Happy New Year! 2013 will be a great year in real estate if you’re thinking of buying or selling in MetroWest Boston!
Great things are in store for Metro-West Boston in 2013 !
Medway is celebrating its 300th Anniversary ALL YEAR LONG – Watch for events or check the
Medway 300th Website
Thinking about picking up a new hobby in 2013? Try Quilting with the Yankee Quilters meeting in Franklin in February - Check out their event
If music is your interest, you may want to consider the Winter Pops Event in Milford
And if you’re thinking of buying or selling in Metrowest Boston – Before January 15th you can find out how your town did in real estate in 2012! Reports will be posted here – One town each day – between January 1 and January 15
If you’re looking for a great town in MetroWest Boston, consider Medway which just was highlighted in
Boston Magazine’s Best Places to Live this month.
And if you’re considering Medway (and you should!) take a look at this home new to the market with a great L shape floor plan with large fireplaced family room. Open house is this Sunday 1-3pm!
Your credit score is extremely important in determining your buying power. It’s a number that comes up quickly as buyers are readying themselves to get pre approved for a mortgage. Sometimes buyers are sent off to work on repairing their credit for a few months or years before they actually buy.
And even while they’re out there looking for homes, possibly even after they received their mortgage pre-approval letter, they will need to watch that credit score and make sure they don’t do anything to negatively impact it.
Here’s some good information to know if you are trying to keep or get a high credit score (aren’t we all?)
A mortgage broker I work with recently had a client who was upset about his drop in credit score. He bought a house in the summer and a car in the fall and his score was impacted significantly. Here’s why.
IMPACTS TO CREDIT SCORES
35% payment history
15% length of history* typically takes 12 months of history to be a positive influence on score.
10% new credit
10% types of credit used
30% amount owed (% of credit used vs. credit available)
So, when you get new credit (car, mortgage) it actually affects 25% of the score formula because you get ‘hit’ for both new credit and length of history.
Keep that in mind as you watch your buying patterns and how they affect what your (ever so dynamic) credit score is!
And if you’re looking for a home for sale in Metrowest Boston, give me a call – I’ll walk you thru the complexities of the pre approval process and help you with any credit corrections that will need to be made to get your buying power where it should be!
We know how popular FHA financing is because of the benefit of a much smaller down payment in buying a home.
Most realtors have had heard of the FHA “anti flipping rule” or maybe you know it as “seasoning” – Simply put – If a buyer was hoping to puchase a home that was purchased less than 90 days ago by a flipper and remodeled for resale, they would not be able to purchase it using an FHA Insured Mortgage. This was a major stumblinjg block for buyers who ran into this scenario. But also it was a stumbling block to get contractors to buy – repair and fix up.
What we do know about contractors that flip homes is that they want to get in and get out as quickly as possible and not hold on to the property any longer than is necessary – They often finish up a home in 30 to 45 days and want to sell it asap – In 2011 – there was a temporary waiver of the anti flipping rule to make it easier for contractors to buy and sell. - I believe the thinking was that flippers could IMPROVE the real estate landscape out there by buying and selling updated homes in less than 90 days and move some of the inventory out there that would simply sit idle without their help.
The real question is – what happens with this rule in 2012 – GOOD NEWS came out last week – In 2012 the Federal Housing Administration is extending the temporary waiver of its “anti-flipping” rule. So homebuyers relying on FHA financing will continue to be able to buy homes that have been flipped within the 90 day time frame. To read more about this waiver, click here.
Some additional guidelines for flippers include that you can only resell a property for a 20% or less elevated price from which you bought it. Of course with all the expenses of the flip, including attorney fees, realtor fees, and expense of the upgrades, a 20% profit is a good one!
This is good news for the 2012 market and important for realtors to be aware of – whether it’s to help buyers buy a flip or for your contractors who have considered flips.
We’ve all been busy with the biggest holiday season of the year so you may have missed this. Take a look at CNN’s article mid December tracking the mortgage rates since 2002 - It’s a pretty graph for any buyers who expect to buy in 2012! Record lowrates and very attractive purchase prices make home buying SO affordable in 2012, it’s silly not to consider the move now IF it fits into what your goals are for future home ownership in Metrowest Boston. Clearly the Metrowest spring home sale market will be robust because of these rates.
In fact, I just got an update on rates this weekend And they’re even better than this December article – If you’re thinking of buying in 2012 – Let’s get started to make your dream come true!
fha 30 yr fixed 3.75%
conventional 30 yr 4.0%
jumbo 30 yr fixed 4.375%
Of course – rates subject to change – which is why you should move now! Check out what is available in the Metrowest area on my real estate search button on this site.