If you qualify for what is actually an interest free loan, provided by the Federal Housing and Economic Recovery Act of 2008 you may be able to take advantage of the current lower housing costs and jump into the real estate market.  Read the rest of this entry »

In a recent email, John Strachan of Revolution Mortgage Corporation in Boston stated “There is still financing going on for home purchases and refinancing.” Read the rest of this entry »

In this final segment of the interview with the BBB, Elaine Bannigan discusses the impact that the Information Age has had on the real estate industry. Read the rest of this entry »

In Part 2 of her interview with Paula Fleming from the BBB, Elaine Bannigan talks about what home sellers should know.  Read the rest of this entry »

Recently, Paula Fleming, Vice President of Communications for the Better Business Bureau, sat down with Elaine Bannigan, co-owner of Pinnacle, to discuss local trends in real estate. In Part 1 of this very timely interview, Elaine elaborates on the challenges facing home buyers. Read the rest of this entry »

National Association of Realtors Chief Economist Lawrence Yun Addresses Local and National Housing Concerns

February 4th, Dr. Yun shed light on the current market trends and forecasts in the housing economy before a captivated audience of Realtors from all over the Greater Boston area.  In spite of the fact that interest rates are the lowest they have been in 45 years, and that there is sizable pent-up demand, buyers are afraid to enter the market due to the media’s predilection for a negative real estate slant.   Yun made the point that the doomsayers equate rising house values and lowering of wages, but fail to consider low interest rates, thus overlooking the important mortgage obligation to income factor. 

The remainder of his address was spent extrapolating data from the National Association of Realtors and the Federal Reserve, and putting it in perspective,  illustrating his highly regarded opinion that “all real estate is local” - that talking about national real estate averages is about as effective as having a national weather forecast.  There are huge local variations and national data is not necessarily meaningful.  

Yun said Boston is a bellweather market and we have already experienced a correction: the number of Massachusetts existing homes on the market is down due to absorption and there has been a reduction in the number of housing starts. Dr. Yun stated that inventory control is a positive aspect of the lower numbers.  

He summerized his outlook by stating he thinks we will avoid recession because:

•  the Federal Reserve rate cuts
• the upcoming elections breed planned economic stimulus talk
• the raising of loan limits (Jumbos loans going from $417,000 to $635,00 or more).

In closing, Dr. Yun said that real estate remains the best shelter and that historically, after 6 years of ownership most buyers have a positive equity position. 

If you have questions regarding this article, please contact me.

 Ann Burford, ABR, Pinnacle Realtor

Cell: 781.910.1419

Office: 781.237.5000

aburford@PinnacleHouses.com

Nearly half (46%) of all Massachusetts home buyers in 2006 first learned about the home they purchased over the Internet

There is no question that the Internet has changed the way people search for homes.  A recent study, 2006 Profile of Home Buyers & Sellers Report, reveals that 71% of people actively looking for homes in Massachusetts today report they use the Internet. Just 3 years ago in 2003, less than half (44%) of buyers reported that they searched the Internet regularly as part of the home purchase process.  This is certainly indicative of the growing influence that techonology, namely the Internet, has had on the real estate industry.

Even more compelling are findings in 2006 that almost half (44%) of all Massachusetts home buyers first learned about the home they purchased over the Internet.  Compare this to 2005 when 38% of buyers said they first found out about the home they bought online; and in 2003 only 17% of buyers identified the Internet as the source from which they first learned about the home they purchased.

The study further reveals that the role of real estate agents has not been diminshed by the Internet.  In fact, the opposite has occurred! In 2006, 87% of buyers who shopped for a home online used a Realtor to purchase their home.   

 Elyse Marsh  

 Office: 781-237-5000

 Cell: 617-816-9797

email: emarsh@prphomes.com