North Shore Real Estate News Flash

Looking to Save Tax Dollars? Deadline coming to file Real Estate Tax Abatement

fcecieta — Tue, 25 Jan 2011 04:47:50 +0000

The year 2011 has begun with a roar of wintry weather!Along with the New Year comes the tax bill for the current fiscal year and the assessment of your property value.

A number of people have contacted me with questions about their property assessment evaluation which in some cases increased higher than the prior year. This was confusing to many with all the newsmedia about declining property values.

So I am writing this to help people learn about the abatement procedure.

The tax assessment for the 2011 fiscal year is based on property values as of January 1 ,2010 which were determined from 2009 sale transactions.

Property sale prices in Beverly, Boxford, Danvers, Essex, Gloucester, Georgetown, Hamilton, Ipswich, Manchester,Marblehead, Peabody, Rockport, Rowley, Salem, Swampscott,Topsfield ,Wenham and other North Shore communities have declined variably by town, neighborhood and type of property ( single family , condo, multifamily etc) .

The 2009 sales is used by the assessors for fiscal 2011. Taxpayers can submit a request for a hearing with the assessor to review and to dispute the property assessment value.

You would be filing for an abatement of tax.

You only have one time a year you can file and it is NOW before the tax due by February!!!! There is no exception to the deadline.

The fiscal year for government by Massachusetts statute runs

from July 1, 2010 to June 30, 2011.

Real Estate Tax payments are due quarterly- August 1, Nov 1, Feb 1, and May 1.

The bill that is issued Dec 31 is the one in which the state of Massachusetts has approved the property assessments and tax rate set by the municipality. The taxpayer has before the date this payment is DUE to complete and submit an abatement form.

Again this is the only time window for applying for an abatemett in any fiscal year.

The assessor office can help you complete the information part of the application- some of it is right on your tax bill.

Proof for supporting your reasons for abatement of tax are the taxpayers responsibility .

If you need information about property sold prices in your specific area, with advance notice I will assist you in obtaining information.

Please contact me at 978-882-4146 or email FrancineRealEstate@comcast.net

Where to get Application? Applications with filing procedure information are available at each town or city Assessor’s office. The form is the same for all communities as provided by the Commonwealth of Massachusetts.

You can access and download a copy at: http://www.mass.gov/Ador/docs/dls/publ/forms/abatement.PDF

YOU MUST STILL PAY ALL YOUR TAXES DUE ON TIME

IF YOU FILE FOR AN ABATEMENT TO BE ELIGIBLE FOR AN ABATEMENT HEARING!

Please read the following information to get more detail information or discuss with your local assessor.

TAXPAYER INFORMATION ABOUT ABATEMENT PROCEDURE

Source: Application Abatement State Form 128

REASONS FOR AN ABATEMENT. An abatement is a reduction in the tax assessed on your property for the fiscal year. To dispute your valuation or assessment or to correct any other billing problem or error that caused your tax bill to be higher than it should be, you must apply for an abatement.

You may apply for an abatement if your property is:

1) overvalued (assessed value is more than fair cash value on January 1 for any reason, including

clerical and data processing errors or assessment of property that is non-existent or not taxable to you),

2) disproportionately assessed in comparison with other properties,

3) classified incorrectly as residential, open space, commercial or industrial real property, or

4) partially or fully exempt.

WHO MAY FILE AN APPLICATION. You may file an application if you are:

· the assessed or subsequent (acquiring title after January 1) owner of the property,
· the owner’s administrator or executor,
· a tenant paying rent who is obligated to pay more than one-half of the tax,
· a person owning or having an interest or possession of the property, or
· a mortgagee if the assessed owner has not applied.

In some cases, you must pay all or a portion of the tax before you can file.

WHERE TO OBTAIN AN APPLICATION. Applications are available at each town or city Assessor’s office.

The form is the same for all communities as provided by the Commonwealth of Massachusetts.

You can access and download a copy at: http://www.mass.gov/Ador/docs/dls/publ/forms/abatement.PDF

WHEN AND WHERE APPLICATION MUST BE FILED. Your application must be filed with the board of assessors on or before the date the first installment payment of the actual tax bill mailed for the fiscal year is due, unless you are a mortgagee. If so, your application must be filed between September 20 and October 1.

