Size Matters Most to First-Time Home Buyers

January 30, 2012 in Buying a Home, Massachusetts | Tags: , , | Leave a comment

Size Matters Most to First-Time Home Buyers

When first-time homebuyers begin looking for new digs, they often have one guideline firmly in mind: think small.

“First-time homebuyers, because they have not been through the homebuying process before, have less confidence that they are making the right decision even in spite of low interest rates and affordable prices,” says Stephen Melman, director of economic services for economics and housing policy for the National Association of Home Builders (NAHB).

Read more at Size Matters Most to First-Time Buyers.

Mild Winter Heating Up Cape Sales

January 27, 2012 in Buying a Home, Cape Cod, Home Values, Massachusetts, Real Estate Market | Tags: , , , , , , , | Leave a comment

Mild Winter Heating Up Cape Sales

Single-family home sales on the Cape dropped 4.25 percent in 2011 compared to the year before, but luxury home buyers helped boost the market as the average price increased from $465,630 to $466,646 and last year saw 11 sales over $4 million compared to only five in 2010.

So far, the mild winter combined with pent-up demand in the higher end market has helped the Cape get off to a strong start with 15 listings over $1 million going under contract since the beginning of December.

Read more at Mild winter heating up Cape sales.

5 Low-Cost Kitchen Updates to Attract Home Buyers

January 26, 2012 in Massachusetts, Real Estate Market, Selling a Home | Tags: , | Leave a comment

5 Low-Cost Kitchen Updates to Attract Home Buyers

It’s a tool used by house flippers all across the nation. Stagers know its power. Real estate agents push its importance. What is this not-so-well-kept secret of real estate? A kitchen can sell a house.

A kitchen is the heart of a home. This is true all across the globe. The old saying that the “stomach is the way to the heart” carries a lot of truth. Kitchens are where we spend much of our time and most of that is with our families.

Read more at Kitchens Sell a House.

10 States Where You Can Get Amazing Bargains On Foreclosed Homes

January 26, 2012 in Buying a Home, Massachusetts, Real Estate Market | Tags: , , | Leave a comment

10 States Where You Can Get Amazing Bargains On Foreclosed Homes

U.S. foreclosures fell 9% in December from the previous month, and these foreclosures resulted in sales that depress home prices.

RealtyTrac calculated the states with the highest foreclosure savings, as measured by average sales prices versus average foreclosure sales price.

Read more at 10 States Where You Can Get Amazing Bargains On Foreclosed Homes.

Rate on 30-Year Fixed Mortgage Rises to 3.98 Pct.

January 26, 2012 in Buying a Home, Massachusetts, Mortgage Interest Rates | Tags: , , , , | Leave a comment

Rate on 30-Year Fixed Mortgage Rises to 3.98 Pct.

WASHINGTON — The average rate on the 30-year fixed mortgage rose this week for the first time this month, though it remained below 4 percent for the eighth straight week.

The low rates may be contributing to a slow turnaround in the depressed housing market. Still, many who can afford to buy or refinance a home have already done so.

Read more at Rate on 30-year fixed mortgage rises to 3.98 pct.

What the Fed’s Low Interest Rates Mean for Homebuyers

January 26, 2012 in Buying a Home, Massachusetts, Mortgage Interest Rates | Tags: , , , | Leave a comment

What the Fed’s Low Interest Rates Mean for Homebuyers

The Federal Reserve announced today that they will keep interest rates low until at least late 2014 in an effort to help jump-start the sluggish economy by making it less expensive to borrow money across all segments of the economy.

What this means for homebuyers and current homeowners is that mortgage rates for a purchase loan or to refinance will …

Read more at What the Fed’s Low Interest Rates Mean for Homebuyers.

5 Lessons Homebuyers Must Know

January 25, 2012 in Buying a Home, Massachusetts, Real Estate Market | Tags: , , , | Leave a comment

5 Lessons Homebuyers Must Know

NEW YORK (MainStreet) — Growing signs of improvement in the housing market could draw more buyers in the coming months, and although the rules of the game haven’t changed much, the big question for anyone returning to the housing market — or getting into it for the first time — is what are the long-term lessons to be learned from the recent housing downturn?

Read more at 5 Lessons Homebuyers Must Know.

