“Turning Dreams Into Reality” For the past 10 years I have dedicated a good portion of my time to over-hauling, beautifying, improving, revamping and perfecting our website walshteam.com, to be the very best. I am self taught, it’s not something I studied in school and there have been many a day where I stared at the screen with blurry eyes and literally wanted to throw the laptop across the room or rip my hair out in frustration! To make matters worse, my focus was on Luxury Real Estate in Massachusetts, which is an incredibly aggressive and competitive market. I had big companies and some heavy-hitters to contend with but today I am proud to say we are at the top of the list- ranked #5 on Google for Luxury Real Estate in MA. What’s more, is we have the #1 Luxury Real Estate website for MA as an independent “agent” site (which is not a company site). For me, it is an incredible achievement and a long time coming! But what’s more important is what this means for all of the luxury home buyers and sellers. As a luxury home buyer or seller you will find everything you need, from beautiful and stunning “Home Search” results, to even a translator tool for every listing, so visitors can easily find out the details of each and every property in their own native language. The whole idea was to create a place that luxury home buyers and sellers would go to search for luxury homes and be able to find things that are tailored to their discerning tastes and unique needs. The most important aspect though, is how this will affect our Luxury Home Sellers. Since the beginning, “exposure” is the name of the game for getting homes sold- for the most money and that’s because the more people see it, the better chance there is of finding a buyer! So as far as this latest Google Ranking goes, it is ultimately the result of just how much traffic we are getting compared to everyone else… proving once again, “If you build it, they will come”… (Thanks for reading! Please visit http://www.walshteam.com/luxury-real-estate.asp for all of you Luxury Real Estate needs in MA or if you just want to poke around at some of the most expensive homes for sale in MA)
Total Inventory: Total inventory for Millis is down like most towns, however; it has remained fairly consistent for the past year and a half.
Median Sales Price: The median sales price in Millis is up to approx. $325,000 and this number has jumped within the past year- up nearly $50K!
Unit Sales: With inventory levels remaining consistent for the past year and a half, sales have been steady as well with no real dips or spikes. There have been more sales this year compared to last year and this shouldn’t change much if inventory remains where it is.
Market Time for Sold: The best sign for Millis real estate is that days on market is at the lowest point it has been for the past 3 years averaging about 3 mos.
Overall Millis looks like a healthy market. Sales are very much reflective of the amount of inventory that’s available. The decrease in market time shows me that the demand for theses homes is high and they aren’t sitting on the market long. Basically, if you list it, it will sell. If you’re a buyer, you are probably looking for more quality product. If you’re a seller- WHAT ARE YOU WAITING FOR?
Total Inventory: Right now inventory in Holliston is very low with total number of single family homes just above 30, for all price points.
Median Sales Price: The median sales price has increased significantly since last year up approximately $50-$75K. This is an indication that homes are selling for more and that higher priced homes are increasing as well- both good signs!
Unit Sales: Unit sales are up in Holliston this year and where there were only 4 homes that sold in Holliston last January, 11 have sold this January.
Market Time Sold: The Average days on market continues to drop and right now Holliston homes are averaging just under 100 days on market.
Great news for sellers in Holliston, a low inventory and increased demand has helped home prices increase steadily over the past 3 years. If you haven’t listed your home yet, or are thinking about doing so- now is the time! For buyers, all indications point to home prices increasing, so if you want in, now is the time to jump on board. Looks like your investment could be protected for the foreseeable future.
Unit Sales: Unit sales, I am happy to say, are up for the 3rd year in a row. According to financial analysts, this trend should continue.
Total Inventory: Total inventory in Ashland is down, like most other towns in MA right now.
Median Sales Price: The median sales price has been trending upward which is likely to continue despite the recent dip. The dip is likely caused by lower priced homes selling more recently but low inventory and higher demand should help this number improve.
Market Time for Sold: For sellers, this trend is definitely a good sign! For buyers it shows that homes are moving more quickly and if you don’t move fast, you might miss out on some good opportunities.
All in all, it is still a good time to buy. With numbers trending upward though, if you are buying it is a great time to get in. For sellers, if you have been contemplating a move, list your home ASAP! There is a lack of good inventory and the buyers are often fighting over good properties
Federal Rule: Ability to Repay
Lenders must determine that a borrower has the income and assets to afford to make payments throughout the life of the loan. To do so, the lender may look at your debt-to-income ratio, which is how much you owe divided by how much you earn per month, including the highest housing payments you would be required to make under the terms of the loan. To calculate your debt-to-income ratio, add up all your monthly obligations — including student loan, credit card and car payments, housing costs, utilities and other recurring expenses — and divide it by your monthly gross income.