Actual tax bills are those issued after the tax rate is set.

Applications filed for omitted, revised or reassessed taxes must be filed within 3 months of the date the bill for those taxes was mailed.

THESE DEADLINES CANNOT BE EXTENDED OR WAIVED BY THE ASSESSORS

FOR ANY REASON. IF YOUR APPLICATION IS NOT TIMELY FILED, YOU LOSE ALL RIGHTS TO AN ABATEMENT AND THE ASSESSORS CANNOT BY LAW GRANT YOU ONE.

TO BE TIMELY FILED, YOUR APPLICATION MUST BE (1) RECEIVED BY THE ASSESSORS ON OR

BEFORE THE FILING DEADLINE OR

(2) MAILED BY UNITED STATES MAIL, FIRST CLASS POSTAGE PREPAID, TO THE PROPER ADDRESS OF

THE ASSESSORS ON OR BEFORE THE FILING DEADLINE AS SHOWN BY A POSTMARK MADE BY THE UNITED STATES POSTAL SERVICE.

PAYMENT OF TAX. Filing an application does not stay the collection of your taxes. In some cases, you must pay the tax when due to appeal the assessors’ disposition of your application.

Failure to pay the tax assessed when due may also subject you to interest charges and collection action. To avoid any loss of rights or additional charges, you should pay the tax as assessed. If an abatement is granted and you have already paid the entire year’s tax as abated, you will receive a refund of any overpayment.

ASSESSORS DISPOSITION. Upon applying for an abatement, you may be asked to provide the assessors with written information about the property and permit them to inspect it. Failure to provide the information or permit an inspection within 30 days of the request may result in the loss of your appeal rights.

The assessors have 3 months from the date your application is filed to act unless you agree in writing before that period expires to extend it for a specific time. If the assessors do not act on your application within the original or extended period, it is deemed denied. You will be notified in writing whether an abatement has been granted or denied.

APPEAL. You may appeal the disposition of your application. The disposition notice will provide you with further information about the appeal procedure and deadline.

I hope this has been helpful to understand applying for a real estate tax abatement.

If you have further questions , please contact me.

