Real Estate Information

What if 5% down became mandatory to purchase a Franklin, MA home?  The FHA presently only requires 3.5% to be able to buy but there is discussion of raising the required deposit to 5%.

There was a time when a metro west of Boston/Franklin MA area Realtor would rarely see buyers who were only putting down 3.5% through an FHA loan.   As the economy has changed and buyers have less saved, the FHA program has become the norm over the past few years--especially for first time buyers.

The National Association of REALTORS® also opposes the proposal to raise the mandatory down payment for an FHA loan. "The FHA remains financially strong because it has taken steps to ensure solid underwriting standards and responsible lending practices," said Charles McMillan, NAR immediate past president, in testimony before the House Subcommittee on Housing and Community Opportunity.

“As the leading advocate for housing issues, NAR believes that one of the best ways Congress can help strengthen FHA is to quickly consider and pass legislation that would make current loan limits permanent,” McMillan said.

McMillan went on to say that FHA was able to fill the gap for those who could not otherwise obtain a traditional loan. He cited statistics that FHA insured almost 30 percent of single-family mortgages in 2009 and more than 50 percent of first-time buyer loans.

Regarding my own business, I know that two families I have helped so far this year would not have been able to purchase their homes if 5% down were mandated!

After showing my buyers a number of homes in the metro west of Boston area last week, they commented on the differences between the four homes we had seen.  What they said was very interesting for sure.  They noticed that the homes with fresh paint and minimal furnishings stood out above the others--even when the other homes were newer!

Since there are many homeowners thinking about getting their home on the market now it seems very timely to mention how small changes, while rather inexpensive, can make a huge difference in achieving both a faster sale and a higher sales price.

Luke Mullins, of U.S. News, recommends that sellers pay for a pre-listing home inspection.  This way the seller is armed with information to make any major repairs up front without surprises later from prospective buyers.  If a chimney needs some mortar or the roof is missing a shingle, a homeowner can take care of things for relatively low cost compared to what the buyer could request otherwise.  Many stagers and Realtors mention that fresh interior paint as well as fresh paint at the front door can make a difference between a buyer choosing one home over another despite similar pricing.

Curb appeal is the desirability of a home as a buyer drives past and this is key in a competitive selling environment.  Newly washed windows inside and out as well as trimmed bushes all contribute to that initial first impression of a home.  Some homeowners pay for these services but others are able to do them on a free weekend. 

Some homeowners have been able to enhance an otherwise somewhat dated kitchen by simply adding a new stainless steel stove.  As unlikely as it sounds, I have personally witnessed many a buyer overlook 15 year old cabinets when a new stove had been installed.

If you are trying to get your home ready for a sale and need help sorting through what to do, give me a call at 508-369-5131 or email franklinmahomes@comcast.net.  I'd be happy to share my expertise and get you on the right track!

I have attempted to show some of the more outstanding Franklin, MA properties that are currently on the market through these Best Buy lists.  These homes may or may not be my listings, rather they are, in my opinion only, the best value for the money...

 This beautifully renovated Cape is located in a highly desirable neighborhood.  Recent upgrades include cherry cabinets, granite countertops, renovated bathrooms, replacement windows, new furnace, new cedar siding and large mahogany deck.  Partially finished basement.  Asking price is $369,000.

This beautifully maintained Colonial is also located in another desirable Franklin neighborhood and is within walking distance to both elementary and middle school.  It features newer maple cabinets and stainless steel appliances, front to back fireplaced living room with hardwood floors, an attached cathedral ceiling family room and 4 spacious bedrooms.  Partially finished basement offers a playroom/office and second full bath.  Updates include new furnace and new bath.  Asking price is $399,900.

If you would like to view these or other metro west of Boston homes, please email me at franklinmahomes@comcast.net or give a call at 508-369-5131.

The Franklin Cultural Council is part of a network of 329 Local Cultural Councils serving all 351 cities and towns in the Commonwealth.  According to the Massachusetts' website, the local Cultural Council Program is the largest grassroots cultural funding network in the nation, supporting thousands of community-based projects in the arts, sciences and humanities every year.  The state legislature provides an annual appropriation to the Massachusetts Cultural Council, a state agency, which then allocates funds to each community.

