Massachusetts Real Estate

Over the last few years in Massachusetts as well as many other parts of the country we have seen a rapid decline in Real Estate values. In many towns around Metrowest Massachusetts it would not be unusual to see a home that sold in 2007 for $500,000 to be re-sold today around $450,000. It is an unfortunate fact of life. All good things tend to come to an end at some point.

One of the common lines of thinking that occurs when Real Estate values are heading downward is that the home owners tax bill must also be coming down too. Part of this misconception occurs because people assume that the fair market value and assessed value are the same.

In theory this should be the case but assessed values are nothing more than a yard stick for a municipality to collect an appropriate amount of taxes to sufficiently cover the state and local appropriations chargeable to the city and town.

 

 

Lets go over a few facts about your homes assessed value and the role of the towns assessor:

1.) In Massachusetts assessed values are based on 100% of full market value.

2.) Town Assessors are required to submit assessed values to the state Department of Revenue for certification every three years.

3.) The assessors review sales data and the Real Estate market every year and thereby reassess values each year.

4.) Assessors do not raise of lower taxes.

5.) Assessors do not make the tax laws which affect property owners.

6.) The Assessor's Office has nothing to do with the total amount of taxes collected.

7.) The assessor's primary responsibility is to find the full and fair market value of the property so that the taxpayer pays only their fair share of taxes.

 

As we head toward January, there is no doubt that you will see the assessed value of many homes coming down across Massachusetts. What you are also very likely to see is an increase in the fiscal tax rate to cover the difference in the lower assessed values.

As previously mentioned above, the numbers used are all just part of the game of collecting the proper amount of revenue to run the town.

So what are you supposed do if you think you are not being taxed properly in relation to other similar homes that have sold?

You should go to your local tax assessors office and file for an abatement. All the information necessary regarding the application process and the deadlines for filing should be available.

Applications for abatement's are due on or before the due date for payment of the first actual bill. The assessor has up to three months in Massachusetts to act upon your abatement request.

What happens if you do not feel that the assessor made the proper ruling on your abatement request? If this occurs, you have the right to appeal to the State Appellate Tax Board.

In Massachusetts there are some who are exempt from all or part of their property tax obligations. Exemptions are available to those individuals that meet the various requirements in the following categories: 

• Elderly
• Disabled Veteran
• Blind
• Widows and/or Widowers
• Minor Children with a Deceased Parent
• Minor Children of Deceased Police or Firefighters killed in the line of duty

Applications for tax exemptions can also be obtained from your local tax assessor's office.

In Massachusetts senior citizens have also been able to claim a refundable credit on their income taxes for property taxes paid on residential property owned or rented. This law is known as the Senior "Circuit Breaker" Tax Credit, it is equal to the amount by which their property tax payments in the current tax year (excluding any exemptions and/or abatement's), including water and debt sewer charges, exceed 10% of their total income for the same year.

To claim the credit, eligible taxpayers must submit a completed state Schedule CB, Circuit Breaker Credit, with their state income return.  The form is available on the web at Circuit Breaker Credit.

As a Realtor who has covered local Metrowest Massachusetts Real Estate for the past twenty three years I often come across some really silly marketing by other Real Estate agents in regards to a homes assessed value. Things written in the Multiple Listing Service (MLS) like "What a bargain this home is priced X dollars below assessment." Most of the time the Realtor is making a very poor correlation between the assessed and market value.

When I see something like this my immediate thought is that the home owner has been paying too much taxes on their home or the assessment has not been adjusted yet.

In just as many circumstances I have seen a home with a lower assessment and a buyers Realtor try to argue that the home is overpriced because of a low assessment.

The take home message is that if you are considering buying a home, you should not rely on assessed value as a good measuring stick of market value. There are plenty of homes that are over and under assessed in Metrowest Mass. Hiring a good buyer's agent that can point point a homes true market value is always a wise move!

See also: Assessed home value v.s fair market value

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About the Author: The above information on assessed home values rarely equal fair market value was provided by Bill Gassett, a Nationally recognized leader in his field. Bill can be reached via email at billgassett@remaxexec.com or by phone at 508-435-5356. 

Have a home to sell in Metrowest Mass? I have a passion for Real Estate and love to share my marketing expertise! 

For Metrowest Massachusetts Real Estate and homes see Metrowest Mass Real Estate. Want to have MLS access to beat other buyers to your dream home? Sign up with no obligation at my MLS Property Finder Site.

I service the following towns in Metrowest Massachusetts: Hopkinton, Milford, Upton, Southboro, Westboro, Ashland, Holliston, Mendon, Hopedale, Medway, Grafton, Northbridge, Uxbridge, Franklin, Douglas, and Framingham MA.

Click here to view homes for sale all around Metrowest Massachusetts including Framingham MA Real Estate and others.

 

 

 

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Building lasting relationships by helping people move in and out of Metrowest Massachusetts for the last 23 years.

USDA loans (US Department of Agriculture) aka Section 502 loans are an excellent mortgage vehicle for those who do not have money to put down but have decent credit ratings. Typically a credit score over 600 will get the loan done. A score between 580-600 will come under much heavier scrutiny but will not rule out the borrower.

You heard that correctly...with a USDA loan you can do 100% financing!

These loans are typically used to help low to moderate income households purchase homes in rural areas. These loan products are backed by the Federal government.

In order to qualify for a USDA mortgage loan you can only have an income up to 115% of the median income for the area you are interested in buying a property.

The guidelines also include repayment viability based on P.I.T.I (Principle, Interest, Taxes, and Insurance) divided by gross monthly income being less than 29%. Total debt divided by gross monthly income must also be equal to or less than 41%.

One of the other great benefits of the USDA loan is that there is no mortgage insurance required. This can save the borrower quite a bit of money!

