The Anne Hollows Group

This lovely colonial has great flow for entertaining and wonderful outdoor space for summer parties.  If you know anyone who’s looking for a beautiful 4BR, 2.5 BA home in move-in condition, please let me know!

 Check it out: 

Anne Hollows, CRS, ABR, Realtor(R)

Wm. Raveis Real Estate

http://www.sudburyproperties.com/

 Out here west of Boston, like the rest of the country, affordability rules, according to a new survey by Roost. com. 

“It makes no difference if you are a man or a woman, married or unmarried or in which part of the country you live - a recent poll reveals there is now a new top requirement for Americans when searching for a new home: affordability. A wave of practicality driven by harsh economic times has forced location - the number one home-buying factor in research conducted in the past - to take a back seat in the process, and has created nationwide consensus when it comes to this emotionally-charged activity,” the site says.

Finding the right neighborhood came a distant second, directly contradicting a similar poll in 2005 where three out of four people claimed a home’s location was the most inportant factor in their buying decision.

This story floored me and I wanted to share it with you in the hope that none of you will make a similar mistake.   A person I’ve recently become friends with bought a wonderful one-of-a kind house in one of the Metrowest towns in 2008.  It’s a beautiful place with amazing bathrooms and a gourmet cook’s kitchen, walls of windows, and had been completely gut renovated using only green materials and systems in 2007. 

She worked with a Realtor and paid cash for the house, at a price that was a lot higher than it should have been.  But she liked the house and planned to live there for years so she was prepared to pay what the seller was asking.  Unfortunately, now she needs to sell it.  This town has been hit harder than some of the neighboring ones and prices have taken a beating.  The appraiser she had at the house this week, told her it was worth more than $200,000 less than what she paid 14 months ago.

Instant $200,000+ loss–if she can actually sell the house.  The market didn’t sucker punch my friend, her Realtor did.  If she had used a competent Realtor, my new friend wouldn’t be in this position today.  Not because Realtors can do miracles or affect the market.  But because if we do our jobs right, we protect our clients against expensive mistakes.

Here’s what should have happened.  This was a cash deal, and nine simple words would have kept this buyer from over-paying in the first place, and facing a huge loss in the second.  “Property must appraise at or above agreed offer price.” 

If the Realtor knew her job, that phrase would have been in the original offer to purchase.  The buyer would have paid $300 for an independent appraiser to evaluate the property (this is what a lender does to protect its interests before it gives a buyer a mortgage.  If the property doesn’t appraise at the price the buyer has agreed to pay–no loan).  The appraiser would have known right away that the price was too high and that the market couldn’t support it.  My friend would’ve had the option to negotiate a better price or walk away.

No cash offer should ever be written up without that protective phrase in it.  The Realtor didn’t know enough to her job right, but it was her client who paid the price. 

Those little letters after Realtors names (ex. Anne Hollows, ABR, CRS)?  Those are designations we earn for extensive additional training, study and experience–look for Realtors who have them–demand Realtors who have them.  ABR stands for Accredited Buyer Representative (http://rebac.net/), and we know how to represent a clients interested so they’re fully protected.  What do you think about a Realtor who doesn’t bother to do the training it takes?   CRS (http://www.crs.com/) is for Certified Residential Specialist.  It takes several years and a strong track record of sales to earn those three letters.  Take advantage of the knowledge and professionalism any Realtor who has them brings to your transaction.

I know it seems easier sometimes to use your best friend’s Realtor brother or your neighbor that sells a couple of houses a year.  If their credentials check out, go ahead and work with them.  Just take the time to do your research and ask any Realtor you consider working with the tough questions about their experience and qualifications.

If someone you know and care about is getting ready to work with a Realtor in another area or another state, please let me know.  I have relationships with great, qualified Realtors all over the country through my association with the Council of Residential Specialists, the REal Estate Buyer Agent Council and the great real estate coaching company that helps me to do my job better all the time.  I can refer them to Realtor they can trust to represent their interests effectively, and by extension, to protect their bottom line.

Find out more about Anne Hollows and the Anne Hollows Group at Wm. Raveis Real Estate at www.sudburyproperties.com.

I think we’re all experiencing media burnout on a lot of fronts these days, none more so than on the housing market and the economy.  With hundres of cable news channels, bloggers with no accountability and newspapers going for provocative headlines just to stay alive, the good news and strong fundamentals of the housing market are often being ignored.

Let’s look at foreclosures.  Watch CNN–the sky is falling, right?  Not quite.  Did you know that 30% of all U.S. homes are owned free and clear with no mortgage at all?