The Franklin Cultural Council (FCC) recently reviewed proposals from various artists, schools and musicians offering programs in support of the arts, humanities, and interpretive science projects for the benefit of the Franklin community.  They just announced their grants totaling $9,020 were awarded to 24 projects that best provided a public benefit to Franklin residents including Concerts on the Common, Franklin 4^th of July Celebration, Symphonic Concert Band, Music for Young Children and many more.  Various awards fund the Franklin Schools through the PASS Program, which provides subsidies for school-age children to attend cultural field trips. The Town of Franklin continues to support enriching our community through the arts and generously contributed $2,000 to fund diverse projects. For a complete list of grants funded this year, please visit http://franklinma.virtualtownhall.net/Pages/FranklinMA_BComm/cultural.

For the first time, the Franklin Cultural Council will be to hosting a reception in honor of its 2010 grant award recipients at The Franklin Country Club on Sunday April 11^th from 2-4pm.  Light refreshments will be provided.  The Council explains that this is an opportunity for the 2010 recipients to get together, share their experiences and meet their fellow artists.  Franklin Town Administrator, Jeff Nutting, State Representative, Jim Vallee, and Massachusetts Cultural Council Program Coordinator, Tara Ahmed will be in attendance to welcome guests.

This weekend the Franklin, MA and Boston area saw record high temperatures for March.  We can easily get excited over upper 40 and 50 degree temps after coming off of a long cold winter!  My west coast daughter would mock me on this since her blood has thinned.

I was so eager to get out for my first run of the season and hoped that my real estate schedule for the weekend would allow it. I eventually was able to schedule a block of time to get out Saturday morning.  It is always a fantastic feeling to lace up the running shoes, get the Ipod set and head out for the first run.  Non-runners I know have trouble understanding this concept.  I equate it to the first days of warm weather when as a teenager you'd drive off from school in your first car with the music blaring and the windows down.  I know... these sound like simple pleasures but in a busy, stressful world we all need something to call our own that can hopefully be relaxing.

Did I mention how achy I was for the next 24 hours, but I sure was relaxed...

Barry Habib, Chairman of Mortgage Success Source, says no matter which economists you consult, they all agree that mortgage rates are certain to rise throughout the remainder of 2010.  On one extreme, David Greenlaw, chief fixed-income economist of Morgan Stanley, expects that rates could climb by more than two points before year end. On the other hand, CNBC has recently paraded people before the camera with the opinion that rates may remain closely unchanged.  Mr. Habib holds fast to his original assertion though that home loan rates are set to rise. "Interest rates for a 30 Year Fixed Rate could rise to 6% by year end and consumers need to be prepared for that."

For prospective home buyers, any increase in interest rates reduces your purchasing power. In other words, a 1% increase in rate represents an approximate decline in purchasing power by 10%. For example, if rates increase by 1%, people who qualify for a $200,000 purchase price today may only qualify for a purchase price of $180,000 afterwards.  For those who qualify for the tax credit for first-time and repeat home buyers, another deadline also exists. The last day to obtain a contract to qualify is April 30th and closing must occur by the end of June. Miss either deadline and  it could cost you up to $6,500 or $8,000, depending on eligibility.

No matter which way you look at it, waiting could cost you.  Mortgage rates are still near the best levels we have ever seen. If you are in the position to move forward with obtaining a mortgage, the best decision would be to act sooner rather than later.

If you need help getting ready to purchase your first home, give me a call now so you don't miss out on possibly $8000 of tax credit funds.  You can reach me at 508-369-5131 or franklinmahomes@comcast.net.

Did you know the best chance for selling your Franklin, MA property is within the first seven weeks?

It's true.

Studies show that the longer a property stays on the market, the less the seller will net upon the sale. It is very important to price your property at a competitive market value at the signing of your listing contract. The market is so competitive that even over-pricing by a few thousand dollars could mean that your house will not sell.

An Overpriced Home:
· Minimizes offers
· Lowers agents response
· Limits qualified buyers
· Lowers showings
· Lowers prospects
· Limits financing
· Wastes advertising dollars
· Nets less for the seller

When you are ready, contact me today for a personal market value analysis of your home. No hassles or obligation - just honest advice on how to get top dollar for your home!

I have attempted to show some of the more outstanding Franklin, MA properties that are currently on the market through these Best Buy lists.  These homes may or may not be my listings, rather they are, in my opinion only, the best choices for the money...

Here is this week's home...

This lovely 10 room, 4 bedroom, 2.5 bath Contemporary home is located on a 3/4 acre in a very desirable neighborhood in Franklin, MA. 

