Well, the next rite of spring has taken place, of course it needed to wait for the World Champion Boston Red Sox to get back from visiting the President. But the BC Eagles, and Northeastern, played their annual games against the big guys.
It wasn't pretty for the college kids, but as things go, it's not about the score but about the Sox getting in some playing and the college kids working out the kinks. It is their first outdoor excursion this year.
Neither college team lit up the park, but that's not what its about. It's a chance for everyone to have a little fun and play a game that means more for the memories of the college players than anything else.
It looks like they had fun. There are pictures at http://www.boston.com/sports/baseball/redsox/gallery/02_28_08_sox_v_bc/ if you are interested in taking a look. The Boston Globe deserves props for some great pics.
Otherwise, the Real Estate market still seems to be heating up around here, like a good day in Florida, more properties are coming on the market everyday and some of them are very nice.
Buyers are also coming out, like bears out of hibernation, they are ready to go and they know what they want. Well priced properties are getting attention and things are selling.
If you are interested in discussing anything Real Estate (or Sox) related don't hesitate to drop me a line. I'm always up for a quick conversation.
Let me end this with a plea to the Heavens - No More Snow!
Go Sox!
Friday, February 29, 2008
Friday, February 22, 2008
Spring Training - Spring Market?
Some of the rites of spring around the Boston area are:
- the annual equipment truck leaving Fenway off to City of Palms Park
- pitchers and catchers arriving, and
- position players arriving at Spring Training.
Another rite of Spring around the Boston Area is the up-tick in the local real estate market.
Well, empirically, I can say that the spring market is here. Over the last few weeks properties have started to show-up on the market, folks are turning out for Open Houses in greater numbers than over the last few months and more folks are contacting me about their intentions for buying/selling their properties.
Like the first Crocus of the spring poking its shoots up through the ground, the first deals of the spring market are forming. Even though the snow is falling (once again) the feeling I get is one of hope from the folks that I talk with, that all though there is conversation about the mortgage issues of the past, and some conversation about a possible recession, there is still guarded hope and positive data that the market is still alive and healthy in the Boston Area.
BTW - I loved "Manny-being-Manny" over the last two days and I am very interested in how centerfield will shake out this year.
Go Sox!
- Geof
- the annual equipment truck leaving Fenway off to City of Palms Park
- pitchers and catchers arriving, and
- position players arriving at Spring Training.
Another rite of Spring around the Boston Area is the up-tick in the local real estate market.
Well, empirically, I can say that the spring market is here. Over the last few weeks properties have started to show-up on the market, folks are turning out for Open Houses in greater numbers than over the last few months and more folks are contacting me about their intentions for buying/selling their properties.
Like the first Crocus of the spring poking its shoots up through the ground, the first deals of the spring market are forming. Even though the snow is falling (once again) the feeling I get is one of hope from the folks that I talk with, that all though there is conversation about the mortgage issues of the past, and some conversation about a possible recession, there is still guarded hope and positive data that the market is still alive and healthy in the Boston Area.
BTW - I loved "Manny-being-Manny" over the last two days and I am very interested in how centerfield will shake out this year.
Go Sox!
- Geof
Friday, February 8, 2008
Finally, an article about Real Estate in Massachusetts that isn't doom and gloom!
The Globe ran an article today in the business section titled Loans still flowing to many in Mass that basically says that there is money available for loans for borrowers who qualify. And with many properties being offered at prices not seen before (lower prices) this adds up to a time where it might just make sense to buy.
If you want a copy of the article I would be happy to send it along, otherwise you can find it in the Home/Business section of todays Boston Globe or on-line at:
http://www.boston.com/business/articles/2008/02/08/loans_still_flowing_to_many_in_mass/
Go Sox!
Geof
If you want a copy of the article I would be happy to send it along, otherwise you can find it in the Home/Business section of todays Boston Globe or on-line at:
http://www.boston.com/business/articles/2008/02/08/loans_still_flowing_to_many_in_mass/
Go Sox!
Geof
Wednesday, January 30, 2008
Ahhh Warmth.....
Our Pellet Stove
We just bought (hopefullly) the last 100 gallons of heating oil that we will need this winter (we heat almost exclusively with a pellet stove now) and use oil for domestic hot water only. The bill was for $3.25 a gallon (great price) but none-the-less a lot more expensive than the $6-10 a day for pellets and electricity to heat the house. If we get through until Saturday using only two more bags of pellets we will have heated approx. 2500 sq. ft. of living space for a fuel cost of approximately $212.14. And we've had some pretty cold days/nights these last few weeks.
Our fuel cost last year for the same period of time was approximately 290 gallons of oil at a per gallon price of $2.69 or roughly $780.
Gas would have also been over $700 for the same period of time.
I am so glad we switched to a perpetually renewable, easily obtained, non-toxic, carbon-neutral source of heat for our house. My biggest problem with the new fuel is the plastic bags they come in.
As an aside, I just shut the stove off for the evening, I didn't realize that it had reached 68 in the house. I don't remember the last time our house was warmer than 60 on a January evening.
Granted the pellet stove takes a little commitment (feeding and cleaning) and getting used to, but it's a joy to have around and we've reduced our carbon footprint ever so much more.
Our fuel cost last year for the same period of time was approximately 290 gallons of oil at a per gallon price of $2.69 or roughly $780.
Gas would have also been over $700 for the same period of time.
I am so glad we switched to a perpetually renewable, easily obtained, non-toxic, carbon-neutral source of heat for our house. My biggest problem with the new fuel is the plastic bags they come in.
As an aside, I just shut the stove off for the evening, I didn't realize that it had reached 68 in the house. I don't remember the last time our house was warmer than 60 on a January evening.