Of the 70% that do have mortgages, 97% are NOT in foreclosure, according to a March report from the National Mortgage Bankers Association.  (Instead of reporting that statistic, 3 major news organizations ran top stories saying foreclosures were up 20%.)

Here’s the real kicker–50% of all foreclosures are concentrated in 3 states and 2 cities.  Not great news if you’re from California, Florida, Michigan, Phoenix and Las Vegas.  But for the rest of us?  The foreclosure rate is the same in the rest of the country as it was in the 1990s. 

It’s tiime to stop the panic and allow ourselves some perspective.  As I said here before, it’s general wisdom that real estate trends move west to east, and the housing market in California is generally considered to have have reached it’s bottom and begun to stabilize.  Let’s hold on to the reality and not let the media’s singular focus add to the stress.

See for yourself what’s going on in the local market on www.sudburyproperties.com and www.wayland.com.  We’ve got complete market data, including current stats and sold properties, as well as all the listings in the Mass MLS.

According to various economists and the National Association of Realtors, home sales are finally on the rise, over February and March 2008 totals driven in large part by first-time homebuyers.  Nationally, home sales were up 5.1% in February–the single biggest gain in sales volume in more than five years.

The combination of low mortgage rates, and an $8,000 tax credit for first-time buyers who close on a home before Dec. 1, 2009 have made first-timebuyers a force to be reckoned with, accounting for 50% of all home sales nationally in February.   And they’re not the only ones buying.  Lawrence Yun, chief economist for the Naitonal Association of Realtors says the middle class, which was largely priced out of the housing boom years, are back in the game now that prices have declined, providing more fuel for a market recovery.

People say all real estate markets are local.  But sometimes it does make sense to look at what’s happening in other parts of the country–because they also say that housing trends move west to east.  So it’s good news that home sales in California in were up 83% from Feb. ‘08 to Feb. ‘09.  Another good recovery indicator is the amount of time homes are staying on the market.  During the same time period, California’s number of days on market dropped a full 25% to 51 days.

Miami, one of the worst hit markets anywhere in the country, is definitely seeing the bright side these days.  Number of single-family home sales were up 70% over the past year there, too.

Sales and properties under contract are significantly up here in Metrowest with Sudbury, Wayland, Wellesley, Concord and Acton all posting monthly gains.

See for yourself what’s going on in the market on www.sudburyproperties.com and www.wayland.com.  We’ve got complete market data, including current stats and sold properties, as well as all the listings in the Mass MLS.

When they’re looking for a town to settle in, many people look for good schools, but quality of life isn’t far behind.

In general, the Metrowest suburbs are looking good when it comes to spending on quality of life/culture–which includes libraries, celebrations, parks and other activities.  Lincoln is way out in front, spending $154 per thousand residents with Ashland bringing up the rear at about $20.  Here’s the list from the State Department of Revenue via Matt Carroll’s Your Town column in the Boston Globe:

Acton - $75

Concord  - $105

Carlisle - $102

Lexington - $92

Maynard - $40

Natick - $75

Needham - $55

Southborough - $47

Sudbury - $80

Wayland - $125

Wellesley - $130

Weston - $90 

Since 2004, the Wayland High School Building Committee (HSBC) has been looking at multiple ways to address the deficiencies at Wayland High.  At the polls on April 7th and at Town Meeting April 12th, Wayland voters are being asked to approve and fund the second-to-last project phase of the HSBC evaluation – a feasibility study and schematic design costing $1,026,000.

The State will reimburse the town a minimum of 40 percent, or up to $410,400 on the $1,026,000 maximum. Of Wayland’s $615,600 share, $300,000 has already been raised, resulting in a net new borrowing of $315,600.

Current problems at Wayland High fall into three broad categories according to Jeff Dieffenbach, who’s running for reelection to the School Committee – poor and potentially dangerous conditions, overcrowding, and inability to deliver a contemporary educational program.

Three different town studies conducted since 2002 agree that the deficiencies at Wayland High are severe enough to threaten accreditation, and potentially, the ability to keep the facility open at all.  If the town votes for the funding, the HSBC expects to come back to the town within 6 to 12 months for a vote on the final phase of recommendations.

Find the latest market data and listing information on my website:  www.waylandproperties.com. 

Would it be great to be one of the bulletproof towns like Wellesley or Weston (see more on them below) where home prices have gone up, despite the recession?  Sure.  But maybe it’s better to be what Boston Magazine recently dubbed one of “The Convenience and Culture Club”–places with big-city perks without big-city prices.  In other words, a place buyers can access great schools, large lots, varied housing stock in town centered around growing families.  Sounds like a good investment to me.

