Looking to buy a home in Hyde Park? Don’t miss these open houses|Cassandra Cumberlander Remax Boston|781-269-9836

Two newly renovated properties in Hyde Park that are worth a look this weekend: a townhouse and a mutlifamily.

17 Knight St Unit 17 in the Readville section of Hyde Park is listed for $289,900.  1263 sq feet, 3 beds, 1.5 baths. Beautiful hardwoods downstairs, carpet in bedrooms, stainless appliances, new roof, new plumbing, and much more. Click here to view the details. OH Sunday from 12-2.

20 Walter St, purchased in April, now renovated and ready for you. Near Cleary Square. Listed for $499,000, 2231 sq feet, 4 beds, 2.5 baths. New roof/plumbing/heating/electrical, private laundry for each unit, hardwood floors, granite/stainless kitchen, AND the lot is nearly .25 acres…take a look for yourself. OH Sunday 12-2-more info here.

If these aren’t quite what you’re looking for, there are 6 other open houses in Hyde Park this weekend, as well as a few other properties for sale.  Click here to view all Hyde Park properties for sale. 

Happy house hunting!  If I can be of assistance, give me a call-781-269-9836.

Dorchester Housing Market Update-October 2013|Cassandra Cumberlander, Remax Boston|781-269-9836

Visit Cassandra Cumberlander’s website

Looking for the latest Dorchester housing market data to help you figure out if you should sell or buy?  Read on…

Single family and condominium Inventory in Dorchester is still down from September 2012, about 15.8%.  However, prices are up about 13.1%.  In September last year, we had 7.5 months of single family inventory available; September 2013 had us with 4.5 months of inventory available-a decline of 40.1%.  On average, in September 2012, homes remained on market for 90 days before a sale; September 2013 showed homes remaining on market for 22 days before a sale.  Condo inventory is down about 15.1% over September 2012, with the time on market until sale cut by nearly 50% year over year (83 days then vs 43 days now).  Prices are up 21%.

Multifamily homes remained on market for 26 days on average and received 100% of asking price in September 2013.  In September 2012, multis stayed on market for 49 days on average and sellers received 97% of asking price.  In Boston, 2 family sale prices are up 38.3% and 3 family sale prices are up 19.2% over this time last year. Inventory is down 32.5% for 2 families and 42.6% for 3 families.

 

So what does this mean to you as a seller?  Opportunity exists!  Low inventory combined with lower mortgage interest rates (which are rising but still good), still make it a great time to sell.  The buyers are still out there searching,  and a good property usually attracts multiple offers.  Will this price appreciation continue? For a while, yes, but it is difficult to predict for exactly how long, so don’t bet that waiting until next year to sell will mean more money for you.  Keep in mind that, as we approach more normal levels of housing inventory (5-6 months), the price gains will level off.  It is critical to work with a good REALTOR who is watching this progression.  And remember, if the price of your house appreciates 5%, then the price of the home that you’re looking to buy may also appreciate 5% (or maybe more, depending on that local market).

And for you buyers?  Make sure all of your i’s are dotted and t’s crossed now so that when you see the home that you want, you are ready to move forward.  With so many buyers competing for the same properties, sellers don’t have to deal with anyone who presents an offer with terms that they don’t like; the seller can just move on to one of the other offers.  Put your best foot forward at the outset, as you may only get one chance to make an offer.  The real estate professional you work with should be able to strategize with you to increase the chances of your offer being the chosen one and make sure that your interests are protected at the same time.

View all Dorchester properties for sale

Call me with questions or if you need help buying or selling in Greater Boston-781-269-9836.

Open Houses in Hyde Park MA October 12-14, 2013

This weekend, Hyde Park is host to 2 single family open houses: 7 Barry St (OH Saturday from 1-3PM and Monday from 2-4PM) and 44 Chesterfield St (OH Sunday from 12:30-2).

Interested, but unable to make the open houses?  Call me to schedule a private showing:  781-269-9836.  Be sure to take some time out this weekend to spend with your loved ones!

