Tips to Buying a Home

Tips to Buying a Home

A Day at the Races

Last week I blogged on the subject of “Walkability”; and how it was becoming a factor in the home selection process. This week lets speed things up a bit. My brother Frank is a runner, and I mean a RUNNER. He has run marathons in all 50 states. He and his wife Diane were vacationing in Maine and called me to let me know they would be running in this year’s Yankee Homecoming 10k and 5k races respectively and how we should get together, as they live in sunny Florida and our opportunity for visits is limited. Anyway, there must be some sort of society that lets these people know where and when the races are, probably something akin to those who are attentive to when the swallows return to Capistrano or the Buzzards to Finley Ohio but on a larger scale. However, by Facebook Friends or "Running for Pain and Pleasure" magazine they found themselves in Newburyport on one of the finest weather days these traditional races have ever had. I.’m sorry (I think) to say, I have never raced. But wanting to support them and being mildly interested in what this was all about, I went as a spectator and cheering section.

WOW!  What a thing this is. Upon arriving at the High School Start Finish location, I was truly amazed at the amount of people and the obvious camaraderie. I don’t know how many were there, but they were thousands. When the 5k race began, it was a human metaphor for those glorious days when buffalo in numbers roamed the plains and as sure as the blast of the air horn start would have stampeded the herd, so did it affect this mass of humanity in bond with a common and individual goal.

The finish was just as exciting as the start. Although the runners were strung out by now, it was something to witness the character of this group, now more as individuals than a collective mass. There was something wonderful about each person that magnified a spirit that would not be evident in an otherwise encounter. They were men and women of differing ages: from young children to senior seniors within a complex of racial and physical distinctions. As they approached the finish, this collage of humankind expressed pain, pride, fortitude, resolve, joy, disappointment, accomplishment and any mixture thereof, but with one common bond known only to each every other alone.

Truly a rewarding experience as a spectator and beyond my imagination for that of a participant. No matter the distance “NIKE!!”

And now we break to our commercial.

Yankee Homecoming with it various entertainments and events is just one more in a myriad of reasons that people love this area. So if you’re looking for a place to call home, let me help you find it. If for any reason you find it necessary to leave (You’ll still have your memories), I would be most pleased to assist you in the sale of your home.

Walking the Walk.

Congratulations to all those brave souls who participated in the Susan G. Komen, 3 day for the cure  (Boston) fundraiser to battle  breast cancer this past weekend; July 15-17. These extraordinarily courageous warriors faced record high temperatures at times over 100 degrees to walk their committed pledge of 20 miles for each of the 3 days. Once again our heartiest applause to those participants who contributed their time and money and were a part of the boldest breast cancer event in history 

And speaking of walking, Walkability scores have become one of the categories of consideration in the selection of home purchase. Looking for a bright spot in the housing market?  CEOs for Cities just released a study based on data from Walk Score and ZipRealty that shows one point of Walk Score is worth as much as $3,000 depending on the metro area.

The report, “Walking the Walk: How Walkability Raises Housing Values in U.S. Cities” by Joseph Cortright, analyzed data from 94,000 real estate transactions in 15 major markets provided by ZipRealty and found that in 13 of the 15 markets, higher levels of walkability, as measured by Walk Score, were directly linked to higher home values.

“Even in a turbulent economy, we know that walkability adds value to residential property just as additional square footage, bedrooms, bathrooms and other amenities do,” said Cortright. “It’s clear that consumers assign a tangible value to the convenience factor of living in more walkable places with access to a variety of destinations.” In the typical metropolitan areas studied, the premium commanded for neighborhoods with above average Walk Scores compared to those with average Walk Scores ranged from about $4,000 to $34,000, depending on the metro area.

"Walking the Walk’ shows definitively what we’ve always believed – that homes in walkable neighborhoods continue to be a good investment, and are one of the simplest and most effective solutions to fight climate change, improve our health, and strengthen our communities,” said Walk Score founder Mike Mathieu. "Our vision is for every property listing to include a Walk Score: Beds: 3 Baths: 2 Walk Score: 84."

“These findings are significant for policy makers,” said Carol Coletta, President and CEO of CEOs  "There are a number of trends that are reshaping the American Dream," said Coletta, "and the value home buyers now place on living close to more daily destinations is one of the most important.  Now, planning, zoning and development decisions have to catch up to consumers."

 Walkability is defined by the Walk Score algorithm (www.walkscore.com), which works by calculating the closest amenities – restaurants, coffee shops, schools, parks, stores, libraries, etc. – to any U.S. address. The algorithm then assigns a “Walk Score” from 0-100, with 100 being the most walkable and 0 being totally car-dependent. Walk Scores of 70+ indicate neighborhoods where it’s possible to get by without a car. Walk Score ratings are as follows:

90–100	Walker's Paradise — Daily errands do not require a car.
70–89	Very Walkable — Most errands can be accomplished on foot.
50–69	Somewhat Walkable — Some amenities within walking distance.
25–49	Car-Dependent — A few amenities within walking distance.
0–24	Car-Dependent — Almost all errands require a car.

By not much of a coincidence I happen to have a charming little  2 Bedroom Antique home with a very walkable score of  85 located at 54 Washington St. Newburyport, Click following link if you are interested.
http://www.realtor.com/realestateandhomes-detail/54-Washington-St_Newburyport_MA_01950_M40817-20170

FHA Loan Limits may be lowered in Essex county.

