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 home sales on the rise for the 4th straight month

With the tax credit, low interest rates and improved consumer confidence helping to move buyers into the market, Massachusetts has seen an increase in the number of homes sold for the fourth month in a row. October saw its highest number of sales since 2005 – showing a 17.2% increase over the same month last year.

Click here to see more details on boston.com.

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

How to buy a home in Boston

When looking at homes for sale in Boston, first time homebuyers might not always know what the next step is. This is a quick list for homebuyers that can help.

- Obtain pre-approval letter from lender
- Make offer to purchase (with initial deposit)
- Submit mortgage application
- Conduct home inspection
- Review condominium / property documents
- Sign P&S agreement (with additional deposit)
- Choose loan program and closing attorney
- Obtain mortgage commitment
- Get homeowner’s / condominium insurance
- Consider homestead
- Review closing costs
- Conduct “walkthrough” inspection
- Obtain check or wire funds
- Attend closing (bring photo ID and check book)
- Apply for residential exemption


If you wish to receive a free homebuyer’s guide for Boston, please email our Boston Real Estate Expert.

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

From Boston real estate to the National Picture

(SAN DIEGO, CA) -- Within two weeks of Congress passing an extension and expansion of the home buyer tax credit program through mid-2010, the feeling of renewed optimism and energy was in the air at the annual National Association of Realtors convention in San Diego this past weekend.

At a scheduled press conference, NAR introduced Vicki Cox-Golder as their new incoming President for 2010.

Ms. Golder stated in her press conference that her goals in 2010 primarily included, "Providing more liquidity to the real estate marketplace, get kinks out of the appraisal process, reduce restrictions on lending and further encourage our Realtors to really know their local markets."

NAR's senior economist Lawrence Yun also held a separate press conference and released some telling numbers and market predictions for 2010 that included; sales activity continuing to rise by as much as 15% in 2010, the reduction in inventory to just a 6-7 month national supply, and housing prices stabilizing and even showing a modest 3% to 5% appreciation by the end of 2010.

But Yun did admit that there are some issues that remain in 2010 that include increased foreclosures through mid-2010 and continued rising unemployment.

He further commented, "The fear factor that many consumers had in 2009 when it came to buying a home will be replaced by rational decision making and market data in 2010".

Other real estate market predictions made by Lawrence Yun for 2010 included;


* Estimated that over 2.2M families will take advantage of the home buyer tax credit program.

* 5.7M annualized sales rate of existing home sales, up from 5M in 2009.

* 550,000 new home sales, up from 400,000 in 2009.

* Over 3M homes in foreclosure in 2010 and an additional 3M homes in foreclosure in 2011.

* More international buyers enter the market in 2010 due to favorable exchange rates against the US dollar.


When asked, "what keeps you up at night for 2010", Yun replied "Inflation". "When inflation goes up, so does interest rates!"

Find the complete article on http://www.realestatechannel.com

Regional market surge helps Boston homes for sale

A recent RIS Media article documented the third quarter market improvements around the country – including the Northeast, where existing-home sales were up 16.7%. That is 6.9% over a year ago. One possible reason for the improvement is the First Time Homebuyer Tax Credit. The National Association of Realtors Chief Economist, Lawrence Yun, thinks a significant portion of the success is due to the tax credit. More than fiscally motivating, the credit has had an impact on the consumer confidence.

The Boston condo market was sited as one of the higher valued markets.

To read the full story, go to rismedia.com.

For more information on Boston homes for sale, 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.

Joe Wolvek of Gibson Sotheby’s International Realty put together a great analysis of homes going under agreement in the South End of Boston. This benchmark is very helpful for those keeping an eye on market movement to see how many Boston homes for sale are going under contract. Some of the activity could be due to the passing of the home buyer tax credit extension and expansion. The Boston real estate market still continues to outperform other markets in the country.

To read more by Joe Wolvek, go to BostonRealtyWeb.com.

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

Tax Credit is Extended: Boston Real Estate Market to Get a Boost

Congress passed the Extended Tax Credit for real estate purchases today. Now included are purchases for existing homeowners. Read the whole story on Boston.com. Condos and homes for sale in Boston are sure to see a boost from this much anticipated move.

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

Tax Credit Update: Extension Possible Today

Today may be the day that homebuyers find out about a potential extension for the tax credit that would otherwise expire on November 30. Read the whole story on Bloomberg.com. This could help to continue to bolster demand for homes for sale in Boston. The Boston real estate market has continued to see market activity, while other areas of the country have been less consistent.

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

Tax Credit May Be Expanded AND Extended

Key senators compromised this week to extend the homebuyer tax credit that will broaden the benefit to include existing homeowners who are buying a new home as well as first-time homebuyers. Read the whole story on UPI.com. The existing homeowners will qualify for a credit of up to $6,500 and must have owned their current homes at least five years. The new plan is expected to reach the President’s desk next week.

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

Home-maintenance check list for September

A recent MSN.com article offered several suggestions of what to do to prepare your home for the fall and winter. Ideas include inspecting your storm windows and insulation, caulking exterior gaps, ordering firewood, cleaning your dryer vent and more. In some cases, you may even consider having more efficient windows installed to save on your monthly heating bills.

For more information, go to msn.com.

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

Massachusetts market showed improvement in July

A recent NECN story used exciting numbers from the Warren Group to indicate improvement in the Massachusetts real estate market. It was the best July since 2005 – showing a tremendous number of home sales during a normally quiet month.

For more information, go to necn.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: Fixing up old homes

Boston.com featured a list of ten ways to improve an older home. From adding transom windows to open a room, to changing exterior paint colors, this list offers several solutions if you are selling your home or buying a previously owned home.

For more information, go to boston.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 real estate: Boston named in list of “Best Cities to Buy a Home”

An article on forbes.com took a look at cities around the U.S. real estate landscape. By looking at a number of factors - including number of transactions, price per square foot and distribution of activity in the neighborhoods - Forbes developed a ranking system. Boston ranked #3 overall and had the largest increase in price per square foot at 6%.

To read the complete article, go to forbes.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: Tax Credit Used for Down Payment?

A recent article on WashingtonPost.com looked at a new use of the First-Time Homebuyer Tax Credit: a down payment. Yes – it looks like qualified buyers with FHA-insured loans will be able to use the $8,000 tax credit as a down payment. This may make it a little easier for interested buyers to get financing. In fact, officers at the National Association of Home Builders estimate that the number of sales stimulated by the credit may double!

To read the complete article, go to WashingtonPost.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: Preparing to buy a home?

A recent article on msnbc.com explored the current climate for purchasing a home and created a very helpful list for first-time homebuyers who are looking to take advantage of the federal tax rebate. If you are preparing to buy your first home, there are a number of things that you can do to better prepare yourself for it. From polishing your credit report to considering the maintenance costs of a particular property, there is much that a new homeowner can do to avoid unpleasant surprises.

To read the complete article, go to msnbc.com.

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