View Hyde Park Properties for Sale

Open Houses in Hyde Park MA October 5-6, 2013

Still looking for your perfect Hyde Park home?  There are 5 open houses this weekend: 4 single families and 1 condo. Click here to view all Hyde Park properties for sale.  Listings courtesy of Tierney Realty Group, RE/MAX Real Estate Center, Legacy Properties, RE/MAX Way, and Coldwell Banker via MLSPIN.

New to market today is 18 Franklin Terrace, located in the Fairmount area off of Warren St.  This 9 room, 4 bed, 2 bath home is listed for $349,900, is 1982 sq feet and sits on over a quarter acre lot.  Hardwood floors, attached garage, first floor includes an office, a family room and a dining room.  OH Sunday 12-2:30.

In it’s very first showing since it was listed 3 days ago, we have 85 Thompson St. listed for $319,900.  This 6 room, 2 beds, and 2 bath ranch has had only one owner.    Mostly harwood floors throughout, granite kitchen with stainless appliances, gas heat, new windows , and a great backyard.  Conveniently located about a mile from Cleary Square.  OH Sunday from 12-1:30.

On the market for just 1 day is 34 Meadowview Rd in Readville.  This 1290 sq ft ranch-style home has 7 rooms, 3 beds, and 1 bath has gas heat and central air, almost all new windows, stainless appliances in the EIK, a fireplace and a pellet stove, and possibility of expansion with a partially finished lower level.  Listed for $349,000, the OH is Sunday from 12-2.

My personal favorite this week is 1396 River St. This is a lovely 3105 sq ft Queen Ann Victorian listed for $399,000.  8 rooms, 5 beds, 3.5 baths, HUGE kitchen and master bedroom, open first floor, hardwood, floors, newer heating system and roof,  finished room in basement with full bath.  Don’t miss this one!  OH Sunday from 12-2.

Hyde Park’s only condo open house this week is 32 Williams Ave #3 in the Fairmount area.  LIsted for $269,900, this 1395 sq ft, 4 bed condo has 2 full baths, high ceilings, 2 parking spaces, and hardwood floors throughout.  Easy access to the T.  The condos here are 100% owner occupied-very important if you are using an FHA loan to finance your purchase.  OH Sunday from 12:30-1:30.

Find your home before the cold weather sets in.  If you need help or have questions, call me at 781-269-9836.  Have a great weekend!

Open Houses in Hyde Park MA September 28-29, 2013

If you’re looking to buy a home in Hyde Park MA, there are 7 open houses this weekend: 5 single families, 1 condo, and 1 multifamily home. Click here to view all Hyde Park properties for sale.  I’m going to highlight just a few of these listings this week, courtesy of Tierney Realty Group, Hometown Realty, and Coldwell Banker via MLSPIN.

In the golf course area, we have 9 Beechmont Terrace, which has been on the market for one day, listed for $279,900.  OH will be Sunday from 12-2:30.  This 1224 sq ft Cape-style home has 6 rooms,  3 beds, and 2 full baths. Formal living and dining rooms, wood floors, gas heat, and nothing to do but move in!

16 Caton Street is conveniently located right off of River St and is listed for $419,900. This 11 room, 5 bed, 2 bath 2112 sq ft multifamily home has been renovated, so again, no work for you to do.  Everything is new, including the heating and plumbing systems.  OH Sunday from 1-3.

Hyde Park’s only condo open house this week is 32 Williams Ave #3 in the Fairmount area.  LIsted for $269,900, this 1395 sq ft, 4 bed condo has 2 full baths, high ceilings, 2 parking spaces, and hardwood floors throughout.  Easy access to the T.  The condos here are 100% owner occupied-very important if you are using an FHA loan to finance your purchase.  OHs are Saturday and Sunday from 12:30-2 each day.

Hope you find something you like!  If you need help or have questions, call me at 781-269-9836.  Have a great weekend!