According to a market analysis brief issued at the end of May 2011 by the U.S. Department of Housing and Urban Development, there is the possibility of FHA loan Limits for single family units being lowered beginning October 1, 2011

Barring Congressional action, Federal Housing Administration (FHA) loan limits will revert back to loan limits determined under the Housing and Economic Recovery Act (HERA) of 2008.  As a result...

 FHA loan limits in Essex county would likely decline from $523,750 to $465,750

The mechanics: Suppose you have a home with  a market value of $500,000 and you wish to sell. You would have to reduce your selling price in order to accommodate the buyer's loan requirements for FHA. In many cases this could mean sellers finding themselves under water since FHA is financing the majority of buyers these days it would be much more difficult to locate a qualified full value buyer.. 

It would appear to me that any action,  impeding  a home sale would be detrimental to an already fragile market to the effect of lowering property values even further.

Indeed if you are looking to purchase or re-finance a home in Essex county and the loan amount is greater than $465,750 you need to get your application in and plan to close the loan in the next few months. I have been given to understand that many lenders will not accept loans under the old limits after Sept. 1st.

If you would like more information on this topic, please call or email me and I will put you in touch with a qualified lending professional.

Credit: Kris Berg:  Sandiegocastles.com/  for the inspiration for this post. I regard Kris as a consummate real estate blogger and from a business competition viewpoint;  very happy she is on the west coast.

Telling it like it is...

Because I am relatively new to blogging, I thought I should clarify a few things right up front. First, my basic philosophy. Since my experiences are or will be some what intertwined with my real estate profession;  I would like to establish the premise that  I will present my opinions and relevant news and other items of interest honestly and as I see things.  If my motto be  "Integrity First" then let me live to it . I will do my best to be forthright as well as entertaining and not have my blog become a total electronic advertising poster for my real estate advancement only.  I won't hesitate to present the bad news in the industry, as well as the good. If there is something I think you should be aware of, believe me you'll hear it here. (See preceding post: FHA Loan Limits)

Now, as far as my blog theme is concerned, I try here to identify that I along with the most likely of my (hopefully) future readers reside on the coast or at least relatively close to the sea and we are in bond with our love of the area.. I love sailing, although I no longer own a sailboat, but  personally I think its  still pleasant to the eye, be you boating enthusiast or not. Its certainly appropriate to the area in the summer and dream worthy in the winter. I'm not saying I won't change it, but I will try to stay away from using pictures of my grandchildren (Sorry, just couldn't resist. )

Tohrin Holmes

Mary Holmes, GNAR Realtor of the Year - 2011

 With great thanks, I am excited,  honored and grateful to have been nominated and selected as the Realtor® of the Year by the Greater Newburyport Association of Realtors®. This is a terrific organization of your local Brokers, Agents,and Affiliates who know the area well and are best suited to relate to your situation if you are buying or selling a home in the area. A well attended awards ceremony was held in the Customs House in Newburyport on June 22nd with a delicious and varied buffet on hand. An interesting and informative  talk was given on the historical significance of the Newburyport Custom House by the Museum curator. By appropriate and pleasant coincidence, the Custom House was in the midst of an exhibition celebrating the United States Coast Guard. As some of you know, I have been quite involved with the USCG auxiliary over the years and found it particularly fascinating that this particular service was being recognized at this time. I had previously served as president of the GNAR during  2010 and feel I must take a moment to comment on its nature. It is a friendly active cooperative group that likes to have fun hand in hand with hard work. It is made up of varied personalities each with something positive to contribute. They are charitable both in terms of sponsored programs and as individuals all. Although among, if not the smallest of the associations in Massachusetts, it was the only one that increased its membership last year. This bespeaks of the inherent enthusiasm and character within and why I feel especially honored.

It is important to include that GNAR has an affiliate membership comprised of ancillaries dedicated to the continuing success of the organization. Simultaneous at this yearly occasion, an award is given to that  individual recognized as the Affiliate of the Year by reason of their outstanding participation and contribution.
This year's award goes to Lance Adie of Wells Fargo Home Mortgage. Congratulations Lance!

                                                          Lance Adie &  Mary Holmes

It happens every Spring!

Being a real estate agent, Spring has an especially positive bearing on one's attitude. Its a popular time for people to look for new homes and otherwise adjust to their life style changes and good for my business. Its the season of beginnings and among those beginnings is the prelude to summer sports for the youngsters. Now in my family, its a particularly interesting time. You see, My son Christopher and his wife Danielle, early on,  apparently had the idea of creating their own baseball team but had second thoughts almost half way to their goal. However the abandoned  plan did result in four wonderful boys now aged 7 to 13.  So anyway, now comes Spring, perfect: and just in time to provide an outlet for the boys and all the pent up energy accumulated during this past long winter. Alas, here lies the problem. the local organized sports programs are invariably scheduled to the different ages and  activities of the boys, which naturally results in different activities in different locations often at the same time.  If my math serves me right;  2 parents divided by 4 boys equals: not enough time. If they finished the job they would have had a full team that could have practiced together and challenged another team for a game, whereby  everybody could have gotten together at the same time and place, avoiding all this scheduling nonsense.  Anyway, Plan B; Look up cajole, recruit, enlist and shanghai and invite Nana to dinner. I'm sure you get the picture. But to be perfectly honest I can't think of a more enjoyable assignment and a better way to start the Spring.... PLAY BALL!