Homeowners are refinancing in droves

Recent moves by the federal government have encouraged homeowners to refinance for better rates and monthly savings. Also, a number of buyers are getting back into the market to take advantage of 5.5% mortgage interest rates.

Watch John Ranco, General Manager of Gibson Sotheby’s International Realty in this local news piece on wbztv.com.

For more information on the Boston real estate market, go to Gibson Sotheby's International Realty, Boston's real estate experts.

Selling your home without “smelling” your home

As we all recover from our Thanksgiving feasts, the smell of our homes (again and again) remind us of what we’ve just eaten – something to keep in mind if your home is on the market. Along with a thorough cleaning and “staging” of your home, the smell of a home can help to make it an inviting place. However, while some homeowners bake cookies for effect, you should exercise caution – a prospective buyer might be carb-cutting or have allergies.

In a recent column on Boston.com, Ralph Smith Jr. of Gibson Sotheby’s International Realty suggests keeping your home free of odors to appeal to the broadest audience and achieve the maximum sale price. You can find the complete article on Boston.com.

For more information on the Boston real estate market, go to Gibson Sotheby's International Realty, Boston's real estate experts.

Mortgage interest rates, the rate spread and what it all means

One thing that tends to confuse home-buyers is mortgage interest rates. While the Fed (Federal Reserve Bank) can change the short-term interest rate, fixed rate mortgages are actually based on the “long bond” or 10-year Treasury bond.

Recently, there has been an unusual difference between the long bond and the fixed rate mortgages. Why, you ask? Well, the lending institutions are sort of hedging their bets. To protect their interests during this challenging time, many are essentially increasing the cost of mortgages. For more information, read this helpful article on usatoday.com or this one on CNNmoney.com.

For more information on the Boston real estate market, go to Gibson Sotheby's International Realty, Boston's real estate experts.

Bargain hunting for homes in Massachusetts

A Boston.com article studied the rise in single family home sales in October. Lower prices have brought out the bargain-hunters. According to the Warren Group, this echoes the trend in the 1990’s that led to the end of the housing slide. Read the full article on Boston.com.

For more information on the Boston real estate market, go to Gibson Sotheby's International Realty, Boston's real estate experts.

Real estate agents offer guidance in challenging times

A recent Seattle Times article indicates that real estate agents have to be experts in the rapidly changing housing market. With all of the major adjustments in mortgage programs, foreclosures and market conditions, clients are in need of experienced consultation to make informed decisions. Read the full article here at the Seattle Times site.

For more information on the Boston real estate market, go to Gibson Sotheby's International Realty, Boston's real estate experts.

Providence and Boston real estate markets are standouts in the Northeast

Today’s Associated Press article on the October downturn in the Northeast real estate markets, notes that sales in Providence and Boston markets are up – moderate increases of 4% and 3%, respectively – but, far better than the 9% decline in the region. Read the full article here at Google News.

For more information on the Boston real estate market, go to Gibson Sotheby's International Realty, Boston's real estate experts.

Boston real estate continues to out perform other markets

While the recent economic volatility has softened many real estate markets around the U.S., Boston continues to see some growth. The National Association of Realtor’s Chief Economist, Lawrence Yun, indicated in an article on realtor.org that several markets have remained stronger than the national average, including select areas of California and Florida, as well as Boston, Minneapolis, and Denver.

For more information on the Boston real estate market, go to Gibson Sotheby's International Realty, Boston's real estate experts.

Fewer foreclosure petitions in Massachusetts for November

According to the Warren Group, there have been much fewer petitions for foreclosures in the state of Massachusetts in November. The numbers, which spiked in October, have eased off this month. That is welcome information for the real estate industry. Read the full article on Boston.com.

Also, there has been an increase in activity in real estate sales in the city since the presidential election. “Buyers are pulling the trigger if they see value,” says Kerry Dowlin. “We are definitely seeing some very promising movement at all price ranges.” Dowlin and her colleague, Danielle Bing, just listed three renovated condominiums with modern finishes in Dorchester’s Boston Street neighborhood. The development by New Boston Ventures has been very well received. “We had a tremendous turn-out at the launch event – showing that there is demand for quality homes at the right price.”

For more information on the Boston real estate market, go to Gibson Sotheby's International Realty, Boston's real estate experts.

Green buildings increase in value

With the Greenbuild 2008 International Conference and Expo winding down in Boston, an article featured in the Boston Business Journal indicated that going green is paying off. The growing number of green condos and homes has seen an increase in value. This is probably some of the reason that the green movement has gained momentum. Other benefits include 13% lower operating costs. Read the full article on the Boston Business Journal site.

For more information on the Boston real estate market, go to Gibson Sotheby's International Realty, Boston's real estate experts.

Only corporations will benefit from the bailout… right? WRONG.

A recent article on Boston.com explored how individual taxpayers can benefit from the federal bailout – the Economic Stabilization Act of 2008. Nine different examples offer relief based on new legislation that provides tax relief, including changes to debt forgiveness – which may assist homeowners facing foreclosure.

Read the full article on Boston.com.

For more information on the Boston real estate market, go to Gibson Sotheby's International Realty, Boston's real estate experts.

International buyers remain active in the U.S. market

The National Association of Realtors (NAR) recently released information about the active pool of buyers coming from other countries. Taking advantage of a weak dollar (though it is currently stronger than it was a few months ago) and flat or lowering real estate prices, international buyers see opportunity in United States real estate investments. NAR Chief Economist, Lawrence Yun, estimates that the level of foreign buyers purchasing U.S. homes might double from the present level of 3 percent of all U.S. home purchases to as much as 6 percent over the next decade. “American real estate is still relatively cheap for many international buyers,” said Yun. “When newly affluent international consumers think about how to spend their wealth, they know that owning a home in the United States remains a powerful success symbol around the world.” Read the full article on Realtor.com.

