Where are America’s most expensive zipcodes?

Read thisForbes article to find out.

If you – or somebody you know – are considering buying or selling a home and have questions about the market and/or current home prices, feel free to contact me on 617.834.8205 or Andrew.Oliver@SothebysRealty.com.

Andrew Oliver is a Realtor with Harborside Sotheby’s International Realty
Sotheby’s International Realty® is a registered trademark licensed to Sotheby’s International Realty
Affiliates LLC. Each Office Is Independently Owned and Operated

Fannie Mae and Freddie Mac may be bringing back 3% down mortgages

In a speech this week to the Mortgage Bankers Association, Mel Watt, the Director of the Federal Housing Finance Agency (which regulates Fannie and Freddie) announced that: “to increase access for creditworthy but lower-wealth borrowers, FHFA is …. working with the Enterprises (Fannie and Freddie) to develop sensible and responsible guidelines for mortgages with loan-to-value ratios between 95 and 97 percent.”

Earlier this year FNM discontinued its 97% Conventional Loan, which was described by Dan Green of The Mortgage Reports as: “a true, three-percent-downpayment mortgage program, for which the 3% downpayment may come as a gift. In many respects, it’s more aggressive that the FHA’s benchmark mortgage product in that guidelines are simpler and less-restrictive.”

Mr. Watt hopes that : “through these revised guidelines, we believe that the Enterprises will be able to responsibly serve a targeted segment of creditworthy borrowers with lower-down payment mortgages by taking into account “compensating factors.” Further details about these new guidelines will be available in the coming weeks as we continue to advance FHFA’s mission of ensuring safety, soundness and liquidity in the housing finance markets.”

Click here to read Mr.Watt’s remarks.

If you  – or somebody you know – are considering buying or selling a home , or have questions about the market and/or current home prices, please feel free to contact me on 617.834.8205 or Andrew.Oliver@SothebysRealty.com.

Andrew Oliver is a Realtor with Harborside Sotheby’s International Realty.
Sotheby’s International Realty® is a registered trademark licensed to Sotheby’s International Realty Affiliates LLC.  Each Office Is Independently Owned and Operated

 

 

The Chinese are coming, the Chinese are coming

According to Bloomberg Business Week the LA suburb of Arcadia is enjoying a boom in home prices fuelled by Chinese buying.

“For buyers from mainland China, Arcadia offers excellent schools, large lots with lenient building codes, and a place to park their money beyond the reach of the Chinese government.The city, population 57,600, projects that about 150 older homes—53 percent more than normal—will be torn down this year and replaced with mansions. The deals happen fast and are rarely listed publicly.”

Ah here are a couple of obvious problems for Marblehead. I don’t think we can offer lenient building codes, while I am not sure a 6,000 sf lot in Old Town would meet the bill. Oh well, we can but dream that the Chinese will discover Marblehead one day.

Read the article Chinese home buying binge.

If you – or somebody you know – are considering buying or selling a home and have questions about the market and/or current home prices, feel free to contact me on 617.834.8205 or Andrew.Oliver@SothebysRealty.com.

Andrew Oliver is a Realtor with Harborside Sotheby’s International Realty.
Sotheby’s International Realty® is a registered trademark licensed to Sotheby’s International Realty Affiliates LLC. Each Office Is Independently Owned and Operated

Marblehead’s 200th SFH sale earliest since 2004

Marblehead recorded its 200th Single Family Home sale on Friday, the earliest date that has been achieved since 2004. A further 45 SFHs are pending, with the majority likely to close this year. Total sales for 2014, therefore, are likely to be second only to 2004 this century.

Source: MLS, Oliver Reports

Source: MLS, Oliver Reports

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