In my experience, unless you are in a heavily populated city the definition of rural is pretty loose. Many areas that you may not consider to be rural in your mind may qualify for a USDA loan. Areas that have a population under 20,000 will probably be ok in most circumstances.

It would be a good idea to check with a qualified mortgage professional to see if a USDA loan could work for you. Not all lenders work with these type of loan products as they are more paperwork intense.  

               

For additional information on USDA loans I would suggest visiting the USDA loan website (click here).

If you are located in Massachusetts and want to know if you qualify based on the income limits for a specific area you can visit Massachusetts USDA offices which can provide you with the local income limits based on the county that the home is located in.

If you are located in another state here is the link to the USDA State & local offices.

If you find that you do not meet the income requirements for a USDA loan you may want to think about an FHA loan. There are no income restrictions with an FHA loan and as of January 1st 2009 you will only need to have a 3.5% down payment.

I have noticed a lot of misinformation lately about the lack of mortgage money available. It seems the media loves to promote the doom and gloom of the Real Estate market. While it is true that mortgage lenders have really tightened their belt and are not lending to anyone that walks into their office, anymore there is plenty of funding available to those that have a job with a steady income and a decent credit rating. So don't assume you can not get a loan!

This is one of the best times in our history to buy a home. It is rare that we have seen an interest rate environment where rates are so attractive, combined with a significant drop in housing prices!

Once you have a mortgage loan and you are in your new home, there are tax deduction to remember when getting a home loan.

This is a handy list of items you will want to remember come tax time in April.

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The above information on USDA Loans another mortgage option for low to no down payment was provided by Bill Gassett, the team leader for the #4 RE/MAX Team in Massachusetts in 2007. Bill can be reached via email at billgassett@remaxexec.com or by phone at 508-435-5356. Bill has helped people move in and out of many Metrowest towns for the last 22+ Years. Bill's office is conveniently located in the center of Hopkinton MA at 77 Main Street.

I have a passion for Real Estate and love to share my marketing expertise! 

For Metrowest Massachusetts Real Estate and homes see Metrowest Mass Real Estate. Want to have MLS access to beat other buyers to your dream home? Sign up with no obligation at my MLS Property Finder Site.

I service the following towns in Metrowest Massachusetts: Hopkinton, Milford, Upton, Southboro, Westboro, Ashland, Holliston, Mendon, Hopedale, Medway, Grafton, Northbridge, Uxbridge, Franklin, Douglas, and Framingham MA.

Click here to view Bill Gassett's Real Estate profile

 

 

 

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Building lasting relationships by helping people move in and out of Metrowest Massachusetts for the last 22 years.

It is no secret that energy prices have been high all year but thankfully have dropped quite a bit as we head into the Winter months. There are of course plenty of things you can do to save additional $$$ and conserve energy this Winter. Some are fairly obvious and easy.                                                                                      

Here are some of the easiest energy saving tips for your home:                                                                                                                                                                                           

Turn back the thermostat - Kind of a no brainer but here is my suggestion...Upgrade to a programmable    thermostat and set the temperature down during the time when you are not home. For me it is easy because I am at work selling Real Estate all day.

The temperature in my home automatically goes down to 60 degrees at 11 p.m at night and stays that way until 5 p.m the next day when I get home. So between 5 p.m and 11 p.m when I am usually around the temperature moves up to a comfortable 70 degrees.

As an additional thought if you have a multi zone system I would also suggest that you may want to keep the area of your home where you sleep a little bit warmer than the rest of the home. For example if you have forced hot air and your bedrooms are on the 2nd floor there is no sense in keeping the downstairs the same temperature as the bedroom area. Have your thermostat set to go down at night on the 1st floor.

Close the fireplace damper - This is one that I often forget about. There is quite a bit of heat that can get lost going up and out the chimney.

Give your heating system a tune up - Proper maintenance is vital to keeping your heating system running most efficiently. Make sure that you have your heating system cleaned and inspected at least once a year, especially if you are using oil as a fuel source. During the heating season make sure that the filters are changed once a month.

Fill the gaps with weather stripping and caulking - make sure all your doors and windows are tight. Just the other day I noticed a draft coming from the interior door leading to the garage. I had not noticed that the weather stripping was missing. You can pick up an item like this at Home Depot or Lowe's for under ten dollars. If you have a home with older windows make sure you caulk and gaps. Using the locks also provides for a tighter and less draft resistant fix.

Window air conditioners - If you home is not cooled by central air and you are using a window air conditioner make sure that all the gaps between the window and exterior have been filled. This is a notorious problem for air penetration.

Add additional insulation to the home - Add additional insulation to your attic, basement and outside walls. This can be done either with insulation batts or with blown in cellulose.

Keep furniture away from vents - If you have furniture blocking your vents you will drastically cut the efficiency of the heating system. In one of the rooms in my home I happen to have long draperies. This can be a problem as well if they are not tied back. Keeping your drapes away from blocking the vents is an important consideration.

Keep the vents clean - Make sure you keep your baseboard, radiators and registers dust and dirt free. This will not only have a drag on efficiency but who wants to breath crummy air. If you have a forced hot air system over the years it is easy to accumulate dust and debris. If you live in the Metrowest Massachusetts area and need a duct cleaning I would recommend Duct Z. They are a national outfit and may be located near you as well.

Seal your duct work - If you have FHA (forced hot air) make sure the ducts are properly sealed. Over time the tape used to seal openings and joints can start to open or even fall off.

Unplug appliances not in use - Guys I know this one is difficult but if money is real tight I would suggest unplugging the beer fridge in the basement or garage. Having an extra refrigerator is a big drain on energy consumption. Things like extra televisions and other household appliances that do not get use often should also get unplugged. These appliances although are not being used still drain energy and cost you money. The term often used to describe this is "leaking energy". Look at the electrical meter on your house before and after doing this and see what I mean.

