Extended Home Credit

As we all know, Congress passed legislation extending the home credit until April 30,2010.  So, what does this mean to the first time home buyer and the repeat buyer.

First time home buyer:

  • First time home buyers purchasing homes between Nov.7,2009 and April 30,2010.  Does not need to close by April 30,2010, but needs to have a written binding contract to purchase by the  April 30th deadline.  Closing by July 1, 2010.
  • Buyers can  not have owned a residence during the 3 years prior to the purchase. The purchase may include single-family homes, condos, townhomes, and co-ops.
  • Maximum for first time home buyers is $8000.  This is based on 2 factors-the price of the home and the buyer’s income. The price is for homes purchased for $800,000. or less.  Income-single buyers with incomes up to $125,000. and those filing jointly with incomes up to $225,000.
  • The tax credit will not have to be repaid if they own the home for 3 years or more.  But, if they sell the home within this 3 year window, then the full credit amount will be recouped on the sale. 

Current home owners:

  • Credit up to $6500 if purchasing between Nov. 7, 2009 and April 30,2010.  Does not need to close by April 30,2010, but needs to have a written binding contract to purchase by the  April 30th deadline.  Closing by July 1, 2010.
  • Would have used the home being sold or vacated as a primary residence for 5 consecutive years within the last 8 years.
  • This is based on 2 factors-the price of the home and the buyer’s income. The price is for homes purchased for $800,000. or less.  Income-single buyers with incomes up to $125,000. and those filing jointly with incomes up to $225,000.
  • The tax credit will not have to be repaid if they own the home for 3 years or more.  But, if they sell the home within this 3 year window, then the full credit amount will be recouped on the sale

If you are wondering what happens if the buyer’s income exceeds the credit limit, are they still eligible for the credit? The credit decreases for buyers who earn between $125,00-$145,000. for the single buyer and for those filing  jointly, it decreases with an income between $225,00-$245,000.  And, for those who make over $145,000 (single) and $245,000(jointly)-they are not eligible for the credit. For specific questions on how to file, please contact your tax professional.

For more information, call Cheryl Cahill, 508-369-3809 or at CCahillrealtor@hotmail.com .

Published in:  on February 20, 2010 at 5:21 pm Leave a Comment

What’s New with FHA?

As of Feb.1,2010, FHA announced that there are and will be several  changes made to help ensure its financial stability. FHA will no longer allow spot condos.  What this means is that unless your condo is on the  HUD  list,  they may not  be able to approve the loan.  And, if your condo is on the HUD list,  the project can not  have any  more that 30% FHA concentration.  I am told that there may be ways around this, but of course, they are expensive and require the  Homeowners Association of the condo or the builder to send the documents to FHA for their review and approval.

Also, FHA  will now require your borrower to get HO-6 Insurance.  What this is, is  that in cases where the master policy does not include interior unit coverage- including replacement of interior improvements and betterment coverage to insure improvements that the borrower may have made to the unit, the borrower must obtain a “walls-in” coverage policy (HO-6 policy) 

The FHA ’s most notable change has been the increase in the up-front mortgage insurance premium from 1.75 to 2.25 percent. a Also, if the buyer needs a FICO score of 580 inorder to qualify for the 3.5% minimum down-borrowers with a score less than 580 will be required to put down at least 10%. And the last chanege has beedn a reduction in seller concessions from 6% to 3% of the mortgage amount.

Most of these changes are still in the best interest of the buyer, but are also in the best interest of FHA.  To view more information on the FHA changes and what may also lie ahead, please go to NAR’s web site. 

For all your mortgage questions, please call First Home Mortgage, Joan Duggan, mortgage specialist, at 781-561-5898.  For all questions call Cheryl Cahill, 508-369-3809 or at CCahillrealtor@hotmail.com.  I will answer all your questions.  I look forward in hearing from you.

