Looking at factors like the average number of years residents live in their homes, the number of homes decreasing in value, the average number of days homes are on the market, and a few other factors you can see what towns have a healthy market. Some of the healthiest markets nearest Boston include Needham, Milton, and Brookline. Unfortunately our best markets require a bigger part of a buyer’s income than the national average.

Rents in Greater Boston went up at a much slower pace, while the vacancy rate among apartments hit highs. Buildings are set to open around the city putting more pressure on landlords, some of whom are already offering incentives like a free month or two, to keep rent increases in check.

The average apartment in Greater Boston rented for over $2,000 a month. But the average rent went up less then from a year prior, the slowest annual growth rate in Greater Boston in years and the vacancy rate went up. You can thank supply and demand.
Thousands of housing units, the majority being high-end apartments have come on the market in Boston in the last few years, with thousands more in neighboring communities. While many of the new buildings are asking big rents like $2,500 for a studio in the South End, only so many tenants can pay that kind of money. So more buildings are covering upfront costs such as broker’s fees and security deposits. That lowers their costs to tenants and forces owners of older buildings to do the same to compete.

The big new buildings have to adjust to attract more average renters. Prices are still climbing fast in more-affordable neighborhoods such as East Boston, Charlestown, and in nearby suburbs such as Medford, where renters who are priced out of Cambridge and Somerville are looking for cheaper accommodations.

Purchasing a new home can be exciting…when you move in but before move-in day comes there will be a lot of details to focus on. In order to even begin to look for your dream home, you need to know how much you can afford to pay. To begin this pre-approval process, you need to look into different mortgage lending sources to see which one offers you the best deal. Here are four easy steps to take when searching for your mortgage.

1) Whats your FICO Score?
As it applies to mortgages, you must know your credit score. Your score is determined by many different factors such as making payments on time, opening new lines of credit, and any negative marks you may have on your record pertaining to financing. Once you know that you have no liens, judgments, or collections (except for medical), then you may proceed to the next step.

2) Which mortgage is right for me?
You next task to do when searching is to ask the right questions. You should go into this process knowing a little bit about what type of mortgage you are looking to use to purchase your home. Do you want a traditional mortgage product such as a 15- or 30-year fixed-rate mortgage? Or would you like to pursue a nontraditional mortgage product such as an adjustable-rate mortgage (ARM) that fluctuates throughout the life of the loan? Do you need a product that offers rehab assistance? These factors need to be considered before moving on to step 3.

3) Who’s your lender?
The lending sources available when purchasing a home are many. You can choose to go through a bank or find an independent lender who works through one of the big lending corporations like Loan Depot or Guaranteed Rate. It is important to note whether they have special offers going that pitch incentives to buyers or how involved they are in the buying process.
Browse the Internet for any reviews you can find on lenders you are interested in utilizing for your loan. Different lenders specialize in various programs such as FHA, VA, Homes for Heroes, 203k or NHF grant programs. Depending on your specific situation, it is important to find the best fit for you.

4) Additional costs? Negotiate!
A Lender works for you. Each one needs your business to stay profitable. You have the upper hand in your transaction and this means checking to make sure you are getting the best deal possible. Double check the lender’s fees and make sure you are well aware of any extraneous costs to be charged before you begin the loan process. Make sure you are confident in that you can always negotiate the terms with your lender.

Contact us today for more tip and information and you’ll be well on your way to finding a great lender to finance your dream home.

Dont ignore housing statistics and the market until you become involved in the purchase or sale of a home. It’s only natural then that what impacts the market is a often a mystery to many. What determines a buyers’ or sellers’ market? What factors influence home prices?
Of course the answers to these questions and more may be complicated, but it’s important to pay attention to them so you keep more of your money when it’s time to buy or sell real estate.
Even in what seems like a bad time for the real estate markets, there will be a good times to come for some.

Pay Attention to Interest Rates
Its no secret that obtaining a lower interest rate for a mortgage typically allows for a lower payment. Low interest rates make home-buying an attractive move and, even a mention of rates going up can get people to get out into the market. Just like by the end of 2017, the U.S. saw 5.51 million home sales, which was the strongest housing market since 2006. Some attributed the vigorous market, in part, to the possibility of higher mortgage rates in coming months. They have risen but recognize that, after going up, rates were still at historic lows. The bottom line is that if you’re in the market for a home and interest rates decrease or remain attractively low,  get excited about the housing market.

The Economy

The current economy is a key factor affecting the real estate market.  When the economy is stable, the housing market is at its most attractive.
When job growth is strong, consumer confidence rises and we’re more likely to spend money on expensive items, like cars, appliances, vacations and, of course, homes.