This is especially true for the Boston real estate market where, in recent weeks, Gibson Sotheby’s International Realty’s agents have been working with buyers and renters from France, Bermuda, England, Kazakhstan, Kuwait, Finland, the Netherlands and Italy. In order to reach out to those markets, the firm has an extensive print and online advertising strategy. “Many of our agents advertise in the Wall Street Journal International Edition, the International Herald Tribune and New York Times Magazine, to name a few. In this market it is critical to expand the exposure of our homes,” says Lisa Rideout, Ad Designer.

For more information on the Boston real estate market, go to Gibson Sotheby's International Realty, Boston's real estate experts.

Prepping your credit for a future purchase

A recent article on MarketWatch.com offers tips on preparing your credit score for next year’s real estate purchase, including:

- Check your credit report. Find out if there have been changes to your account limits, and make sure there aren't any errors. Look for any negatives on your report -- many negative items should be removed after seven or ten years.

- Don't get close to card limits. About 30% of your FICO is based on the ratio of the amount that is owed on active cards to your available credit. But utilization on individual cards is important too; getting close to the limit on one card will also reflect negatively on your score. Pay down balances as much as possible.

- Keep accounts active. Accounts get closed when there hasn't been activity on them for a while. Make small purchases on cards a couple of times a year -- then pay them off right away -- to keep accounts active and your available credit up.

- Pay bills on time. This should an easy one, but could prove challenging for people who could lose their jobs in the months ahead. Be proactive, and contact the credit-card company as soon as possible if you're having problems paying your bill. Payment history counts for about 35% of your credit score.

- Don't apply for new cards. Store cards are tempting when they offer discounts at the register, but don't bite. Applying for that card will have a negative effect on your score in the short term.

Read the full article on MarketWatch.com.

For more information on the Boston real estate market, go to Gibson Sotheby's International Realty, Boston's real estate experts.

Tips on household savings

Recent changes in the economy have led to Americans being more frugal with their everyday expenses. Much of this can be done at home without feeling the “pinch”. Here are a few suggestions:

Lower Your Energy Costs
The Home Energy Saver is a government sponsored site that offers tips on how to save on home energy bills: http://hes.lbl.gov/

Saving on Property Taxes
Many cities offer a residential exemption for a homeowner’s primary residence. The city of Boston offers this deal – the details of which can be found here: http://www.cityofboston.gov/assessing/resexempt.asp

Bundling Services
Some phone, internet and cable providers offer savings if you bundle your services – and some offer introductory plans that save you a great deal (provided you don’t remain with the add-ons after the introductory time period).

Movie Rentals Instead of Movie Theaters
The cost of going to a movie has gone up dramatically, while the cost of renting a movie has not. If you are a frequent movie-viewer, it may make more fiscal sense to join a movie rental club (like Netflix.com, with plans ranging from $5-$17 per month) for your entertainment. And having popcorn, candy and soda at home won’t cost you almost $20.

For more information on the Boston real estate market, go to Gibson Sotheby's International Realty, Boston's real estate experts.

What does $500,000 buy in other U.S. markets?

A recent article on Business Week’s Website indicates that New York, San Francisco and Boston have sustained their home values through these challenging economic times. The rest of the nation is facing drops in real estate values.

The article also offered insight into what $500,000 can buy in different home markets around the country. Our city was represented by a property on Commonwealth Avenue, marketed by Julie Harrison of Gibson Sotheby’s International Realty. This lovely home can be viewed as an MLS listing.

Source: BusinessWeek.com and MLSpin

The Changing Face of South Boston

Once known for being an insular community of born-and-raised Southie residents, South Boston has changed. The demographic landscape now includes a growing number of young professionals, looking for proximity to downtown and more favorable pricing than the South End. Renovated condominiums in multi-family buildings offer larger space with lots of character.

Don Minchello, a South Boston Specialist at Gibson Sotheby’s International Realty, has seen buyers coming in from New York, New Hampshire, Illinois and Pennsylvania in recent months. “South Boston is a great community and many of the people who eventually buy here start their search in other parts of Boston – the South End, Back Bay and even Cambridge. Their dollars buy larger homes than in those other neighborhoods. South Boston is still an excellent value.”

For more information on the Boston real estate market, go to Gibson Sotheby's International Realty, Boston's real estate experts.

Firms Relocate to Boston

For the second year in a row, Gibson Sotheby’s International Realty was honored by Who’s Who in Luxury Real Estate for the most outbound referrals. The Who’s Who in Luxury Real Estate network includes 1,912 of the world’s finest real-estate companies with properties in 98 countries. Who’s Who is also the firm that hosts LuxuryRealEstate.com—one of the top ranking sites for luxury real estate searches.

In this challenging economy relocations still occur. Tarin Patrick, VP of Relocation Services for Gibson Sotheby’s says his department is remarkably busy. “We have been working on the first stages of a large group move with a large third party relocation firm for one of their clients. Employees are moving from Charlotte, North Carolina to Concord, Massachusetts and Lowell, Massachusetts. And that move is going very well.”

For more information on the Boston real estate market, go to Gibson Sotheby's International Realty, Boston's real estate experts.

See an article in Forbes for which Tarin Patrick was quoted about high-end home sales.