Published in:  on February 15, 2010 at 4:08 pm Leave a Comment

Mansfield,MA Real Estate Quarterly Report (Oct-Dec.31,2009)

Properties for Sale                                                                                                       

  • Homes on the market  46
  • Average list price  $422,665
  • Price range  $181,900-$1,199,000
  • Days on market  137

Pending Sales

  • Currently under contract   8
  • Average list price currently under contract   $438,550
  • Price range $240,000-$684,900
  • Average days on market   156

Sold Properties

  • Average sold price $377,830
  • Average original asking price  $394,188
  • Average sold to original list price   95.8%
  • Average days on market  115

As you can see, things are starting to turn around.  Even in this so called “depressed” market, sellers are still getting close to 96% of the asking price.  Lets hope that this continues.  Any questions or if you would like to know what your house is worth-call Cheryl Cahill, Cross Real Estate, 508-369-3809 or at CCahillrealtor@hotmail.com  I look forward in talking with you. All stats are from MLS-pin.

Published in:  on at 3:03 pm Leave a Comment

Recycling Household Florescent Light Bulbs

       

  GREEN HOME TIPS – The EPA is encouraging the recycling of all mercury-containing light bulbs after they burn out. 

Compact Florescent Light (CFLs) bulbs and high intensity discharge (HID) bulbs use less energy than traditional incandescent bulbs. However, many of these energy-efficient light bulbs use mercury as an essential component.

 Nationwide, over 670 million bulbs are discarded each year. Disposing of these bulbs in a landfill can lead to the release of mercury into the environment and ultimately contaminate our food chain.

 The good news is virtually all components of a florescent bulb can be recycled. The MA Department of Environmental Protection (MA DEP) website lists numerous free collection sites.  www.mass.gov/dep/recycle/hgmap.htm  You can also call the Mercury Hotline 1-866-963-7287 for more information.

Published in:  on February 13, 2010 at 3:08 pm Leave a Comment

Home Buyers Use the Internet to Search for Homes.

We all know that more and more home buyers are using the internet to search for homes and the numbers prove it.  NAR or the National Association of Realtors has posted some pretty interesting numbers for internet use among home buyers.  In NAR’s most recent survey of home buyers and home sellers they found that:

  • Home buyer’s using the internet to search for homes=87% which is up from 71% five years ago.
  • Buyers who use the internet more frequently rose from 42% to 69% from just five years ago.
  • Home buyers that use the net to search for homes say 87% relied on information from real estate brokers.

“What does this really mean you may be wondering? If your Realtor does not have a major internet presence in the area that you are selling your home, then you better find one that does.  The home buyers are on the internet so  you better make sure your property is on the internet.”

An online presence is a must when it comes to properly marketing homes for sale.  Virtual tours are a great start, but homes for sale videos and individual property SEO or search engine optimization are key.  Buyers need to be able to find your property quickly and easily when they are looking in your area.

How do you know if your Mansfield, Ma real estate broker has a large online presence? Simple, Google the individual broker and or the company to see if you can find them online.  I suggest searching your neighborhood online to see who is actively marketing your neighborhood and keeps up with the stats for your neighborhood.

Please contact Cheryl Cahill, Cross Real Estate, 508-369-3809

 

Published in:  on September 30, 2009 at 3:26 pm Leave a Comment
Tags: , ,

7 Bourne Road Foxborough, MA For Sale

This Light and Bright  Garrison Colonial located in Foxboro,MA, home to the New England Patriots has 8 Rooms, 3 Bedrooms, 2 1/2 Baths, with a Screened Porch, Deck and Oversized 2 Car  Garage.  The Eat-in-Kitchen has Skylights and Hardwood Floors throughout the First Level.  The Family Room has a beautiful Fireplace and Cathedral Ceilings.  Also located on the First Level is an Office, which has Hardwood Floors. The Master Bedroom is on the Second Level with a Private Full Bathroom.  There are two  other Large Guest Rooms on the second floor with a Second Full Bathroom.

For more Information, please contact Cheryl Cahill, Cross Real Estate, 508-369-3809 or at CCahillrealtor@hotmail.com

Bringing Properties to People and People to Properties!

