Buying a Home With Bad Credit
Having a bad credit score does not immediately disqualify you from buying a home. Although it is a little more difficult to qualify for a mortgage with a below average score, it is not impossible. Fortunately, you have several options to choose from if your credit is less than stellar or worse. However, keep in mind it will cost you more over the life of your loan than someone who has good credit. Here are some of the many options available that will help you buy a home.
Federal Housing Administration
Also known as the FHA, this government agency helps low-income individuals with bad credit buy a home. In many cases, the FHA will help you if your credit score is as low as 580. The agency is popular among first-time homebuyers since it allows down payments as low as 3.5 percent of the purchase price. If your credit score is lower than 580, the FHA lone requires a 10 percent down payment. Remember though that the lower your credit score, the higher your interest rate.
Important Facts About the FHA
Many people think the FHA provides the actual funds to purchase a home. The truth is, the FHA only insures the loan in the event you default on your mortgage. A bank or...
50 PLACES YOU CAN VISIT WITH YOUR CHILDREN THIS SUMMER IN BOSTON
Are you planning a permanent move to Boston?
Are you thinking of buying a home in Boston or in the cities around Boston?
Looking to experience Boston neighborhoods?
Do you already live in a city or have a home nearby?
Do you have family, children or grandchildren that will be by for a visit?
If so, it’s a good idea to know where the best places in town are to have a little fun, grab a snack, or take in a show.
Museum of Fine Arts
465 Huntington Ave
Boston, MA 02115
The MOFA offers art classes and self-guided tours with over 500,000 pieces of artwork on display. Members get in for free. Regular admission is $25 for adults and children under six can get into the Museum for free. Kids between the ages of seven to seventeen...
Boston Continues to Attract Millennials
Niche ranks cities using a complex grading criteria when looking at crime, public transportation, nightlife, recreational facilities, quality of life, and other aspects that make a neighborhood a fun and exciting community. Boston is number eight on this list for cities in the country that are attracting millennials says Biz Journals. If you have been on the Boston home search, you will recognize the extremely high demand for properties in and around Boston. Here are some of the reasons for Boson's popularity with Millenials.
The Attraction to Boston MA
The Boston real estate market is strong for 2018. Boston MA gives residents the chance to live in a variety of diverse areas all known for as top entertainment and cultural zones. There are fine dining establishments, museums, historical sites, shops, and sporting facilities to tour or visit when living in and around the city center. All of these areas get an A+ rating from Niche making Boston MA an extremely attractive place for couples, families, and individuals to live. The extremely high ...
You live in Boston and have a budget of $1 million to $1.2 million for your new home. There are many different Neighborhoods of Boston that are available to your healthy budget, however each area has a very different level of buying power.
Here is what your budget bought in the last 6 months.
The Back Bay – 10 condos and/or Brownstones sold with an average square footage of 1,083 square feet. 8 units had 2 bedrooms with the other 2 units being 1 bedroom. 2 units came with deeded parking spaces. Average Sales Price: $1,119,000 - Average Listing Price: $1,119,800 – 99.93% List to Sale Price Ratio.
The Waterfront – 12 condos sold with an average square footage of 1,183 square feet. Bedrooms were split with 6 units having 2 bedrooms and another 6 units having 1 bedroom. 3 units came with deeded parking spaces. Average Sales Price: $1,093,833 – Average Listing Price: $1,134,908 – 96.38% List to Sale Price Ratio.
The South End – 20 condos sold with an average square footage of 1,148 square feet. 2 units were 1 bedroom condos with 17 units being 2 bedroom units and 1 unit being a 3 bedroom unit. 5 units came with deeded parking spaces. Average Sales Price: $1,093,152 – Average Listing Price: $1,086,745 – 100.59% List to Sale Price Ratio.
South Boston – 29 condos sold with an average square footage of 1,538 square feet. 19 units were 2 bedroom condos with 10 units being 3 bedroom units....
3 Tips For Buying a Home
Boston is a diverse and beautiful coastal city with wonderful job opportunities and access to high quality health care. The city also has a strong focus on education and shopping, so it isn’t surprising that over 50% of the homes in Boston are owned, rather than rented.
If you are thinking about moving to the area, you have made a great decision – but it is likely that you are feeling a little overwhelmed at the prospect of buying a new home. After all, buying a home is a long process, but if you are aware of a few things, such as homeowner’s insurance, then the process will be much easier.
Here are three smart tips to help you buy a new house.
Learn About Relevant Key Terms
The first thing that you should do is learn all...
Caste Island - in South Boston
Castle Island is located on the most Eastern tip of South Boston in the City Point Neighborhood. Over the years it has become a great place to spend an afternoon by yourself, with friends or your family!
