The Foreclosure Crisis: 10 Years Later

The Foreclosure Crisis: 10 Years Later | Simplifying The Market

The Foreclosure Crisis: 10 Years Later

CoreLogic recently released a report entitled, United States Residential Foreclosure Crisis: 10 Years Later, in which they examined the years leading up to the crisis all the way through to present day.

It’s a Seller’s Market! Should I Downsize Now?

It's a Seller's Market! Should I Downsize Now? | Simplifying The Market

It’s a Seller’s Market! Should I Downsize Now?

A study by Edelman Berland reveals that 33% of homeowners who are contemplating selling their houses in the near future are planning to scale down. Let’s look at a few reasons why this might make sense for many homeowners, as the majority of the country is currently experiencing a seller’s market.

Time for Central Mass Deck-Ponder to Begin in Earnest

Checking the calendar, spring has begun. Today will also officially signal the start of Central Mass’s annual real estate “hot” selling season. And although Major League

Wood Deck Staining
“© IcemanJ/Adobe Stock”

Baseball’s first pitch won’t be hurled until two more weeks have passed, March 20 will also coincide with what starts today, which I designate as the kickoff to Central Mass’s Deck-Ponder Season (DPS).

Deck-Ponder Season is that period during which Central Mass’s homeowners (and even some extremely conscientious renters) take a look outside and begin weighing alternative strategies for dealing with the backyard deck (once the snow is gone). This is a period every year that is universally observed by Central Mass homeowners with only two exceptions—

Exception One (by my lights, a perfectly valid excuse) covers those who skip the whole DPS because they don’t have a deck to ponder at all.

Exception Two is less defensible: these are the party-poopers who have nothing to think

about because they have installed maintenance-free decks. For them, this year’s DPS is almost a non-event. They don’t give their decks a second thought other than what new planters they might decide to place on them, or whether they should hose off that grungy spot underneath the barbecue that nobody sees anyway.

Except for those two special circumstances, this year’s Deck-Ponder Season looks to be as full of excitement as ever. Punxsutawney Phil’s erroneous call for an early spring notwithstanding, the weather makes this an appropriate time for Central Mass’s deck owners to start planning for how to bring their decks back to being the flawless expanses they used to be in their youths.

As Better Homes and Garden puts it, “wooden decks receive constant abuse from the

elements” which was why Home Depot told you at the very start, “Wood usually changes color quickly unless you apply a finish.” That’s about color, but even more importantly, nobody wants to allow the elements to speed their deck’s disintegration. That’s why DPS should be observed annually, starting right about now. It’s vital to get a head start on pondering (before anyone has to actually do anything).

Once any Central Mass deck owner has reluctantly given up on the idea that this spring it

Mature man performing maintenance on home wooden deck
“© tab62/Adobe Stock”

won’t need much work (“didn’t we just do that last year?”), the deep ponder can begin. What the fine print on the deck wash container could have made clearer is that no matter what you do, yearly cleaning is the name of the game. And in the even finer print, refinishing every 3-7 years. That’s after that year’s annual cleaning. There’s a lot to ponder…

But for most, one of the high points of the annual DPS is its conclusion: the moment that marks its official climax, that is when the “Ponder” part ends and trips to the hardware store begin. But that’s off in the future sometime after a lot of hard pondering; certainly, after the weather has cleared up; probably well after the Final Four have played off. In the meantime, for any Central Mass homeowner who is planning on listing this spring, the deck industry wants to remind them that decks typically increase the value of a home by 110% of their actual cost. If you’re in that category, before, during, or after your own DPS is the right time to give me a call!…..Realty Ace, LLC

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Which Homes Have Appreciated the Most?

Which Homes Have Appreciated the Most? | Simplifying The Market

Which Homes Have Appreciated the Most?

Home values have risen dramatically over the last twelve months. The latest Existing Home Sales Report from the National Association of Realtors puts the annual increase in the median existing-home price at 7.1%. CoreLogic, in their most recent Home Price Insights Report, reveals that national home prices have increased by 6.9% year-over-year.

Mortgage Rates Fell. No, they Rose. No, they…

Keeping an eye on Central Mass mortgage rates is a useful pastime for anyone who tracks

“© zimmytws/Adobe Stock”

local home sales because of the immediate effect they have on affordability. It can’t get much more immediate than the “projected monthly payment” numbers that calculators come up with alongside an online listing. Those instant calculations include tax and insurance estimates, but those change rarely. The mortgage rates, are always on the move.

Recently, the Washington Post’s headline ran above a photo of Freddie Mac’s massive DC headquarters:

Mortgage rates fall amid fears of rising inflation.”

That kind of news is always good for Central Mass home buyers and sellers. Not the “rising inflation” part, of course but the other part. Lower mortgage rates mean better bargains for buyers who become motivated to strike a deal sooner rather than later.

But then, last Friday afternoon brought Bankrate’s headline:

Mortgage rates increase for Friday.”

Anyone accustomed to following the mortgage interest rate gyrations wouldn’t have been surprised. It meant that the mortgage rate yo-yo was behaving pretty much as expected. Logic indicates that The Post’s inflation fears had probably not disappeared overnight, so their reasoning behind Thursday’s move had likely been overly presumptive. (When rates rise or fall, writers don’t like to admit there’s no story explaining why).

The reasons behind the up and down were probably elusive, something like the normal ebbs and flows of national and international capital flows. If anyone has ever been able to sort all that out, they’re keeping mum about it.

It does seem that Central Mass mortgage rates are beginning to follow a more predictable pattern than has been true for a while. Despite daily ups and downs which are usually

“© iQoncept/Adobe Stock”

pretty microscopic the drift has been gradual but notable, and supports two reasonable generalizations:

  • Central Mass mortgage rates are drifting upward. A chart would show that, when you step back and ignore the day-to-day ups and downs, except for a divot in mid-December, the trend has been slightly skyward since the middle of November.
  • Central Mass mortgage rates are still a bargain by all historical measures.

What this means for prospective buyers as we enter the spring selling season is, in short, pretty good news. Buying now means locking in Central Mass mortgage rates that are still historically affordable.

But first things first, the right home has to be found, and the right price agreed upon. That’s where giving me a call comes in!…..Realty Ace, LLC

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A Tale of Two Markets: Inventory Mismatch Paints a More Detailed Picture

A Tale of Two Markets: Inventory Mismatch Paints a More Detailed Picture | Simplifying The Market

A Tale of Two Markets: Inventory Mismatch Paints a More Detailed Picture

The inventory of existing homes for sale in today’s market was recently reported to be at a 3.6-month supply according to the National Association of Realtors latest Existing Home Sales Report. Inventory is now 7.1% lower than this time last year, marking the 20th consecutive month of year-over-year drops.

 

Mortgage Interest Rates Went Up Again… Should I Wait to Buy?

Mortgage Interest Rates Went Up Again… Should I Wait to Buy?

Mortgage interest rates, as reported by Freddie Mac, have increased over the last several weeks. Freddie Mac, along with Fannie Mae, the Mortgage Bankers Association and the National Association of Realtors, is calling for mortgage rates to continue to rise over the next four quarters.

How to Get the Most Money When Selling Your Home

How to Get the Most Money When Selling Your Home

Every homeowner wants to make sure they get the best price when selling their home. But how do you guarantee that you receive maximum value for your house? Here are two keys to ensuring you get the highest price possible.