Top This! BGreen Needham

Needham Market Report

There are 61 single family homes on the market $1,000,000 and up to $3.499,000.  The average List price is $1,500,331 for that portion of the Needham luxury market.

Essentially almost half the inventory is over a million dollars.  The total properties on the market is 135 single family homes.  Median price range for all inventory is $899,000 and average price is $1,037,828.

The strongest part of the market is from $500,000 to $899,000 as far as properties under agreement for the past month.

For the first quarter of 2009 home sold at 94% of asking price.  The price change was 17.9% for Needham proper (02492) and slight change in Needham Heights(02494) of .64% and homes sold at 95.3% of asking price.  the percentage of home sales 60% for (02494) Needham Heights and -22.58%.  24 single family homes sold in Needham Height (02494) average days on market 84, while 16 single family homes sold in Needham proper (02492) average days on market 89.

Historic low mortgage rates have created a favorable buying environment at this time.  The forecast of the next quarter is for an increase in home sales. 

I have read and heard from 2 economists who say that we are out of the recession.  There is a slight upswing and it is slight but there is optimism that the housing market will be stronger towards the last quarter.  

Recession Is Over According to Financial Experts
http://abcnews.go.com/Business/Economy/story?id=7564649&page=1

Is Recession's End in Sight?
http://abcnews.go.com/Video/playerIndex?id=7564327

The home prices could stay flat or go up.  With the Tax Credit available now and the low home prices it is clearly a good time to get into the housing market.  Home prices will go up and the deadline for tax credit is November 30, 2009.

Pat Baker, Realtor(R), GREEN(R), ABR(R) Coldwell Banker Residential Brokerage - 617-435-3471  www.patannbaker.com

Selling Homes & Tax Rules

Well it is tax season and I thought it would be a good time to talk about selling houses.  The law changed about ten (10) years ago and you no longer roll the profit from previous homes.

A few rules to follow to exclude $250,000 of gain as a single person and $500,000 married filing jointly.

1.  During the (5) year period ending on the date of sale, you must have owned the home for a least 2 years.

2.  During that same five year period, you must have lived in the home as your main residence for at least two (2) years.

3.  If you must sell your home for any unforeseen reason, health issues or you are transferred out of area will still be entitled to a partial credit.

To determine the amount of your gain, start with the total purchase price of your home including closing costs and add any major improvements that you made to your home -- not cosmetic, like new paint and carpet but improvements, new concrete, upgrading the furnace or roof, room additions, etc. -- and subtract from the net selling price of the house.  The net selling price is the price less any closing costs you have to pay.

My information came from my CPA  SSC Services, Inc, 2190 NW 82nd St., Suite 4, Clive, IA 50325
                                                     http://www.sscservices.com

Pat Baker, Realtor(R), ABR (R), GREEN(R)
Coldwell Banker Residential Brokerage
1 Chapel Street, Needham, MA 02492
(C) 671-435-3471 (O) 781-444-7400 (V&F) 781-446-8697
Search for home in Massachusetts

Tips For Current Homebuyers

The demand for home is about to happen this spring for sure and actually already has which is evidenced by the attendance at open houses by buyers each week.

We have entered the spring market and the rates are the lowest in years along with the $8000 first time buyer tax credit which does not have to paid back if the home owner lives in that home for at least 3 years.  Download The Time is Now (consumer) - Version A

There are 9 tips below but I have this recommendation to make too:  Be sure to get your pre-approval done.  There are 2 reasons for this: 1) You will know the price range you should be looking in 2) So that when you do see something you want to purchase you will be ready with your pre-approval letter.

Below are 9 tips a buyer could be moving in to their home soon.

1.  Cash is king - With down payment increases from FHA and Fannie Mac, cash has more buying power than before.
2.  Negotiate everything. Home sellers will be offering more incentives to sell their home quickly.  Consider asked for  seller paid closing costs, property taxes, and home association fees.
3.  Save for down payment. Set up a budget and include savings.  The ideal goal is for 20% down on your new home.
4.  Determine how much home you can afford.  Understand what you would like to your monthly payment to be before finding out what amount you qualify for.
5.  Improve your credit score.  Check your credit report for reporting errors, pay your bills on time, and do not cancel or close any open accounts.
6.  Research the local housing market.  As you work with your local Realtor, seach on line to find out how long homes have been on the market and what they have sold for.  The more you know, the better off you are in negotiating your purchase.
7.  Watch for certain neighborhoods.  A Realtor knows the area which can be a real asset.
8.  Consider foreclosed homes. With the number of foreclosed homes on the market banks should be eager to sell.  If you do consider foreclosed homes be prepared to wait because the wait time is longer for an answer back from the bank.
Look ahead.  If you don't qualify for a mortgage today continue to watch the market and keep up your savings.
Source: some  - Bankrate.com

Pat Baker, Realtor(R), ABR (R), GREEN(R)
Coldwell Banker Residential Brokerage
1 Chapel Street, Needham, MA 02492
Search for home in Massachusetts