New Video Phone Technology ideal for long-distance families!

As a Realtor®, I am frequently the recipient of new ideas, that includes products, services and business opportunities.  Many times, these are delivered via email, and are most likely met with the same fate.....reorganization into the delete file.  Last week, something came across my desk (actually, the phone since it was a call from a colleague) about a product called a video phone.    I checked into it a little more and eventually attended an information session about this product.  I loved it!!

Imagine, you are someone like me.  I live in MA with my husband and children.  My in-laws, and a brother and his family are in NJ, another brother in MD, PA, CO and my sister in FL.  Not to mention aunts, uncles and cousins in parts of the country other than MA.  I have twin sons.  Do you not think their grandparents would love seeing their little cherubic faces when they call them?                                                                                                                                Or perhaps you travel a lot with your job.  A call to home that allows you to see your family every day would certainly make the travel more tolerable.                                                        Webcams have accomplished the same thing for some time, although I don't know of anyone who uses them.  AND, my in-laws are now 83 without a computer and has no interest in getting one. The phone seems so much better.

And with the number of people from other countries who live in the US and still have family in other parts of the world, what a great way to keep in touch.  In case you can't tell, I was very impressed. 

So, if you are at all interested in finding out more, please contact me.  It's very cool!!

It's a Patriots free weekend

This is a football free weekend......leaving Patriots' fans all over the nation sitting on pins and needles.  The anticipation will leave many anxious and at loose ends.

One way to quell that nervousness is by getting out to look at houses.  If you are even THINKING about the prospect of buying a home, whether it be as an investor or a primary residence, the drop in interest rates and prices makes this a prime time to be shopping.  There has been an increase in properties going under contract in the past month.  Many of those are seeing multiple offers. 

There are a few things you must do before getting out "in the market" to be prepared.                         

• First and foremost, meet with a lender you know and trust and get pre-approved.  If you are considering putting an offer on a property (and you never know when you "know" you are in the "right" house), a pre-approval is essential to accompany the offer.  In today's market, most agents or sellers won't even consider an offer that does not have a pre-approval to review at the same time.  If you are in a multiple offer situation, this can make the difference between having your offer considered with the others, or not. 
• Secondly, find a Realtor® who will represent your best interests.  If you are reading this thinking, "I don't know any Realtors®", the best place to start is by talking to anyone you know who owns a house.  Ask about their experience with the Realtor®, and get referrals.  When you speak to the agent, find out if the agent is either an Accredited Buyer's Representative (ABR®) or Certified Buyer's Representative (CBR®).  Agents with either of these designations have taken courses and have been trained extensively in buyer representation to earn these designations.  A good buyer's agent will conduct an initial consultation with you to find out more about you, your expectations and what you are looking for, as well as spend time with you explaining the process of buying a home.  You wouldn't expect a doctor to perform surgery without first spending time with you to find out what's wrong, correct?  Be wary of the agent who is willing to put you in the car to view houses as soon as they hang up the phone with you and before this important first step has been completed.  Furthermore, remember...the seller is being represented by their agent.  It is vitally important that you have your own representation. 
• It's also helpful to find out if the agent you are meeting with is an ACRE (Accredited Consultant in Real Estate).  This is a relatively new designation and so there are not many out there.  Again, agents with this designation have spent time in extensive training to work as a consultant with their clients.  Just as you would have a lawyer advise you on legal issues, and a CPA work as a tax consultant, a real estate consultant is truly working in your best interest.  You can find out more about this topic on my website at and click on the ACRE  icon on the top right.

So, if you are antsy this weekend, there is a lot to be on the lookout for in the real estate market.   Enjoy!  And Go Pats!!!

The numbers are in.....less than 1/2% difference between 2006 and 2007

We all know that good news does not boost circulation.  You wouldn't know it by reading the headlines in the papers, but the Central MA real estate market has some really good news!

In a year end comparison of the residential real estate market between Middlesex and Worcester Counties, the 2007 numbers were affected by about .5% over 2006.  (All numbers were taken from MLS PIN statistics.)

Middlesex County saw an increase in the number of sales of 1%, and increase in days on market by 1.08%, the sales price was down by .5%, and the ratio between list and sale price remained the same at 96%. 

Worcester County saw a 10% decrease in the number of sales, a 17% increase in days on market, and a rise in average sale price by .5% and the ratio between list price and sale price remained the same at 97%.  So, fewer sales, but a rise in average sale price.

I was actually so surprised at what I found, that I went back to my numbers (which I had originally double checked) and triple checked them.  Why was I so surprised?  Well, if you read or listen to any news on any day of the week, the media has the sky falling down around us.  Doom and gloom. 

This just goes to show that unless you have solid numbers to go by, the media will have you walking around with your head in your hands, frantic about the condition of your biggest investment.

The buying environment now is quite amazing.....lowest interest rates in a year and still low housing prices.  It's a great combination.  These numbers are telling us that the media has it all wrong.....at least when it comes to reporting accurate news about the state of Central Massachusetts real estate.

Snow is not the only thing that dropped on us in the past few days!

