Archives for May 2012

Seller Testimonial – Watertown

Michelle sets the gold standard as a real estate broker! She was able to bring to a successful conclusion the sale of a home owned by two people who were uncooperative with each other. Michelle handled the situation with the greatest diplomacy, keeping both of us informed and handling all the issues and details with utmost professionalism. She handled all the inspections, gave good advice and got a higher price than I expected! I am very satisfied with her service–she is the BEST and I will be recommending her to friends!

Myko – Portsmouth ME

April 2012 U.S. Economic And Housing Market Outlook

Highlights

  • Despite one “noisy” month, the outlook is for the labor market this year is to remain on track with an increase in job growth over 2011 and a  further acceleration in 2013.
  • The first quarter of 2012 registered the best quarterly payrolls performance since the spring of 2006, despite falling short of expectations.
  • Expect unemployment to decrease further from 8.2 percent in March to 8.0 percent by the fourth quarter.
  • March retail sales showed that consumers continued to spend aggressively, bringing first-quarter sales 2 percent above sales in the previous quarter.
  • Expect 30-year fixed-rate mortgages to gradually increase in the second half of  2012 to about 4.25 percent to 4.50 percent by the end of the year.

What does this mean?  Basically, the party is over for buyers.  While this is still a great time to buy, I am seeing a significant difference from the Greater Boston area market of last year.  Buyers are less apt to “kick the tires” of an endless number of houses and are actually jumping on the houses that they like, often in a multi-bid situation.   As they should.  Prices are starting to climb.  Interest rates are great, but they will not stay that way.

What this means for sellers – you have to price your house right – what that means is look at your competition and price right in relations – and your house will sell.  Faster than it would have last year.

Click here to view the complete April 2012 U.S. Economic and Housing Market Outlook. Freddie Mac compiles data on major economic and housing and mortgage market indicators and offers forecasts based on those indicators.

If you are Contemplating a Short Sale – do it this year!

Back in 2007 Congress approved a debt forgiveness law for homeowners when they do a short sale and the lender forgiveness portion is not repaid.

Normally, the portion forgiven is treated as taxable income to the borrower.  The Debt Forgiveness Act provides relief to troubled borrowers when some portion is forgiven.  That relief expires on Dec 31st, 2012.  The transaction must close by Dec 31st to qualify.  The Act could possibly be extended, but there is no guarantee.   Given how long short sales take to process, if you are considering a short sale, contact your Realtor (me) now to find out your options and how to proceed.

Borrowers whose debt is reduced or eliminated will receive a year-end statement from their lender, IRS Form 1099-C. Eligible homeowners must complete several lines on IRS Form 982 which must be included when filing their federal income tax return to claim the mortgage relief. For more information, review IRS Publication 4681 and IRS Form 982, or consult a qualified accountant or attorney.

US News Ranking of Massachusetts High Schools 2012

My hometown of Newton Ranked #11.  Check here to see where your town ranked!

http://www.usnews.com/education/best-high-schools/massachusetts/rankings

MICHELLE J. LANE, Realtor
Century 21 Commonwealth
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CELL: 617 584-3904
www.MichelleLaneRealtor.com
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ANNUAL NEWTON HOUSE TOUR TICKETS ARE NOW ON SALE

SAVE THE DATE – The House Tour will be on June 3rd this year.

The 30th Annual House Tour takes place on Sunday, June 3rd. Tickets purchased in advance (before 5 PM on Friday, June 1), are available at a discount; you may buy your tickets online or by calling 617-796-1450. Tickets are $20 for Historic Newton members, $30 for non-members. Tickets may be purchased on the day of the tour at the Jackson Homestead.  Tickets purchased on June 3 will cost $25 for Historic Newton members and $35 for non-members.  You can buy House Tour tickets at: http://apps.newtonma.gov/jackson/calendar/house-tour_list_2012.asp

MICHELLE J. LANE, Realtor
Century 21 Commonwealth
CELL: 617 584-3904
www.MichelleLaneRealtor.com

April 2012 Market Outlook

Highlights

  • Despite one “noisy” month, the outlook is for the labor market this year is to remain on track with an increase in job growth over 2011 and a  further acceleration in 2013.
  • The first quarter of 2012 registered the best quarterly payrolls performance since the spring of 2006, despite falling short of expectations.
  • Expect unemployment to decrease further from 8.2 percent in March to 8.0 percent by the fourth quarter.
  • March retail sales showed that consumers continued to spend aggressively, bringing first-quarter sales 2 percent above sales in the previous quarter.
  • Expect 30-year fixed-rate mortgages to gradually increase in the second half of  2012 to about 4.25 percent to 4.50 percent by the end of the year.

What does this mean?  Basically, the party is over for buyers.  While this is still a great time to buy, I am seeing a significant difference from the Greater Boston area market of last year.  Buyers are less apt to “kick the tires” of an endless number of houses and are actually jumping on the houses that they like, often in a multi-bid situation.   As they should.  Prices are starting to climb.  Interest rates are great, but they will not stay that way.

What this means for sellers – you have to price your house right – what that means is look at your competition and price right in relations – and your house will sell.  Faster than it would have last year.

Click here to view the complete April 2012 U.S. Economic and Housing Market Outlook. Freddie Mac compiles data on major economic and housing and mortgage market indicators and offers forecasts based on those indicators.

 

 

MICHELLE J. LANE, Realtor
Century 21 Commonwealth
CELL: 617 584-3904
www.MichelleLaneRealtor.com