Posted on January 5th, 2009 by Charissa Pemper
Boston.com had a great article about buying a home in 2009. In case you have been out of the country in 2008, it was one of the worst years in real estate in recent memory. The government had to step in to take control over some lenders and financially bail out others. As housing values dropped, the new housing market screeched to a halt. Thus began the cycle of people losing their jobs which in turn led to a record number of foreclosures in the country. Boston was not spared in this economic spiral that hit virtually every city and town in America by the end of 2008.
If you happen to be one of the lucky people who still has a job, then 2009 may be the year you get a new home. With new stricter loaning requirements, you need to start working on your credit score now if you want to purchase a home this year. This process begins with taking advantage of the federal law requiring the “big three” credit reporting companies to give everyone a free copy of their credit report.
Once you know what is being reported on your credit report, you can work on cleaning up any inconsistencies between the reports. In the meantime, you should work on decreasing your credit card debt. Most lending companies have stopped the practice of giving loans to people who are already maxed out, even if they have been making their payments on time.
People who are serious about wanting to take advantage of the low house prices should get pre-approved for a loan. The pre-approval not only shows a home seller that you are serious, but it also lets you know just how much you can afford for housing payments. With this knowledge, you can look at homes that are realistic for your budget and not run the risk of falling in love with a house that you can’t afford.
Potential home buyers, click here to read a full article from Boston.com with more tips:
Charissa Pemper
Lic. MA Real Estate Broker, REALTOR®
Charissa@HomesInBoston.com
Posted on November 30th, 2008 by Charissa Pemper
Am I going to need to start a new blog category just for local wildlife sightings? I’ve been seeing groups of wild turkeys around the area, but this was a new one for me…
I was driving along Centre Street in Milton near Fontbonne Academy, when I noticed an animal start to cross the street, then jump back as the car approached. As I slowly drove past and got a closer look (it was only about 10 feet from the car at this point), I realized it was a coyote! Come to find out there were 2 of them, one gray and the other brownish.
I waited until they had gone back up behind a house and were out of sight. When I started to turn around in the next driveway, what should I find myself face to face with? You guessed it. One of the coyotes had come back down next door apparently thinking it would avoid the meddling humans and head across the street.
A neighbor told me that both of these coyotes have been hanging around the neighborhood for about a week now. Every morning around the same time they come down from the same area, cross the street, head back through the fields behind one of the houses, and eventually loop their way back around the neighborhood and back across the street again. Amazing!
Charissa Pemper
Lic. MA Real Estate Broker, REALTOR®
Charissa@HomesInBoston.com
Posted on November 19th, 2008 by Charissa Pemper
Buying in the Fall/Winter can really have some advantages. Many properties that were over priced in the Spring market have been sitting for months with no action, and their prices are dropping. In addition the Fed just dropped interest rates AGAIN to entice people to buy, which means that there are more affordable options in Boston than there have been in many years.
What to look for when buying a home in Boston during the “off” season:
Days on Market - Obviously the longer a property has been on the market, the greater the chance that the owners are more eager to sell. I can also research and determine if the initial listing price has been dropped in that time period.
Heating Systems - Since we live in a moderately cold climate, when buying a house in the summer, people don’t always pay as much attention to heating systems as they should (though a good agent and home inspector will always watch out for this).
Insulation - When walking through the house, do you feel drafts? Are there newer double-hung windows? Is there insulation in the attic? Any of which could be potential negotiating points.
Right now the average rate for a 30yr fixed rate mortgage is 6.25% with no points, and 5.5% with 2 points. This means that with lower prices you really might be able to find your dream home without breaking the bank.
Ready to make your move, or just curious about the market, check out the Boston MLS Property Search that I offer.
Charissa Pemper
Lic. MA Real Estate Broker, REALTOR®
Charissa@HomesInBoston.com
Posted on November 19th, 2008 by Charissa Pemper
Something pretty amazing is happening in Dedham. Despite the economic downturn that most retailers are facing, Dedham is going to be the home for a new 675,000 sq. ft. shopping plaza called Legacy Place.
Located on Rte. 1 where the old Dedham Showcase Cinema was located, the Legacy Place plaza will feature a contemporary blend of fashion, restaurants and entertainment. In addition, it will house the world headquarters for National Amusements and its signature theatre concept, Showcase Cinema de Lux. And with more than 90% already leased, and amazing convenience to the highway, this is sure to bring shoppers from all over.
