quoted in the Sentinel & Enterprise

I was quoted on Sunday - April 27th, 2008 in the Leominster/Fitchburg Sentinel & Enterprise.

http://www.sentinelandenterprise.com/local/ci_9074609

When is a Clause Not a Clause…

Language is Very important; in life, in love and in real estate. For those who are not represented by Legal Counsel (read: Attorney, Lawyer, etc.) a keen understanding of Language is extremely important! So is the importance of having legal counsel.

Read this clause for example:
“Subject to the Seller entering into an accepted offer on a property within ‘X’ days of acceptance of this offer.”

If the Seller enters into an accepted offer on their new property within the specified time frame but the Seller’s deal on their new property falls apart at some point before closing, what happens:
A) The sale on the Seller’s house they are in now terminates.
B) The Seller must go through with the sale to the current buyer on their present property.

What do you think (and why)?

Stonegate Village in Sterling, MA 01564

OK… I am very glad to have the opportunity to represent Fossile Builders with their Townhouse complex of 14 Units in Sterling, MA 01564! This is an amazing opportunity to live in Sterling for Under $240,000!
Located just minutes from I-190 and Route 2, easy access to shopping as well as major employment areas make this opportunity one that is not to be missed!
10 of 14 units are still available. 3 are “ready To Go”!

Spring Market in Central MA

This has been a very Busy week (thankfully).  Sellers are pricing homes realistically and buyers are taking advantage of low mortgage rates and reasonable prices.  The warm weather (finally) is helping as well. 

Do we still have tough times ahead for the housing market? Probably.  However, for anyone with a long-term view, Low cost of money and reasonable prices make it a pretty good time to buy.