Boston Real Estate Appraisal

Foreclosure activity rose 5 percent in October from the previous month and was 25 percent higher than October 2007, according to the latest report from RealtyTrac, an online marketer of foreclosure properties. Foreclosure filings — which include default notices, auction sale notices and bank repossessions — were reported on 279,561 properties for the month, or one in every 452 housing units in the U.S.
October marks the 34th consecutive month where foreclosure activity has increased compared to the prior year. Nevada, Arizona and Florida posted the highest foreclosure rates in October.
James J. Saccacio, chief executive officer of RealtyTrac, says recent legislation aimed at stemming the tide of foreclosures has helped in some states, but it may not be enough. “While the intention behind this legislation — to prevent more foreclosures — is admirable, without a more integrated approach that includes significant loan modifications, the net effect may be merely delaying inevitable […]
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Tags: Real Estate News, Boston Real Estate, Real Estate Trends and Statistics by bomber
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I came across a good post today on bostonrealestateblog.bushari.com.

According to the National Association of Realtors, pending home sales surged recently as buyers took advantage of affordable home prices and lower interest rates. The Pending Home Sales Index 1, a well respected indicator based on contracts signed during a certain period of time, jumped 7.4 percent in August to 93.4. The index showed the highest level since June 2007 when it was 101.4. The highest jump in pending contracts was seen in California, Nevada, Arizona, Florida, Rhode Island and Washington, D.C.
 It looks like interest rates are beginning to creep skyward again which should give those buyers playing the fence an extra incentive to put their dream home under contract sooner rather than later.
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This morning I saw a pretty good post.

Most of you know that the mortgage industry has hit some, well, bumps since last summer. Multiple lenders have filed for bankruptcy, eligibility requirements became near impossible and loan fees rose to cover losses. There is some good news though. The federal takeover of Freddie Mac and Fannie Mae by the U.S. goverment prompted an immediate drop in mortgage rates. In fact, 30-year loans are now well below 6 percent. Also, federal legislation has expanded the availablility of home loans, specifically by increasing the jumbo-loan mark. That said, if you have found the perfect piece of Boston Real Estate, be prepared for the stringent application process. Have your W-2’s or 1099’s ready, as well as pay stubs and tax returns, HR phone numbers and even investment account information.
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Tags: Real Estate News, Boston Real Estate, Boston Lifestyle, Boston Condos, Real Estate Trends and Statistics by bomber
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When it comes to searching for a home online, women and men take very different approaches. According to a new survey by Obeo, a provider of online residential real estate marketing products, women spend more time searching online, view more homes, and prefer features such as photos and 360-degree tours to help them in their search. The findings:
• 41 percent of women and 25 percent of men began their home search online;
• Men were more likely to contact a real estate agent (28.5 percent) to initiate their home search than go online (25 percent).
• 52.6 percent of women and 45 percent of men searched 21 or more homes online.
• When purchasing a home, price was the most important factor to consider for both women and men, but 13.2 percent of men said their first priority was the size of the home, compared to only 4.4 percent of women; and
• 94 percent of women […]
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Tags: Real Estate News, Real Estate Trends and Statistics by bomber
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Existing-home sales, including single-family, townhomes, condominiums and co-ops, increased 3.1 percent in July to a seasonally adjusted rate of 5.00 million units from June but were 13.2 percent lower than the 5.76 million units estimated in July 2007, NAR reported this morning. The sales increase was the highest in five months, although sales have hovered in a narrow range over the past 11 months.
The national median sale price of existing homes was $212,400 in July, down 7.1 percent compared to a year ago when the median was $228,600. Housing supply rose 3.9 percent to 4.67 million existing homes available for sale at the end of July, which represents an 11.2-month supply at the current sales pace. NAR says the increase in supply may be due to an increase in condo inventory while the supply of single-family homes declined.
Three of the four regions saw improvement. Existing-home sales climbed 9.7 percent in […]
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Tags: Real Estate News, Real Estate Trends and Statistics by bomber
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This morning I saw a pretty good post.
The first bit is quoted here:

