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Trying to Make Sense of the $700 Billion Rescue Package, The Stock Market and The Election?

We know what happens outside the world in Arlington, Lexington Winchester, etc. does have and impact on us. The questions is what is it? The answer? We won’t know for a while….

This is what we do know:

1. Buyers are still out there! Yes, I know it is hard to believe but it is true. We received 3 calls today from prospective buyers about various listings that we have.

2. Mortgages are available! Yes, it is true! If you are reading and watching the news, you would have a different impression. There are many different mortgage products still available. This is a matter of qualifying for a mortgage. Until last year a buyer could have low credit scores, a low down payment, low assets and still qualify for a mortgage at competitive rates. Today, if your score is in the mid to high 700’s and have 20% for a down payment, you are able to get the best rate possible.

This mortgage market is all about pricing. Buyers are able to get mortgages, the questions is, how much will the loan cost. In the way that businesses employ peak pricing strategies (think airlines, the closer to the departure date, the more the ticket costs), the mortgage business has adopted some of the same ideas. For instance, if you are closing within 30 days the loan will be at a better rate than if you are closing in 90 days.

3. Inventories in some towns are substantially lower than last year.

Properties on the market (snapshot)
——–Last year                  This year       Difference
——–10/8/2007——-10/8/2008
Arlington      166                  102                   -39%
Lexington     143                  169                  +18%
Winchester    157                  137                  -13%

Low inventory and shorter market time bring stable prices and in some cases they are actually rising!

A Presidential election always throws uncertainty into buyers minds and this year is no different. Past history tells us that as more things become known then uncertainty melts away. We believe that there is a pent up demand for houses and that buyers will be moving as soon as there is more comfort in the market. In the meantime, stay as sane as you can through this uncertain period!

From Warren Buffett:

“I have no idea what the stock market is going to do next month or six months from now,” Warren Buffett told CNBC on Friday. “I do know that the American economy, over a period of time, will do very well, and people who own a piece of it will do well.”

Of course give us a call with your thoughts and concerns any time!

We are bullish on real estate!

Around Town: Demolition Style

Driving to work yesterday, I passed by this:

Pretty interesting stuff to watch a bulldozer take out a house in a few hours flat.  They must be making way for some new townhouses.  Who said the market is down?

House cats

Making your house “Market Ready”

The Power of Listing a “Market-Ready Home”

from Andrea Canty and Allison Carswell of Red Door DesignWorks

Last week the Arlington Advocate ran an article about a swift and successful home sale in Arlington—listed by none other than Mark and Carole. We were called in to help get that home ready to go on the market. Some people call what we do “home staging.” That’s a term that has been coined to describe everything that needs to be done to set the stage for multiple offers and a quick sale: cleaning, making home repairs, removing clutter, making a house feel spacious and welcoming, presenting the exterior in its best incarnation.

Did you know that 70% of home buyers get their first look at a property online? From the get-go, the look of a home, as it comes across in photographs, is crucial to generating interest. The best photos showcase spacious rooms, furnished in a modern style and inviting paint colors. Getting a loved, lived-in home into this condition can be a lot of work.

When we work with sellers to get a house ready for the market, many things get put into boxes and stored. By the time their house is listed, they have effectively taken the first step to “moving out” of the house. The rooms likely look significantly different from how they are used to living, with furniture and accents pared down or rearranged. Wall and window covering colors get changed to those that appeal to the majority of buyers, and the trappings of everyday living, such as bulletin boards, pet beds, kids toys, are stashed out of sight. It may sound a bit jarring, but here’s the reason for doing it: more enthusiasm from agents and buyers, faster sales and higher offers. To date, our projects are beating the average list time in Arlington 5:1 and the offers have exceeded expectations. That’s the power of listing a market-ready home.

To learn more about home staging and Red Door DesignWorks, visit www.reddoordesignworks.com . To read the article about Mark and Carole’s listing and how staging was a factor in the success, visit http://www.wickedlocal.com/arlington/homepage/x1346454861 .

Happy Memorial Day!

While many folks may be going away for the long weekend, there are 15 new listings in Arlington to look at! A number of good quality listings have hit the market this week. If you need help let me know! Mark 617-974-9275

Go Sox!!

New Listings this weekend

We’ve listed 2 properties this weekend. The first is a charming fixer upper in the Arlmont section of Arlington (it is on the Belmont side of route 2) This 3 bedroom Cape has been in the same family for the past 40 years. Located in a quiet neighborhood, 38 Standish Road will be open Sunday from 12-2pm. Hope to see you there!

We also listed a Commercial property in Winchester. This retail/ office space is located at 14 Skillings Road across the street from the Stop & Shop. This property can be used for many types of businesses and could also be developed into a multi-unit building.

Mothers Day 2008 – The Breakdown

We are at the midpoint of the Spring market. Below is an On the Market Snapshot comparing last years inventory levels to this years. As you can see there is quite a difference;

Single Family Homes Condominiums Multi-family

2007—2008—2007—2008—2007—2008

67          48 -28% 84       73 -13% 30           13 -56%

These numbers are for sales volume (how many houses are on the market) Because we are in a supply and demand business this is important. The tight inventory translates into a solid foundation for home prices in Arlington. This bears out as we experience multiple offers and very busy open houses. Happy Buying and Selling! MFL

Were moving along!

The activity in the last several weeks has been impressive! Currently there are 35 single family houses on the market in Arlington. One year ago there were 60 houses. The current days on market for active listings is 102 days on market (this number includes new construction which typically has a longer market cycle). The figure that is really stunning is the days on market for the houses that are currently under agreement which is just 55days. These numbers show that in Arlington there is a robust spring market! Good luck hunting.

ps. I will be at an open house on Sunday from 12-2pm at 6 Highland Ave #1. Hope to see you there!

New Listing Alert!! Open House Sunday 4/20 12-1:30

Stunning designer Condominium! This fine home boasts 3 bedrooms and 2 1/2 bathrooms. Exquisite period details with wood moldings and hardwood floors throughout. State-of-the-art chef’s kitchen with granite countertops, breakfast bar and cherry cabinets. Original restored butler’s pantry. Enjoy 2-levels of living with a spectacular family room and gorgeous private Beacon Hill garden patio exclusive yard use

New Listing!

Hi Folks, We just put 19 Webcowet Road in Arlington on the market. This charming English Colonial features 4 bedrooms, original woodwork,front to back family room panelled dining room and more! We will be opening the home from 12-2pm on Sunday the 6th.