Clean the refrigerator coils - Once a year you should vacuum or clean the fridge coils especially if you have a pet. Dirt, dust and pet hair on the coils will impede air flow and make the heat transfer less efficient forcing the appliance to work harder. It is estimated that dirty coils can cut the energy use by 6%. This would save around 15$ per year on an older fridge.

Turn off bath fans - After taking a shower make sure the bath fan does not stay on longer than necessary. This is an opportunity for heat to get sucked out of a home.

Turn down water heater temperature - In most homes the water temperature set on a water heater is between 130-145 degrees. Setting the temp back to 120 is more than enough for a hot shower. It is estimated that a 10 degree temperature reduction can reduce water heating costs by 5%. Lowering the temperature by 20 degrees could save the average family around 50$ per year.

Low flow shower heads - Install low flow shower heads to conserve heated water. Also keeping the time in the shower down also helps.

Wrap the water heater  - You can buy a water heater wrap at most hardware stores or Home Depot for around 25$. The blanket will pay for itself in a year and offer saving after that. According to the Department of Energy this will save the average household around 4-9% of their annual total water heating costs (around 12$-48$ for most homes.)

Purchase energy star products - Energy Star Products are much more efficient and designed to save energy. For example an Energy Star fridge uses about 20% less energy than a standard refrigerator. Over time the saving can add up.                                                                                                               

Open shades and curtains  - Opening shades and curtains on the South side of the home is something that will give you a little something extra on those sunny days with a solar effect. Remember to close them at night to help keep the heat inside.         

Interested in getting an Energy Star Audit on your home? Visit the Energy Star Audit website to get an evaluation done on your home. This could really help you save some $$$.

Here is a state by state Energy Star directory to find out if Home Performance with Energy Star is offered near you.

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The above information on energy saving tips for the Winter months was provided by Bill Gassett, the team leader for the #4 RE/MAX Team in Massachusetts in 2007. Bill can be reached via email at billgassett@remaxexec.com or by phone at 508-435-5356. Bill has helped people move in and out of many Metrowest towns for the last 22+ Years. Bill's office is conveniently located in the center of Hopkinton MA at 77 Main Street.

I have a passion for Real Estate and love to share my marketing expertise! 

For Metrowest Massachusetts Real Estate and homes see Metrowest Mass Real Estate. Want to have MLS access to beat other buyers to your dream home? Sign up with no obligation at my MLS Property Finder Site.

I service the following towns in Metrowest Massachusetts: Hopkinton, Milford, Upton, Southboro, Westboro, Ashland, Holliston, Mendon, Hopedale, Medway, Grafton, Northbridge, Uxbridge, Franklin, Douglas, and Framingham MA.

Click here to view Bill Gassett's Real Estate profile

 

 

 

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SUBSCRIBE TO MY METROWEST HOMES BLOG via email.

Building lasting relationships by helping people move in and out of Metrowest Massachusetts for the last 22 years.

A deed in lieu of foreclosure aka (cash for keys) is when a home owner conveys all their interest in a property to the lender in order to avoid foreclosure proceedings. In the typical deed in lieu of foreclosure scenario, the mortgagee is in default i.e has not been making his or her mortgage payments.

Proceeding with the deed in lieu of foreclosure offers advantages to both the home owner and the lender.

The advantages to the borrower include the potential release from a large debt, less impact to your credit scores than a foreclosure, and also the avoidance of the public embarrassment of going through a foreclosure.

The lender would consider a deed in lieu because it saves them the time and expenses involved with a repossession. Most often when a bank agrees to do a deed in lieu of foreclosure the fair market value of the property is what the lender will be looking to receive.

 

In many cases the current value of your home is much less than the remaining mortgage balance.

In this scenario the bank may or may not agree to a deed in lieu. Most of the time a bank will not do a deed in lieu if there are 2nd mortgages, home equity loans, or tax liens against your property.

Another option besides a deed in lieu is what is known as a short sale. A short sale is a legal lender approved solution designed to assist those home owners who are financially strapped to get out from under their mortgage debt.

A short sale is negotiated through the mortgage holder of an owners home where by the mortgage holder agrees to take less than what home owner owes on the property. A short sale is the more common route to avoiding a foreclosure. In today's tough economic environment most lenders will now consider doing a short sale.                                                                                                                                              

Remember banks are not in the business of owning Real Estate. They would much rather do a short sale than be saddled with marketing, selling, and possibly fixing up a home in order to sell.

This is one of the biggest reasons why the short sale is the more common route to avoiding foreclosure than a deed in lieu.

If you have come under financial stress and are considering a short sale to avoid foreclosure, I would recommend reading the article I wrote Foreclosure avoiding it through a short sale or loan modification.

The article discusses in depth what a short sale and loan modification are and how they can help you get out from under your mortgage debt.

Some of the comments in this article are as good as the post itself as many of them are written by Real Estate experts on the topic.

If you live in the Metrowest Massachusetts area and are thinking about a short sale, I would be happy to discuss this situation with you confidentially.

If you live outside the Metrowest MA area please feel free to get in touch as well. I am connected to a large network of Realtors and would be happy to put you in touch with a Real Estate agent that has experience with short sales in your area.

See also Massachusetts Short Sales Real Estate Agent.

 

Notice of Foreclosure and Real Estate Lockbox & Foreclosure notice images are owned by Olivier Le Queinec at dreamstime.com and are copyrighted.

