Massachusetts Home Buyer Guide

Bachelor Pads

The Boston Globe Magazine had a photo essay of what it described as "ultimate bachelor pads."

If you were thinking plasma TVs and sports memorabilia, think again.

Check Out The Photos

Mortgage Applications Rise 28 Percent

U.S. mortgage applications rose 28.4 percent compared to the previous week, CNN Money reported January 16, 2008.

Applications now have risen two consecutive weeks.

The data comes from the Mortgage Bankers Association.

"Refinance volume rose 43.4 percent, while purchase volume jumped 11.4 percent. Refinance volume accounted for 62.7 percent of total application volume, compared with 57.7 percent the previous week."

Read The CNN Money Article

Patrick Administration Proposes Mandatory Home Engery Efficiency Inspection At Time Of Sale

Massachusetts Governor Deval Patrick's administration has proposed a bill that would require an energy efficiency inspection as part of the home sale process, the Boston Herald reported on January 9, 2008.

Homeowners across the state would need to have energy audits done on their properties before selling them, if the proposal passes.

"The requirement could take $15 million a year out of the pockets of home sellers in Massachusetts, with the inspections likely to cost anywhere from $150 to $300, the Massachusetts Association of Realtors estimates. The inspections are part of a sweeping energy reform bill backed by the Patrick administration and set to be debated in the state Senate."

Read The Boston Herald Article

Read A Boston.com Post About The Bill

It Apparently Passed The Massachusetts Senate

Interest Rates Lowest Since 2005

Average U.S. rates for 30-year, fixed-rate mortgages fell to 5.73 percent compared to 6.07 percent the previous week, USA Today reported January 11, 2008.

The 30-year, fixed-rate loan hasn't been this low since it stood at 5.72 percent the week ended September 9, 2005.

Read The USA Today Article

Congratulations To Dave Kres

My business partner, Dave Kres, was installed by the North Shore Association of REALTORS® (NSAR) as president-elect and board director tonight.

He also will simultaneously become a director of the Massachusetts Association of REALTORS®.

In 2007, he served on the NSAR board of directors and chaired the Government Affairs Committee. 

In 2008, he will continue to serve on the Government Affairs Committee, the Technology Task Force, Business Planning Committee, Bylaws Task Force and Nominating and Leadership Committee.

Dave was the 2006 NSAR Rookie of the Year for his accomplishments the previous year.

Dave, who has earned his Certified Buyer Representative designation, received a Bachelor's of Arts degree, with honors, from Tulane University in 2000. He had a dual major in history and political science.

In 2004, he earned his Juris Doctor, Cum Laude, from New England School of Law, where he graduated in the top 10 percent of his class. Besides holding real estate broker licenses in Massachusetts and New Hampshire, he is admitted to practice law in the Commonwealth of Massachusetts.

Mortgage Applications Soar

Ending three straight weeks of declines, U.S. mortgage applications increased by 32.2 percent compared to the previous week, the Associated Press reported January 9, 2008.

The data comes from the Mortgage Bankers Association.

Refinance applications rose 53.9 percent and purchase applications rose 14.7 percent. Refinance applications accounted for 57.7 percent of total applications, compared with 50.9 percent the previous week.

Lower interest rates fueled the spike in refinance applications.

Read The Associated Press Article

NAR Predicts Rise In Home Sales In 2008

The National Association of REALTORS® (NAR) is predicting that existing home sales will rise 0.9 percent to 5.7 million in 2008, up from a projected 5.65 million, the Boston Herald reported January 8, 2008.

"Final results for U.S. existing home sales in 2007 — to be released later this month — are expected to be down 12.7 percent from 6.48 million in 2006, the group said."

The NAR's forecast for 2008 was unchanged from last month. It also forecast 5.91 million home sales in 2009.

Read The Boston Herald Article

Is It A Buyer's Market?

The president of the Massachusetts Association of REALTORS (MAR) believes it is a buyer's market.

“'If your New Year’s resolution is to buy a home, you have the market to do it in,' said Massachusetts Association of REALTORS® President Doug Azarian, broker/owner of Century21 Dream Homes in Falmouth, in response to the latest housing numbers released today by MAR. 'We are in a ‘buyer’s market’ that really favors first-time homebuyers who don’t have a home to sell.  In fact, first-time homebuyers could be one of the keys to reversing the downward sales trend of the last several months.'”

Read the December 27, 2007 MAR Press Release

U.S. Existing Home Sales Rise Slightly

Sales of existing homes in the U.S. rose 0.4 percent in November compared to October, USA Today reported January 4, 2008.

The National Association of REALTORS® released the data, which also showed that existing home sales have dropped about 20 percent over the last 12 months.

"The median price of a home sold last month was $210,200. That marked a 3.3% drop from a year ago. It was the fifth biggest annual decline on record. The median price is where half sell for more and half sell for less."

Existing home sales rose 10.3 percent in the West. Sales were flat in the Midwest; however, sales fell 2 percent in the South and 3.3 percent in the Northeast.

The inventory of unsold homes fell 3.6 percent in November to 4.27 million homes. At the current sales pace it would take 10.3 months to exhaust that inventory.

Sellers will have to consider the amount of inventory in their location when determining what price to list their homes. High inventory will keep the pressure on prices.

Read The USA Today Article

Mortgage Interest Rates Back Down

Average U.S. rates for 30-year, fixed-rate mortgage loans fell to 6.07 percent, the lowest level in a month, from 6.17 percent the previous week, Market Watch reported January 4, 2008.

The 30-year mortgage loan averaged 6.18 percent a year ago.

The 15-year, fixed-rate mortgage loan averaged 5.68 percent, down from 5.79 percent. The 15-year loan averaged 5.94 percent a year ago.

Read The MarketWatch Article

Mortgage Applications Fall Nearly 12 Percent

The Mortgage Bankers Association reported January 3, 2008 that U.S. mortgage applications fell 11.6 percent compared to the previous week.

Applications for mortgages to purchase homes fell 8.5 percent.

Read The Associated Press Article