Francine Cecieta

www.CoastAndCountryRealEstate.com

office/fax: 978-882-4146 cell 978-808-0704

JBarrett and Company

email: FrancineRealEstate@comcast.net

The Clock is Ticking on the First Time Buyer Tax Credit

fcecieta — Fri, 25 Sep 2009 21:29:42 +0000

Clock is Ticking As First Time Buyers Intensify Their House Hunting
Tired of paying rent and enticed by a first-time home buyer tax credit, 25-year-old Michael Baker began his search for a home in August, scouring the suburbs for a house to meet his current and future needs. And he’s already running out of time.
The federal tax credit for first-time buyers is “a huge motivator” for Baker, and he may end his search if the Nov. 30 deadline arrives and he still hasn’t closed on a home. He unsuccessfully submitted an offer on one house; after going back and forth with the seller couldn’t come to a price agreeable to both parties.
Timing is everything for many first-time buyers today. For those who purchase a home this year, the tax credit is for 10% of the purchase price, up to $8,000. Those who have owned a home in the past three years aren’t eligible. Buyers also have to meet eligibility requirements regarding income; the current credit begins to phase out for singles who make more than $75,000 and couples who make more than $150,000.
Unless it is extended, this credit will expire on Nov. 30. “We are seeing an increase in buyers wanting to get closed prior to the tax credit closing deadline,” said real-estate agent who represents Baker . “We are seeing an increase in sellers wanting to get their homes on the market and closed by this deadline. I feel that if we can get the homes priced accordingly and a strong offer by mid-October, we can beat this deadline with a reputable lender working on the buy er’s side.”
Some real-estate agents and mortgage brokers are recommending that first-time buyers close no later than the week before Thanksgiving to ensure that no holiday-related office closings or abbreviated schedules interfere with the process. That means finalizing a purchase on or before Nov. 20. In fact, to make sure you can take advantage of the credit, it’s probably best to go under contract no later than the first or second week of October, said Jim Sahnger, mortgage planner with Palm Beach Financial Network in Florida.
The National Association of Realtors reports that it’s taking about two months to complete a home sale in the current market, as lenders scrutinize borrower paperwork and issues with appraisals pop up. In short, first-time buyers probably need to select a property and make an offer by the end of this month. But rushing to meet the deadline is a double-edged sword. The purchase of a home—let alone your first one—isn’t a decision that should be taken lightly.
“For anyone, the decision to buy a house has to be a right one,” Sahnger said. “While the $8,000 can be great to have, I wouldn’t let that force you into a decision. But there is something that works and you want to take advantage of the credit, you can’t afford to delay the decision.”
For buyers who don’t make the deadline, there is a chance the credit will be extended. There are at least 20 bills drafted regarding the credit; one-third of them have been introduced recently, said Lucien Salvant, managing director of public affairs for NAR. Some proposals would not only extend the first-time buyer credit into next year, but would also expand it to include all home buyers, remove income restrictions and raise the maximum amount of the credit, up to $15,000.
By including all buyers, there could be more of a ripple effect as more Americans spend money on moving vans, lawn equipment — any items or services associated with making a move, said Jerry Howard, president and CEO of the National Association of Home Builders. NAHB and NAR have been lobbying heavily for the extension. “The first priority is going to be to renew the $8,000 credit, but we have some good arguments for expanding it,” said Jerry Giovaniello, senior vice president and chief lobbyist for NAR. He argues that the credit doesn’t cost much but has a huge impact.
If you’re a first-time buyer, however, waiting is a gamble. “What you have in front of you now is a tax credit. After that, you don’t know what you have,” Salvant said. “This thing can go all different kinds of ways.”
NAR estimates that about 1.8 million to 2 million first-time buyers will take advantage of the tax credit this year, and says that roughly 350,000 sales wouldn’t have taken place without the credit.
Still, there is growing Capitol Hill support for the extension of the credit. Yet with Congress currently focusing on other issues, and concerns about the country’s rising deficit, some wonder how difficult it will be for housing to garner attention anytime soon. “All eyes are on health care,” said Bruce Hahn, president of the American Homeowners Grassroots Alliance.
According to Realtor.com, first-time buyers on average search 12 weeks to find a home. But there are ways for buyers to expedite their journey to closing: Sign up for automatic alerts for properties that fit your criteria. Many buyers start their search online, and it’s possible to sign up for e-mail alerts when properties that meet your criteria are added, Realtor.com points out. If you’re working with a real estate agent, he or she also may be able to register you for automatic alerts when homes are listed. But make sure the information you receive is fresh — you don’t have time to look at unavailable homes.
Do all you can to ensure a smooth mortgage process. Collect pay stubs, bank statements and tax returns to prove income. Get preapproved for a mortgage. And while your loan is in process, don’t make major purchases on credit cards — that could delay closing, said Julie Reynolds, a spokeswoman for Realtor.com.
Prepare for closing costs early. Closing costs must be paid — in cash — at closing.
An experienced Realtor is the best resource and guide for buyers through the homebuying and closing process.
(c) 2009, MarketWatch.com

If you are commited, focused and qualified financially,There is still time to find and close on a home, condo or multifamily- but you must take action now so that there is enough time to close before November 30, 2009.

Call Francine Cecieta today to get started! 978-808-0704

ww.HomeDream Team .com

Positive Sign! Pending Home Sales Rise Again

fcecieta — Sat, 05 Sep 2009 06:54:35 +0000

WASHINGTON (MarketWatch) — Boosted by low prices and a home-buyer tax credit, pending sales of existing homes rose in July for the six straight month, the longest streak on record, a real estate trade group reported Tuesday. The pending home sales index rose 3.2% in July, the National Association of Realtors said. The index is 12% above July 2008. Pending homes sales in July rose in the South and West. The index is based on sales contracts on existing homes. The NAR reports on sales of existing homes once the sales closes, usually six to eight weeks later.

You’ll need more GREEN after St Patty’s Day to buy your home!

fcecieta — Tue, 17 Mar 2009 05:29:16 +0000

You will be needing more Green after St Patrick’s Day to buy a house or condo with increasing standards for credit scores and additional loan fees depending on your credit score. There is a movement to tighten credit lending to correct for the lending practices in mortgages and credit cards that have resulted in so many defaults.

This is not the kind of news especially first time buyers want to hear since they already are challenged to save for their first home.