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The above information on Deed in lieu of foreclosure and short sales was provided by Bill Gassett, the team leader for the #4 RE/MAX Team in Massachusetts in 2007. Bill can be reached via email at billgassett@remaxexec.com or by phone at 508-435-5356. Bill has helped people move in and out of many Metrowest towns for the last 22+ Years. Bill's office is conveniently located in the center of Hopkinton MA at 77 Main Street.

I have a passion for Real Estate and love to share my marketing expertise! 

Thinking of doing a short sale in the Metrowest Mass area see Metrowest Mass short sale Realtor. Want to have MLS access to beat other buyers to your dream home? Sign up with no obligation at my MLS Property Finder Site.

I service the following towns in Metrowest Massachusetts: Hopkinton, Milford, Upton, Southboro, Westboro, Ashland, Holliston, Mendon, Hopedale, Medway, Grafton, Northbridge, Uxbridge, Franklin, Douglas, and Framingham MA.

Click here to view Bill Gassett's Metrowest Real Estate profile

 

 

 

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SUBSCRIBE TO MY METROWEST HOMES BLOG via email.

Building lasting relationships by helping people move in and out of Metrowest Massachusetts for the last 22 years.

As many of you know establishing new relationships via Twitter can bring you the potential for future business.

This is one of the benefits of social networks and becoming connected online. We all get requests daily via our accounts to be contacts, friends, to follow, and so forth.

It's great that all of us in the Real Estate industry can use Twitter as a tool to keep in touch but have you ever wondered how you can make connections with those that are local to you? I am going to show you how. There is a site called Twellowhood that allows you to easliy find LOCAL contacts for your Twitter account. Below is a screen shot of a map at the Twellowhood site.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Once you are at the map you will put your mouse over the desired state and click.

This will take you to a drop down list of all the towns in your state that have Twitter members.

Looking at the screen shot below you can see that it tells you how many members there are in each town. By clicking on a specific town you will then be brought to another screen that will show you all the members that live in that town.

From this you will then be able to click the follow button should you desire to become contacts.

 

 

 

 

 

 

 

 

 

 

 

 

 

Screen shot below of Hopkinton. There happens to be 7 other members in my home town.

I am the 1st of the list. You can follow me @ Massrealty.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Twellow is also a directory that can be used to find people in any industry. For example is you go to the categories tab on the main page and scroll down to Real Estate you will see a list of all the Realtors who are in the directory and using Twitter. You will notice quite a few familiar Active Rain members. If you are not in the directory I would suggest you add yourself.

The Twellow directory is part of Web Pro News which is an outstanding site to learn more about social networking.

Love using Twitter? Here is a link to a Twitter application that will blow you away called Monitter. Check it out:)

Enjoy!

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The above information on finding local contacts in Twitter was provided by Bill Gassett, the team leader for the #4 RE/MAX Team in Massachusetts in 2007. Bill can be reached via email at billgassett@remaxexec.com or by phone at 508-435-5356. Bill has helped people move in and out of many Metrowest towns for the last 22+ Years. Bill's office is conveniently located in the center of Hopkinton MA at 77 Main Street.

I have a passion for Real Estate and love to share my marketing expertise! I would welcome the opportunity to earn your business.

For Metrowest Massachusetts Real Estate and homes see Metrowest Mass Real Estate. Want to have MLS access to beat other buyers to your dream home? Sign up with no obligation at my MLS Property Finder Site.

I service the following towns in Metrowest Massachusetts: Hopkinton, Milford, Upton, Southboro, Westboro, Ashland, Holliston, Mendon, Hopedale, Medway, Grafton, Northbridge, Uxbridge, Franklin, Douglas, and Framingham MA.

Click here to view Bill Gassett's Real Estate profile.

 

 

 

Subscribe in a reader

 

SUBSCRIBE TO MY METROWEST HOMES BLOG via email.

Building lasting relationships by helping people move in and out of Metrowest Massachusetts for the last 22 years.

Foreclosure is not a fun word yet it is reality that many across the US are facing in these tough economic times.

There are many ways that home owners find themselves in this predicament including job loss, reduction in income, mounting credit card debt, an increase in mortgage payments, a terrible illness, or divorce. There are probably others that I have missed as well.

A home foreclosing doesn't just effect the homeowner directly. It effects you and I and everyone else that lives near the home.

Foreclosures drive down property values! When you are faced with selling your home and you have to compete with the foreclosure down the street that's been marked down in price because the bank has no desire to hold it, you will quickly realize you are part of the epidemic.

There are many home owners that don't know there are other options besides letting their home end up in foreclosure. Some are even too embarrassed to investigate their options.

This is a shame and I would like to help explain some of the things you can do including a short sale or a loan modification.

The short sale and loan modification options would solve the same goal of avoiding a foreclosure but with each providing a different outcome.

The short sale is for those that absolutely need to move and get out from under their debt completely. A loan modification is for those that would really like to remain in their homes but can not do so without assistance.

It is important to remember that banks are not in the business of owning Real Estate in their portfolios and would much rather assist a homeowner than to take ownership of their home.

 

Here is a break down of how both assistance programs work.

Short sales                                                                                                                                    

 

A short sale is a legal lender approved solution designed to assist those home owners who are financially strapped to get out from under their mortgage debt.

A short sale is negotiated through the mortgage holder of an owners home where by the mortgage holder agrees to take less than what home owner owes on the property.

An example of a short sale would be if a home owner owes $500,000 on their current mortgage and their home is only worth $450,000. The lender in this example would agree to take a short fall of $50,000 at closing. In many cases the mortgage holder may completely wipe out the debt and the home owner does not have to repay the 50k.

The home owner benefits in this situation because they get out of a sticky financial mess without going to foreclosure which can seriously damage your credit.

