Claudette's Blog

Someone posed an interesting question in the latest issue of the Massachusetts Association of Realtors' monthly magazine, Bay State Realtor.  

The question was:  Is it discriminatory against handicapped people to advertise a seaside property as a "short walk to the beach." 

The answer was:  In the 1995 HUD memorandum which addresses this, it specifically states that this type of ad is not discriminatory and it reads: 

"Handicap - real estate advertisements should not contain explicit exclusions, limitations, or other indications of discrimination based on a handicap - for example: 

no wheelchairs 

However, ads containing descriptions of properties (great view, fourth-floor walk-up, walk-in closets), services or facilities (jogging trails), or neighborhoods (walk to bus-stop) are perfectly acceptable and do not violate the Act. 

Realtors are typically very careful not to offend or exclude anyone in their advertising.  They know that they have to adhere to The Fair Housing Act which warns against the use of the following phrases: 

"Exclusive, restricted, private, no children, singles preferred, male or female only, Catholic church nearby, perfect for physically fit, Hispanic area, prefer bright, healthy person, for active or mature adults. 

The fact is that real estate ads have to be worded carefully to avoid violating any laws or creating the feeling of exclusion to any group.  Specifically, ads cannot be based on race, color, national origin, religion, sex, familial status or handicap. 

As an example, if you feel that the fact that your home is a "short walk to the temple" is something that should be advertised in your property listing, you need to focus on other features since this description violates the Fair Housing Act. 

To prevent stepping on any of the law's toes, it is best to avoid phrases like: 

• Bachelors' paradise (implying a single status)
• Empty nesters (not friendly to families)
• Executive Neighborhood (blue collar need not apply)
• Golf Club area (discriminating against tennis players) 

But, seriously, you get the idea.  The advise that experts give in this area is when listing your home with a Realtor, be sure to stress the positive facts about the property such as, located on a cul de sac - extensive remodeling, rather than characteristics of the neighborhood that may run contrary to the Fair Housing Act.  

It's just safer for everyone. 

Related Post: 

Property Disclosure in Massachusetts - Who Has the Burden of Proof?

Do you have questions about buying a home in the Metrowest area?  I would love to talk with you. Please feel free to call me at 508-881-6230 - any time or E-mail me. 

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Copyright 2009 - Claudette Millette, Broker, Owner, TheBuyersCounsel

Learn More about Home Buyer Representation - Greater Boston and MetroWest Massachusetts -  Serving Massachusetts Home Buyers Since 1992 

  Ashland, Holliston, Hopkinton, Natick, Newton, Northborough, Framingham, Sherborn, Southborough, Sudbury, Wayland, Westborough 

Home buyers in Massachusetts should be aware of recent changes to The Truth in Lending Act.  TILA or Regulation Z was originally put into place to require all lenders to provide full disclosure of all of the terms of a mortgage loan. 

As of July 30, 2009 changes to these regulations will have an impact on lenders and could possibly affect loan processing timeframes. Some are estimating that the minimum time for obtaining a new mortgage may be extended to two months or more. 

The new rules, designed to provide more protection to the borrowing public, are a bit complicated in their entirety, but below is a summary of the highlights of how they may affect your home purchase: 

• The new requirements apply to all mortgages secured by your home and this  includes any second homes. 
• Lenders must provide a good faith estimate of loan costs within 3 business days of your loan application and may not collect any fees prior to this disclosure. The only exception to this is the collection of a fee for a credit report. 
• The closing on your home may not take place until after a 7 day waiting period has lapsed. 
• As a borrower, you may shorten or waive the waiting period only through a "bona fide personal financial emergency" and only after receiving an accurate TILA disclosure. 
• If the annual percentage fee (APR) increases by more than 0.125 percent a corrected disclosure statement must be provided to you.  Additionally, an extension of 3 days must be added prior to closing the loan. 
• Since the APR includes not only the interest rate on the loan but also other related costs, it is important for the fees to be as accurate as possible in order to minimize the need for a corrected disclosure. 

