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 real estate company seeing sales growth

Boston luxury real estate company, Gibson Sotheby’s International Realty, has seen growth in market share in the first five months of 2010. Now ranked as number five in the state – and the only Boston-based firm in the top five – the firm has closed more than 200 sides for almost $150 million since January 1, with well over 150 scheduled to close in May and June (source: MLS). And it’s not just the activity from the federal tax credit. In fact, Gibson Sotheby’s closed 15 sides for homes over $1 million and has 25 more scheduled to close.

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

Boston real estate agents gearing up for National Open House Weekend

Boston’s real estate agents are preparing for a very busy weekend. With only 3 weeks until the Tax Credit expires, the National Association of Realtors, in conjunction with dozens of local Realtor organizations, has declared April 10 and 11 as National Open House Weekend. The Boston Globe is also planning a special real estate section for Sunday’s paper.

So, what can prospective buyers expect? According to MLSpin, there are approximately 900 open houses planned in Boston alone! Some agents, like Gibson Sotheby’s International Realty’s Kerry Dowlin and Lee Robinson, are planning open houses on both Saturday and Sunday to provide maximum exposure for their clients and more opportunity for prospective buyers.

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

The Tax Credit deadline is almost here!

The Tax Credit deadline for contracts is April 30, 2010 - that is just a month away! The market has been incredibly busy, with year-over-year SOLDS up 10%-11% in the state of Massachusetts in the first quarter. April is already showing a huge number of scheduled closings. Don’t miss your opportunity to take advantage of Boston’s great homes for sale, low interest rates and the tax credit!

To get more details on the Tax Credit Extension and Expansion, go to the Tax Credit Guide.

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

Boston home sales rise in November

Boston home sales shot up in November of 2009 – especially in comparison to last year’s dismal numbers amidst the financial crisis. But, not solely based on 2008. November of 2009 was the best November since 2005. Some of the boost was due to the tax credit deadline, which had been in November – it has since been extended to April, 2010. But, it is most likely a combination of factors. Many experts have been suggesting that the Boston real estate market and several others have already turned a corner, making this a great time to buy.

To see the complete story, go to Boston.com. Search Boston homes for sale at Gibson Sotheby's International Realty, Boston's real estate experts.

The Tax Credit Extension

For those seeking Boston homes or condos for sale, we have a simplified explanation of the Tax Credit Extension. Click on the photo to enlarge.

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

New Boston property tax assessments

The new Boston property taxes have been released. The rates and assessments have changed. This is important to know as a homeowner – especially if you have decided to sell your current home or buy a new home in Boston.

Click here to see more details on your Boston property taxes.

For more information on Boston homes 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

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.

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.