You may be thinking why would a mortgage holder want to allow a short sale? There are a number of reasons, most notably the cost involved for the lender going through a foreclosure proceeding. The mortgage holder when all is said and done can easily spend $40,000-$50,000 going through a foreclosure. This avenue can save the lender money they would otherwise lose. The average loss by a bank is about double when a foreclosure is done instead of a short sale.

Most lenders will work with a short sale option to avoid a costly foreclosure.

As a Realtor representing a seller in a short sale scenario there some issues you need to be aware of. See Ethics in a short sale for an explanation.

When selling your home and you know you are going to be faced with a short sale make sure you choose to work with a good Realtor who has some working knowledge of short sale procedures! A good Real Estate lawyer in your corner who has worked with short sales would also be an important consideration. There are also short sale negotiating companies that work directly with the banks as well. There is a lot that goes into the process of completing a short sale. Having professionals to work with is vital when you are going through a short sale.

If you would like to investigate the short sale process and live in the Metrowest Massachusetts area, I would welcome the opportunity to speak with you. I am well versed in the procedures and have been successfully completing short sale closings.

Loan Modification

 

Over the last year working as a Metrowest Massachusetts Realtor, unfortunately I have heard a number of stories about people who have lost their homes that did not realize they had any other options.

What you need to understand is that just because you missed a few mortgage payments does not mean that a bank is not going to want to work with you! There are times in people lives where they can come under financial stress, as mentioned previously.

Banks understand that sometimes a persons problems are not permanent and can turn around quickly. You have all the incentive to try to avoid the foreclosure process at all costs.

With a foreclosure on your record you will not be able to buy a property with conventional loan financing for five years. So if you or someone you know is potentially facing a foreclosure because of falling behind in mortgage payments don't just sit back and let it happen. Reach out to your lender and explain your situation right away and ask for their help.

The 1st thing a lender or bank will want to know is exactly where you stand financially at the moment and what you can afford. Let the mortgage company or bank know your exact situation. Speak to them about your desire to remain in the home and how you can work out a payment plan that will be mutually beneficial.

The bank is going to want to know what has caused you to become financially strapped. You can plan on being asked to put this in writing. This is known as a "hardship letter". In the letter you will be asked to explain the circumstances behind your missed payments and an understanding of why you believe you will be able to continue to make payments under the modified terms.

You will be asked to provide documentation to prove your case. Documents that the bank will ask for most likely will include pay stubs, bank and brokerage accounts, W-2's, income tax returns, and a list of your current expenses including things like insurance, utilities, taxes, food and other typical expenses.

The bank has the option to try to keep you in the home in a number of ways including an extension of the length of the mortgage, the interest rate, or a reduction in principal. It potentially could be some combination of all three. Remember the goal is to keep you in the home and the bank is working with you!

One other option that can help those home owners who are under water where the value of their home is less than the mortgage balance is the new bill put into law in October known as the Home Owner Recovery Act of 2008.(read a complete explanation here) This new bill will allow a qualified home owner with the lenders approval, to refinance their home at 90% of the homes newly appraised value. There is one caveat, however, to this new program. The home owner will be required to share in the future appreciation of the property with the government.

If you live in Massachusetts and need help with a Short Sale please visit Massachusetts Short Sale Realtor

Above all else remember there is help available!

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The above information on Foreclosure ~ Avoiding it Through a Short Sale or Loan Modification was provided by Bill Gassett, the team leader for the #4 RE/MAX Team in Massachusetts in 2007. Bill can be reached via email at billgassett@remaxexec.com or by phone at 508-435-5356. Bill has helped people move in and out of many Metrowest towns for the last 22+ Years. Bill's office is conveniently located in the center of Hopkinton MA at 77 Main Street.

I have a passion for Real Estate and love to share my marketing expertise! I would welcome the opportunity to earn your business.

For Metrowest Massachusetts Real Estate and homes see Metrowest Mass Real Estate. Want to have MLS access to beat other buyers to your dream home? Sign up with no obligation at my MLS Property Finder Site.

I service the following towns in Metrowest Massachusetts: Hopkinton, Milford, Upton, Southboro, Westboro, Ashland, Holliston, Mendon, Hopedale, Medway, Grafton, Northbridge, Uxbridge, Franklin, Douglas, and Framingham MA.

Click here to view Bill Gassett's Metrowest Real Estate profile

 

 

Subscribe in a reader

 

SUBSCRIBE TO MY METROWEST HOMES BLOG via email.

Building lasting relationships by helping people move in and out of Metrowest Massachusetts for the last 22 years.

There are many who have thought about selling their home but have not due to the decline in market values over the last few years. This is understandable UNLESS you are going to be buying another home under the same market conditions!

Sure market values have dipped quite a bit here in Metrowest Massachusetts. The value of homes in many towns has dropped by 20% or more since the peak in 2005. The $600,000 home you bought in 2005 may now have a value around $500,000. The point is if your are staying local it does not really matter. Why? Simple... you will be buying under the same market forces that you did while selling your home.

Here is a simple example. You bought your home for $600,000 and using a round figure of 20% it has dropped in value to $480,000. You have lost $120,000...ouch! Not really because if you are moving up in the market what used to be an $800,000 home is now worth $640,000.

If values had remained flat you would be going from a home valued at $600,000 up to a home worth $800,000. A difference of $200,000. In the present buyers market scenario the difference is $480,000 to $640,000 or a spread of $180,000. If you are moving up you saved yourself $20,000.

What if you are moving down? Lets turn the example around. You owned an $800,000 home that is now worth $640,000. It is too large for your needs and has become expensive to heat, maintain and pay taxes on. You desire something more manageable. Well guess what the house that you planned on buying three years ago for $600,000 is now only going to cost you $480,000. So what has happened is you have lost $40,000 in buying power. A 20% loss on 800k = $160,000. A 20% loss on $600,000 = $120,000. $160,000 - $120,000 = $40,000

So moving down isn't ideal but a loss of $40,000 is certainly much different than taking a paper loss of $160,000 especially if it is going to make your payments and cost to maintain the home much more reasonable.