As with all new lender rules, these changes will require an adjustment period for everyone to be on the same page.  This makes it all the more important that you have a qualified buyer broker in your corner, making sure that every step in the process is followed up and that you are made aware of any possible delays.  

If you are going to have to reschedule the moving truck -  you should at least receive ample notice.  

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Copyright 2009 - Claudette Millette, President, TheBuyersCounsel -  800-392-1446, E-mail    

Learn More about Massachusetts Home Buyer Representation - Greater Boston and MetroWest Massachusetts -  Serving Massachusetts Home Buyers Since 1992 

  Ashland, Holliston, Hopkinton, Natick, Newton, Northborough, Framingham, Sherborn, Southborough, Sudbury, Wayland, Westborough 

Luxury condos in the upscale project known as Nouvelle at Natick, Massachusetts are now scheduled to be auctioned off on Sunday, October 4 at Crowne Plaza Boston in Natick. 

In a follow-up to a post that I wrote last year, the troubled project continues to struggle in the wake of a bankruptcy petition which was filed in April.  The owner, General Growth Properties, has been unable to cover a $1 billion debt after failing to sell some of its property leases, including one at Faneuil Hall in Boston. 

The once-touted retail/residential complex has only managed to bring under agreement 37 of its 215 condos and is currently set to sell off the remaining units at 70 percent below their previous asking prices. 

The original plan, during the height of the boom, was to transform the old "Natick Mall" into a more upscale shopping environment, adding stores like Neiman Marcus and Nordstrom and a mega complex of condos and luxury spas.  

It seems as though others may have shared my sentiment about not shopping where you live. 

I understood the concept of living in a protected environment with stores and restaurants in close proximity. The initial appeal was to have a downtown convenience while still having a life in the suburbs.  Also, with New England's harsh winters, the idea of living in a mall meant going for morning walks without fear of having to endure the snow and ice. 

However, apart from the fact that these residences are located on Route 9 which is neither scenic nor cultural, the price tag for the units may have been a bit prohibitive for most people to consider. 

The original sales prices ranged from $379,900 for an 800-square-foot unit to $1.5 million for a larger unit.  Even with the all-inclusive health club and designer roof garden this was a hefty price for a condo on Route 9. 

With condo fees starting at $600 a month, even the upcoming auction prices may not be enough of a bargain to round out the sales in this ambitious complex. 

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Copyright 2009 - Claudette Millette, President, TheBuyersCounsel -  800-392-1446, E-mail    

Learn More about Massachusetts Home Buyer Representation - Greater Boston and MetroWest Massachusetts -  Serving Massachusetts Home Buyers Since 1992 

Ashland, Holliston, Hopkinton, Natick, Newton, Northborough, Framingham, Sherborn, Southborough, Sudbury, Wayland, Westborough 

As summer winds down, some home buyers in  Massachusetts are still waiting for the perfect opportunity to pull the trigger on their home purchase.  With higher interest rates looming as a possibility, some mortgage professionals are urging fence-sitting home buyers to make their move. 

Last week, rates for 30-year home loans edged down a bit, staying close to record lows that were seen in the spring.  

According to Freddie Mac, the average 30-year fixed rate mortgage was 5.08 percent which is down from 5.14 percent a week earlier. 15-year fixed rate mortgages fell to 4.54 percent, from 4.58 percent previously. 

Bob Walters, chief economist at Quicken Loans says, "The best time to buy a house or refinance - solely from an interest rate standpoint - is now. All of us who have been in the business for a while know that interest rates rise faster than they fall and they usually rise in a very unexpected time frame.  People could wake up to substantially higher mortgage rates at some point."  

While interest rates are usually tied to the actions of the Federal Reserve, the anticipated inflation rate may be a more accurate indication of where mortgage rates may be heading.  Currently, inflation fears are rising after two years of monetary and fiscal policies that were intended to help our faltering economy.  In particular, two Fed policies that have kept interest rate low are set to expire over the next few months. 