While much of MA saw a large snowfall on Monday, this morning we woke to news that something else has fallen.  Inman News has reported another drop in mortgage interest rates, and we are now seeing 30 year fixed rate mortgages as low at 5.45%!  That's really huge, and it's great news for MA home buyers. 

I am seeing that most buyers are ready to make a move.  They have seen prices fall over the past 2 years, and good buys are to be found, especially for the patient!  The short sale market, or pr-foreclosure market, is producing some very solid deals.  Patience is a virtue with these transactions since they can take several months to close, depending on the lender.  As a buyer, all your ducks need to be in a row with your lender.  An "approval subject to appraisal" is the best way to be qualified when presenting an offer.  At the right price, we are seeing multiple offers on properties.  Buyers are educated to the market and those that have the strongest showing with mortgage approval are winning out.  

There is a prediction that the local market will bottom out this year and will most likely not happen until after the spring real estate market is behind us.  So, while there is a lot of snow on the ground and no doubt, much more to come, showings on listngs are up, which means buyers are already looking and getting ready to buy. 

Inman News  is the nation's leading independent real estate news service and content provider to 250+ U.S. newspapers and 50,000 Web sites.

It's warming up out there.....and it has nothing to do with the weather!!

There is a lot of activity in the market.  First of all, Bank of America has bought out Countrywide Home Loans.  Countrywide had filed for bankruptcy protection several months ago due to all the bad paper it was carrying.  That was a result of the high number of sub-prime loans they had outstanding and that was going in to default.  I'm not certain how long the transition will take, but chances are very good that there will be a transition lag that will slow things down a bit. 

Additionally, there are signs the fed may lower the interest rate again.  Right now, it's below 6% in many cases.  That is spurring buyers to buy.  The properties may not be moving at the price the seller wants (or in some cases, needs) it to, but we are finding that once the right number is reached, not only are offers coming in, but in many cases, multiple offers. 
THAT is when you know you have hit the market value for any particular property.  There is not a lack of information available to the buyers, and they will not overpay.  Sellers, wouldn't it be great to have a bidding war because you have 2 or more offers on your house?  You may end up with a higher price than you listed it for.  BUT, it has to be the right number. 

So, as the rain falls, the temps remain almost spring-like, and the snow begins to melt, remember we are still in the early part of January, and properties are moving.  That is promising for the spring market to come.  In the meantime.......Enjoy the weekend.  Go Pats!!!

Follow up to 'Don't Get Left Out In The Cold'

It just goes to show you.....put your thoughts out to the universe and see what happens.  On Saturday, I spoke to a prospective buyer who had requested some information from my website.  She was in the process of getting pre-approved and while she had an idea about the price range, she was not sure.  I was thrilled she was so dedicated to getting the pre-approval process in place before she did anything further.  The opposite is called "Cart Before The Horse" syndrome.  

Toward the end of our conversation, I asked her the name of the lender she was using for her pre-approval and lo and behold,"NACA" was the name she came up with.  If you remember my last post, it was about my introduction to this organization through a newspaper article.  She went on to tell me that they had expanded beyond the Greater Boston area and were now able to assist buyers in Central Massachusetts. 

Once she told me the preparation she had to go through to even have the initial consultation with them, I was impressed.  So, as I follow this process, I will continue to write to keep you updated.  I will be interested to see how it rolls out.

In the meantime, the mild temps are already making people thinking about the spring real estate market.  That's a good thing!

Don't get left out in the cold

In the December 30th Boston Globe Magazine, there was a section highlighting Bostonians of the Year.  One that struck me most was about Bruce Marks.  I had never heard of him prior to reading that story. I'm sure the reason it caught my eye is because of the nature of my business.  Bruce Marks is the CEO of a non-profit organization called Neighborhood Assistance Corporation of America (NACA).  The story says he is an advocate of the underdog in the mortgage industry. 

Bruce Marks got his start in the 80's by assisting hard-working, qualified people to purchase housing, in a lending environment that did not want to take a 2nd look at these people.  His approach seems far different than the stories we are hearing about the predatory lending practices by any mortgage brokers/companies that has helped make headlines in 2007. 

He actually did his homework, helped educate the potential buyers to the obligations and responsibilities of home ownership and ultimately assisted thousands of people to own part of the American Dream.  In today's world, he is now advocating for the "victims" of the crisis caused by unethical practices that made many rich and at the same time have caused many to be homeless.   He is helping thousands to restructure their debt, get out of these "noose-like" provisions of the loan and get back on their feet. 

It was a nice story.  I came away believing he is one of the good guys.  Hopefully, there will be more stories like this one.  Many think their only option is foreclosure if they are caught in a loan they can no longer afford (due to the adjustable rate going way up!), in a house with no equity left (if there ever was any due to 100% financing practices).  That's not the case.  There is definitely a way to get out of the mire and help you get back on your feet.  And, it's not another astronomical cost tied to the ones you already can't afford!! 

If you know of anyone who is in this situation, encourage them to call or email me.  It does not cost them anything but some time that will be spent with me getting educated to the process.   This is a new specialized field that has come to the forefront because of the current crisis and it's important to know someone who can help direct you and that HELP is available!!!