When a client asks my advice this is the kind of information I ask them to look at when considering what is the best move for them. You would run this same kind of analysis if you were going to relocate to another area where the values of homes could be a lot different.

The X factor as of this writing is the historically low interest rates. This is a compelling reason to make a move now before they move up at some point.

If you come to the conclusion that selling your home is the right move there are three very important keys to success you need to pay attention to in a challenging Real Estate market.

 

Pricing your home properly                                                                                                                 

This is the single most important thing you can do to ensure you achieve your goal in a timely fashion. Your Realtor should be going over in detail the most recent comparable properties that have sold. The sales date becomes extremely important when the market is still in a downward slope. Pay close attention to when the sale took place. A home that sold even a few months ago may not sell for the same amount of money today.

It is always best to use the most recent sales. When none are available a good Real Estate agent should be able to factor in an appropriate price adjustment based upon the difference in time when the comparable property sold.

Be careful to be realistic when you are looking at the data. Sellers are notorious for viewing their homes differently because of emotional attachment. Look at your home through the eyes of a buyer.

The fact that you used heavy duty nails on the deck you built is not going to bring you $5000 more than the neighbors similar home down the Street.

 

Picking a good Realtor                                                                                                                      

 

When the market was booming and all you had to do was put a sign in the yard and add the home to MLS, picking a good Realtor was less critical. Not so in today's Real Estate environment where there are far few buyers in the market.

One of the critical components to picking a Realtor should be their ability to create a wide net to attract buyers. Over 85% of all buyers today find their home from an online search. You want an agent that can give you a dominant online presence. Your home should be displayed on all the sites that garner the highest amount of Real Estate traffic.

Some of the better Realtors will be using blogging and video as a means of creating interest. Search engines love blogs because they are not "static". A blog can be updated with fresh content daily if desired. Video not only enhances the presentation of your home but it can usually be found very easily online.

You should be looking for a Realtor that not only has a website but one that can be found in the search engines for terms specific to Real Estate in your market.

A good method of checking on the agents marketing skills is to "Google" their name. There should be pages and pages of results with an agent that knows how to market your home well online. If you don't see much I would really start to question the agents ability to attract the most buyers.

The premise is this: If an agent does not know how to market themselves how could you possibly expect them to do a good job marketing your home?

Marketing of course is very important but you should also look at the agents track record. References, market share, and an agents list price to sale price ratio are all worth consideration. Here are some excellent questions to ask Realtors you are interviewing.

Be careful of the agent who tries to "buy" your listing with an over inflated list price. What you will be stuck with is a Realtor with poor skills and a home that doesn't have a prayer of selling. This is why the agents list price to sale price ratio becomes important. It should also be pointed out that the ratio should be from the original list price.

 

Make your home presentable

 

Is staging your home with a staging company a must? I do not believe it is. Does it help you sell your home in a timely fashion? Absolutely! At the very minimum you should make sure your home is presentable. It should be neat and tidy. Having a clean and organized home that is visually appealing is important. There should be no ungodly smells present.

Getting rid of clutter and organizing closets are usually activities that will help generate a sale. Curb appeal is also important. Your yard and landscaping should be well maintained. Walk ways should be kept clear and your entry way should be spotless. 1st impressions go a long way in selling a home.

These are the basics. A professional staging company can really make your home stand out in a good way.

 

In the article top ten mistakes to avoid when selling your Massachusetts home there are seven other pitfalls to watch out for as well. Also never settle for Realtors that like to push Real Estate gimmicks like saying they will sell your home in 70 days or buy it themselves. See sold in 70 days.

_____________________________________________________________________________________________________

The above information on selling your home in a buyers market was provided by Bill Gassett, the team leader for the #4 RE/MAX Team in Massachusetts in 2007. Bill can be reached via email at billgassett@remaxexec.com or by phone at 508-435-5356. Bill has helped people move in and out of many Metrowest towns for the last 22+ Years. Bill's office is conveniently located in the center of Hopkinton MA at 77 Main Street.

I have a passion for Real Estate and love to share my marketing expertise! I would welcome the opportunity to earn your business.

For Metrowest Massachusetts Real Estate and homes see Metrowest Mass Real Estate. Want to have MLS access to beat other buyers to your dream home? Sign up with no obligation at my MLS Property Finder Site.

I service the following towns in Metrowest Massachusetts: Hopkinton, Milford, Upton, Southboro, Westboro, Ashland, Holliston, Mendon, Hopedale, Medway, Grafton, Northbridge, Uxbridge, Franklin, Douglas, and Framingham MA.

Click here to view Bill Gassett's Real Estate profile.

 

 

 

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SUBSCRIBE TO MY METROWEST HOMES BLOG via email.

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                                 Northbridge Massachusetts Real Estate Market Report for November 2008

 

 

 

 

 

 

 

 

 

 

In November of 2008 there was 5 homes that closed within the month for Northbridge Massachusetts. This is an decrease of 1 units as there were 6 homes that closed in November of 2007.

The Average list price for the homes that closed in Northbridge for November of 2007 was $333,063

The Average list price for the homes that closed in Northbridge for November of 2008 was $469,715

The Average sale price for the homes that closed in Northbridge for November of 2007 was $317,500

The Average sale price for the homes that closed in Northbridge for November of 2008 was $437,600

The Average Market time for the homes that closed in Northbridge in November of 2007 was 165 days.

The Average Market time for the homes that closed in Northbridge November of 2008 was 166 days.