REALTORS® in the U.S. are working with a significant number of international buyers, according to the 2008 NAR Profile of International Home Buying Activity. The study finds that from May 2007 to May 2008, approximately 150,000 to 190,000 homes were sold to foreign buyers. Every state, including the District of Columbia, attracted foreign buyers, with Florida, California and Texas ranking as most popular. The top six countries of origin for buyers were Canada, the United Kingdom, Mexico, China, India and Germany.
International clients typically bought single-family vacation homes costing $297,400; however, 14 percent of properties sold to non-U.S. citizens cost upwards of $750,000. The report concludes that favorable foreign exchange rates have helped make U.S. real estate more affordable for international buyers, 40 percent of whom paid for their properties in U.S. cash.
“Many international buyers recognize that real estate is an excellent investment and are drawn today by abundant inventory, low […]
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Tags: Real Estate News, Boston Real Estate, Boston Condos, Real Estate Trends and Statistics by bomber
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Many suburban buyers think Boston’s price-per-square foot ratios are outrageous. However, snug city-dwellers look at spralling suburbanites as gas-guzzeling time-wasters. Bostonians would rather spend their cash on swanky South End restaurants than burn it on fuel for a 30 minute commute. Smaller digs also cost less to heat and maintain than their McMansion counterparts. As gas prices continue to rise, many home buyers are now considering gas and oil costs in their monthly payment along with the usual suspects of mortgage, insurance and association fees. Although the price-per-square-foot of Boston real estate may be signifianctly higher than out in the ‘burbs, the actually cost of living may not be. When considering your next home, review commuting, heating and cooling costs to help you get a better idea of your actual monthly bill. For help breaking down the cost of a Boston condo or loft, give us a call.
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Tags: Boston Real Estate, Boston Lifestyle, Boston Condos, Real Estate Trends and Statistics by bomber
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Metropolitan areas that experienced rapid home price appreciation during the housing boom are at a higher risk of continuing price declines over the next two years than cities that had more modest increases, according to a study by PMI Mortgage Insurance Co. The Summer 2008 U.S. Market Risk Index ranks the nation’s 50 largest metro statistical areas based on the likelihood that home prices will be lower in the next couple of years using data from the Office of Federal Housing Enterprise Oversight.
The risk of falling home prices declined in 35 of the 50 largest MSAs and 326 of all 381 MSAs surveyed. Riverside-San Bernadino-Ontario, Calif., had the highest risk of future price declines, followed by Fort Lauderdale and Palm Beach, Fla., while Fort Worth-Arlington and Dallas-Plano-Irving, in Texas, and Pittsburgh, Pa., all had the lowest risk at less than 1 percent.
Boston was ranked with 11.8% risk of price decline […]
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As energy costs soar, more homeowners are looking for money-saving solutions from remodeling contractors. According to NAHB’s quarterly Remodeling Market Index, 33 percent of the contractors surveyed said they are receiving more requests to improve the energy efficiency of clients’ homes.
The study finds that the most common energy-efficient products installed by contractors include:
Windows with better insulation - 73 percent;
Insulation upgrades – 65 percent
Insulated exterior doors – 52 percent
High-efficiency HVAC systems – 56 percent
High-efficiency kitchen appliances – 47 percent
Water-saving faucets and fixtures – 46 percent
Tankless water heaters – 35 percent
This report supports the latest trend in the Boston Real Estate market: “green” buildings, LEED certified new constructions, etc… Monthly payment is the most important factor for buyers.
Read more about the first “green” residential building in Boston: The MacAllen Building
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I saw a good post this morning.

Many homebuyers are showing an increased interest in urban living sparked by the high cost of gasoline, according to a new Coldwell Banker survey. Nearly all (96 percent) of the 903 sales associates surveyed said their clients are concerned about rising gas and oil prices, and 78 percent said fuel costs have rekindled an interest in city living, especially in downtown areas.
Concerns about long commute times and other transportation worries are helping drive this trend, the study finds.
- 81 percent said clients wanted to reduce their work commute
- 75 percent said clients wanted to be able to walk to more places
- 54 percent said clients wanted better access to public transportation
The associates surveyed also reported that 84 percent of clients expressed an interest in properties with a home office, and 64 percent said their clients look for “green” amenities to save on HVAC and electricity expenses.
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