Check out what Boston Magazine had to say about Sudbury and some of the other Metrowest suburbs in its latest Best Places to Live issue:

Sudbury:  Median home price $594,500
One-year change -9.31%
Since market peak -19.34%

“During the boom years, if you were priced out of Carlisle or Lincoln, you went to Sudbury, tore something down, and built much, much bigger. A wave of mortgage resets has dislodged some nouveau residents, but foreclosures have abated following a spike in 2007.  Development along Route 20 has brought in a welcome mix of boutiques and restaurants, previously in short supply. Those additions haven’t obscured what’s always been good about Sudbury: rambling country roads with stone walls, and Colonials and Capes in harmony with fairly discreet newer homes. The town is also laced with old farmland conserved for cross-country skiing, hiking, and camping. The regional high school, Lincoln-Sudbury, is top-notch.”

Wellesley: Median home price $1.02 million
One-year change +5.37%
Since market peak +4.50%

“Bragging rights are justifiably claimed by buyers who foresaw, pre-1995, the way Wellesley would morph into “Swellesley.” Homes still move briskly, selling in an average of 107 days, only about two weeks longer than at the market peak, when it was 92 days. (By comparison, homes in equally tony Dover sit on the market 224 days, on average, up from 130 in 2005.) According to real estate agents, neighborhood living is in vogue in Wellesley, so houses in Westgate or Indian Cliffs Estates command heady prices.”

Weston: Median home price $1.32 million
One-year change +7.55%
Since market peak +9.79%

“There’s an old adage about renovating to a neighborhood’s base line before selling. In Weston, that would mean planting specimen trees and putting in a wine cellar. Builders have pulled back to let the market digest a surplus inventory of $2 million—plus properties, but competition for the “bargains” (anything under $900,000) remains fairly stiff.”

Yesterday’s announcement by the Federal Reserve pushed mortgage rates below five percent. Don’t miss this chance to save some money or help friends do the same! If you couldn’t/didn’t take advantage of the low mortgage interest rates available very briefly in January, the opportunity presented itself again when Fed delivered yesterday’s announcement. This can be good for both buyers and sellers.

For sellers, low rates bring out a lot of buyers–this along with the increased buyer demand we see every spring means that if you’re thinking of selling or know someone who is, it’s an optimal time–the perfect real estate storm. What a seller may give up with in the form of a lower sales price than in recent years, they’ll make up for on the rate for the loan on the home they buy–as long as they take advantage while rates are down.  

The advantage to buyers and investors is obvious–savings. To figure out just how much a refinance might be worth to you, try Bankrate’s great refinancing calculator. http://www.bankrate.com/brm/calc_vml/refi/refi.asp 

Clearly no one knows how long the lower rates will last.  Following the last Fed announcement in January, rates were fantastic for less than 3 days.  My advice to any of you thinking of refinancing, buying or selling is dont’ get caught trying to time the bottom again. The bottom can disappear fast.

If you need the name of a good mortgage banker or you’re thinking about buying or selling a home or know someone who is, please give me a call, text or email. I’m happy to help or answer any questions you might have.
Visit my websites: www.sudburyproperties.com and www.waylandproperties.com.

Sign up for Raveis’s monthly housing data newsletter: http://www.raveis.com/marketrptsubmap.asp
 

You might have heard about a new slant on the news from a report on NPR today–it’s The Good News Network http://www.goodnewsnetwork.org/, a web site dedicated to ferreting out and reporting the good news that’s lurking behind all the doom and gloom headlines.  Founder Geri Weis-Corbley says if it’s out there, she and her staff will find the positive happenings in Finance, Politics, General News and more.

In that spirit, let’s look at some of the good real estate news that came out today.  The Commerce Department says housing starts (new construction) surged up 22% in February.  Economists were expecting them to decline to 5.7 percent, according to consensus estimates compiled by Briefing.com. CNN Money says applications for building permits, usually a reliable sign of future construction activity, rose 3% to a seasonally adjusted annual rate of 547,000 last month.  Economists were expecting permits to fall to 500,000.

While we’re on the subject of good news, let’s talk mortgages!  They edged down slightly last week to an average of 5.03% on a 30-year fixed from 5.15 the week before.  And buyers seem to be feeling some optimism (maybe they’re finally figuring it out it’s actually a terrific time to buy), too. Weekly U.S. mortgage applications increased by 11.3 percent in the week ending March 6, according to data released from the Mortgage Bankers’ Association.