It offers a spacious 2054 living area and many updates have been done.  Among the many reasons why this is a BEST BUY is that it is in very good condition, it is located in a walk-to-school location and the asking price is $399,900.

If you would like to view this or other metro west of Boston homes, please email me at franklinmahomes@comcast.net or give a call at 508-369-5131.

If you are trying to determine what your home would sell for in today's changing real estate market, give me a call and I can help--without any obligation...

As a Franklin, MA Realtor I see damp or wet basment issues on a regular basis.  I have learned from hundreds of home inspections and my own research that many of these problems are preventable.  Most commonly it appears that grading issues are a main cause of wet basements.  Although some basement issues can be extremely costly, many are actually quite affordable.  This article from National Grid gives some great tips and solutions for dealing with this frustrating problem. 

Excessive moisture in basements can cause mold and mildew, poor indoor air quality, and even structural damage. The following measures will help you keep your lower level dry and comfortable, improve your overall indoor environment, and save money on unnecessary repair costs.

Outside

The most common source of excess moisture in basements is water leaking in from the outside. If you have water in your basement after a rain-or in the spring and fall-the first place to look is the area around your house. 

• Check the landscaping around your house. If the ground slopes inward toward your house, a pool of water can form where it can sink into the ground and enter through the foundation. If you spot a problem, add to or rearrange the dirt around your foundation so that it slopes away at an angle of one inch per foot. In some situations, the foundation may need to be sealed from outside or repaired. In these cases, contact a qualified contractor.
• Avoid using mulch around your foundation, as it holds water. Plant grass or ground cover near the house where it will draw water out of the soil.  Gravel or rocks around your house can also help to deflect moisture.
• Check gutters for leaks and make sure that they are cleaned regularly to avoid overspill. A leaky gutter can cause water to pool around your foundation in a heavy rain. If you spot a leak, have it repaired immediately. If you have older gutters, consider replacing them. Make sure that the downspouts direct water safely away from the house, at least five or six feet.
• Clean, tight-fitting metal window wells that are covered with gravel can help to seal out moisture. Clean out window wells that are covered with leaves and repair or replace damaged or loose-fitting window wells.

Inside

If the moisture in your basement is unrelated to the weather or seasonal changes, then the problem is likely due to an interior leak or condensation from excess moisture in the air.

• Check plumbing pipes and make sure that there are no leaks from the bathroom or kitchen up above. Have any leaks repaired immediately. Also consider insulating pipes, as cold water pipes may develop condensation on the surface.
• If you see condensation on the walls of your basement, consider covering them with a quality water-resistant paint.
• Avoid using your basement to dry clothes, as this can contribute to the humidity and moisture in the surrounding area. Use your clothes dryer or dry clothing outside when weather permits.
• Make sure that basement appliances, such as your clothes dryer, are properly vented.
• If you have a bathroom in your basement, install an exhaust fan to remove moisture and ensure that the area is properly vented.
• Use a dehumidifier. A dehumidifier is a useful tool for removing excess moisture in a basement area. Depending on the size and layout of your basement, you may need more than one unit.

If you need help getting ready to sell your home this spring, give me a call and we can review which small changes can get you the most from your sale.

Statistics show that the best opportunity to sell your Franklin home is often within the first few weeks of putting it on the market. This can be good news, or bad, depending on your motivation. Some homes sell right away, while others sit on the market for months without a single offer.

To maximize your selling opportunity, it is important that your home be priced right. What is the right price? Many factors will determine your home's best asking price. Our current real estate market has a lot to do with it. Using sound judgment, research, and experience, a good agent can help you determine the right price for your home. She/he will help you evaluate your location, the recent sold data, current market trends, and your home's special features that set it apart from the competition.

"What's wrong with pricing my home a little high?" Price your home too high and most buyers won't even bother looking at it. Over priced homes tend to sell the competition first. This scares away many qualified buyers simply because they can go elsewhere and get more house for the money. As the house sits on the market, people will shy away from it thinking there must be something wrong with the home.

Should I under-price my home? Price it too low and you could lose thousands of dollars. There are times when you will attract multiple bidders making multiple offers, but this is only recommended when you need a faster-than-average sale.

In most circumstances, pricing your home correctly from the very beginning will net you the best results in both time and money. To find out your home's perfect selling price, contact me for a No Obligation Market Analysis. I will take the guesswork out the entire process and suggest an accurate market price for your home. It has never been easier!