Applying For A Mortgage: Why So Much Paperwork? Real Estate with  Pat Baker Get in Touch Home  Language     Tuesday October 20th, 2015 First Time Home Buyers, For Buyers, Interest Rates Facebook Twitter LinkedIn Google+ Print We are often asked why there is so much paperwork mandated by the bank for a mortgage loan application when buying a home today. It seems that the bank needs to know everything about us and requires three separate sources to validate each and every entry on the application form.   Many buyers are being told by friends and family that the process was a hundred times easier when they bought their home ten to twenty years ago. There are two very good reasons that the loan process is much more onerous on today’s buyer than perhaps any time in history. The government h... 10/22/2015

Where Will Home Prices Be Next Year? [INFOGRAPHIC] Real Estate with  Pat Baker   Where Will Home Prices Be Next Year? [INFOGRAPHIC] Friday October 16th, 2015 For Buyers, For Sellers, Infographics, Pricing Facebook Twitter LinkedIn Google+ Print Some interesting facts: 25 states are forecasted to achieve higher levels of appreciation in the next 12 months than already achieved in the last year. 25 state and the District of Columbia are forecasted to experience a slow in appreciation. All 50 states & D.C. are forecasted to achieve some level of positive price appreciation. Even though each state is appreciating at different levels, you need to know the Cost of Waiting until next year to buy your dream home! You might also enjoy reading... NAR’S Latest Existing Home Sales Report [INFOGRAP... 10/16/2015

Is it Time to Downsize your Home?   Real Estate with  Pat Baker Get in Touch Home  Language   Is it Time to Downsize your Home? Thursday October 1st, 2015 For Sellers, Move-Up Buyers Facebook Twitter LinkedIn Google+ Print A recent study by Edelman Berland revealed that of homeowners who are contemplating selling their house in the near future 33% plan to scale down. Let’s look at a few reasons why that would make sense to many Americans. In a recent blog post, Dave Ramsey, the financial guru, discussed the advantages of selling your current house and downsizing into a smaller home that better serves your current needs. Ramsey explains three potential financial advantages to downsizing: A smaller home means less space, but it also means less time, stress and money spent on upkeep Let’s... 10/01/2015

 Credit Score Requirements LOWER As Interest Rates CREEP UP! [INFOGRAPHIC] Friday September 18th, 2015 For Buyers, Infographics, Interest Rates Facebook Twitter LinkedIn Google+ Print   Real Estate with  Pat Baker Get in Touch Home     Some Highlights: The average 30-year rate for all loans closed in August eclipsed 4.3% for the first time since October 2014. The average FICO score for all closed loans in August reached a new yearly low at 724 (the lowest since February 2014!) The average down payment of FHA loans closed was just 4%! You might also enjoy reading... Where will Mortgage Rates be Headed in 2015? Mortgage Rates Over The Last 40 Years [INFOGRAPHIC] Do I Need Perfect Credit to Buy a Home? [INFOGRAPHIC] Cost Across Time [INFOGRAPHIC] Post navigation Fannie Mae Introduces Home ... 09/19/2015

    Flip Side - August Norfolk County RE Market Register O'Donnell Sees Positive Results for August Norfolk County Real Estate MarketReviewing the latest housing and financial data, Norfolk County Register of Deeds William P. O'Donnell believes there was some good news coming out of the Norfolk County real estate market for the month of August; which saw property transactions rise by nearly double digits."The total number of deeds recorded for the month of August increased 9% compared to August 2014. These numbers are confirmation of my strong belief that Norfolk County is a destination location for individuals and families to live and work. Reinforcing this belief is the 5% increase in total dollar volume of commercial and residential sales to $737 million," noted Register O'Donnell.O... 09/12/2015

Thinking of Buying a Home? Ask Yourself These 3 Questions!Real Estate with  Pat Baker Get in Touch Home   Thinking of Buying a Home? Ask Yourself These 3 Questions! Thursday September 10th, 2015 First Time Home Buyers, For Buyers, Interest Rates, Pricing Facebook Twitter LinkedIn Google+ Print If you are debating purchasing a home right now, you are surely getting a lot of advice. Though your friends and family will have your best interest at heart, they may not be fully aware of your needs and what is currently happening in real estate. Let’s look at whether or not now is actually a good time for you to buy a home. There are 3 questions you should ask before purchasing in today’s market: 1. Why am I buying a home in the first place? This truly is the most important question to answer.... 09/10/2015