However there is plenty of available mortgage money for purchases, just increasing qualifying standards and lender fees and you should consult with a mortgage advisor to determine your loan eligibility.

This is not the best news for Sellers either because it will limit the number of buyers who will have extra money to afford the higher down payment required (for example,condos & multifamilies) and closing costs and/or increased monthly mortgage payments if they are able to finance in the extra costs. These rising costs may eliminate some potential buyers.

FHA and VA loans had more liberal criteria than conventional loans for minimum credit scores. That ended this week with the new requirement for a minimum 620 credit score up from 580 for both FHA & VA guaranteed loans.

Interest rates today are really attractive around 5.0% However, the best interest rates for conventional loans require a 740 score or higher. People can get a conventional loan with a score at 620 , but are charged a higher interest rate and loan points (a point is an upfront prepaid interest to the lender equal to 1% of the loan amount) because of their score being below 740.

The good news- you can still buy a single family home with 3 ½ % to 5% down payment with FHA and finance in some of your closing costs if needed to buy your home.

So if you are waiting on the sidelines for prices to decline more before you act, you may be costing yourself the opportunity to own due to rising credit standards, increasing minimum down payments, and higher loan fees based on credit score. Your time to save money may be outpaced by the increase in the amount of money you’ll need for your initial down payment and closing costs to buy a property.

For example, you need 10% down now to buy a owner occupied condo or two family in Massachusetts. Down payments for investment property are now 25-30% of sales price.

FHA & VA are financing owner occupied only single families and multifamilies but are rarely approving mortgages for condos. FHA no longer finances investor/ non owner occupied multifamily property.

So if you really want to own your home or condo, in 3-6 months from now or the next month, check your credit report and score so you have time to correct errors or by taking credit smart actions to raise your score. It can take 30 days to 90 days or longer to see the results of these on your credit report . You do not get this amount of time or chance to fix certain issues when you are in the middle of applying for the mortgage for your dream house. You get a higher rate due to the issue(s) requiring an exception or experience a loan rejection instead.

There are reliable mortgage advisors who will advise you ahead of loan application as to the best actions you can take to improve &/or correct your credit report.

The Bottom Line- the longer you wait to buy, rising mortgage qualification standards and costs may cost you more, or worst case squeeze you out of the dream of owning your home.

Take action right now to seize the buying opportunities available today.

For your referral to a reliable, experienced mortgage advisor for a free mortgage preapproval and/or

Your personal buyer or seller consultation with me,

Call Francine now 978-882-4146

“Things may come to those who wait , but only what’s left over by those who took action already. ” Anonymous

Francine Cecieta
Leading with results, not promises!
www.CoastAndCountryRealEstate.com
Keller Williams Realty
978-882-4146
email: francinerealestate@comcast.net

Oh, by the way, your referrals are always appreciated.
It is the finest compliment I receive. I am delighted to provide them with the exceptional level of professional service.
Please call or email me with the name and contact information of people you have referred.
Serving people in 20 communities on Boston‘s North Shore and Cape Ann since 1985. To see all current MLS listings go to my website: www.CoastAndCountryRealEstate.com

How To Claim Your $8000 Stimulus Check from the Government

fcecieta — Thu, 19 Feb 2009 21:36:51 +0000

FIRST TIME HOMEBUYERS TAX CREDIT INCENTIVE 2009

So how will you use your government $8000 cash incentive tax refund?

Will you pay down your credit cards or car loan to improve your credit rating , create a cash reserve, or pay for improvements to your new home?

In spite of the decline of the economy and real estate, the current housing forecast is favorable for homebuyers. While housing prices may continue to drop, it is possible to close on a house at below market value and secure interest rates at record lows especially in early 2009. And if you are a first-time buyer, the government is prepared to give you one more incentive to own your home: a tax credit of $8,000!!!

Qualifications are fairly simple.

The closing date of the house must fall between January 1, 2009, and December 1, 2009.

· ‘First-time buyers’ mean those who have not owned a home as their principal residence for three years before closing on the current home. This status must apply to both partners in a marriage, even if one partner has never owned a home.

· Your modified adjusted gross income (MAGI) must not exceed $75,000 for singles and $150,000 for married taxpayers.

· The tax credit does not have to be repaid.