The list of stores already signed up is impressive, to say the least:
- 344 Three Forty Four
- Aldo
- Ann Taylor Loft
- Anthropologie
- Aquitaine
- Au Bon Pain
- B. Good
- Baby Gap
- Banana Republic
- Bath & Body Works
- bebe
- Borders
- City Sports
- Claire’s
- Clarks
- Cold Stone Creamery
- Company C
- Fossil
- Free People
- Gap
- GapBody
- GapKids
- Giggle
- Glee
- Green Tangerine Spa & Salon
- Gymboree
- H&M
- Johnston & Murphy
- Justice
- Kings
- L.L. Bean
- Legal Sea Foods
- Levi’s
- Lucky Brand Jeans
- Lucy
- lululemon athletica
- Lunette Optic
- Magic Beans
- Merrell Shoes & Apparel
- National Amusements Headquarters
- National Jean Co
- Nike
- P.F. Changs China Bistro
- Paper Store
- Papyrus
- Qdoba Mexican Grill
- Ruth’s Chris Steak House
- Showcase Cinema de Lux
- Starbucks
- Stil Hus
- Stride Rite
- Sunglass USA
- Thom Brown Shoes
- Urban Outfitters
- Victoria’s Secret
- Whole Foods Market
- Yankee Candle
- Yard House
Opening: Summer 2009
Charissa Pemper
Lic. MA Real Estate Broker, REALTOR®
Charissa@HomesInBoston.com
Posted on November 19th, 2008 by Charissa Pemper
I had heard about a disturbing trend and only recently experienced it. Imagine that you have loan approval and commitment in hand and the night before you are scheduled to close, the bank pulls the loan…
Yeah… WOW!
Some of the big National Banks, this one was Wells Fargo, have been pulling this lately as they face their internal problems. I don’t know if this is because they’ve been so lax in writing bad loans lately, but regardless, what a blow to the buyer.
Once the loan was denied, the bank said they’d reconsider with additional documentation that the buyer had available, then abruptly stopped returning any phone calls from the buyers, attorneys, and me. What made this even worse was the fact that the loan originator’s office wasn’t local so we couldn’t demand answers nor a response of any kind by going to the lender’s office.
This is why I always recommend LOCAL lenders!
You get more personalized service, and more importantly, any glitches that come up are usually handled with much more consideration for the buyer. Plus, most lenders don’t want me knocking on their office door if they stop returning phone calls.
Charissa Pemper
Lic. MA Real Estate Broker, REALTOR®
Charissa@HomesInBoston.com
Posted on November 19th, 2008 by Charissa Pemper
The Holidays are right around the corner and if you are looking for the not-so-normal shopping in Boston, then there are a few places that are absolute musts.
Newbury St.
“Boston’s most enchanting street. Eight blocks filled with salons, boutiques, and fabulous dining. Boston’s Newbury Street has something for everyone.”
In the heart of the Back Bay, Newbury st. boasts some of the finest shops and boutiques in the world. A beautiful melding of 19th century ambiance and modern culture, Newbury St. is the ultimate city shopping experience.
After a tiring day scouting the various boutiques, you can just sit down and sip your favorite coffee along one of the al fresco coffee shops. Wear very comfortable shoes when shopping here because you don’t want to miss the fun of shopping two to three days in a row! This street used to be part of the Boston Harbor until it was filled in. If you are having a bad hair day, then visit one of the premier salons before going on a shopping spree.
Prudential / Copley
The Shops at Prudential Center and Copley Plaza (attached by an above-ground pedestrian walkway) have been identified as one of the top destinations for shoppers in Boston. It is the epicenter of consumer goods in the city. It has more than 75 establishments with well-known names as Saks Fifth Avenue, Lacoste. Club Monaco, Barneys New York and Tiffany & Co.
The Wrentham Village Premium Outlets
45 Minutes from Boston, the Wrentham Outlets are an astonishing series of name-brand outlet stores offering great deals. It is an huge place, with Gucci, Cole Haan, Movado, Williams-Sonoma, Yankee Candle, Kate Spade, Hugo Boss, Banana Republic, Barneys New York, Burberry, Calvin Klein, Coach, Elie Tahari, J.Crew, Kenneth Cole, Lacoste, Nike, Polo Ralph Lauren, Saks Fifth Avenue Off 5th, Salvatore Ferragamo, Sony, Williams-Sonoma and about 160 more…
Filene’s Basement
The famous Filene’s Basement is still going strong. This store houses high-end name brand clothing at much discounted prices. Every year they have their annual Wedding Dress event, which will be held in February ‘09, where hundreds of brides-to-be vie (or fight) for unbelievably discounted name-brand wedding gowns.
Located in the heart of Downtown Boston in the Downtown Crossing area. Don’t expect tea and concierge service here though. It really is a basement, and actually abuts The MBTA’s Orange Line, which is really the best way to get there. You can literally get off the train and walk into the store.
