Are you a first time buyer and need more information from an unbiased source? Good news! Here's that source: The Franklin County Housing Authority, located in Greenfield, provides workshops for first time buyers. Just look them up online or call me. I'd be happy to help you find the next class.
Tip: FHA has loans for highly-qualified low to moderate first time buyers that go as high at $318,000. If you look up FHA loans online you can see the specific requirements. Or if you'd rather, call your own bank or credit union for more information on loans.
Personally, I'd call Dave Loeffler, First Horizon Home Loans, Peachtree City, GA. Locally, I'd call Greenfield Bank in Amherst first. Right now their 30-year fixed loans are 6.1 something percent for zero points. A point is about 1% per thousand borrowed. Remember: in today's market, the seller will often pay points and even closing costs, even if you offer 10% under the original home price. So with two points (listed in the offer for the seller to pay), you might be able to get that above loan at 5.7%!
Saturday, May 31, 2008
Friday, May 30, 2008
"As Is"
Bank-owned properties don't like to advertise that they own a property. They feel that if the public knows the property is bank-owned that knowledge will stigmatize the property. So how does a potential buyer know a property is bank-owned? "As is" is the give-away. If a property is advertised as "as is" you can be pretty sure it is owned by a bank. Other indicators are pre-approval letter, no price-reduction no matter what the inspection says, requirements to sign a long offer form that basically gives the bank all the rights and you, the potential buyer, no rights. And all of the above is required with the offer.
So why would you make an offer on such a property? Because the price is so far below the usual market price for the area you can't resist! Why won't you be able to resist? Because if you buy low and add sweat equity you'll have instant equity. Who doesn't want value?
How do I know the price is right? Call me to do a market analysis. I'll check MLS and see what surrounding properties are selling for, I'll visit the property (if allowed by the seller) and see what features the property has, what the property condition is. Then I'll check MLS for comparable properties (which I will also visit, if allowed and if I don't already know them). I'll use all that information to brief you on what the property is worth according to the market right now. If the price is right, you'll know. If it isn't, you'll know to ask me to show you other properties that might be a better deal.
But in the real world, a comparative market analysis is useless when applied to making an offer on a property, in most cases. Why is this? Because the seller determines the value of their home. If the home is bank-owned, then the bank has had a professional (like me) determine the home's value. The home is then listed for sale at that price. The bank will rarely accept any other price except full price. Only after a certain amount of time will the bank agree to allow the listing broker to lower the price of that home.
So why would you make an offer on such a property? Because the price is so far below the usual market price for the area you can't resist! Why won't you be able to resist? Because if you buy low and add sweat equity you'll have instant equity. Who doesn't want value?
How do I know the price is right? Call me to do a market analysis. I'll check MLS and see what surrounding properties are selling for, I'll visit the property (if allowed by the seller) and see what features the property has, what the property condition is. Then I'll check MLS for comparable properties (which I will also visit, if allowed and if I don't already know them). I'll use all that information to brief you on what the property is worth according to the market right now. If the price is right, you'll know. If it isn't, you'll know to ask me to show you other properties that might be a better deal.
But in the real world, a comparative market analysis is useless when applied to making an offer on a property, in most cases. Why is this? Because the seller determines the value of their home. If the home is bank-owned, then the bank has had a professional (like me) determine the home's value. The home is then listed for sale at that price. The bank will rarely accept any other price except full price. Only after a certain amount of time will the bank agree to allow the listing broker to lower the price of that home.
Thursday, May 29, 2008
Economic Drivers
What drives the economy in Massachusetts? Health care and education drive the economy in Massachusetts, according to today's Greenfield Recorder. What does the Pioneer Valley have times five? Education! Higher education to be precise, i.e., Holyoke College, Smith College, Hampshire College, Amherst College and University of Massachusetts at Amherst. According to the article, these factors tend to remain stable in an economic downturn. In other words, the Pioneer Valley and hilltowns are less impacted by the economic woes the rest of the country is experiencing. Other facts support this conclusion. For example, the housing market in our area is doing fine, and local unemployment statistics are better than the national average. Granted, gas prices are high, but not as high as other places. Why am I talking about this? Because real estate is local. I am a real estate consultant. My expertise is to know local real estate so my clients can make informed decisions regarding the most important asset they own (their home). Call me at 978-846-7398 if there is anything regarding real estate you'd like to know. I'm here to help!
Wednesday, May 28, 2008
Homes newly listed for sale
Amherst:
1. 135 Harlow Drive, $314,000, single family home
2. 162 Farview Way, $324. Single family home has partially finished basement
3. 321 East Pleasant Street, $499,900. Nice kitchen, hardwoods, back porch, bonus room off kitchen, there is dark paint on the walls in one room, home is located on a very busy street
4. 33 Dana Street, $549,000. The home enters onto a newly-painted front porch. There is a one car detached garage. There are mature trees in the front yard. The home is located on a nice resitential street and is a nice walk to downtown (maybe .5 mile?), but there are sidewalks all the way. This home has three floors, a back porch and the laundry room is in the kitchen. The three-season sunporch leads onto a nice back yard. When I was there today there was a friendly, large dog and someone was sleeping in one of the upstairs bedrooms.
