Boston Real Estate and Relocation

It’s a great time to buy in Boston!

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.

• Boston MLS Property Search
• Buying in Boston using a Buyer Agent
• Contact Me when you are Ready to Buy a New Home in the Boston Area

Charissa Pemper, Boston REALTOR®

Charissa Pemper
Lic. MA Real Estate Broker, REALTOR®
Charissa@HomesInBoston.com

Foreclosures & Shortsales In Boston

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:

• Boston Foreclosure & Shortsale FAQs

Charissa Pemper, Boston REALTOR®

Charissa Pemper
Lic. MA Real Estate Broker, REALTOR®
Charissa@HomesInBoston.com