Boston real estate news: The Tax Credit closing date was extended

Boston home buyers panicked about not making the June 30th deadline for receiving their Federal Tax Credit were given a reprieve. They now have until September 30 to close on their qualifying property. In order to qualify, those homes had to be under agreement by April 30 – that deadline did NOT change in this recent extension.


For more information on this extension, go to WSJ.com.


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

Boston homeowner tips: Cool your home AND receive a tax credit

The warmer temperatures aren’t the ONLY reason to install a new central air conditioning system. According to the Energy Star website, there are some central A/C systems that qualify for government tax rebates. This is part of the ongoing program intended to assist homeowners with making their homes more efficient - all the while, stimulating spending.

For more information on central air conditioner rebate, go to the Energy Star site.

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

Real estate update: Community Involvement in a Time of Need

WESTWOOD – Enduring communities join together during times of stress. Recently, many families across the state are facing challenges and hurdles – some due to the current economic conditions; some due to the trials of life. But, there are a lot of citizens who have decided to give back to their communities. In Westwood, it is no different.

Real estate agent, Tammy DeWolfe of Gibson Sotheby’s International Realty, has participated in two recent charitable events. She recently rode in the National Multiple Schlerosis Society’s Ride the Vineyard which raised money for research, and a Habitat for Humanity home-building project in Needham. She see’s her participation as just one way to contribute. “We’ve all been touched by someone in need. As a real estate agent, I see people in times of great joy and times of difficult change. In my job and in my personal life, I want to try to help in any way I can.”

Giving back can be fun, as well as a true “family affair”. DeWolfe’s family joined her in the Ride the Vineyard fundraiser. “My husband and I saw this as a great opportunity to encourage the kids to be good citizens and neighbors – all while spending the day riding our bikes together! In this day and age of the ‘rat race’, we need to make time for each other.”

To read more about Tammy and her work, go to Tammy DeWolfe’s agent page.
For more information on Boston real estate sales, go to Gibson Sotheby's International Realty, Boston's real estate experts.

New smoke alarm regulations begin April 5

The Massachusetts Dept. of Fire services has released information on the changes in the state's smoke alarm regulations for homes with five or less units. There is a guide to assist all those who may be affected.


To get more details, go to the Smoke and Carbon Monozide Requirements Guide.


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

Boston real estate smoke detector regulations

The Boston real estate smoke detector regulations will change April 5, 2010. The Greater Boston Real Estate Board has released a guide to the changes and frequently asked questions.

To see more details, go to Boston smoke regulations.

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

Boston homes and homeowners now have a new tool

It was announced at the National Association of Realtors convention this week that a new tool for homebuyers has just been launched. HouseLogic.com is a free source of information and tools from NAR that can help you make smart and timely decisions about your home. How will this affect Boston’s homes? Well, the site will offer content covering home improvement, maintenance, taxes, finance, insurance, and even ways you can get involved in and enrich your community. The goal of HouseLogic is to help you increase and protect the value of your home by helping you make confident decisions.

To read more about this new site or to see the beta version, go to HouseLogic.com.

For more information on Boston homes for sale, go to Gibson Sotheby's International Realty, Boston's real estate experts.

Winterize Your Home

Did you know that drafts can waste 5% to 30% of your energy use? Or that the Fed chips in on certain energy saving changes. For example, there is a tax credit which pays 30% of the cost for solar water heaters, or up to $1,500 for conventional systems. DailyGreen.com posted several helpful tips to help you winterize your home.

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

REALTORS TEAM UP WITH THE COALITION FOR THE HOMELESS

(Boston, MA)--The Greater Boston Association of Realtors® (GBAR) and the Massachusetts Coalition for the Homeless has teamed up to assist families transitioning from homelessness. GBAR’s Community Service Committee is sponsoring a furniture drive from November 3-6. The drive will benefit the Coalition’s furniture bank, which is used to furnish the homes of families making the transition from homelessness. The furniture bank accepts qualified household items to be distributed to families in need. This year, Olympic Movers is donating their time and resources to offer professional moving services to the charge. After making a reservation, Olympia Movers will pick up and move the donations from the homeowners at no cost. They will then deliver them on your behalf to the Furniture Bank. Homeowners have until October 21st to register donations by calling Joanne Paleo at 978-303-7100.

For a lot of Massachusetts families, this is much needed assistance. “Nothing is timelier than the topic of homelessness in today's economic climate,” said Joanne Paleo, chair of the Community Service Committee. “GBAR's Community Service Committee has been hard at work to support the Coalition and its Furniture Bank program. As local Realtors® our daily activities are entrenched in the housing market and I can’t think of a better way to give back to the communities that supports us.”

This is the second annual furniture drive GBAR has sponsored for the Coalition, which is the country’s oldest statewide homeless advocacy organization, founded in 1981. The drive matches the needs of homeowners who need to clear out unused furniture and families moving from shelters into empty homes. The Committee’s Vice Chair, Bill Gehan of Gibson Sotheby’s International Realty, is moved by the joint effort. “The Mass Coalition for the Homeless does an incredible job of helping families to prevent homelessness. My commitment to the organization was cemented when I learned that 40% of the homeless in Massachusetts are children under the age of 7. It is a truly frightening statistic.”

But, hope is clearly the key ingredient in this event. “The Massachusetts Coalition for the Homeless is thrilled to again be partnering with the Greater Boston Association of Realtors® in their efforts to help homeless families make a house a home,” said Robyn Frost, executive director of the Coalition. “With the help from the Board we are able to ensure that families making the transition out of homelessness into permanent homes will have free of cost furniture to set up their new homes.”