5. 29 Webster Court, $179,900. Townhouse has detached carport, nice porch and back yard, brick exterior, sports two washers in the sort-of unfinished basement. Located near a great, full-service gym, in a very high-density neighborhood. Some of the best neighborhoods in Amherst are located nearby.
6. 264 Harkness Road, $585,000. I will be holding two open houses in this home. One is this Saturday from 1 to 3 pm. This huge property has three acres, large rooms and lots of them, a huge garden in the back yard. Smells moldy to me but maybe that's just because the air hasn't been on in the six months the property has been empty. The property is currently zoned non-profit as it was a garden school. The possibility of sub-division to two lots is high. There is a parking lot in the front, side yard. There is a three-car, attached, side-entry garage. There is wallpaper I'd remove in many rooms. The kitchen has old appliances and sports checkered red/gray linoleum. The laundry is off the kitchen, in the mudroom. I'd need to tear out the entire kitchen were I to buy this home. This home has lots of badly utilized space. There are possibilities for converting the property to a multi-family residence.
7. 12 White Pine Road, $749,006. Located in the best neighborhood on a hill on a low-trafficked residential street. I walk through an arched entryway after I note the side-entry garage and landscaped front yard. The tile entry below my feet as my eyes note the grand stairway, cherry and maple floors into the amazing kitchen. The dining area is just off the everything you could ask for kitchen. There are views, several stone fireplaces and lots to love. The one thing I disliked is there is not seperate room for dining, the closets aren't nearly large enough for my preference, and the owner has his business in the basement, so first time home tourers aren't allowed in the basement until the second visit to the home. The positives are that the kitchen and master bath are to-die-for! Light and bright throughout.
Hadley:
8. 9 Mill Valley Road, $875,000. New home just off MA-9, near the nursery and bison farm. Located between two other new homes, and has a long, unpaved driveway. Close to shopping, but not walking distance. Must be close to the bike path though I didn't see it. Loved the tile entry, the fireplace, the 5.5 baths and 4 bedrooms. The third floor is set up as a movie room. The entire home is wired for sound. There are balconies, chandeliers, a balcony overlooking the two-story family room and endless windows overlooking the backyard and has views. There is 15 acres and a grand staircase. If this is your price range, this is a beautiful home. Must want to live in-town to be willing to pay this price. Personally, I'd live where I didn't have such close neighbors if I had this much money to spend.
9. 3 Frallo Drive, $409,900. Located way off the beaten path, up MA-47, this home is in a nice, rural neighborhood. The driveway is unpaved, there is a two-car, side-entry garage. The home sits on one acre of land. There are public utilities (sewer and water), an unfinished basement, mahogany wood floors, nice silestone-type counters but the laundry is in the kitchen. The kitchen cabinets are a light-colored wood. I love the claw-foot tub upstairs in the master bath. But where do the kids bathe? There is no tub or shower in the other upstairs bath. There are no hand-rails leading down to the unfinished basement.
South Deerfield:
10. 55 Sawmill Plain Road, $399,000. Located a couple of miles west of I-91, near farms on nice street. This home is not well-lit, meaning there isn't nearly enough natural light for my preferences. The master closet and bath were very dark, especially the tub/shower area. The driveway is paved and there is a dark wood exterior and two-car garage. The basement is unfinished. I liked the family room, which has a fireplace and double doors leading to the small porch, which is framed on either side by large, blooming, lilac bushes/trees.
1. 135 Harlow Drive, $314,000, single family home
2. 162 Farview Way, $324. Single family home has partially finished basement
3. 321 East Pleasant Street, $499,900. Nice kitchen, hardwoods, back porch, bonus room off kitchen, there is dark paint on the walls in one room, home is located on a very busy street
4. 33 Dana Street, $549,000. The home enters onto a newly-painted front porch. There is a one car detached garage. There are mature trees in the front yard. The home is located on a nice resitential street and is a nice walk to downtown (maybe .5 mile?), but there are sidewalks all the way. This home has three floors, a back porch and the laundry room is in the kitchen. The three-season sunporch leads onto a nice back yard. When I was there today there was a friendly, large dog and someone was sleeping in one of the upstairs bedrooms.
5. 29 Webster Court, $179,900. Townhouse has detached carport, nice porch and back yard, brick exterior, sports two washers in the sort-of unfinished basement. Located near a great, full-service gym, in a very high-density neighborhood. Some of the best neighborhoods in Amherst are located nearby.