This amazing asset to our community can be reached via public transportation as well as by private car as there is an abundance of parking. It's a nearby destination to escape the bustle of the city, and to obtain great views of Boston Harbor and Logan Airport.
Sullivan's take-out only restaurant (seasonal) is housed at the base of the old fort, and is very popular with the local residents. Over the years they have amassed a following with a crowd always forming for their first opening of the year. At Sullivan’s they have a menu that is sure to satisfy every diner as they have everything from Fried Clams to hot dogs and Ice Cream.
One of the best features of Castle Island is the crescent-shaped path that stretches out into Boston Harbor and creates an artificial pond known as Pleasure Bay. Many joggers and pedestrians enjoy walking the entire length of the byway, all the way around back to Day Boulevard and the parking lot (about 1 mile). An...
Boston Real Estate Market is Setting Records in 2018 Despite Low Inventory Levels
Single-family properties and condos in Cohasset, Medford, and Boston homes for sale are going like hotcakes due to the lack of inventory in the local real estate market. 2018 is something like a carbon copy of last year with single homes selling for a median of over $900,000 says the Boston Globe.
This figure is a record for this home type in the area. Condos and Brownstones saw increases in median sales too, but these numbers are likely a direct result of fewer properties for sale. Several new developments in downtown Boston and Cambridge will help ease the strain on buyers, but for now, the market is a seller's paradise with multiple offers and higher asking prices becoming the trend. The city is growing and expanding with more people settling in neighborhoods around the city like Winthrop and Brookline to work at the new Amazon headquarters.
Boston Real Estate Market
A vital statistic in the overall health of a real estate market is how much inventory is currently on the market. Keeping track...
Dining in Medford
About five years ago when my wife and I moved to the city of Medford MA, we were not yet familiar with what Medford had to offer in the way of dining.
After looking for homes for sale, we settled on Medford. Conveniently located just 5 miles away from downtown Boston with easy access to the city via the Orange Line and Commuter Rail, we tended to head into the Back Bay and South End when we had and urge to dine-out.
REAL ESTATE IN MEDFORD
Medord MA has had solid real estate growth over the years. With an easy commute to Boston, Medford is expected to have addtional growth if Amazon chooses Boston as its new home. We anticipate the already low inventory in Boston proper to have a positive effect on the surrounding areas.
Fish Out of Water
Then came the dreaded winter of 2015. Both my wife and I had spent our adult lives as city condo
owners. Needless to say our first foray into homeownership (no snow removal in the HOA fees) had us looking like fish out of water.
My wife was pregnant at the time and unable...
The Beaches of Cohasset MA
Living in a town nestled on the ocean has it perks. It wasn’t too long ago that my wife and I were planning to meet after work at the Beach. The problem is we didn’t clarify which beach to meet at. These are some of the issues you must deal with when you live in Cohasset. You must be specific which beach you are headed to.
Although there are many things to do in Cohasset, enjoying the beaches is on the top of the list for most residents. In town we have two beaches that are open to Cohasset Residents to use. Sandy Beach and Black Rock "Rocky” Beach are our little slices of heaven, but while both are beaches… They both have very different personalities!
While we don’t get points for creativity for the beach names, they are both beautiful and amazing in their own right. Black Rock Beach is located at the intersection of Forest Avenue and Jerusalem Road. While Rocky, Black Rock Beach is a fun beach to sit back and relax on as well as explore. With the roll in and out of tides, the landscape is constantly changing offering opportunities for tide pools to play in and sand glass to discover. Other favorite activities are fishing from the rocks and swimming. The makeup of the beach is constantly changing with each storm that passes through, so there is always something to discover at this Cohasset gem!
Parking for Black Rock Beach can be a little challenging during the peak season. In order to park, you must have a ...
Living in the Boston area means that your home is highly desirable when it comes time to sell, but this region tends to stay a buyer's market longer because all the homes are in demand year round. In order to attract qualified buyers and get your full selling price, it is important to stage the house correctly.
These are some tips from local Boston real estate agents that will help when you are selling your home:
Increasing the Curb Appeal
With so much in the way of inventory available for those buying a home, curb appeal is the key to getting them to consider your home. Your realtor can put you in touch with a landscaping crew that can plant flowers, trim hedges, mulch around trees, maintain the lawn, and ensure your property has maximum appeal.
Be sure to call a professional power washing crew that can give new life to the exterior of the home, the fence, the patio and deck, the sidewalks, and the driveway, easily removing tree sap, bird droppings, and other debris.