The Greater Boston Association of Realtors® is a private trade association with more than 5,500 Realtor® members who specialize in residential real estate in Eastern Massachusetts. GBAR is the largest of five divisions of the Greater Boston Real Estate Board (GBREB).

Law Center Cautious About Reversed Mortgages

A recent story on Bloomberg.com discussed the National Consumer Law Center’s take on reversed mortgages. The product offered within the last few years offers an opportunity for older homeowner’s to tap into the equity on their homes. But, the NCLC cautions those who are considering it – they even say it may become the “next subprime”, with similar predatory tactics being used by some firms.

For more information, go to bloomberg.com.

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

Spotlight on Boston real estate: Monetizing the First-Time Homebuyer Tax Credit in Massachusetts

An article in Banker and Tradesman discussed the exciting news that a program in Massachusetts will allow qualified buyers to use the First-Time Homebuyer Tax Credit as a downpayment:

Patrick, MassHousing Monetize First-Time Homebuyer Credit
By Ian B. Murphy - Banker & Tradesman Staff Writer
July 14, 2009
Gov. Deval Patrick has announced a loan program through MassHousing allowing first-time homebuyers to monetize and use an $8,000 federal tax credit as a funding source toward the closing costs of their new home. The principal and interest payments for the loan will be deferred until June 1, 2010, to allow first-time homebuyers to pay back MassHousing with their federal tax credit. If loans aren't paid by the June deadline, they will be amortized for 10 years at the rate of their original mortgage. Gary Rogers, president of the Massachusetts Association of Realtors (MAR), said not paying back the loan with money saved from the tax credit is still a decent option. "If that's what the homebuyer opts to do, that's still an excellent program; usually second mortgages have much higher rates," Rogers told Banker & Tradesman.

The loans will be available only to homebuyers with MassHousing mortgages, through MassHousing-approved lenders. To be eligible, loan participants must use the home purchased through the program as their primary residence for at least three years, and must purchase a one, two, three or four-family home from a seller unrelated to the buyer by Nov. 30. "These loans will both help prospective homebuyers achieve the comfort and stability of homeownership for their families, and also stimulate the commonwealth's economy through increased home sales, while reviving neighborhoods impacted by foreclosure," Patrick said in a statement.

This is the first program of its type in Massachusetts, according to Rogers, but there have been other variations of the same theme in other states. MAR worked with Patrick, Lt. Gov. Timothy Murray, and MassHousing to bring the program to fruition. "It's a partnership; we're right there with them, and we'll be making sure that our Realtors inform the people who this is aimed for, and that they know about the program," Rogers said. "The Tax Credit Loan will be of great benefit to homebuyers, Realtors and MassHousing-approved lenders, and we applaud the Patrick-Murray administration for its leadership in promoting affordable homeownership opportunities in Massachusetts," said MassHousing Executive Director Thomas R. Gleason.

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

Spotlight on Boston: July 4th with the Pops

It may not feel like summer, but Boston’s Independence Day celebrations begin tomorrow. For more information about the warm-up concert, the fireworks and more go to www.july4th.org.

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

Spotlight on Boston real estate: How much can one degree save?

Even though our spring was mild, the hazy days of summer will soon be upon us. Before you crank up that air conditioning, consider adjusting your normal temperature. A programmable thermostat allows you to cool your home only when you are there – potentially saving you 5-15% on your cooling bills. One degree can save you one percent of your bill.

For more information, go to energysavers.gov.

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

Spotlight on Boston real estate: Learning about your neighborhood

Have you ever wondered who your City Councilor is? Or, have you ever gotten confused about where you are supposed to cast your vote? There is a handy site on the cityofboston.gov website to help you identify that and more.

To find more details about your neighborhood, go to cityofboston.gov.

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

Spotlight on Boston: Boston farmers markets offer fresh ingredients

With the weather getting warmer and spring activities picking up, Boston workers and residents take advantage of the many farmers markets in the Boston area. From Copley Square to Central Square, there are lots of places you can get fresh produce, baked goods and plants for your family and home.

To find a farmers market near you, go to massfarmersmarkets.org.

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

Get Boston snow alerts sent right to your cell phone

Our first big storm of the year is on its way! Did you know that you can keep up with what is happening via your cell phone? The city of Boston allows constituents to sign up for email, cell phone text or voice updates regarding snow emergencies, parking bans and school closings. To sign up for this helpful system, go to CityOfBoston.gov.

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

Boston real estate firm gives back to the community

In a year that has seen historic stock market volatility, one local firm has chosen to help their neighbors in need. Gibson Sotheby’s International Realty, a luxury Boston real estate company, has decided to donate funds to several local charities in lieu of their annual client appreciation holiday party. “We are very aware of the needs that aren’t being met around the city. It is important for us to help our neighbors by donating our time, money and support,” says John Ranco, Sales Director.

Several of Boston’s community organizations will receive Gibson Sotheby’s support, such as The Home for Little Wanderers, Project Place and Home Start. The firm’s individual offices have also chosen to contribute to additional charities within their communities, including The Women’s Lunch Place, Hale Barnard House, The Boston Home, Kids Can Cook, Youth Service Providers Network, Animal Rescue League, Jane Doe Inc., New England Shelter for Homeless Veterans, Townie Santa, and the Warren Prescott School.

Larry Rideout, CEO and owner of Gibson Sotheby’s International Realty, says he has seen a tremendous amount of enthusiasm coming from the agents. Rideout and his family recently volunteered at the Boston Rescue Mission. “I am so proud of what we are doing. My colleagues and I care about our neighbors and want to do something to help them in a very real way. This is simply inspiring.”

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