Saturday, February 28, 2009
Wednesday, February 13, 2008
Affordable Housing for Moderate Income Families
And yes, I'm speaking to you.
Even in my Republican world, it hasn't escaped me that SO many of my friends, clients, soon to be friends, are in this category. Making a decent living, and STILL unable to obtain financing for a home.
They can make the monthly payment on a mortgage, but maybe can't swing closing costs, or credit scores are lower than they'd like, paying off old credit card debt, whatever. Very hard times for people like you.
This program crossed my desk - it's a pilot, and one of the first ones I've seen to meet the needs of US. Middle class. Work for the phone company. Still can't swing it.
Innovative - they are encouraging local non-profits to BUY THE HOUSE YOU WANT AND SELL IT TO YOU AT A DISCOUNT ON A RENT TO OWN BASIS. They pay your closing costs. They hold your mortgage for a few years, offer you credit counseling and help with your current debt, and then turn the ownership of the home over to you at the end of a couple of years.
Huge benefits to the non-profit. Tax breaks, cash flow, fulfilling their own local mission.
Huge benefit to you. The home you want. The terms you need. The credit counseling and possible debt consolidation that it will take to make you mortgageable.
Finally, someone is coming up with something that makes sense.
Even in my Republican world, it hasn't escaped me that SO many of my friends, clients, soon to be friends, are in this category. Making a decent living, and STILL unable to obtain financing for a home.
They can make the monthly payment on a mortgage, but maybe can't swing closing costs, or credit scores are lower than they'd like, paying off old credit card debt, whatever. Very hard times for people like you.
This program crossed my desk - it's a pilot, and one of the first ones I've seen to meet the needs of US. Middle class. Work for the phone company. Still can't swing it.
Innovative - they are encouraging local non-profits to BUY THE HOUSE YOU WANT AND SELL IT TO YOU AT A DISCOUNT ON A RENT TO OWN BASIS. They pay your closing costs. They hold your mortgage for a few years, offer you credit counseling and help with your current debt, and then turn the ownership of the home over to you at the end of a couple of years.
Huge benefits to the non-profit. Tax breaks, cash flow, fulfilling their own local mission.
Huge benefit to you. The home you want. The terms you need. The credit counseling and possible debt consolidation that it will take to make you mortgageable.
Finally, someone is coming up with something that makes sense.
Monday, January 28, 2008
When to sell, when to buy.
Interesting conversations I get myself into. And as I like to yap, I find myself shooting my mouth off about things that I know nothing about (Presidential Politics, anyone?) Lots of people out there like that.
One thing I do know a thing or two about is selling or buying a house. Usually they go together - most folks need a place to live. What I am not so good at is predicting the BEST time to buy or sell a house. Lots of people out there like that, too.
So, as in most things - common sense prevails. I found some decent articles you may like - It's a Buyers Market , Six Signs it's Time to Buy and Ten Steps to Sell More Quickly.
Hope you like them....
One thing I do know a thing or two about is selling or buying a house. Usually they go together - most folks need a place to live. What I am not so good at is predicting the BEST time to buy or sell a house. Lots of people out there like that, too.
So, as in most things - common sense prevails. I found some decent articles you may like - It's a Buyers Market , Six Signs it's Time to Buy and Ten Steps to Sell More Quickly.
Hope you like them....
Wednesday, January 2, 2008
Can you make money in Real Estate in 2008?
So we were at a wonderful New Year's Eve bash the other night, and as I listened to the conversation swirling around me (I had had too much Shiraz, and my mouth wasn't working for once), I realized that most of us are obtaining our Real Estate information from each other. My neighbors are smart people (not to mention very good looking), but the problem is that most of us have only a piece of the picture, and pieces of the picture aren't enough to help make good decisions.
There IS some good news coming out of the economic disaster that is currently looming thanks to the Real Estate market.