Fixing Any Minor Repairs
The time to make all repairs in the house is long before the first potential buyers come walking through. The key to staging is to leave that positive lasting impression on the potential buyer, so that once they leave, they start imagining themselves living in that space. If they notice the sink is leaking, the window was broken, a door is off the hinges, they will focus on that issue and it might be just...
Tech Companies are Coming
The sweepstakes for Amazon’s second headquarters has included cities from Denver, CO to Columbus, OH. Whichever city is chosen will also be winning a massive bump in the real estate market in the entire metro area. Amazon, like most technology companies, is looking for three main things. A young, educated workforce, great city life, and tax breaks. Even with heavy competition, Boston is looking like a front-runner right now. The latest example is Amazon’s acquisition last week of Sqrrl, which is a Cambridge based technology company.
By making this purchase, Amazon is showing us how much interest they have in setting up shop in the area. This startup, which is now a part of Amazon Web Services, could be Amazon’s way of testing the city as a place for their employees to live and work. One thing that will definitely be put to the test is the real estate market, which is already loaded with high-quality potential buyers that work for major companies like General Electric and New Balance, which have regional headquarters here.
What This Means for the Housing Market
In short – it’s hot and getting hotter. Prices are already at an all time-high for the market, with the Greater Boston Association of Realtors reporting inventory and days on the market both being down...
Will Boston be Amazon's New Home?
What Would The Effects Be On The Real Estate Market?
Amazon is the world's largest online retailer with the main corporate office in Seattle, WA. The company has announced that they have outgrown their Seattle office and have plans and money invested in expanding their offices in many American cities but despite the expansion, they are looking for a second headquarters on the east coast. Many cities have been rumored to be in the mix including Chicago and Atlanta, but based on the company's recent real estate inquiry in Boston, MA might be evidence that they are looking to put their new headquarters in Bean Town.
The piece of Boston real estate in question is a 500,000 square foot office building in the newly developed Seaport Square area. It is said that there is also an option for a second, equally sized office building in the same area. Their expansion plan also included details on a planned expansion of up to 8 million square feet within the next 15 years. What does this mean for the city and the state of Massachusetts?
Positive Impacts if Amazon Comes to Boston
Having a multi-billion dollar corporation make their second home in a city can be incredibly beneficial. With a new business in town the size of Amazon, thousands of new high-paying jobs are created. An investment by a city this large can certainly add to the economy. Having large corporations base themselves in large cities can lure other big businesses to the city, exponentially increasing the job market.
With new business comes new employees that have moved into the...
Cohasset MA Home Buyers and Sellers Should Know this Law
Are the days of the written contract coming to an end? As email and texts take over as our primary method of communications in real estate negotiations, it seemed a matter of course that the Massachusetts courts would be faced with the question as to whether and to what extent an email and text constitute a binding and enforceable agreement in the purchase and selling of real estate.
In a ground-breaking case in April 2016, Land Court Justice Robert Foster ruled that in some instances text messages can be used to form a binding contract in Massachusetts real estate negotiations, which of course includes homes for sale in Cohasset
The ruling determined that even if a formal offer has not been signed by the seller, if certain language is use, that a text message can be used as formal communication to bind one to a real estate
contract or agreement. The results of the case was a huge wake-up call for part of the industry who would rather leave text messaging under the category of "informal" and believe that these types of informal, electronic communications should not be legally binding when negotiating real estate contracts.
QUESTIONS AND ANSWERS FOR FIRST TIME BUYERS
Buying a first home, a second one or even a retirement home is an exciting opportunity. It can, however, get complicated if you don't choose carefully.
At any one time there are millions of homes for sale available in the market and it is important to think about what you want so that you can avoid making costly mistakes. Many people, especially if they are buying for the first time, will get so excited that they buy the first home that they come across only to find out later that they don't like it so much. Only then it is too late and they have sunk thousands of dollars in it while owing hundreds of thousands more.
First time buyers should ask the following questions before they commit:
Do I have enough money saved up?
Your lender will require you to put down a down payment before he can give you the money for the full purchase of the home. Depending on the type of loan, different down payments are required. Traditionally, to purchase a home you needed 20% or more for a down payment.
Today, there are many options. If you are a veteran, the ...
