February 20th, 2009 by by
Charissa PemperAnyone that has ever asked me to predict the future of real estate has probably heard the “ball rolling up a hill” metaphor. Simply put, real estate markets are cyclical and historically resemble a ball rolling up a hill. Each high point in a market has been higher than the one previous, and (this is the part people need to remember in our current market) each low point in the cycle is higher than the last - and is also higher than even the higher point in the cycle prior to one that has just “crashed”. It’s the nature of the industry.
For those who have a little difficulty picturing this, here is an image that shows the past two cycles from 1985 to now, with a prediction of where the next couple years will bring us.
Real Estate Cycles since 1985
Charissa Pemper
Lic. MA Real Estate Broker, REALTOR®
Charissa@HomesInBoston.com
January 5th, 2009 by by
Charissa PemperBoston.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
October 13th, 2008 by by
Charissa PemperWelcome 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