· And you can only claim the full $8,000 if you buy a home for $80,000 or more. Homes worth less than $80,000 will qualify for a tax credit of 10% of the purchase price.

Consult a tax professional for the finer details of the tax credit. If you have been on the fence about buying a house, have a steady, secure job, and a good credit score (720 or higher), there is no reason to wait.

We are experiencing high turnouts at open houses and showings in the last several weeks and even encountering multiple offers on desireably priced properties.

Homes & condos are selling- the media only hypes the bad news.

Our real estate sales here on the North Shore are happening.

Start your property search NOW so you can close

before the December 1, 2009, deadline.

Stop paying your landlord’s mortage & taxes!!

Get your own tax deductions for your housing expenses.

Seize this opportunity especially while the rates are still attractively low.

If you are interested in learning about the taxadvantages to owning your home, for an upcomingseminar with a tax specialist email me at francinerealestate@comcast.net

for Subject: tax savings seminar

Call Francine TODAY for your free personal buying or selling consultation. 978-808-0704

To search MLS for listings or receive Free daily email alerts go to www.CoastAndCountryRealEstate.com

Francine Cecieta

Keller Williams Realty

978-808-0704

email: francinerealestate@comcast.net

Looking for Real Estate Tax Relief? How to File an Abatement

fcecieta — Tue, 13 Jan 2009 17:59:07 +0000

Welcome to 2009!

Along with the New Year comes the tax bill for the current fiscal year and the assessment of your property value.

So I am writing this to help people learn about the abatement procedure.

The tax assessment for the 2009 fiscal year is based on property values as

of January 1 2008 which were determined from 2007 sale transactions.

Only the 2007 sales can be used by the assessors for fiscal 2009.

Taxpayers can submit a request for a hearing with the assessor to review and to dispute the property assessment value.

You would be filing for an abatement of tax.

You only have one time a year you can file and it is NOW before the tax due by February!!!! There is no exception to the deadline.

The fiscal year for government by Massachusetts statute runs

from July 1, 2008 to June 1, 2009.

Real Estate Tax payments are due quarterly- August 1, Nov 1, Feb 1, and May 1.

Again this is the only time window for applying for an abatemett in any fiscal year.

The assessor office can help you complete the information part of the application- some of it is right on your tax bill.

Proof for supporting your reasons for abatement of tax are the taxpayers responsibility .

If you need information about property sold prices in your specific area, with advance notice I will assist you in obtaining information.

Please contact me at 978-882-4146 or email FrancineRealEstate@comcast.net

You can access and download a copy at: http://www.mass.gov/Ador/docs/dls/publ/forms/abatement.PDF

YOU MUST STILL PAY ALL YOUR TAXES DUE ON TIME

IF YOU FILE FOR AN ABATEMENT TO BE ELIGIBLE FOR AN ABATEMENT HEARING!

Please read the following information to get more detail information or discuss with your local assessor.

TAXPAYER INFORMATION ABOUT ABATEMENT PROCEDURE

Source: Application Abatement State Form 128

You may apply for an abatement if your property is:

1) overvalued (assessed value is more than fair cash value on January 1 for any reason, including

clerical and data processing errors or assessment of property that is non-existent or not taxable to you),

2) disproportionately assessed in comparison with other properties,

3) classified incorrectly as residential, open space, commercial or industrial real property, or

4) partially or fully exempt.

WHO MAY FILE AN APPLICATION. You may file an application if you are:

· the assessed or subsequent (acquiring title after January 1) owner of the property,

· the owner’s administrator or executor,

· a tenant paying rent who is obligated to pay more than one-half of the tax,

· a person owning or having an interest or possession of the property, or

· a mortgagee if the assessed owner has not applied.

In some cases, you must pay all or a portion of the tax before you can file.

WHERE TO OBTAIN AN APPLICATION. Applications are available at each town or city Assessor’s office.

The form is the same for all communities as provided by the Commonwealth of Massachusetts.

You can access and download a copy at: http://www.mass.gov/Ador/docs/dls/publ/forms/abatement.PDF

Actual tax bills are those issued after the tax rate is set.

Applications filed for omitted, revised or reassessed taxes must be filed within 3 months of the date the bill for those taxes was mailed.