Exciting Markets for Sellers

The best time to sell a home is when you need to sell your home. We understand that isn’t very helpful. If you’re one of the fortunate who has no compelling reason to sell (such as a job offer in a different town or divorce), you have the luxury of choosing when to put the home on the market.
Get excited if real estate professionals mention the words “sellers’ market.” This is a period in which there are few homes for sale but buyer demand is high. During sellers’ markets prices typically increase rapidly and homes sell at or above list price.
One of the biggest mistakes we see in sellers’ markets is the homeowner who feels that the market itself will bring top dollar for the home, regardless of condition. Be aware that it’s the homes in good condition that sell the quickest and for the most amount of money. Regardless if market conditions favor sellers, if your home isn’t in move-in condition, it may be passed over by home buyers.

Buying a Home This Year?

A buyers’ market—when there is a large selection of homes for sale and few other buyers in the market—is a great time to purchase a home. Unlike a sellers’ market, prices aren’t rapidly escalating and you won’t be competing against a lot of other buyers. These markets are more relaxed so homebuyers can take their time deciding.
In a sellers’ market, however, it’s more important than ever to have all your ducks in a row before making an offer on a property. Ensure you know exactly how much you can spend and that you’ve obtained a pre-approval letter from your lender. Make your offer stand out from others by keeping it lean and mean, with the shortest time periods for contingencies as possible. Finally, come in with your highest and best offer. A sellers’ market moves too quickly to assume the homeowner will negotiate over price.
While the type of market may determine when to jump in, as mentioned earlier, interest rates can also cause excitement in the housing market. Low rates and relaxed lending guidelines present a prime opportunity for many would-be buyers who previously couldn’t afford to purchase.

Lower mortgage rates mean a lower monthly payment, which means you have more purchasing power, and that additional power can mean the difference between buying bedroom,  closets space and, buying an upgraded home versus a dated one
There is always a mix of good and bad news, depending on whether you are in the market to buy or to sell. Arm yourself with a professional Realtor who can supply you with current and local market information, follow his or her advice and buying or selling a home in any market will be a great process

If you’re buying or selling a home, it’s important to understand what a home inspection entails and how it affects the sale or purchase of a house.

What Is a Home Inspection?

A home inspection is an objective visual examination of the structure and systems of a home by a neutral third party. It shows you what’s wrong with the property and if it is enough to prevent a sale. An inspection does not concern code violations and therefore does not guarantee that the home is free of them. The three main points of the inspection are to evaluate the physical condition of the home, identify items in need of repair or replacement, and estimate the remaining useful life of the major systems, equipment, structure and finishes.
An inspector cannot report on defects that are not visible, such as defects hidden behind finished walls or beneath carpeting, and inaccessible areas. Seasonally inoperable systems (swamp coolers, air conditioning, furnaces) will not be turned on during the inspection.

Hiring an Inspector

To hire an inspector, get recommendations from your Realtor, or from friends and family. When interviewing inspectors, be sure to ask for references and memberships in professional associations. Find out about the inspector’s professional training and experience.
It’s a good idea to be present during the inspection for a few reasons: you can ask the inspector questions during the inspection, the inspector will have the opportunity to point out areas of potential trouble, and many inspectors also will offer maintenance tips as the inspection progresses.

Making Suggested Repairs

The seller is not required to make any repairs or replacements. However, the buyer can use the inspection report as a negotiating tool. For instance, if certain repairs or replacements are made, the buyer might offer to pay more, or if they’re not, the buyer can bid lower.

Costs and Time Involved

The inspector’s most important priority is accuracy, and accuracy takes time. The chances of mistakes are more likely if the inspector rushes through. Your inspection may take between two and five hours. Older homes take longer than newer ones.
Expect your inspection to cost from $300-$700 depending on size. It may be one of the most important investments you make when buying a home.

Until a little while ago, FICO scores had little to do with mortgage lending. Underwriters made decisions based on payment history and income-to-debt ratios. But they began to look at the relationship between credit scores and mortgage delinquencies. People with low FICO scores defaulted on loans with far greater frequency than did their higher scoring peers. Your FICO scores may differ slightly between the three national credit bureaus, Equifax, Experian, and Trans Union. In general, however, each agency uses the following issues to determine your score.

1. Delinquencies. A 30-day late payment is not as risky as a 90-day late payment. Still, it’s best to avoid either.
2. New credit. Creditors expect you to open accounts in order to establish credit, but you run the risk of reducing your score by opening several credit accounts in a short period of time. It suggests you are overextended and may not be able to meet new credit obligations.
3. Short credit history. A longer credit history is more impressive than a newly established one.
4. Balances on revolving accounts near maximum limits. A consumer close to “maxing out” cards may have trouble making payments in the future.
5. Public records (tax liens, judgments, bankruptcies). These all jeopardize a healthy FICO score.
6. Consumer credit agencies. Although they offer consumers lower interest rates and credit counseling, the use of credit counseling services negatively affects FICO scores.
7. No recent credit card balances. Having a very small balance without late payments can improve your FICO, showing that you manage credit responsibly.
8. Too few revolving accounts. If you fail to use credit, there is no way to evaluate your ability to manage it.
9. Too many revolving accounts. Multiple revolving accounts suggest a high risk of over-extension.