FHA May Ease Seller Concession Cap

January 25, 2012 in Buying a Home, Cape Cod, FHA 203(k) Rehab Loans, FHA Mortgages, Massachusetts, Mortgage Programs | Tags: , , , , , | Leave a comment

FHA May Ease Seller Concession Cap

Many in the real estate industry were concerned that a change announced last year to the maximum seller contributions allowed for Federal Housing Administration-insured loans could cause more deals to fall apart. The FHA announced last year that it would cut seller contributions from 6 percent to 3 percent for purchases using FHA-insured loans. Seller concessions, such as seller assistance to buyers in closing costs, can play a big part in FHA-financed home sales and in closing deals, real estate agents say.

Inman News reports that the FHA may be rethinking its seller contribution cap and will likely announce changes to its policy in April.

Read more at FHA May Ease Seller Concession Cap.

Seven Smart Ways to Pounce on Low Interest Rates

January 25, 2012 in Buying a Home, Cape Cod, Massachusetts | Tags: , , | Leave a comment

Seven Smart Ways to Pounce on Low Interest Rates
Taking Advantage of Low Rates

While go-go lending was partly to blame for the economy’s current financial troubles, ironically, borrowing money may help ease the country out of the downturn. At least that’s the thinking behind the Federal Reserve’s recent pledge to keep low interest rates into 2013.

While this move has not triggered an uptick in consumer confidence, experts agree money probably won’t get any cheaper to borrow than right now.

Read more at Seven Smart Ways to Pounce on Low Interest Rates.

Home Buying Could Soon Beat Renting

January 25, 2012 in Buying a Home, Cape Cod, Massachusetts | Tags: , , | Leave a comment

Home Buying Could Soon Beat Renting

Falling home prices have sent many would-be buyers to the sidelines. If all goes well, record low interest rates and rising rents may soon prompt some of them to take a second look at buying.

Unfortunately, that’s a big “if,” according to Paul Diggle, a housing economist at Capital Economics.

Read more at Home buying could soon beat renting.

What’s Impacting Your Credit Score?

January 23, 2012 in Mortgage Programs | Tags: , , , | Leave a comment

What’s Impacting Your Credit Score?

A good credit score has always been important for anyone wanting to take out a mortgage, but it is a critical requirement for borrowers these days. Remember a few years ago when taking out a mortgage was easy? If a lender decided a borrower was too risky, the potential homebuyer could likely find a subprime lender or a banker offering some loan options designed to get people with less-than-stellar credit into a home.

Read more at What’s impacting your credit score?

Rising Rents Make Home Buying a Better Choice

January 20, 2012 in Buying a Home, Cape Cod, Massachusetts, Real Estate Market | Tags: , , | Leave a comment

Rising Rents Make Home Buying a Better Choice

With home prices still sliding in the wake of the housing bust and credit as tight as ever, rental prices continued to increase at a fast pace this year.

Rental prices in the top 20 most-populated metro areas climbed 3.75 percent in 2011, while home prices dropped by 1.83 percent, according to a report by HotPads.com, a rental listing service that also generates data on the rental housing market. The measurements were based on the median prices of two-bedroom rentals and homes in the 20 cities.

Read more at Rental Prices Climb, Buying Remains More Affordable.

Home Sales Continue to Improve

January 20, 2012 in Buying a Home, Cape Cod, Massachusetts, Real Estate Market | Tags: , | Leave a comment

Home Sales Continue to Improve

NEW YORK (CNNMoney) — Home sales ended a difficult year on a high note, resulting in a gain in full-year sales volume.

The National Association of Realtors reported that the annual sales pace in December reached 4.6 million homes, up 5% from November’s pace and 3.6% from a year ago.

Rea more at Home sales continue to improve.

Low Mortgage Rates, Inventory Heat Up Winter Home Sales

January 20, 2012 in Buying a Home, Cape Cod, Massachusetts, Real Estate Market | Tags: , , , , | Leave a comment

Low Mortgage Rates, Inventory Heat Up Winter Home Sales

Real estate professionals are crediting low interest rates, a mild winter and low inventory levels with brisk sales activity in the Bay State this month.