 

9 homes went under agreement in Northbridge Masssachusetts in the month of November. The average list price of the homes that went under agreement was $297,644. The average time on the market for these Northbridge MA homes was 142 days.

 

                                    January - November Market Statistics for Northbridge Massachusetts

In Northbridge MA for the period of January to November of 2007 there were 113 properties sold.

In Northbridge MA for the period of January to November 2008 there were 88 properties sold.

In Northbridge MA for the period of January to November in 2007 the average list price was $362,279 the average sale price was $351,043 and the average market time was 165 days.

In Northbridge MA for the period of January to November in 2008 the average list price was $327,310 the average sale price was $316,496 and the average time on the market was 185 days.

** The above statistics are for single family homes only and do not include condo's or Multi-family homes in Northbridge Massachusetts.

In comparing year over year longer term data for Northbridge MA, the average list price and sale price both went down year over year from January to November. This can be attributed to the on going weakness in the real estate market. The average days on the market for the same period in Northbridge MA is also higher . The number of homes sold in the January to November time period is down substantially from the previous year.

These statistics are similar to many of the towns in Metrowest MA. Most of the surrounding towns experienced a decrease in the average list price and sale price as well as the number of homes sold for the January to September time frame. 

 

Selling a home in Northbridge Massachusetts or other Metrowest town is heavily dependant on pricing your home properly and picking an agent that will create an "online market presence" for your home. As a home seller, you need to be aware that the market in Northbridge and many other Metrowest communities has changed over the last three and a half years. We are no longer in a seller's market. When selling a home in Northbridge Massachusetts, it pays to have a pro in your corner representing you.

 When selling a home in Northbridge MA, it pays to have a pro in your corner representing you. Here are some excellent questions  to ask when interviewing your agent, that will help you determine if you are hiring a top producer or not!

** 85% of all buyers are finding their homes on the Internet. See this must read article on where I advertise on-line. Metrowest MA Homes ~ How to effectively market to the masses on-line. **

 

Markets reports for Hopkinton 

Market reports for Holliston 

Market Reports for Mendon

Market reports for Hopedale

Market reports for Milford 

Market reports for Southboro 

Market reports for Upton 

Market reports for Ashland 

Market Reports for Westboro

_________________________________________________________________________________________________________

The above Northbridge Massachusetts Real Estate Market report was provided by Bill Gassett, the team leader for the #4 RE/MAX Team in Massachusetts in 2007. Bill can be reached via email at billgassett@remaxexec.com or by phone at 508-435-5356. Bill has helped people move in and out of Northbridge MA and other Metrowest towns for the last 22+ Years. Bill's office is conveniently located in the center of Hopkinton MA at 77 Main Street. RE/MAX Executive Realty also has offices in Upton, and Grafton to service home sales in Northbridge MA.

 I have a passion for Real Estate and love to share my marketing expertise! I would welcome the opportunity to earn your business.

For Massachusetts and Northbridge MA Real Estate and homes see Northbridge MA Real Estate Want to have MLS access to beat other buyers to your dream home? Sign up with no obligation at my MLS Property Finder Site.

I service the following towns in Metrowest MA: Hopkinton, Milford, Upton, Southboro, Westboro, Ashland, Holliston, Mendon, Hopedale, Medway, Grafton, Northbridge, Uxbridge, Douglas, and Framingham MA.

Click here to view Bill Gassett's Real Estate profile.

 

 

 

Subscribe in a reader 

 

SUBSCRIBE TO MY METROWEST HOMES BLOG via email.  

Building lasting relationships by helping people move in and out of Metrowest Massachusetts for the last 22 years.

                                        Mendon Massachusetts Real Estate Market Report for November 2008 

 

 

 

 

 

 

 

 

 

In November of 2008 there were 3 homes that closed within the month for Mendon Massachusetts. This is an increase of 1 units as there were 2 homes that closed in November of 2007.

The Average list price for the homes that closed in Mendon for November of 2007 was $399,450

The Average list price for the homes that closed in Mendon for November of 2008 was $476,333

The Average sale price for the homes that closed in Mendon for November of 2007 was $382,000

The Average sale price for the homes that closed in Mendon for November of 2008 was $471,667

The Average Market time for the homes that closed in Mendon in November of 2007 was 171 days.

The Average Market time for the homes that closed in Mendon November of 2008 was 112 days.

 

2 homes went under agreement in Mendon Massachusetts in the month of November. The average list price of the homes that went under agreement was $299,900. The average time on the market was 149 days.

                                January - November Market Statistics for Mendon Massachusetts

In Mendon MA for the period of January to November of 2007 there were 39 properties sold.

In Mendon MA for the period of January to November 2008 there were 34 properties sold.

In Mendon MA for the period of January to November in 2007 the average list price was $486,148 the average sale price was $469,187 and the average market time was 154 days.

In Mendon MA for the period of January to November in 2008 the average list price was $432,274 the average sale price was $420,241 and the average time on the market was 219 days.

** The above statistics are for single family homes only and do not include condo's or Multi-family homes in Mendon MA.

In comparing year over year longer term data for Mendon Massachusetts through November there have been a similiar amount of homes sold as the previous year. The average sale price decreased and the average days on the market increased year over year in Mendon.

These statistics are similar to many of the towns in Metrowest MA and represent the on going weakness in the market as compared to previous years.                                   

** The above statistics are for single family homes only and do not include condo's or Multi-family homes in Mendon Massachusetts.

 When selling a home in Mendon Massachusetts, it pays to have a pro in your corner representing you. Here are some excellent questions  to ask when interviewing your agent, that will help you determine if you are hiring a top producer or not!