Sell my house now or wait in Boston? Cassandra Cumberlander Remax Boston weighs in

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One of the reasons to hire a great real estate professional is to help you understand all of the various messages in the media about the housing market. If you are thinking about selling your home and listen to what the media says, you may come away confused. There are stories about how the real estate market is still too unstable and that, with the rapid rise in prices, we may be approaching another housing bubble. Some potential sellers believe that, since prices have appreciated in Boston throughout this year, the trend will continue next year, so they should wait to sell to get even more money for their home.

Yes, it is true that prices have risen, but they are not out of control.  Prices have risen because inventory has been low-typically double-digit declines-so this is simple supply and demand. GBAR data shows that, in Mattapan for example, the amount of single family and condominium inventory is 50% lower than last year, at 4.1 and 2 months of inventory respectively. Dorchester is down 29%, at 4.3 and 3 months respectively. West Roxbury is down 56.3%, at 1.2 and 1.4 months respectively.

In markets like these, opportunity is created for sellers; when they put their homes on the market, the homes tend to sell quickly and often receive multiple offers. Looking at MLSPIN data on past month sales in the same communities mentioned above in the past month, Mattapan’s listings have been on market an average of 37 days with sellers receiving 98% of asking price, 34 days in Dorchester with 99% of asking price, and West Roxbury 38 days with 99% of asking price. And that’s just singles and condos-multifamily homes in these cities stayed on market between 6-20 days and received 100-111% of asking price.

Will this price appreciation continue? For a while, yes, but it is difficult to predict for exactly how long. Nationally, we seem to be at the early stages of a full housing recovery (NOT another bubble)-sales are up, prices have turned around to reasonable levels, and inventory is rising. Though pending home sales typically level off during the second half of the year, it’s part of the seasonality of real estate-don’t panic.   Potential sellers need to keep in mind that, as we approach more normal levels of housing inventory (5-6 months), the price gains will level off.  It is critical to watch this progression.  And remember, if the price of your house appreciates 5%, then the price of the home that you’re looking to buy may also appreciate 5% (or maybe more, depending on that local market).

Another important consideration for sellers looking to move up or to downsize is the cost of waiting, which is different from the price you’d be able to sell your home for.  Price appreciation is one thing, and if your next home purchase involves obtaining a mortgage, you have to keep an eye on what interest rates are doing as well.  The slide below shows you how a price appreciation and an interest rate increase of .5% can affect your bottom line on the purchase of a $360,000 home.

Right now, there are no signs pointing to rates dropping.  Below are the interest rate projections for Q3 2014 from the top 4 industry experts. Selling to buy a new home now-whether you are downsizing or moving up- could be to your advantage. Do the math and see for yourself.

As I always say, everyone’s situation is different, but these are just a few things that you need to consider as you decide whether or not selling now is a good decision for you and your family.  Call me to align yourself with real estate professional who can help you keep an eye on these and other industry changes and advise you accordingly-781-269-9836.

Using Downpayment Gifts to Buy a Home

Cassandra Cumberlander, Remax Boston 781-269-9836

This is a great post written by my friend Ian that explains the right way to use downpayment gifts to buy a home. 

by Ian Kahanowitz, Seacoast Mortgage

Visit Ian Kahanowitz’s web page

Saving a down payment is one of the hardest parts of buying your first home.  About 25% of first-time homebuyers get help with a gift from a relative as part of their down payment.  There’s nothing wrong with this, but there are some regulations you need to consider as you plan for the big purchase.

Can you use a gift as part of your down payment? Limits on down payment gifts vary from one lender to the next.  If you’re planning to use a gift for some of your down payment, you should talk to your lender about its rules before you proceed.

With many loan programs, a down payment gift isn’t an issue, but with some mortgages, you may need to prove that you’ve provided most or all of the down payment yourself. Mortgage programs created with first-time homebuyers in mind, like the FHA loan and VA loan, as well as many state and local programs, allow a significant portion of the down payment to come from a gift. For an FHA loan, for instance, all of your down payment can be a gift from a relative.

With a conventional loan, things get trickier. Most conventional loans, depending on the lender, require a 10%-20% down payment. Of that down payment, a lender may require that some portion, often around 5% of the home purchase price, is provided by you and isn’t a gift.