First, some sad assumptions:
The Real Estate market (meaning home prices and sales levels) will not "recover" in 2008. With doom and gloom being washed over us daily, coupled with the foreclosure wave that is still approaching the Northeast, we are in for a few years of difficult times in Real Estate.
Your home is NOT worth what is was 1 year, 2 years, 3 years ago.
However, think about this:
Your home, and Real Estate in general is, for most people, your most lucrative investment. (See this article)
Consider retaining, or purchasing rental property. The need for rental property is skyrocketing (see RealtyTimes), and the prices to purchase are low.
This is a business cycle, and like all business cycles, will make many, many people much, much money, as those with a little bit of money now will be able to invest low, and ride it out.
More later....
There IS some good news coming out of the economic disaster that is currently looming thanks to the Real Estate market.
First, some sad assumptions:
The Real Estate market (meaning home prices and sales levels) will not "recover" in 2008. With doom and gloom being washed over us daily, coupled with the foreclosure wave that is still approaching the Northeast, we are in for a few years of difficult times in Real Estate.
Your home is NOT worth what is was 1 year, 2 years, 3 years ago.
However, think about this:
Your home, and Real Estate in general is, for most people, your most lucrative investment. (See this article)
Consider retaining, or purchasing rental property. The need for rental property is skyrocketing (see RealtyTimes), and the prices to purchase are low.
This is a business cycle, and like all business cycles, will make many, many people much, much money, as those with a little bit of money now will be able to invest low, and ride it out.
More later....
Monday, November 26, 2007
$1500 a month for your own waterview home in the Boston Area
Yes, this one is true, and a happier story to tell than the foreclosure scams in previous posts. We're VERY connected to this one - my favorite client has purchased this cute Cape in the neighborhood, and is bringing it back to its former glory.
The "neighborhood," by the way, is a tight knit, lakeside community in Framingham, MA
Check the mortgage calculator for details on the monthly payment - interesting numbers when average rent in the Boston area is $1875.
I've only posted the interior because the previous owner started turning it from red to gray, and only got halfway there.... keep your eyes out on this blog, and I'll update the pics when the exterior is done.
Wednesday, November 14, 2007
Auctioning the American Dream
We were keeping our eyes on this massive Real Estate Auction held at the Hynes last weekend. One of us attended, and were amused (?) by the proceedings. This Boston Globe article captures it nicely...
To review (see posts below), this is not an auction that a bank would conduct at the property soon after foreclosure. These showy auctions, part business, part entertainment, are designed to move homes that have NOT sold through standard auction, or regular listings through agents like me.
Should you buy a home at an Auction like this?
YES - if you look through the inventory being auctioned, and find a home you WANT. Inpect the home prior to the auction, and accept that there will be a considerable amount of work to be done. The newlywed noted in the article is a good example of this - she bid upon a home that she was familiar with on the street that she grew up on.
NO - if you are simply looking for a bargain. It's telling that the contractors attending the auction left quickly. These professional auctioneers were getting what we consider to be current market value for most of the homes auctioned.
Take a look at the auctioneer's site, as well - very interesting, and I give them much credit for doing a GREAT job at moving these homes.
To review (see posts below), this is not an auction that a bank would conduct at the property soon after foreclosure. These showy auctions, part business, part entertainment, are designed to move homes that have NOT sold through standard auction, or regular listings through agents like me.
Should you buy a home at an Auction like this?
YES - if you look through the inventory being auctioned, and find a home you WANT. Inpect the home prior to the auction, and accept that there will be a considerable amount of work to be done. The newlywed noted in the article is a good example of this - she bid upon a home that she was familiar with on the street that she grew up on.
NO - if you are simply looking for a bargain. It's telling that the contractors attending the auction left quickly. These professional auctioneers were getting what we consider to be current market value for most of the homes auctioned.
Take a look at the auctioneer's site, as well - very interesting, and I give them much credit for doing a GREAT job at moving these homes.
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