The Federal Reserve's campaign to buy $300 billion in long-term U.S. Treasury securities will be winding down in October, and, its plan to buy up $1.25 trillion in mortgage-backed securities will be expiring at year's end.  Some lenders anticipate that these events could influence the direction of mortgage rates. 

Other factors that may affect your buying power are a couple of Federal programs that have been set up to boost the home market.  They include:

• The First-time homebuyer tax credit of $8,000 which is scheduled to end on November 30.
• Increased Fannie Mae and Freddie Mac conforming loan limits in high-cost housing markets. These are set to expire at the end of the year.

Of course, it is my hope that these programs will be extended into next year, and some in Congress are working on that outcome - but, there is certainly no guaranty that it's going to happen.  

So, right now, there are some very good reasons to get in touch and begin the process of your new home purchase as soon as possible.     

Related Posts:

Massachusetts Housing Market Showing Signs of Recovery

Sales are Up at Luxury Home Builder 

Do you have questions about buying a home in the Metrowest area?  I would love to talk with you. Please feel free to call me at 508-881-6230 - any time or E-mail me. 

Subscribe to my blog

Copyright 2009 - Claudette Millette, Broker, Owner, TheBuyersCounsel -  800-392-1446, E-mail    

Learn More about Massachusetts Home Buyer Representation - Greater Boston and MetroWest Massachusetts -  Serving Massachusetts Home Buyers Since 1992 

Ashland, Holliston, Hopkinton, Natick, Newton, Northborough, Framingham, Sherborn, Southborough, Sudbury, Wayland, Westborough 

One of the great things about living in Metrowest Massachusetts is the fact that it's only a 30 minute ride into Boston and a stone's throw from some of the best culture and entertainment in the country.  

Last night's performance of the award winning "Jersey Boys" was a step back into the 60's and well worth the short trek.    

The rags-to-riches show about Rock and Roll Hall of Famers, the Four Seasons hit the mark with outstanding performances from stars- Matt Bailey, Joseph Leo Bwarie, Josh Franklin and Steve Gouveia.  All four deserving of the awards they have received. 

The moving story chronicles how four blue-collar kids from New Jersey wrote their own songs, invented a unique sound and became one of the biggest successes in music history - and did it all before the age of 30.  The show features 33 original songs and cleverly recreates their television appearances on American Bandstand and The Ed Sullivan Show.   

Jersey Boys was the winner of the 2006 Best Musical Tony, the 2006 Grammy for Best Musical Show Album, and also the 2009 Olivier Award. 

With songs like "Sherry, "Big Girls Don't Cry", "Rag Doll" "Walk Like a Man" "Can't Take My Eyes off You" and the harmonies re-created by these performers it was like being at a concert featuring the original Frankie Valli and the Four Seasons. 

The reviews I read before going last night were right on.  The Jersey Boys rock! 

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Copyright 2009 - Claudette Millette, President, TheBuyersCounsel -  800-392-1446, E-mail    

Learn More about Massachusetts Home Buyer Representation - Greater Boston and MetroWest Massachusetts -  Serving Massachusetts Home Buyers Since 1992 

Ashland, Holliston, Hopkinton, Natick, Newton, Northborough, Framingham, Sherborn, Southborough, Sudbury, Wayland, Westborough 

To most of us this weekend symbolizes the fact that summer is fading away and we are staring down the face of autumn.  

For some, it's a chance for one more drive to the Cape to catch a final beach day or to venture north, to Maine's coast before the chill sets in.  But, what is this holiday actually about? 

The observance of Labor Day began over 100 years ago.  It was born out of America's labor unions.  

