Presenting you with your monthly market stats for the Greater Boston area single family homes...

For single family Boston properties in zip code 02129 there was a total of 4 homes listed as of January 23rd.   With an average of 1,425 square feet and 2.5 bedrooms, the median list price comes out to $649,450. One of the homes was newly listed. Finally, with an average of 82 days on the market, 1of the 4 homes were absorbed.

The numbers for Boston condos in zip code 02129 are promising. The median listing price was at $639,000 at a total inventory of 37. The average condo size is currently sitting at 1,312 square feet, along with an average of 2.23 bedrooms and 1.92 bathrooms. With an average of 50 days on the market, 11 of the 37 condos were absorbed.

Below is a graph that shows the median price for Single Family Homes and Condos in 02129.

Data provided by ©2014 Altos Research LLC

Data and charts are based on the last 2 weeks, but are current to the day.  I have the ability to focus on different zip codes in the Boston area.  Please contact me with whatever your area of interest is; 02116, 02118, 02129 and I will be glad to help you, just let me know!

Patti Fine

Phone: 617-642-7585
Email: pf@pattifine.com

Patti Fine Real Estate

Greater Boston Area Homes

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How to Get the Best Mortgage Value in Boston!

If you are thinking about buying a Boston home soon, chances are, you’ve been keeping up with mortgage rates. Mortgage rates have remained around four percent for over a month now, which historically, is an excellent rate. The lower the rate, the less you pay in monthly mortgage payments!

However, as your Boston real estate agent, I’d like to point out that the interest rate alone doesn’t determine the cost of a mortgage. Sometimes, the lowest interest rate might not be the most affordable mortgage. Other costs could be involved, including origination fees, lender’s attorney fees, private mortgage insurance and more.

When working with a lender, it’s a good idea to ask about the APR, or annual percentage rate, of a loan. Many of the additional costs of mortgage loans are included in the loan’s APR, so this gives you a better indication as to which loan to choose. However, there are still things to know about APR.

If you don’t keep the loan for its full duration, because you sell or refinance your Boston home, the cost will change. If you choose an adjustable-rate mortgage, the APR can’t tell you what the cost will be in the future, because no one knows when rates will rise or fall. There are still additional costs and fees involved in a mortgage too, aside from what is added to the APR.

When shopping around for a mortgage, as a Boston real estate agent, my advice is to research current mortgage rates, talk to multiple lenders, ask for all of your options, ask for the APR for each option, and then ask for a GFE, which is a good faith estimate. This will be an estimate of what the mortgage loan will cost with all fees included.

If this all sounds confusing, don’t worry. That’s what mortgage lenders are for! They will talk you through the process. Choose to work with a mortgage lender that not only offers you a reasonable mortgage rate, but also a lender that you feel comfortable working with. You don’t want to make any decisions without feeling 100 percent sure and satisfied with it afterward.

That is true when buying a Boston home, too! After you’re pre-approved for a mortgage, contact me for help with the home-buying process. As a professional and experienced Boston real estate agent, it’s my job to make sure you feel fully comfortable and satisfied with the home you choose to buy from the Boston real estate market.

I will answer any question and will take my time helping you feel comfortable and confident with the home-buying process. When you’re ready to get started, contact me!

Patti Fine

Phone: 617-642-7585
Email: pf@pattifine.com

Patti Fine Real Estate

Greater Boston Area Homes

Search Greater Boston Area Homes 

Why to Buy a Boston, MA Home This Spring!

The spring season officially begins tomorrow here in Boston, MA, and we’re finally starting to see some rising temperatures! That is great news for all of us with spring fever, looking forward to enjoying the outdoors and warmer, sunnier days ahead. It’s also great news for the Boston real estate market, because real estate always reawakens and gets busy as the temperatures warm up.

As your Boston real estate agent, I’d like to inform you that if you want to buy a Boston home, now is the best time for you to do it! Not this summer, not in the fall, and not next year. Right now is the optimal time for home-buying. To help you understand why, here is a summary of reasons that The KCM Crew shared for buying a home now:

1.  Competition is about to increase. As the spring market heats up, competition from other Boston homebuyers will increase and it’ll be harder to score the house of your dreams. Not only will you lose negotiating power, but you might lose the house you love altogether to another buyer! Realtor Magazine recently reported that four million renters say they’re eager to buy. This could be who you’re up against!

