Wow! What is happening?
It is amazing. When we had the early spring (or never winter) market I just thought it had to do with the weather but now… Here we are it is May 1st and things are showing no sign of slowing down!
In the last month 41 homes went under agreement in Beverly alone! There are multiple offers on numerous properties and realtors are running around ragged.
What happened?
Is it the rates? – National average is below 4%
Is it the lack of inventory? – There are only 43 homes between $300-400 in Beverly right now and 14 of those already have accepted offers.
Expert confidence? – Look at these quotes recently posted on the KCM blog
Jamie Dimon, JPMorgan Chase CEO
“I believe we’re very close to the inflection point. People look at prices that are still coming down but all the other signs are flashing green… You could come up with a pretty bullish case (for housing).“
Frank Nothaft, Freddie Mac chief economist
“Even the housing market is showing some signs of shaking off the depression-like conditions that have plagued it for much of the past few years.”
“Stabilization in U.S. housing fundamentals is creating an attractive investment opportunity. Many of the ingredients are in place for continued improvement in housing.”
Lawrence Yun, NAR chief economist
“If activity is sustained near present levels, existing-home sales will see their best performance in five years. Based on all of the factors in the current market, that’s what we’re expecting with sales rising 7 to 10 percent in 2012.”
Well, I am not sure why but …. got to run going to sign a new listing.
Real Estate Market Getting More Competitive « CBS Boston
6 Don’ts After You Apply For A Mortgage
This is a fabulous reminder. The mortgage industry is so tricky these days – much easier to know what to avoid ahead of time. Something as simple as depositing a big chunk of birthday money could cause a red flag . Don’t we all get big chunks of birthday money 
Read on…
6 Don’ts After You Apply For A Mortgage
Notice a Trend?
Today there are 802 homes for sale in Beverly, Salem, Danvers, Hamilton and Wenham down from last years 834.
As the graph illustrates – people like to wait until June to put their house on the market. They want the flowers in bloom, school to be over etc.. The problem is…. there is more inventory to compete with!
Buyers are out NOW – it is a seller’s market – with low inventory and low rates.
If you or someone you know is thinking of selling their home this year - NOW is the time to seize the market!
Spring market off to a fast start?
Realty Times – Kitchens Sell a House
I am a firm believer. Especially the note at the end of the article – you can make a big difference with a few low cost upgrades!
Football and Real Estate?
Given that it is Super Bowl evening – I felt compelled to post this great article from the KCM Blog.
Really gets to the many layers and people behind a seamless real estate transaction.
Who’s the Quarterback?
by DEAN HARTMAN on FEBRUARY 2, 2012
Given that it’s Superbowl Week (Go Giants!), I thought we might go with a football theme today. I can’t tell you how many different people I hear proclaim that they are the quarterback of the real estate transaction – the agent, the loan officer, an attorney, accountant or financial planner. But for goodness sake, the buyer/borrower had better be the one calling the shots. Not that everyone else doesn’t play an important role, but the buyer/borrower is the one most impacted by the choices made.
Here’s my opinion of how the team works best:
- Head Coach (Your Loan Officer) – Your loan officer should be the Head Coach. After careful analysis of your income, credit and assets, this is the person in the best position to make sure you are playing to your strengths and minimizing your weaknesses. Your loan officer can discuss the economic realities of homeownership, while listening to your quality of life concerns. (How often you’ll be able to eat out or vacation, for example.) The loan officer can set up the game plan.
- Offensive Coordinator (Your Real Estate Agent) – Your real estate agent is your offensive coordinator. Armed with the game plan (which includes your limitations), the agent calls the plays, counseling you on the geography, the competition, the best ways to negotiate your way to your personal touchdown. Agents know the playing field (the inventory and the market). If you hire them to represent you, they can disclose the weaknesses of your competition (the seller).
- Offensive Line (Your Attorney, Accountant and Financial Advisors) – Your attorney, accountant and financial advisors are your offensive line. They are there to protect you from the blitzes that come from outside (sellers, title issues, tax consequences, and protecting your assets). Not the glamour positions, but vital to any success you are going to have.
- Running Backs and Wide Receivers (Your Friends and Family) – Your friends and family are the running backs and wide receivers. They often receive the glory and attention, but honestly, if everyone else doesn’t do their job, they rarely ever see success. Bad game plans, weak play calling, poor execution on the offensive line or by you, as quarterback, leave them merely as names on the roster.
As with any team, communication is the most important component to getting the desired results. Being the center of the action on the field, the quarterback (you) needs to honestly talk with your coaches and coordinators, so they can help direct you on the proper play calling. Simultaneously, you need to heed the feedback from your offensive line, running backs, and receivers to filter wise advice from emotion. Be the quarterback of your own home-buying process and you’ll be more likely to realize your dreams (and not the dreams of someone else).
Good News? WOW that would be nice!
Check out this recent post and video from the National Association of Realtors. Good stats and info
2012 Home Sales: Positives on Many Fronts.
Better Questions Will Get You a Better Agent
When interviewing agents to sell their home, most homesellers really only care about the answer to two questions: Who is going to sell it for the most money? Who is going to charge me the least? The result of these
So I always thought I was an understanding realtor. That I was able to understand how people were feeling during the process and could help ease their stress and worry.
Phew! I have got such an eye opener as I prepare to move in 5 days.
Moving is really crazy.
You have to display your home to whomever decides to stop in and take a look. You run around staging and cleaning constantly. Screaming at the kids “Clean that up!!!!” Then you wait to hear what the buyers thought of your house. The critique hurts even if you agree 100%. You want them to think your house is perfect! So, then someone does like your house and makes an offer. Even if it is a good one you think…. did I ask enough? Is this fair? Then the inspection, the mortgage process, the packing, the last second paperwork and juggling.. the list goes on.
But what I really found to be the truth in this process was summed up in a conversation my husband and daughter had recently.
“Dad, will Maddie (our Dog) be sad at the new house? Will she miss her old house? It will be so different.”
“Well, I don’t know. We will bring her bed and her food”
“Yeah…..(a long 9-year-old pause for contemplation)”
” You know what Dad, I think what really counts is that we will be with her – that is what makes it our home”
So, to all you past and future movers out there. I get it. I feel your pain.
And in the end it really is the people you love that make it a home.
Happy Holidays!