"...the day for which the toilers in past centuries looked forward, when their rights and their wrongs would be discussed...that the workers of our day may not only lay down their tools of labor for a holiday, but upon which they may touch shoulders in marching phalanx and feel the stronger for it."   -  Samuel Gompers, Head of the American Federation of Labor - 1898 

The first Labor Day occurred in New York City on Tuesday, September 5, 1882 when 20,000 people marched, demanding an eight-hour work day along with other reforms.  They paraded up Broadway, carrying signs which read, "Eight Hours for Work, Eight Hours for Rest, Eight Hours for Recreation." 

The march was organized by the Central Labor Union of York by the Brotherhood of Carpenters and jointly backed by the International Association of Machinists in Paterson, New Jersey. 

The idea began to spread to other cities and in 1884 the first Monday in September was chosen as the day to mark the holiday.    

Labor Day achieved its official status in 1894 in the wake of the Pullman Strike.  The unfortunate method used to break that strike was to send in 12,000 federal troops who opened fire resulting in the deaths of two of the workers and massive protests. 

In an attempt to heal the wounds between government and labor that year, President Grover Cleveland signed legislation designating Labor Day as a national holiday. The day was originally meant to be set aside in recognition of working people. 

A century after Samuel Gompers spoke his famous words this holiday has taken on different meanings to different people.   

It's the end of summer;

The beginning of school;

The return of football...

What does Labor Day mean to you?

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  Copyright 2009 - Claudette Millette, President, TheBuyersCounsel -  800-392-1446, E-mail    

Learn More about Massachusetts Home Buyer Representation - Greater Boston and MetroWest Massachusetts -  Serving Massachusetts Home Buyers Since 1992 

Ashland, Holliston, Hopkinton, Natick, Newton, Northborough, Framingham, Sherborn, Southborough, Sudbury, Wayland, Westborough 

A $300 million program to boost sales of energy-efficient home appliances is under way and Massachusetts home owners may soon be able to participate.    

The national program is currently set for this fall and will authorize rebates of $50 to $200 to consumers who decide to update their old appliances in favor of new, energy efficient ones. 

Massachusetts is already on top of this with a few programs of their own.  One of them is available through NStar.  The utility company is currently offering a $50 rebate on the purchase of a new refrigerator.  It began on January 23 of this year and will end on December 31.  

National Grid, which serves approximately 1.2 million customers in Massachusetts, is offering its own refrigerator/freezer turn in and recycling program with a $30 incentive for turning in an old appliance. 

According to NStar, older refrigerators typically consume twice as much electricity than the ones that are manufactured today.  So, the efforts underway are not only about helping the economy but are also geared toward making the country more Green. 

In a statement, Energy Secretary Steven Chu said, "These rebates will help families make the transition to more efficient appliances, making purchases that will directly stimulate the economy." 

More Massachusetts rebate programs can be found at Good to be Green.

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 Copyright 2009 - Claudette Millette, President, TheBuyersCounsel -  800-392-1446, E-mail    

Learn More about Massachusetts Home Buyer Representation - Greater Boston and MetroWest Massachusetts -  Serving Massachusetts Home Buyers Since 1992 

Ashland, Holliston, Hopkinton, Natick, Newton, Northborough, Framingham, Sherborn, Southborough, Sudbury, Wayland, Westborough 

You see them everywhere throughout Massachusetts.   Homes with overgrown lawns and "No Trespassing" on the door - but no real estate sign in sight.  

These are properties that are part of the, so-called, "Shadow Inventory" which is comprised of homes that banks have taken back after foreclosure and have held onto rather than sell. 

What motivates banks to take such action (or, inaction)? 

While it is possible that they are overwhelmed with a glut of delinquent loans and possibly the lack the staffing or manpower to handle them, it could also be a well-planned strategy. 

In a statement last month, chief economist, Lawrence Yun said: 

"I believe that many banks including Fannie and Freddie, who are also holding onto some properties, are releasing foreclosed properties in a measured way so as to not to flood the market which they perceive then perhaps could lead them to even more drastic price cuts. So they are releasing properties on a measured pace as a business decision to minimize losses."

This seems to be an indication that the policy is well-known if not endorsed by industry insiders. 