Lenders will require clear documentation of a down payment gift to make sure the gift isn’t actually a loan. This documentation may include a letter and possibly even bank records from the giver.

How to Use a Downpayment Gift 

With all that said, using a down payment gift isn’t impossible and is, in fact, a common enough practice. Here are the steps you’ll need to take to make it happen:

1. Ask only family members. Gifts from friends, neighbors and co-workers won’t be accepted.

2. Get a letter. The giver will need to write you a letter with the details of the donation, including the exact amount, the property the gift is for, and your relationship with the giver. The giver will also need to explicitly state that the money is a gift and doesn’t need to be repaid.

3. Gather documentation. You may also want to have the giver gather documentation showing their ability to give the gift. Records will help ensure the down payment gift is accepted.

4. Record the transaction. There are a couple of acceptable ways to record the transfer of money between the giver and yourself. One is to have the giver transfer the exact amount in a wire transfer, keeping all documentation. The other is to ask for a check and to put the entire check in your home savings account at one time, getting documentation from the bank teller.

5. Keep all money together. One important key to successfully using a down payment gift is to keep the money together until you write your check to the lender. Have a separate account for your down payment savings and only deposit the exact gift amount in one transaction so that you can save the records. (In other words, don’t put a check from your grandma and a check from a freelance client into your savings account at the same time. Run these as separate transactions so there aren’t any questions about which money was grandma’s.)

6. Deposit the money a few months in advance. One way to avoid some of the more intrusive scrutiny from lenders is to season the down payment money by depositing it into your account a few months before you go home shopping. You’ll still want to keep documentation, just in case. But most lenders will assume money that’s been in an account for two or three months to be yours and may ask no questions.

Need help with mortgages in Massachusetts or Rhode Island? Contact Ian.

Ian S. Kahanowitz, Mortgage Loan Originator

Seacoast Mortgage

508-369-4996

NMLS 996431

Open Houses in Dorchester Massachusetts September 14-15 2013

Cassandra Cumberlander, Remax Boston, 781-269-9836

Search Dorchester properties for sale

Looking to buy a home in Dorchester, Massachusetts? As of today, there are 171 homes on the market. 34 of them are having open houses this weekend-7 single family homes, 6 multifamily homes, and 21 condos. With prices ranging from $139,850 to $875,000, there’s something for just about every budget.  Read on, or watch the video below.

One single family new to market today is 26 Barrington Road in Dorchester(MLS#: 71582763), an 8 room, 4 bed, 1 bath colonial with a 2 car garage near Ashmont station listed at $489,900. This home rests on an 8544sq ft corner lot, boasts professional landscaping and an open layout. Updated kitchen features granite counters and large picture window offering abundant natural light. Sliders off dining room lead to large deck perfect for entertaining or relaxing. Top-level bedroom features two oversized skylights. Modern tiled bathroom with laundry. Gleaming hardwood floors. Newer heating system. Fully fenced back yard. Open House Sunday, September 15 from 2:30 to 4:00 PM.  Listing information provided courtesy of RE/MAX Leading Edge via MLSPIN.

In the market for a large multifamily near Upham’s Corner? Go see 29 Virginia St in Dorchester (MLS # 71581710), listed for $410,000. This property has been on the market for just 2 days, and has had the same owner for over 30 years. Some of the features include original period detail, high ceilings, beautiful woodwork. Main house first flr features 2 fireplaces, formal dining room and living room, butler’s kitchen, and adjacent private terrace, plus a fully renovated full bath. Second floor has 4 large bedrooms, each w/ massive closets, 1.5 bathrooms, front and rear decks. Top floor features huge game room, another full bath and gorgeous sunlit space perfect for an art/yoga studio. Private entrance attached apartment features french doors, 1 bedroom/1 bath, galley kitchen with separate dining area. Open house Sunday, September 15, 2013 from 1:30 to 3:00 PM. Listing information provided courtesy of Gibson Sotheby’s International Realty via MLSPIN.