Published in:  on July 16, 2009 at 7:58 pm Leave a Comment
Tags: , ,

Mansfield,MA Real Estate Quarterly Report (Apr-Jun)

Even in this market, things are looking pretty good in Mansfield, MA.   The average time on the market has dropped.  Any questions, please give me a call.  Cheryl Cahill 508-369-3809

Mansfield,MA Real Estate Quarterly Report (Apr-June)

All  stats from MLS-pin

Properties for Sale

  • Homes on the market  53
  • Price range $109,900-$1,799,000
  • Average list price $448,531
  • Average days on market  135

Pending Sales

  • Homes currently under contract  21
  • Price range $139,900-$659,900
  • Average list price $338,290
  • Average days on market 104

Sold Properties

  • Homes sold  30
  • Price range $110,000-$809,000
  • Average sold price $391,455 / Average original list price $427,710 = 92%
  • Average days on market  108

Please contact Cheryl Cahill, Cross Real Estate, 508-369-3809 or at

CCahillRealtor@hotmail.com

Published in:  on July 3, 2009 at 5:06 pm Leave a Comment
Tags: , , ,

St. Mary’s School Mansfield, MA fieldtrip

Today,  I had the pleasure of accompanying the 2nd grade class of St. Mary’s School of Mansfield, MA on a field trip to  Quincy, MA to visit Adams National Park home of the famous Adams family.  It tells the story of four generations of the Adams family (1720-1927)  There are two main sites at this park- the Birthplaces of the 2nd US President, John Adams, and of his son, 6th President of the United States, John Quincy Adams and their homestead  “Old House”.

Once there the children were able to view how families lived and prepared themselves for war with the “Redshirts”.  At this time they found out that John was in Philadelphia at a convention while his wife, Abigail, who is also well known in history, and their,children were back in Quincy, MA.

St. Marys’ children were shown how a bullet was made, which they loved and then they were given a chance for reenacting the battle against the “Redshirts”.  Each child was given a hand made all wooden  musket gun.  We had our “Patriots” and our “Redshirts”.  The kids had a wonderful time- with the “Patriots” winning.  Once the day was over, we packed up, boarded the buses and headed back to Mansfield,MA.

john adams

Published in:  on June 19, 2009 at 9:03 pm Leave a Comment

TPC of Boston

TPC of Boston is located in Norton, MA about 35 minutes South of Boston and about 30 minutes North of Providence.  Also, convientently located off Routes 95 and 495, making access very accessible. TPC was named one of the top 10 private golf courses of the United States and  is PGA Tours home to the Deutsche Bank Championship.

This very scenic and peacefue landscape offers one of the finest experiences in golf.  This 18 hole private course challenges all level of play.  The shortest  on the course is the 16th hole, par 3, at 161yards with water guards at the front and left rear of the green.  Surely, to get to the nerves of all, even Tiger Woods.  The longest shot is the 7th, with a par 5 and coming in at 600 yards.  This gigantic bunker crosses the entire fairway and requires you to stragetically plan your next move.

After a fine day of golfing, you can head back to the luxurious club house for many activites, gatherings or fine dining.

One of the perks of being a member is having the use of the practice facility.  This is a 70,000 square foot  practice tee, 2 putting greens, pitching and chipping greens and practice bunkers.  For more information on becoming a member please go to www.TPCboston.com

And for any information about living close to the TPC Boston, please give Cheryl Cahill, Cross Real Estate, 508-369-3809 a call.  I service all of Bristol County including Mansfield and Norton, MA.

tpc

Published in:  on June 18, 2009 at 7:48 pm Leave a Comment

Mansfield,MA Watering Schedule

If you live or plan to live in Mansfield,MA, then you better know the water restrictions.  I know it is hard to believe that with all this rain we have had in the past, but Mansfield residents need to work hard at water conservation, particularly during lawn watering season.  The watering season starts June 12 and runs till Sept 1, 2009.

It requires residents to follow a watering on an odd/even schedule.

  • homes with odd street numbers can water on odd numbered days of the month
  • homes with even street numbers can water on even numbered days of the month
  • the hours for using sprinklers are from 5am-9am, and 5pm-9pm on your days
  • hand held hoses can be used at any time of the day/evening
  • well users are exempt, but should work to conserve water as well
  • any questions, please call the Town Hall 508-261-7376

My advice. Check every sprinkler head in the yard. You can inexpensively replace defective heads in about two minutes and save yourself a ton on your watering bill. Why waste your cash and all of our water. Be smart about it. If you see water running down the street every time the sprinklers are on something is wrong. You should be watering the grass not the street and sidewalk. Lowes and Home Depot sell spare parts cheap and they are simple to install

Cheryl Cahill, Real Estate Agent, serving all of Bristol area. Please call 508-369-3809

Published in:  on June 9, 2009 at 5:36 pm Leave a Comment
« Older Entries