Charissa Pemper
Lic. MA Real Estate Broker, REALTOR®
Charissa@HomesInBoston.com
Posted on October 13th, 2008 by Charissa Pemper
One of the biggest topics of discussion in the local market is the record number of foreclosures and shortsales going on in the Boston area.
Because of the mortgage fallout, there are a ridiculous number of foreclosed properties on the market. They are often hard to distinguish from regular listings. Sometimes they are tagged as bank-owned, but most often they have no distinguishing notices to the public. Foreclosed properties can offer an opportunity to buy a property at a discount IF the place needs work. In this sense, they really aren’t all that different from a traditional sale on a fixer-upper.
But, because of the drop in property values recently, there aren’t as many "deals" out there with foreclosed homes as you might hope.
A shortsale, on the other hand, occurs when the mortgage on the property is higher than the value. You might have a $375,000 loan on a house, the market value of which is now only $350,000. A shortsale is when the mortgage holder agrees to forgive the $25,000 difference in order to sell the house.
Shortsales can be very difficult to negotiate since every dollar lower you try to go represents a dollar lost to the mortgage holder. An added complication here is that the mortgage holder must approve of EVERY step of the transaction. Even worse – they have the right to change their mind all the way up until the time of closing, meaning you could have your inspections, get your financing all set, be ready to close and suddenly get a notice saying that the seller’s lender has decided not to allow the sale.
I’ve compiled some frequently asked questions about the subject to handle the most common questions:
Charissa Pemper
Lic. MA Real Estate Broker, REALTOR®
Charissa@HomesInBoston.com
Posted on October 13th, 2008 by Charissa Pemper
In my profession, I drive around quite a bit. I have never seen so many wild turkeys (and I’m not talking about the whiskey) ever before! I come across them sometimes in Newton and Brookline, but even those cases were relatively infrequent. This year has been a completely different story.
I’ve seen a rafter of more than 20 in Brookline, so far this year, a gang of around 10 in Milton, the same in Newton, then I across a small family in Hyde Park, wandering the streets. All of the neighbors came out to check them out as they wandered from yard to yard. I’ve had pictures sent to me of enormous numbers traipsing through neighborhoods.
I don’t know if their numbers are up and/or if their food supplies are down and they need to search further, but they certainly are fun to see in the city.
I just hope they have the sense to clear out before Thanksgiving!
Charissa Pemper
Lic. MA Real Estate Broker, REALTOR®
Charissa@HomesInBoston.com
Posted on October 13th, 2008 by Charissa Pemper
In this day and age, buying and selling your contact info happens more than you can imagine. And it often happens from sites that suggest they are "matching" you with qualified real estate agents and sites that say you can get a free market value for your house. These sites are hardly more than form redirects. They get your inquiry and sell it.
You are being treated like some sort of nameless, mindless commodity. Your privacy is not being respected, nor is your time, because if an agent pays for your contact info, they are going to do anything to get you to buy/sell so they aren’t out the money.
These sites market to agents saying they can provide us with X number of leads a month. Some want a flat fee for your info, others want a percentage of the commission. Some charge by zip code. Those that want flat fees are generally willing to sell your contact info multiple times to make the most profit.
Think about that for a moment… You fill out one form on one of these sites and you might have just been sold to 3-15 agents!
So here you are thinking you’ve just put in a request for an automated valuation of your house, only to start getting tons of emails and phone calls. All from agents who are desperate to get your business, and with the market being what it is, many agents are faced with the problem of either getting you to sign up or leave the business.
They tell agents that you are a "certified" or "qualified" lead.
They tell you that the agents are "certified" or "qualified" too.
Which only means that you have a legitimate phone number and email address and that the agents pay their fees…
Why people support this practice is beyond me. I refuse to be a "lead" and you should too!
Charissa Pemper
Lic. MA Real Estate Broker, REALTOR®
Charissa@HomesInBoston.com
Posted on October 13th, 2008 by Charissa Pemper
Welcome to my Boston Real Estate Blog, though it is about more than just real estate! We will be discussing living in Boston and all of it’s fun and quirks along with market updates, news from the real estate and mortgage industries as well as trends, tips and hints.
My husband will be offering his insights on some great attractions, events, restaurants, and shopping. We will also have guest authors come in and post about mortgage trends and how the changes in the lending world will affect you.
I hope you enjoy, sign up, comment, and share this blog with your friends. I look forward to talking with you!
Charissa Pemper
Lic. MA Real Estate Broker, REALTOR®
Charissa@HomesInBoston.com