Granted the pellet stove takes a little commitment (feeding and cleaning) and getting used to, but it's a joy to have around and we've reduced our carbon footprint ever so much more.
Go Pats!
Geof
Wednesday, January 16, 2008
Happy New Year (Belated)
So, another year is behind us. Lots happened last year, here's the recap.
Observations
Go Pats!
Geof
Observations
- More properties sold in our market area than during the previous year
- We moved to a new office in Belmont Center (Come on by to visit)
- As a company we were able to realize higher prices for our clients than our competitors
- Our local market seems to have been missed by the much touted mortgage meltdown and subsequent foreclosures
We're looking forward to the upcoming year, buyers are out there looking and learning, the feeling is one of cautious optimism among my colleagues that the spring will bring out buyers (and sellers) and that good properties that are priced well will continue to bring strong offers.
On The Environment
We just installed a pellet stove in the house - we are moving one more step towards reducing our carbon footprint. I'm researching adding solar panels to the house, and an on-demand hot water heater as further steps to reduce our families carbon footprint. More later.
Go Pats!
Geof
Thursday, November 15, 2007
Green Mortgages -
"Going Green" is all the rage these days, and it's been around for some years now in the world of mortages.
As a matter of fact, there was an article in the Boston Globe about "Green Mortgages" today. The article details how folks can apply for green (energy efficient) mortgages if the properties conform to certain criteria. This type of mortgage first showed up in 2003.
The criteria are different with each lender, but the bottom line is that if you invest up-front in energy efficiency than your downstream costs for energy to run the home will be less. Less volatility in the on-going energy costs for a home translate into possibly a larger debt ratio (affordability ratio) that a lender is willing to offer. If the difference is even $50 a month in affordability, depending on the terms of the mortgage, this can translate into another $12,000 to $15,000 of purchasing power. In some cases this can make a huge difference in what unit a person buys.
Designed for developers, it is still possible for a single-family, or condo homeowner to apply and get a "green mortgage." Understanding the requirements, and how your home uses energy are the keys to success in getting one.
If you have questions, I'm more than happy to talk with you about identifying properties that could be considered for a green mortgage and working with lenders who might be able to write a green mortgage.
As a matter of fact, there was an article in the Boston Globe about "Green Mortgages" today. The article details how folks can apply for green (energy efficient) mortgages if the properties conform to certain criteria. This type of mortgage first showed up in 2003.
The criteria are different with each lender, but the bottom line is that if you invest up-front in energy efficiency than your downstream costs for energy to run the home will be less. Less volatility in the on-going energy costs for a home translate into possibly a larger debt ratio (affordability ratio) that a lender is willing to offer. If the difference is even $50 a month in affordability, depending on the terms of the mortgage, this can translate into another $12,000 to $15,000 of purchasing power. In some cases this can make a huge difference in what unit a person buys.
Designed for developers, it is still possible for a single-family, or condo homeowner to apply and get a "green mortgage." Understanding the requirements, and how your home uses energy are the keys to success in getting one.
If you have questions, I'm more than happy to talk with you about identifying properties that could be considered for a green mortgage and working with lenders who might be able to write a green mortgage.
Friday, November 9, 2007
Loan-to-Value / Appraisal vs. Assessment
Terms, Glorious Terms!
Loan-to-Value Ratio (LTV):
When you divide the value of the property, set by bank appraisal, by the amount of the loan, you get the LTV or Loan-to-Value ratio.
Traditionally, if your LTV is 80% or lower, you get more favorable mortgage interest rates.
If your LTV is higher than 80% you may be forced to carry Private Mortgage Insurance (PMI) which is a monthly insurance payment necessary to insure that in a case of default the mortgage will be covered.
PMI, in almost everyones eyes is a bad use of money. You pay a premium monthly and get little or nothing in return, the mortgage company benefits.
Property Value: Appraisal vs. Assessments
Appraisal:
When folks talk about their property they often look at it's value in the broadest sense. What they feel it will bring in the current market compared to other properties on the market, or currently sold. Though this is the basis of a bank appraisal, it's not the same.
An appraisal is an analysis of a property done by a licensed real estate appraiser who is hired by a lending institution to value the property that is being considered for purchase to see if that property is worth the mortgage amount.
Assessments:
Value of a property as seen by the local municipality for tax purposes. In Massachusetts this is an interesting phenomena, all in itself worthy of future treatment on it's own, but suffice to say, this is the assumed fair market value of a property as determined by the local Assessor.
Loan-to-Value Ratio (LTV):
When you divide the value of the property, set by bank appraisal, by the amount of the loan, you get the LTV or Loan-to-Value ratio.
Traditionally, if your LTV is 80% or lower, you get more favorable mortgage interest rates.
If your LTV is higher than 80% you may be forced to carry Private Mortgage Insurance (PMI) which is a monthly insurance payment necessary to insure that in a case of default the mortgage will be covered.
PMI, in almost everyones eyes is a bad use of money. You pay a premium monthly and get little or nothing in return, the mortgage company benefits.
Property Value: Appraisal vs. Assessments
Appraisal:
When folks talk about their property they often look at it's value in the broadest sense. What they feel it will bring in the current market compared to other properties on the market, or currently sold. Though this is the basis of a bank appraisal, it's not the same.
An appraisal is an analysis of a property done by a licensed real estate appraiser who is hired by a lending institution to value the property that is being considered for purchase to see if that property is worth the mortgage amount.
Assessments:
Value of a property as seen by the local municipality for tax purposes. In Massachusetts this is an interesting phenomena, all in itself worthy of future treatment on it's own, but suffice to say, this is the assumed fair market value of a property as determined by the local Assessor.
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