2.  Price increases are on the horizon. As the housing market and economy continue to recover from the downturn, home prices continue to rise and home equity returns. Nationally, home prices are predicted to increase by 4.5 percent in 2014 and by over 19 percent from now until 2018! The sooner you buy, the less the home might cost. Also, if there is less competition, the seller will have less power to raise the price, and there is less chance that you’ll find yourself in a bidding war.

3.  Interest rates are projected to rise. While home prices are predicted to rise, mortgage rates are predicted to do the same and already have been increasing each week for awhile. Major mortgage companies have projected that the 30-year mortgage rate will be over 5 percent by the spring of 2015, but some predict it will reach 5 percent even by this summer! As you can see from this infographic, a small rise in mortgage rates adds up really fast in extra money paid per month.

Buying a Boston home will also help create family wealth, because homeowners are found to have a net worth 30 times greater than that of renters! Also, by purchasing a home soon, at the lowest possible price, you’ll hopefully be then selling it someday at the highest possible price, as the Boston real estate market continues to recover and homeownership appreciates in value.

When you’re ready to buy a Boston home, or you have questions about all of this, contact me, your Boston real estate agent. I am ready to help you as soon as you’re ready to buy!

Patti Fine

Phone: 617-642-7585
Email: pf@pattifine.com

Patti Fine Real Estate

Greater Boston Area Homes

Search Greater Boston Area Homes

Save Up For A Down Payment On A Boston, MA Home!

Now is the time to buy a Boston home! Mortgage rates decreased for five straight weeks, but last week, they rose again and are projected to continue increasing this year, according to The KCM Crew. The sooner you buy, the more you’ll save each month on a mortgage payment!

Fox Business recently shared how to get the lowest mortgage rate, depending on what type of home you buy, what type of loan you get and how much of a down payment you have saved up. Having a large down payment is key in the Boston real estate market. 

A high down payment will mean a lower interest rate per month, saving you thousands over the course of homeownership. If you have enough saved to pay cash for your home, Boston home sellers will love you, especially if you find yourself in a bidding war.

As your Boston real estate agent, I want to share tips with you on how to save more money, so that when you’re ready to begin the home-buying process, you have a good amount saved up for a down payment.

How can you harness your willpower to save? Credit.com shared some tips:

• Picture your goals. If your goal is to buy a Boston home, spend some time everyday visualizing that coming true. Create a vision board if that will help, with homes that look like one you’d like to buy. Focusing on your long-term goal will help you save moment-to-moment.

• Remove temptations. Automate transfers from your paycheck to your savings. This will take the temptation out to spend your money instead of manually transferring it. Hang out with friends who understand your goals and don’t pressure you into spending. Carry only cash instead of credit cards.

• Procrastinate. This is true when spending. Before you buy anything, browse around for the best price and find things you’d like to buy, but don’t buy them right away. Sit on it for a few days and decide if it’s a purchase that you really need or that really makes sense.

For more tips, check out the Credit.com article in its entirety. 

Looking for quick ways to save money that don’t take a lot of thought? Black Rock Blog shared ten quick money-saving tips that only take five minutes. Here are a few

• Unsubscribe from three online retailer emails. The fewer ads you see, the less likely it is that you’ll buy unnecessary items.

• Set up automatic bill pay for all of your credit card bills. This means no more late fees, which means no harm to your credit score.

• Remove two credit cards from your wallet and put them in a drawer where you won’t be tempted to use them. Don’t forget to keep paying them off, though! 

When you’ve got a down payment saved and you’re ready to buy a Boston home, contact me. If you have questions about the home-buying process, also contact me. As your Boston real estate agent, I’m always here for you when you need me!

Patti Fine
Phone: 617-642-7585
Email: pf@pattifine.com
Patti Fine Real Estate
Greater Boston Area Homes
Search Greater Boston Area Homes