According to recent data, 1,685 single-family homes and condos went under contract in the first three weeks of the year in Massachusetts. In the Hub, 89 condos and 39 single-family homes went under agreement.

Read more at Low rates, inventory heat up winter sales.

Rate on 30-year Mortgage Down to Record 3.88 Pct.

January 19, 2012 in Buying a Home, Cape Cod, Massachusetts, Mortgage Interest Rates | Tags: , , , | Leave a comment

Rate on 30-year Mortgage Down to Record 3.88 Pct.

WASHINGTON — The average rate on the 30-year fixed mortgage fell again this week to a record low. The eighth record low in a year is attracting few takers because most who can afford to buy or refinance have already done so.

Mortgage buyer Freddie Mac said Thursday that the average rate on the 30-year fixed mortgage dipped to 3.88 percent this week, down from the old record of 3.89 percent one week ago.

Read more at Rate on 30-year mortgage down to record 3.88 pct.

Five Mortgage and Housing Trends in Winter 2012

January 18, 2012 in Buying a Home, Cape Cod, Massachusetts, Mortgage Programs, Real Estate Market | Tags: , , , | Leave a comment

Five Mortgage and Housing Trends in Winter 2012

These Times Won’t Last Forever

Thinking of buying a home? Don’t take too long. There is no question this is still a buyers’ market, but you’ll find with a wave of investors in search of good deals, the bargain homes are selling at a much quicker pace. The low prices and low mortgage rates won’t disappear overnight, but they won’t last forever.

Read more at Five Mortgage and Housing Trends in Winter 2012.

Optimism Builds in Housing Market

January 18, 2012 in Cape Cod, Massachusetts, Real Estate Market | Tags: , , | Leave a comment

Optimism Builds in Housing Market

Several recent indicators for the real estate industry are pointing to a market that is on the mend and entering recovery mode.

Housing experts’ predictions for the new year tend to center around a market stabilizing before entering a gradual, albeit very slow, recovery. However, the tone is more upbeat than it has been in years for the housing market.

Here are a few of the signs that are showing the market moving in a more positive direction:

Read more at Optimism Builds in Housing Market.

Qualifying for the Best Mortgage Rate

January 18, 2012 in Cape Cod, Massachusetts, Mortgage Programs | Tags: , , , | Leave a comment

Qualifying for the Best Mortgage Rate

Many borrowers are finding that the record-low mortgage rates advertised recently are out of reach. So how can borrowers snag these best rates — which for the 30-year fixed-rate mortgage alone has been under 4 percent recently? Basically, they need to prove to lenders they are less risk: Lenders offer the best rates to those who they perceive as low-risk borrowers.

Here are ways for consumers to show lenders that they are low-risk borrowers, according to a recent article at The New York Times:

Read more at Qualifying for the Best Mortgage Rate.

Deduction for Key Mortgage-Financing Benefit Vanishes

January 17, 2012 in Buying a Home, Mortgage Programs | Tags: , , , , , , | Leave a comment

Deduction for Key Mortgage-Financing Benefit Vanishes

Though its demise drew little attention because of the partisan year-end brawl over the payroll tax-cut extension in Congress, a key mortgage-financing benefit disappeared at the end of December: the ability of large numbers of home buyers and owners to write off the premiums they pay for mortgage insurance.

The loss of that tax deduction — plus mandatory new fees imposed by Congress on all new conventional and FHA loans — could effectively ratchet up the costs of home ownership this year.

Read more at Deduction for key mortgage-financing benefit vanishes.

Mortgage Rates Fall to New Lows

January 13, 2012 in Cape Cod, Massachusetts, Mortgage Interest Rates | Tags: , , | Leave a comment

Mortgage Rates Fall to New Lows

WASHINGTON – Fixed mortgage rates fell once again to a record low, offering a great opportunity for those who can afford to buy or refinance homes.

Freddie Mac says the average rate on 30-year fixed mortgages fell to 3.89% this week. That’s below the previous record of 3.91% three weeks ago.

Read more at Mortgage rates fall to new lows.


Lew Corcoran
Licensed Real Estate Agent
- REO Asset Professional
- Certified Short Sale Guide

Best Choice Real Estate
133 Turnpike St.
PO Box 3
South Easton, MA 02375

Phone: (800) 984-3341

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