    NAR’S Latest Existing Home Sales Report [INFOGRAPHIC] Friday August 28th, 2015 For Buyers, For Sellers, Infographics, Pricing   Real Estate with  Pat Baker Get in Touch Home Facebook Twitter LinkedIn Google+ Print   Some Highlights: Existing Home Sales are up 10.3% year-over-year across the country. Sales rose to an annual rate of 5.59 million marking the 10th month in a row of year-over-year gains Prices are up 5.6% year-over-year in the U.S. to a median price of $234,000 Marked the 41st consecutive month of year-over year price gains. You might also enjoy reading... Home Prices Up in 93% of Measurable Markets [INFOGRAPHIC] Home Values: Where Are They Headed Over The Next 5 Years? Foreclosure Inventory Hits Lowest Mark in Over 7 Years [INFOGRAPHIC] What You Need to Know About the ... 08/28/2015

    Don’t Wait to Move Up to Your Dream Home! August 19, 2015 For Buyers, For Sellers, Interest Rates Real Estate with  Pat Baker   Get in Touch Home   Don’t Wait to Move Up to Your Dream Home! August 19, 2015 For Buyers, For Sellers, Interest Rates Facebook Twitter LinkedIn Google+ Print Now that the housing market has stabilized, more and more homeowners are considering moving up to their dream home. With interest rates still near 4% and home values on the rise, now may be a great time to make a move. Sellers should realize that waiting while mortgage rates are increasing probably doesn’t make sense. As rates increase, the price of the house you can afford will decrease if you plan to stay within a certain budget for your monthly housing costs. Here is a chart detailing this point: Wi... 08/19/2015

  Where Are Mortgage Rates Headed? This Fall? Next Year?Real Estate with  Pat Baker Get in Touch   Where Are Mortgage Rates Headed? This Fall? Next Year? August 10, 2015 Featured, For Buyers, Interest Rates Facebook Twitter LinkedIn Google+ Print The interest rate you pay on your home mortgage has a direct impact on your monthly payment. The higher the rate the greater the payment will be. That is why it is important to look at where rates are headed when deciding to buy now or wait until next year. Below is a chart created using Freddie Mac’s July 2015 U.S. Economic & Housing Marketing Outlook. As you can see interest rates are projected to increase steadily over the course of the next 12 months. How Will This Impact Your Mortgage Payment? Depending on the amount of the loan that you s... 08/10/2015

  Home Sales Will Remain Hot This Summer Real Estate with  Pat Baker Get in Touch   Home Sales Will Remain Hot This Summer July 22, 2015 For Buyers, For Sellers Facebook Twitter LinkedIn Google+ Print People always talk about the “spring buying season” when they talk real estate. However, this year it appears as though the summer real estate market will be just as hot. The most recent Foot Traffic Report released by the National Association of Realtors (NAR) revealed that there are more buyers out looking at homes right now than at any other time in the last two years including the past two springs (in orange below).   The Foot Traffic Report is compiled from data on the number of properties shown by Realtors. NAR further explains: “Foot traffic has a strong correlation with future cont... 07/22/2015

 Homeownership: A Key to Well-Being in Retirement Real Estate with  Pat Baker Get in Touch   Homeownership: A Key to Well-Being in Retirement July 15, 2015 For Buyers Facebook Twitter LinkedIn Google+ Print There has been much talk about homeownership and whether it is a true vehicle for building wealth. A new report looks at the impact owning a home has on the financial wellbeing of people closing in on their retirement years (ages 55-64). In recently released study by the Hamilton Project, Ten Economic Facts about Financial Well-Being in Retirement, it was revealed that: 1. Middle-class households near retirement age have about as much wealth in their homes as they do in their retirement accounts. “Over the past quarter century the largest single source of wealth for all but the riche... 07/15/2015

Needham MA New To Market $725000 Single-Family Needham, MA 02494$725,000  7 Rooms3 Beds  3 Baths Village Colonial being sold "as is." 105 foot frontage 12,793 square feet total. "Tear Down Option" Property and building to be to sold "as is". New kitchen on the first floor. Easy commute to Boston Route 95 & Route 9. Bus stop across the street. Contact the list agent for further details. Please give advance notice for showings after 12PM preferably. 07/14/2015

  What is a Housing Bubble? Is One Forming? Real Estate with  Pat Baker Get in Touch   What is a Housing Bubble? Is One Forming? July 7, 2015 For Buyers, For Sellers Facebook Twitter LinkedIn Google+ Print The recent talk of Greece and its financial challenges has some questioning whether the U.S. could also return to the crisis we experienced in 2008. Some are looking at the rise in real estate values and wondering whether we are in the middle of another housing price bubble. What actually is a price bubble? Here is the definition according to Jack M. Guttentag, Professor of Finance Emeritus at the Wharton School of the University of Pennsylvania: “A price bubble is a rise in price based on the expectation that the price will rise. Sooner or later something happens to erode confidence ... 07/07/2015