** 85% of all buyers are finding their homes on the Internet. See this must read article on where I advertise on-line. Metrowest MA Homes ~ How to effectively market to the masses on-line. **

 

Click here for previous months Real Estate Market reports for Mendon MA

 

Markets report for Hopkinton 

Market reports for Holliston 

Market reports for Milford 

Market reports for Southboro 

Market reports for Upton 

Market reports for Ashland 

Market reports for Hopedale

_________________________________________________________________________________________________________

The above Mendon Massachusetts Real Estate Market report was provided by Bill Gassett, the team leader for the #4 RE/MAX Team in Massachusetts in 2007. Bill can be reached via email at billgassett@remaxexec.com or by phone at 508-435-5356. Bill has helped people move in and out of Mendon MA and other Metrowest towns for the last 22+ Years. Bill's office is conveniently located in the center of Hopkinton MA at 77 Main Street. RE/MAX Executive Realty also has offices in Upton, Holliston, and Grafton to service home sales in Mendon MA.

I have a passion for Real Estate and love to share my marketing expertise! I would welcome the opportunity to earn your business.

For Massachusetts and Mendon MA Real Estate and homes see Mendon Real Estate Want to have MLS access to beat other buyers to your dream home? Sign up with no obligation at my MLS Property Finder Site.

I service the following towns in Metrowest MA: Hopkinton, Milford, Upton, Southboro, Westboro, Ashland, Holliston, Mendon, Hopedale, Medway, Grafton, Northbridge, Uxbridge, Douglas, and Framingham MA.

Click here to view Bill Gassett's Real Estate profile.

 

 

 

        Subscribe in a reader 

 

SUBSCRIBE TO MY METROWEST HOMES BLOG via email.

Building lasting relationships by helping people move in and out of Metrowest Massachusetts for the last 22 years.

                                         Hopedale Massachusetts Real Estate Market Report November 2008

 

 

 

 

 

 

 

 

 

In November of 2008 there was 3 homes that closed within the month for Hopedale Massachusetts. This is a decrease of units 2, as there were 5 homes that closed in November of 2007.

The Average list price for the homes that closed in Hopedale for November of 2007 was $361,140

The Average list price for the homes that closed in Hopedale for November of 2008 was $281,567

The Average sale price for the homes that closed in Hopedale for November of 2007 was $326,400

The Average sale price for the homes that closed in Hopedale for November of 2008 was $278,267

The Average Market time for the homes that closed in Hopedale in November of 2007 was 137 days.

The Average Market time for the homes that closed in Hopedale November of 2008 was 84 days.

 

1 homes went under agreement in Hopedale Massachusetts in the month of November. The average list price of the homes that went under agreement was $314,900. The average time on the market for these Hopedale homes was 152 days.

                                    January - November Market Statistics for Hopedale Massachusetts

In Hopedale MA for the period of January to November of 2007 there were 41 properties sold.

In Hopedale MA for the period of January to November 2008 there were 31 properties sold.

In Hopedale MA for the period of January to November in 2007 the average list price was $406,357 the average sale price was $388,514, and the average market time was 145 days.

In Hopedale MA for the period of January to November in 2008 the average list price was $335,886 the average sale price was $322,474 and the average time on the market was 169 days.

** The above statistics are for single family homes only and do not include condo's or Multi-family homes in Hopedale MA.

In comparing year over year longer term data for Hopedale MA, the average list price and sale price both went down over year from January to November. There was also an increase in the days on the market for the same period in Hopedale Massachusetts.

 

Selling a home in Hopedale Massachusetts or other Metrowest town is heavily dependant on pricing your home properly and picking an agent that will create an "online market presence" for your home. As a home seller, you need to be aware that the market in Hopedale and many other Metrowest communities has changed over the last three and a half years. We are no longer in a seller's market. When selling a home in Hopedale Massachusetts, it pays to have a pro in your corner representing you.

When selling a home in Hopedale MA, it pays to have a pro in your corner representing you. Here are some excellent questions  to ask when interviewing your agent, that will help you determine if you are hiring a pro or not.

** 85% of all buyers are finding their homes on the Internet. See this must read article on where I advertise on-line. Metrowest MA Homes ~ How to effectively market to the masses on-line. **

 

Markets reports for Hopkinton 

Market reports for Holliston 

Market Reports for Mendon

Market reports for Milford 

Market reports for Southboro 

Market reports for Upton 

Market reports for Ashland 

Market Reports for Westboro

__________________________________________________________________________________________________ 

The above Hopedale Real Estate market report was provided by Bill Gassett, the team leader for the #4 RE/MAX Team in Massachusetts in 2007. Bill can be reached via email at billgassett@remaxexec.com or by phone at 508-435-5356. Bill has helped people move in and out of Hopedale MA and other Metrowest towns for the last 22+ Years. Bill's office is conveniently located in the center of Hopkinton MA at 77 Main Street. RE/MAX Executive Realty also has offices in Holliston and Grafton to service home sales in Hopedale MA.

 I have a passion for Real Estate and love to share my marketing expertise! I would welcome the opportunity to earn your business.

For Massachusetts and Hopedale MA Real Estate and homes see Hopedale Real Estate Want to have MLS access to beat other buyers to your dream home? Sign up with no obligation at my MLS Property Finder Site.

I service the following towns in Metrowest MA: Hopkinton, Milford, Upton, Southboro, Westboro, Ashland, Holliston, Mendon, Hopedale, Medway, Grafton, Northbridge, Uxbridge, Douglas, and Framingham MA.

Click here to view Bill Gassett's Real Estate profile.

 

 

 

Subscribe in a reader

 

SUBSCRIBE TO MY METROWEST HOMES BLOG via email.

Building lasting relationships by helping people move in and out of Metrowest Massachusetts for the last 22 years.