Credit scores can affect your interest rate. Some lenders establish lower interest for high FICO scores and higher interest for low scores. Some will not loan at all to people with low FICOs. And other lenders specialize in finding loans for the FICO-score challenged. If you have less than perfect credit, you can find a lender who will work with you.

Buying Your First House?

Owning your own home has been part of the American Dream for years. The pride of ownership and sense of belonging somewhere have been strong factors in motivating over 60% of all households to own their own homes. In addition, there can be true financial rewards from home ownership. But, not always.

How Much Home To Consider

Buying and owning a home is expensive. You will need funds for a down payment (perhaps 20% of the purchase price) and any mortgage closing costs before you buy. After you buy, you will have monthly mortgage payments, property taxes and insurance. Then, there are the other expenses like utilities and maintenance. Finally, if you are like most homeowners, you will want to furnish it. All of these items cost money.

Deciding how much to spend for a home can be complex. You probably want as nice of a home as possible, but you want to be able to afford it. What you can afford depends on the size of your mortgage, mortgage rates, costs of home ownership, your other expenses and your income. One rule of thumb to consider is that the total of your mortgage payment, property taxes and insurance should be no more than 28% of your household income.

Tax benefits from home ownership

Many taxpayers find that the interest on their mortgage and the annual property taxes they pay are large enough to enable them to itemize their deductions instead of using what is commonly referred to as the standard deduction. For many homeowners, their interest and property taxes exceed those amounts. Be sure to keep track of when you pay your property taxes. Some taxing districts have due dates close to the end of the year, and you must have paid the tax before December 31 to get the deduction.
The IRS also allows you to exclude any gain on selling your house up to $500,000 if you file a joint income tax return and meet certain requirements. You may want to investigate these tax advantages further or talk to a tax accountant to completely understand the tax advantages.

Potential gains from selling your home

The housing market in many areas of the country is currently suffering. While that may be bad news for existing owners, it can be very good news for those buying their first home. When the housing market improves, and the odds are good that it ultimately will, the value of your home may rise.

The underserved working class pay the most for financial services

People making $100,000 a year not necessarily on easy street but usually hold advanced degrees and retain invaluable set of college relationships that continue to pay in financial and non financial dividends. 84% of all tax revenue in the state of California is paid by 15% of California tax payers A new American opportunity that means 85% of Californians could be contributing more to the bottom line. Immigrants or their children have found that more than 40% of fortune 500 companies which collectively employ more than 10 million people  generate total annual revenues of more than $4.2 trillion. Job growth engine in America has been small businesses entrepreneurs and start ups

The power of the number of urban communities no longer buying from big corporation but instead to urban owned businesses will have a large effect. Providing affordable and quality products to and for the working class and the working poor is lucrative. Proven by heavyweight retailers such as Target and Costco who cater to the working class to middle-class customer. Restaurants took off and became a sustainable business model in many ways for the middle classes. In addition to the billions of dollars of annual revenue generated by restaurants the industry also provides jobs and economic opportunity for small business owners and working-class employees. Youth and adults in the developing world are taking up mobile phones at such a rapid rate they are today almost more mobile phones in the world than people (more than 6 billion units)

The underserved contribute the most to this nations bottomline. Regardless of color everyone wants to see some more US currency. In this represents an opportunity. Help a credit score in poor neighborhoods change to an average of 500 to an average of 650 or better will help change. Check cashers and payday lenders would turn into banks/credit unions, liquor stores would be converted into convenient stores/grocery stores. The more consumer empowerment a community experience as a deep new character trait the less consumer protection anyone needs

Separate and unequal America

The United States is the largest economy in the world and exactly $17 trillion in annual GDP with enormous human resources of wealth creation and opportunity. Consumers not businesses or government Power the bulk of our massive economy with over 70% of the economy is dependent on consumer spending. The bottom 80% of the American workforce spends 90% of its income where as the wealthiest 1% spends only 49%. the wealth gap can close by expanding opportunities through well-paying job and small businesses as well as financial inclusion and know how

Free enterprise and capitalism can actually work for the poor and struggling classes and the least of God’s children. Lets recapture the old hope that if you work hard, go to school, and get good grades, pay your taxes and emotional dues it’ll pay off in a fair shot at the American dream

Save America cities with a vibrant and believable pathway to the middle-class the American dream. People just want an economic opportunity, and to be treated as consumers and Job creators. The main driver of freedom is knowledge about capital and knowledge about how to use it. Meaning financial literacy education, financial capability, as well as financial and economic empowerment

The federal government defines the poor in America as those that make $23,050 a year with a family of four in census report 16% of America’s population and 20% of children. Between the ages of 25 and 75 58.4% of Americans will spend at least one year under the government defined lines of poverty. $50,000 is the earning of half of American family which can be tight depending where you live so consider those making less with children and only a high school education. 76% of all Americans are living paycheck to paycheck and and more than 60% GDP is consumer driven