In an effort to put an end to no- or low-doc loans, where lenders issue risky loans without the necessary financial information, lenders will be required to document and verify an applicant’s income, assets, credit history and debt. Underwriters must also approve loans based on the maximum monthly charges you face, not just low “teaser rates” that last only a matter of months, or a year or two, before resetting higher. William Raveis Mortgage has been following these rules for years as part of its business practice, however, the main difference is an increased level of documentation is now required.
Federal Rule: Qualified Mortgage
To make sure you aren’t taking on more house than you can afford, your debt-to-income ratio generally must be below 43%. This rule is not absolute. Banks can still make loans to people with debt-to-income ratios that are greater than that if other factors, such as a high level of assets, justify the risk. Qualified mortgages cannot include risky features, such as terms longer than 30 years, interest-only payments or minimum payments that don’t keep up with interest so your mortgage balance grows. Upfront fees and charges cannot add up to more than 3% of the balance. That includes title insurance, origination fees and points paid to lower interest rates. Fannie Mae and Freddie Mac will permit loans over 43% if these factors
Tighter Guidelines on the Amount You Can Borrow
In January of 2014, a new mortgage rule from the Consumer Federal Protection Bureau (CFPB) goes into effect. The rule, which impacts the entire industry, introduces a concept that will discourage lenders from making mortgage loans where the debt to income ratio exceeds 43%.
So what does this mean? If these rules were in effect last year, roughly one-fifth of all home-owners would have to either increase their down payment or buy a less expensive house. William Raveis Mortgage estimates that the implementation of this rule alone could potentially impact the maximum amount that a buyer could borrow by about 5%.
Negative Impact to Interest Rates
It is widely assumed that interest rates cannot stay at historical lows. The Fed has already begun pulling back on their strategies that have kept rates artificially low for the past couple of years, and we have seen rates jump upwards in excess of 1% since the summer. In addition to the financial market factors that will push rates upwards, there are regulatory and government factors that will negatively impact rates as well. Firstly, the role that Fannie and Freddie play in the mortgage market will be diminishing. We have seen these entities decrease their maximum loan amounts. The government is hoping that private investors will fill the void, but with few entities in this arena, we can expect that private investors will want a higher return on their investment – pushing interest rates to borrowers upward.
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2 Thurston Place and 54 Brook St. in Medfield, MA
Open Sat. 3/9 1:00 – 3:00
What you have been waiting for- “Thurston Place”, an enclave of 11 luxury new Townhomes on a lovely side street in downtown Medfield. Attractively priced and constructed by respected local builders, each Townhome features a spacious fireplaced living room open to a gracious dining area with attractive tray ceiling and lovely wainscotting, a wonderful granite and stainless kitchen with center island/breakfast bar, deluxe master suite with beautifully tiled bath and walk-in closet, as well as a second en suite bedroom with walk-in closet. Complete with the potential for a third second floor bedroom, large lower level ready to be finished, two-car attached garage, patio and lovely landscaping, these Townhomes are definitely a “Must See”! There’s NO AGE RESTRICTION and still time to make personal selections. Reserve your new home today (More Photos)
20 Crest Dr. Dover, MA
Open Sun. 3/10 1:00 – 3:00
Lots of space in this attractive Multi-Level style home with its versatile floorplan. Features include kitchen w/granite countertops & sunny breakfast area, expansive skylit master suite w/vaulted ceiling, 2 walk-in closets & Jacuzzi, possible in-law/au pair suite w/separate entrance, lower level game room w/kitchenette & screened porch for summer enjoyment. Roof- 2yrs. Furnace 3 yrs. Popular Dover neighborhood setting convenient to shopping and major routes. #1 Rated School System! (More Photos)
6 Stop River Rd. Norfolk, MA
Open Sun. 3/10 1:00 – 2:00
Welcome to this distinctive and spacious 6,000+sf residence in Norfolk’s premier Stop River Estates neighborhood! Featuring generous, sun-filled, open living spaces, wonderful curb appeal and space galore, this expansive home offers five large bedrooms, four full and two half baths and three finished levels. Highlights of the home include a lovely two-story entrance foyer, spacious kitchen with center island, dining area and gleaming birch floor open to family room with gorgeous woodstove and access to a delightful screened porch, a handsome, wood-paneled, fireplaced library and huge 1st floor master suite with cathedral ceiling and whirlpool bath. Upstairs you will find 4 generous bedrooms, a cedar closet and convenient 2nd floor laundry. The home is complete with a large, game room with wet bar, enclosed, glassed hot tub room, steam shower & exercise room. The 3-car attached garage and lovely,landscaped 1.4 acre private setting complement this fabulous property. Definitely a Must-See and Tremendous Value! (More Photos)
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I am looking for a nice home in Medfield that isn’t on the market yet for approx. $600K-$650K. Home must be gas heat and gas cooking. I have buyers ready to pull the trigger but haven’t seen anything currently that they like. Please reach out to me if you are considering a move or are interested in selling your home to great buyers.
The Walsh Team