6. 264 Harkness Road, $585,000. I will be holding two open houses in this home. One is this Saturday from 1 to 3 pm. This huge property has three acres, large rooms and lots of them, a huge garden in the back yard. Smells moldy to me but maybe that's just because the air hasn't been on in the six months the property has been empty. The property is currently zoned non-profit as it was a garden school. The possibility of sub-division to two lots is high. There is a parking lot in the front, side yard. There is a three-car, attached, side-entry garage. There is wallpaper I'd remove in many rooms. The kitchen has old appliances and sports checkered red/gray linoleum. The laundry is off the kitchen, in the mudroom. I'd need to tear out the entire kitchen were I to buy this home. This home has lots of badly utilized space. There are possibilities for converting the property to a multi-family residence.
7. 12 White Pine Road, $749,006. Located in the best neighborhood on a hill on a low-trafficked residential street. I walk through an arched entryway after I note the side-entry garage and landscaped front yard. The tile entry below my feet as my eyes note the grand stairway, cherry and maple floors into the amazing kitchen. The dining area is just off the everything you could ask for kitchen. There are views, several stone fireplaces and lots to love. The one thing I disliked is there is not seperate room for dining, the closets aren't nearly large enough for my preference, and the owner has his business in the basement, so first time home tourers aren't allowed in the basement until the second visit to the home. The positives are that the kitchen and master bath are to-die-for! Light and bright throughout.
Hadley:
8. 9 Mill Valley Road, $875,000. New home just off MA-9, near the nursery and bison farm. Located between two other new homes, and has a long, unpaved driveway. Close to shopping, but not walking distance. Must be close to the bike path though I didn't see it. Loved the tile entry, the fireplace, the 5.5 baths and 4 bedrooms. The third floor is set up as a movie room. The entire home is wired for sound. There are balconies, chandeliers, a balcony overlooking the two-story family room and endless windows overlooking the backyard and has views. There is 15 acres and a grand staircase. If this is your price range, this is a beautiful home. Must want to live in-town to be willing to pay this price. Personally, I'd live where I didn't have such close neighbors if I had this much money to spend.
9. 3 Frallo Drive, $409,900. Located way off the beaten path, up MA-47, this home is in a nice, rural neighborhood. The driveway is unpaved, there is a two-car, side-entry garage. The home sits on one acre of land. There are public utilities (sewer and water), an unfinished basement, mahogany wood floors, nice silestone-type counters but the laundry is in the kitchen. The kitchen cabinets are a light-colored wood. I love the claw-foot tub upstairs in the master bath. But where do the kids bathe? There is no tub or shower in the other upstairs bath. There are no hand-rails leading down to the unfinished basement.
South Deerfield:
10. 55 Sawmill Plain Road, $399,000. Located a couple of miles west of I-91, near farms on nice street. This home is not well-lit, meaning there isn't nearly enough natural light for my preferences. The master closet and bath were very dark, especially the tub/shower area. The driveway is paved and there is a dark wood exterior and two-car garage. The basement is unfinished. I liked the family room, which has a fireplace and double doors leading to the small porch, which is framed on either side by large, blooming, lilac bushes/trees.
Produce in Season
As I drive around the Pioneer Valley I see produce stands along MA-9 and MA-47 in Hadley. Both stands have asparagus for sale; one stand also has strawberries.
Tuesday, May 27, 2008
Tis the season
Right now is the height of the real estate market in the Pioneer Valley and hilltowns. So, if you are thinking about buying or selling your home, now is the time!
Open houses I'll be showing in the next few weeks:
1. 31 May, 1-3pm, 264 Harkness Rd, Amherst
2. 1 June, 1-3pm, 22 Ledgewood Dr, Belchertown
3. 7 June, 1-3pm, 264 Harkness Rd., Amherst
4. 8 June, 1-3pm, 9 Edgewood Terrace, Hadley
Hope to see you at one or all of them.
Oh, by the way, if you, of or someone you know, will soon be buying or selling real estate, please call 978-846-7398 if you want the whole experience to be as stressless as possible. My mission is to provide as stressless as possible real estate.
Open houses I'll be showing in the next few weeks:
1. 31 May, 1-3pm, 264 Harkness Rd, Amherst
2. 1 June, 1-3pm, 22 Ledgewood Dr, Belchertown
3. 7 June, 1-3pm, 264 Harkness Rd., Amherst
4. 8 June, 1-3pm, 9 Edgewood Terrace, Hadley
Hope to see you at one or all of them.
Oh, by the way, if you, of or someone you know, will soon be buying or selling real estate, please call 978-846-7398 if you want the whole experience to be as stressless as possible. My mission is to provide as stressless as possible real estate.
Monday, May 26, 2008
Memorial Day
The sun is shining, the wind is breezy, time to get out the grill! There are a million state parks in the area, pick one and load up the family. My favorites are Mount Tom, Laurel Lake, Lake Wyola, and Quabbin Park.
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