With many great condos on the market, it’s tough to select just one. Take a look at 4 Nonquit St Unit 4 in Dorchester (MLS # 71572522). This new construction townhome is on a dead end street and listed for $359,900. 3 levels, 3-4 bedrooms, 2.5 baths, gourmet kitchen, master bedroom with en suite bath, home office or 4th bedroom, loads of closet space, deck, hardwood floors on 2 levels, central air, huge walk out basement that has great expansion possibilities, parking & so much more. Open House Sunday, September 15, 1:00 to 3:00 PM.  Listing information provided courtesy of Discover Properties via MLSPIN.

All in all, a great weekend to buy a home.  Enjoy!

Search Dorchester properties for sale

Hyde Park Massachusetts open houses Sept 14-15, 2013

Cassandra Cumberlander, Remax Boston, 781-269-9836

Search Hyde Park properties for sale

Is Hyde Park the community you want to be in?  For the 47 homes on the market, 6 of them will be host to open houses this weekend-2 single family homes and 4 multifamily homes.  Unfortunately, there are no condo open houses scheduled.  Consider visiting the homes we’ve highlighted below.

Plan a visit to 9 Brainard St in Hyde Park if you’re in the market for a single family (MLS#: 71580526).  Listed for $345,000, this 8 room, 3 bed, 1 bath colonial overlooks the Stony Brook Reservation, rests on a 7527 sq ft lot, has a fenced in yard, central air, and gleaming hardwood floors.  Features also include an open floor plan on the 1st floor, recessed lighting, eat in kitchen, and newer systems. Open house Sunday from 11AM to 12:30PM.  Listing information courtesy of Conway-West Roxbury via MLSPIN.

To highlight a couple of newer to market multifamily listings this week, we have MLS # 71580797, 83 Wood Avenue, Hyde Park.  Listed for $339,900, this 2 family home can be delivered vacant and has 3 total bedrooms (unit 1 is 4rms/1bed/1bath; unit 2 is 5/2/1).  New boilers, hardwood floors, fresh exterior painting.  Open house Sunday, September 15 from 12:30 to 2:30PM.  Listing information courtesy of Tierney Realty Group via MLSPIN.

The other new to market multifamily we’ll highlight is 108 Washington St in the Fairmount area, listed for $399,000 (MLS # 71581894).  This 6 bedroom, 2 bathroom home has a newer roof, windows (except basement), and vinyl siding.. The first floor kitchen was recently renovated , and the first floor additon alows unit 1 to be used as a 3 or a 4 bedroom. This home also sits on a large, level lot (11,934 sq ft).  Open house Sunday from 12 to 2PM. Listing information provided courtesy of RE/MAX Achievers via MLSPIN.

In addition to the homes listed here, there are many other options in Hyde Park.  Call or email me if you have questions or if I can offer any assistance.

Search Hyde Park properties for sale

Enjoy your weekend!

Should I wait to buy a house in Boston?

by Cassandra Cumberlander

Visit Cassandra Cumberlander’s website

One of the things that has remained pretty constant in this market is the confusion buyers feel about whether they should by a house in Boston now or whether they should wait. With rising interest rates, many people think that they should wait because the market is still too uncertain, and prices will have to drop to prevent another housing bubble. Hate to break the news, but this may not be true.

Let’s take a look at 4 times in recent memory: 1983, 1987, 1993, and 1999. If you just look at these years, you’ll see that every time there has been a spike in mortgage interest rates, home prices have INCREASED, not decreased, as this graphic shows.

Leading industry experts now project that, by this time next year, interest rates will be between 4.75 and 5.25%.  How will those rates impact the amount of house you can afford? Take a look at this:

So, take that single family home you’ve been eyeing in the Neponset area of Dorchester that’s listed for $400,000. At a 4.5% interest rate today, you’re looking at a payment of around $2,027 monthly. If the interest rate projections hold true, that same home could cost you $182 more at a 5.25% rate. That’s $2184 more each year that you won’t have in your savings or investment account.

Delaying your home purchase can have a real financial cost associated with it; we all know that the best predictor of what will occur in the future is what happened in the past.  Be sure to consult with knowledgeable real estate professionals and lenders to help you make the best decision possible in your situation.