THESE DEADLINES CANNOT BE EXTENDED OR WAIVED BY THE ASSESSORS

FOR ANY REASON. IF YOUR APPLICATION IS NOT TIMELY FILED, YOU LOSE ALL RIGHTS TO AN ABATEMENT AND THE ASSESSORS CANNOT BY LAW GRANT YOU ONE.

TO BE TIMELY FILED, YOUR APPLICATION MUST BE (1) RECEIVED BY THE ASSESSORS ON OR

BEFORE THE FILING DEADLINE OR

(2) MAILED BY UNITED STATES MAIL, FIRST CLASS POSTAGE PREPAID, TO THE PROPER ADDRESS OF

THE ASSESSORS ON OR BEFORE THE FILING DEADLINE AS SHOWN BY A POSTMARK MADE BY THE UNITED STATES POSTAL SERVICE.

PAYMENT OF TAX. Filing an application does not stay the collection of your taxes. In some cases, you must pay the tax when due to appeal the assessors’ disposition of your application.

Failure to pay the tax assessed when due may also subject you to interest charges and collection action. To

avoid any loss of rights or additional charges, you should pay the tax as assessed. If an abatement is granted and you have already paid the entire year’s tax as abated, you will receive a refund of any overpayment.

ASSESSORS DISPOSITION. Upon applying for an abatement, you may be asked to provide the assessors with written information about the property

and permit them to inspect it. Failure to provide the information or permit an inspection within 30 days of the request may result in the loss of your

appeal rights.

The assessors have 3 months from the date your application is filed to act unless you agree in writing before that period expires to extend it for a specific

time. If the assessors do not act on your application within the original or extended period, it is deemed denied. You will be notified in writing whether

an abatement has been granted or denied.

APPEAL. You may appeal the disposition of your application. The disposition notice will provide you with further information about the appeal

procedure and deadline.

I hope this has been helpful to understand applying for a real estate tax abatement.

If you have further questions , please contact me.

Francine Cecieta

www.CoastAndCountryRealEstate.com

office/fax: 978-882-4146

cell 978-808-0704

email: FrancineRealEstate@comcast.net

Keller Williams Realty

Fannie & Freddie Bailout is Bonus for Big Rate Drop

fcecieta — Thu, 11 Sep 2008 16:31:23 +0000

Yes, it really happened. Over the weekend Fannie Mae and Freddie Mac were taken into conservatorship. Is this good news, bad news, or what?

If you are looking to buy a home or refinance – it is really GOOD NEWS!. Mortgage rates dropped into the 5″s!!!! Best rates since mortgage rates hit the mid 6 mark in early spring 2008.

If you have been waiting for rates to go lower, NOW is the time. The reduction was so large, so fast, that there is no telling how long it will last or where rates will head days to come.

,First of all, it won’t change the ability of the average person to get a mortgage. Things will progress as they have been. The effect is that rates have improved significantly. Although bond rates and other interest rates have improved since January, mortgage rates have not. Part of this has been tied to Fannie and Freddie adding some costs to doing a loan but primarily it has to do with investor’s appetite for purchasing MBS (mortgage backed securities) – which Fannie and Freddie sell based on the mortgages they purchase or guarantee. In the last 8 months investors have been worried about Fannie and Freddie and as a result have been demanding more return for their investment in MBS. In other words, this has led to higher mortgage rates. Although we have been at historic lows, when you compare to other types of rates, mortgages actually should have been lower.

Fannie and Freddie were GSE’s (Government Sponsored Entities). This means that they were part government and part private. They always carried an implicit government guarantee. But investors weren’t comfortable with Fannie and Freddie because that “implicit” government guarantee wasn’t well defined.

The latest housing bill signed at the end of July held a better guarantee. The government included a specific provision stating that they would take over Fannie and Freddie IF they had to. The hope was that the new guarantee would be enough to satisfy investors. It was too late and too little. That, along with mounting losses from record foreclosures and the overall downturn in the housing market have made investors skittish about MBS so they put their money elsewhere. In the end, the government honored their pledge and took over the GSEs. The takeover insures that mortgages can still be written and sold to Fannie and Freddie. The overall mortgage process has continued smoothly without so much as a hiccup.

Why the takeover? …. Fannie and Freddie guarantee half the existing mortgages in the US. That amounts to nearly $6 Trillion (yep, that’s a T). With the fallout from the recent financial crisis, so many other lender options have disappeared that Fannie and Freddie account for about 75% of all NEW loans being written right now. The government had no choice but to make good on their guarantee.