  #1 Reason to Sell Your House Now! Real Estate with  Pat Baker Get in Touch   #1 Reason to Sell Your House Now! July 6, 2015 For Sellers Facebook Twitter LinkedIn Google+ Print If you are one of the many homeowners out there who are debating putting their house on the market this year, don’t miss out on the great opportunity you have right now! The latest Existing Home Sales Report from The National Association of Realtors (NAR), reveals that the inventory of homes for sale has dropped to a 5.1-month supply.     Historically, a 6-month supply is necessary for a ‘normal’ market, explained below: There are more buyers that are ready, willing and able to buy now, than there has been in years! The supply of homes for sale is not keeping up with the demand of these buyers. Bottom Line Home ... 07/06/2015

  Mixed Good News from Norfolk County Registry of Deeds‏   Prices are up but inventory still lagged in May 2015.    Both residential and commercial have an uptick in sale price.    There has been a 5% increase year over year.       Total volume of commercial and residential sales also showed an uptick, jumping 2% to $604.6 million."  Norfolk County Registry of Deeds   Register O'Donnell Reports May Brings Mixed Real Estate ResultsContinuing a theme seen over the past few months, Register of Deeds William P. O'Donnell reported that reduced inventory activity in Norfolk County has had a mixed effect on the real estate market during the month of May, 2015.Register O'Donnell noted, "What we have consistently seen throughout the late winter and spring months is a decrease of real estate inve... 06/10/2015

  The #1 Reason to Buy Right Now – THE MONEY!!Real Estate with  Pat Baker Get in Touch   The #1 Reason to Buy Right Now – THE MONEY!! June 4, 2015 First Time Home Buyers, For Buyers Facebook Twitter LinkedIn Google+ Print People often ask whether they should buy a home now or wait. Recently released data suggests that waiting may not make sense as prices seem to again be on the rise. Let’s take a look at some of the data and commentary on the subject:   Ed Stansfield, chief property economist at Capital Economics: “The current tightness of supply conditions would normally be consistent with much faster price growth. The continued steady growth in home sales that we expect this year will only add to this upward pressure on prices.” Case Shiller Home Price Index “The S&P/Case-Shiller U.S.... 06/04/2015

    5 Reasons You Shouldn’t For Sale By Owner Real Estate with  Pat Baker Get in Touch   5 Reasons You Shouldn’t For Sale By Owner June 2, 2015 For Sellers, FSBO's Facebook Twitter LinkedIn Google+ Print In today's market, with homes selling quickly and prices rising some homeowners might consider trying to sell their home on their own, known in the industry as a For Sale by Owner (FSBO). There are several reasons this might not be a good idea for the vast majority of sellers. Here are five reasons: 1. There Are Too Many People to Negotiate With Here is a list of some of the people with whom you must be prepared to negotiate if you decide to For Sale By Owner: The buyer who wants the best deal possible The buyer’s agent who solely represents the best interest of the buyer The buyer’s at... 06/01/2015

  Real Estate with  Pat Baker Get in Touch   Buyer Demand Exceeds Housing Supply [INFOGRAPHIC] May 29, 2015 For Buyers, For Sellers, Infographics Facebook Twitter LinkedIn Google+ Print Some Highlights: Inventory Levels are still below the 6.0 month level necessary for a normal market Home Prices have experienced year-over-year gains for 38 straight months Home sold faster than any time since June 2013, in just 39 days Post navigation If You are Thinking of Selling, Now’s the Time Pat Baker Key Advantage Realty Needham, MA (617) 435-3471 Experienced real estate agent intimately acquainted with the Needham, MA and the MetroWest area of Boston, MA. Specializing in home sales, buyer purchases, condominiums, 2nd home purchases,investment properties, and rentals Visit Website Get in Touch   ... 05/29/2015

  Real Estate with  Pat Baker Get in Touch   Homeownership as an Investment: The Role of Price Appreciation May 27, 2015 Housing Market Updates, Pricing Facebook Twitter LinkedIn Google+ Print We recently posted on the results from the latest Home Price Expectation Survey (HPES) showing where residential home prices are headed over the next five years. Today, we want to show you what the results of the report could mean to you.   A good portion of every family’s wealth comes from the equity in the home they live in. As the value of their home (an asset) increases so does their equity. Let’s look at a possible case scenario based on the latest HPES. Here is a chart showing the survey’s projections on annual appreciation over the next five years: We then looked at the five-year impact thi... 05/26/2015

  Real Estate with  Pat Baker Get in Touch   More Home Buyers Putting Less Down May 20, 2015 Down Payments, For Buyers Facebook Twitter LinkedIn Google+ Print A recent post by the National Association of Realtors (NAR) revealed that in the months of December 2014 through February 2015, there was an increase in the number of first-time buyers making a down payment of 6% or less as compared to last year: 2014: 61% of first time home buyers 2015: 66% of first time home buyers While the number of small down payments is lower than it was in 2009 when 77% of down payments were 6% or less, it does show the recent decisions by both Fannie Mae and Freddie Mac to offer 3% down payment options to certain buyers is impacting the market. FHFA Director Mel Watt recently explained why Freddie and Fann... 05/22/2015