THE ESSENTIAL GUIDE FOR MOVING TO QUINCY MA
Quincy is the largest city in Norfolk County, Massachusetts. It is considered a suburb of South Boston and is part of the Greater Boston Metropolitan Area. As the 8th-largest city in Massachusetts, Quincy is a historic town and is known as the "City of Presidents" because it is the birthplace of two of our American presidents - John Adams and his son, John Quincy Adams. It is also the birthplace of John Hancock who was the first signer of the Declaration of Independence. If you are thinking about moving to Quincy, her is some information that should be of true value:
Buying a Home in Quincy
There are many options when buying a home in Quincy. In fact, the area is blanketed by several historic neighborhoods with traditional brownstones and one to two-story homes. Quincy is known for its tree-lined streets, schools, and fine commercial establishments and restaurants. Quincy real estate also features several apartment buildings and complexes, as well as co-op units, sub-lets and much more.
According to recent real-estate figures and stats, the median home value in Quincy ranges from $420,000 to $490,000. In fact, home values in the area have gone up 3.7% within the past...
Selling Your Quincy MA Home
The Quincy real estate market is on fire! With people moving out of Boston, but wanting to live close enough to commute for work, coupled with Quincy's great schools, has driven the property values in Quincy up and the demand for housing in Quincy is strong.
As of the time of this article, Quincy only had 50 active homes for sale with the average Days on Market being just over 60. The Median List Price of a home for sale in Quincy is just over $330,000. When you compare these market statistics to homes in Boston, you can see why the Quincy real estate market is so strong.
Although the demand for housing in Quincy is strong, getting your home sold for top dollar still requires a strategy. Needless to say, we won't be able to cover every step in getting your home sold, we will cover some of the basics required for getting your top dollar for your Quincy home.
Pre-Listing Due Diligence
Prior to listing your home in the MLS - you will want to complete the pre-listing due diligence. This included looking at a variety of real estate statistics relative to your Quincy home. This process requires MLS access to get an idea of what similar homes have been selling for as well as looking at the overall climate...
The New Tax Bill and Home Ownership
For years, the real-estate industry has strongly benefitted from generous tax deductions. These deductions raised home values by making it cost-affordable for people to own properties and become home owners.
The current tax code also allowed them to shoulder their local taxes across the board. However, with the Republican's new tax bill underway in Congress - the real estate industry is deeply worried that the fallout will harm the real estate market by making home ownership less valuable.
Updated! The Tax Bill Has Passed
Scroll down to the bottom of the post to see what the effects of final versions of the tax bill (currently waiting on the Presidents signature) will have on homeowners.
What will happen to those homeowner deductions that the industry has relied so heavily upon in past decades? The new tax bill has sent real-estate organizations, such as the National Association of REALTORS, into a frenzy across the nation. So much so that they are calling legislators, lobbying congress and pushing a call to action for their REALTOR members to do the same. All warning their members, clients and general public about the danger of the current tax bill. It is also important to note that NAR (National Association of REALTORS) has the single largest PAC (Political Action Committee) in the country.
Similarly, their supporters and proponents are staging mass protests - in an all out effort to keep homeowners as a favored class...
Home Appraisals and How they Work
When you are refinancing your old mortgage, purchasing a home in Quincy or anywhere else with a mortgage, or even selling your home to someone who is not an all-cash buyer, home appraisal becomes one of the most crucial parts of such a transaction.
It doesn't matter who you are; owner, buyer, or seller, it is very important to understand how the process of appraisal operates and what methods the appraiser uses to come up with the value of the home.
What is a Home Appraisal?
A home appraisal can be defined as an unswayed approximation of the fair market or real value of what a house is worth. During the process of a aquiring a mortgage mortgage, all lenders are supposed to order an appraisal on the subject property. This is done to create an objective means of assessing the market value of a home and make sure that the amount of money that the borrower has requested is appropriate.
A house appraisal contains a number of things, but key in them are the latest sales information of other properties in the area that are similar, the property's location, the current state of the house, and other insights that affect the value of the property.
The Difference Between Home Appraisal and Home Inspection
Home inspections have been confused with home appraisals for a long time even though they aren't related, an appraiser and an inspector seem to be doing similar duties. Both of them will walk around the property and observe it carefully,...
Listing Your Home to SELL
You have decided to list your Boston home with an agent of your choosing, and they are recommending a “commission” fee of 6-7%. The “commission” is what REALTOR’s® consider the “Marketing Fee” to list the property. As the seller, you want to net as much as possible at closing, so the Marketing Fee is important for you to factor in. Keep in mind, you get what you pay for.
The Legality of Negotiating
There are several reasons why the Marketing Fee is negotiable. The most important reason, is this it is illegal for real estate brokerages to collude together and charge a "standard" commission rate. This is to protect the consumer.
Each Market is Different
Your REALTOR® will know the market standard. An important factor in listing a property is not to go below the Marketing Fee average for the area. Each area surrounding Boston will have some sort of an average. Those averages may differ if you are selling your home in Hingham, Cohasset or Weymouth.