With the government living up to their promise and taking over, the instant reaction was seen at 8am Monday morning when MBS markets opened up. Stock futures soared. This is usually bad news for bonds and for mortgage backed securities. This time MBS prices reacted very favorably and the result was an instant 1/2% reduction in mortgage rates. Yes, we are talking about a reduction of one-half percent in the 30-Year fixed rate in the blink of an eye. That $200,000 loan this week will cost 5% less than it did last week. Looking at it another way, if you were comfortable with the payment on a $200,000 loan last week, this week you can get $211,000 for the same monthly payment.

So this bailout decision is helping restore confidence from investors that buy the mortgages backed by Fannie & Freddi. The end result for you is substantial drop in rates. The smart buyers are buying right now with all the opportunities in the real estate market on the North Shore.

Why are you waiting? Get preapproved now for your mortgage!

Call Francine Today!

978-808-0704

www.CoastAndCountryHomes.com

email: francinerealestate@comcast.net

Rainy Days Here Again? Make your Own Sunny Day!!!

fcecieta — Mon, 11 Aug 2008 03:55:53 +0000

TOP TEN REASONS TO BUY NOW!

Everyday clients, friends, and strangers ask me what’s happening with the real estate market here?

Many comment, “ I heard on the the news that the slump is going to take 2 more years? “ HUH???

So who’s the source of these global statements??? CNN, USA TODAY, Comcast, Yahoo, Boston Globe—media hype to sell news or bring traffic for their high priced classified advertisers! One source breaks a story and the others pick it up to repeat it OVER, and OVER, and OVER again.

For example, this week with the trial of Pastor Osteen’s wife for “assault” – there are breaking stories of misdemeanors of various Christian people in the online headlines- feed the frenzy for useless attention grabbing news!!!! Whether sports , Wall Street or Real Estate, bad news sells! You can’t help but absorb the headlines as you pass thru your browser to your email account even!!!

By the way, save your brain space from this ongoing drip of negative events- turn off the NEWS- its mostly all bad, not usually accurate on the details, check the weather & sports online. I stopped watching TV news & listening to radio news in 1990 and only speedread thru the newspaper for local happenings- sometimes I do give in & tune in due to major North Shore storm conditions.

You do not even realize the hidden negativity the news can create in your mental attitude.

So I close my eyes to escape the negative jolts when I walk the treadmill at the gym with 6 big screens facing me!!!! Oh ,yes sometimes I use this as an excuse not to go to the gym : ) Now you all know one of my idiosyncracies! Sorry I just had to share this life changing habit. Anyone want to start the GOOD News station ?

Back to the question for discussion- when will the market turn around? Beyond my 23 years involved in real estate, there have been business cycles of appreciation and decline. There are locations today where real estate values are growing in the USA-just not here right now. Appreciation is related to job growth,transportation, & quality of life.

Our values have declined for single families on the North Shore about 5%

Prices on multifamilies have dropped an average of 15-20%- the condo converters have vanished and the prices have dropped significantly. These are an average depending on location! location, condition , and seller motivation , and fulfillment of buyers needs.

These are the same factors whether in a hot or cool market, 1948 or 2008.

When will this change? When there are more sales than there are properties coming on the market for sale. The basic supply and demand factor.

And also when people believe it is changing!

Until then , yes we are in a Buyer’s Market Phase.

The good news- please listen only to stories about the North Shore and Essex County .

Real estate always has been and will be local in nature in any part of the United States. The North Shore has a lot to offer people.

THE TOP TEN REASONS TO BUY NOW!

The Smart buyers buy now – in times of adversity to maximize their investment at a lower price. Sales are down, prices have declined, serious sellers are more realistic. Out of difficulty arises an opportunity for those who take action.

Our real estate is more stable than places overloaded with house & condo inventory like Florida, Phoenix, Las Vegas, Texas – we don’t have thousands of acres of land to keep building here. God is not making any more land here,especially by the ocean and coastal areas, to build endlessly.

North Shore zoning regulations are restrictive and provide limited alternatives, if land were available anyway, to build hundreds of units of condos or multifamily housing at a time. Land value is one factor that drives our prices here higher than other areas of Massachusetts and the USA.

Development costs and time here turn off many builders – it can take 2-3 years from identifying a location to get through the approvals at the city or town level, Dept of Environmental Protection, and others. Builders really think before taking on a project here- there is more risk and expense. This helps hold resale values of existing property when not competing with an oversupply of new homes or condos.

Our job base is diverse- a key to riding the tide of economic challenge. There are a multitude of jobs in a variety of industries in Boston and the suburbs of the “128 belt”. We are not dependent on one industry like Detroit & Dayton or one military base.

Jobs and homes are readily accessible by commuter train or multiple roadways. Its convenient to get here or travel elsewhere. For example, in 1998to 2000 house sales in Newburyport exploded shortly after the commuter rail station opened there.

There are mortgage programs- fixed rates in the mid to upper 6’s available with lower down payments (for those who remember the 1990”s economic cycle- mortgage rates were at 12-13%!!!). For buyers who waited on the fence the past 6 months watching & hoping for further price breaks- the zero down & conventional 5% down loans are lost. There are 3-5 % down government backed loans with higher closing fees. Mortgages for most condos require 10% down now.

So by waiting, the price may have dropped $5000, but have you saved an extra $10-15,000 in the last 6 months for a downpayment on a first time buyer opportunity? Can waiting cost you the ability to buy for years to come ?

Rents are going up in the area because the liberal subprime loans are gone that helped many renters become homeowners. Landlords are experiencing higher demand due to people who do not qualify for mortgages or who have damaged credit.

Sellers are getting more realistic about pricing their properties if they are serious about selling in a reasonable time frame. Bank owned properties or short sales can have their reward for very patient buyers who can wait out the time process- but may not be in your first choice neighborhoods or need work beyond your abilities or budget. The highest numbers of foreclosure property are found in Lynn, Lawrence, and Haverhill.

The quality of life here on the North Shore is unsurpassed for those who have experienced living or working here. The amenities are bountiful. We enjoy an abundance of natural wonders- Trustees of Reservation, Audobon sanctuaries, rivers , oceans, harbors , beautiful beaches, and parks. Besides this we are a center for historic culture, music, art, education, medical treatment, museums, boating, fishing, whale watching, golf galore, and of course our Boston sports teams.

How do you put a price on all the lifestyle here? You cannot- it is priceless.

Again this Buyer’s market has enabled buyers to be a homeowner or have homes or condos that they could not have afforded 2-3 years ago. Some people are selling because they are moving up to an opportunity for them, even though getting less for their home now than few years earlier, because of the win on the buying side.

Advice to Sellers- Pricing and condition are critical if yours will sell before the other competing properties for sale.

Buyers usually given the choice of those needing work vs less work choose the least work options.

I started out writing to share an article with you- I just kept writing!

WOW I hope you gained some insights

about the sunny side of the rainy days of real estate!

Would you rather be buying now? There are fewer buyers because most people are thinking about their summer vacations and sellers are getting less activity so sometimes they are more receptive to otherwise unacceptable offers. Do you want to buy the week before Christmas or beat the crowds by buying during the summer “sales” in August?

Call or email me for a personal consultation of buying opportunities for you now .

Of course your referrals are always appreciated and treated with Five Star service.

Oh yes,,here’s a link to the article from the Salem News on the recent North Shore Sales Data http://www.salemnews.com/archivesearch/local_story_211225523.html

“Things may come to those who wait, but only those things left by those who took action.”

CARPE DIEM!

Francine Cecieta

Keller Williams Realty

978-808-0704

email: francinerealestate@comcast.net

www.CoastAndCountryHomes.com

Welcome to My Blog

fcecieta — Tue, 25 Sep 2007 23:19:18 +0000

I am excited to have you come visit my blog. Here you will be able to have the most up to date information on what is going on in the real estate market and living the life on the North Shore of Boston.

It is hard to believe that I have been in real estate over 2o years and had the privilege of helping people of all walks of life find homes here. I am pleased to say that I have helped thousands of people to realize their hopes and dream. I measure my success by the smiles I have created and hope to to add you to my list of client success stories in the future.

Please use my blog as a source of information for any move you may contemplate on the Boston’s North Shore and hopefully one day join my network of happy home owners or investors.