So, how will this Shadow Inventory of Homes affect future home values? 

Lenders are purposely making these properties unavailable in order to control the present inventory and to create more demand (higher prices) for the homes currently on the market.  It is also keeping them from having to show a loss.   

Some estimates have claimed that there are as many as 700,000 of these shadow homes but, truthfully, we can't know the exact number.  

While foreclosures are uppermost in the minds of economists, another part of the Massachusett Shadow Market is the number of homeowners who have held off selling during the housing market's downturn.  With the market stabilizing, they may soon be getting ready to sell. 

Over the past few months, low mortgage rates, high measures of affordability, and an $8,000 first-time home buyer tax credit, have helped pave the way for stabilization in house prices.  As a result, things have been looking up according to the S&P Case-Shiller Home Price Index. 

But, these unaccounted for "Shadow Inventories" could throw a wrench into a significant recovery. 

How much of a pall do you think these shadows will cast? 

Related Posts:

Massachusetts Housing Market Showing Signs of Recovery

Sales are Up at Luxury Home Builder 

Subscribe to my blog

Copyright 2009 - Claudette Millette, President,TheBuyersCounsel -  800-392-1446, E-mail    

Learn More about Massachusetts Home Buyer Representation - Greater Boston and MetroWest Massachusetts -  Serving Massachusetts Home Buyers Since 1992 

Ashland, Holliston, Hopkinton, Natick, Newton, Northborough, Framingham, Sherborn, Southborough, Sudbury, Wayland, Westborough

A new study came out this month which shows that a home's "walkability" can have a profound effect on its value.  

The report, "Walking the Walk: How Walkability Raises Housing Values in U. S. Cities" by Joseph Cortright, was comprised of 94,000 real estate transactions in 15 major markets.  In the study, it was determined that in 13 of the 15 markets, higher levels of walkability were directly linked to higher market prices. 

Of the areas tested, the differences in property values for above average Walk Scores ranged from $4,000 to $34,000.

Apparently, even in this turbulent economy, there is a tangible value that can be assigned to convenience. 

Real estate values are typically measured by square footage, number of bedrooms, bathrooms and whether or not the home has a finished basement.  It's now becoming clear that consumers are also placing weight on how close they are to restaurants, schools, parks, shops and other destinations. 

The fact that the price of gas has the potential to skyrocket is also part of the equation.  The less we have to depend on our cars, the better off we are.  

The program that was developed through the study uses a Walk Score Algorithm, which works by calculating the closest amenities to any particular address.  It then assigns a score from 0-100. 

A score of 100 indicates the best walkability -  A score of 0 is the most car-dependent.  

It's been known for some time that walking is good for our health. It may now, in fact, have an effect on the value of our home.

Take it for test run.   Walkscore. 

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Copyright 2009 - Claudette Millette, President,TheBuyersCounsel -  800-392-1446, E-mail    

Learn More about Massachusetts Home Buyer Representation - Greater Boston and MetroWest Massachusetts -  Serving Massachusetts Home Buyers Since 1992 

Serving Home Buyers in:  Ashland, Holliston, Hopkinton, Natick, Newton, Northborough, Framingham, Sherborn, Southborough, Sudbury, Wayland, Westborough

New numbers reported by the Warren Group shows the number of single-family homes in Massachusetts sold in July jumped nearly 12 percent compared to the same time last year.  This was the first time since December 2008 that home sales have increased year-over-year.  

These figures are unusual in Massachusetts since June is typically the biggest home sale month of the year - not July.  CEO, Timothy Warren cited this as a hopeful sign.  

"This is a much-needed boost for the state's housing market," he said in a statement. "We haven't had a double-digit gain in monthly home sales since last October. And the declines in home prices have been getting smaller every month." 

Some first time home buyers who have been sitting on the fence have decided that this year's combination of low interest rates, low housing prices along with the government's $8,000 first time home buyer tax credit, has made this a year to make their dreams come true. 

Condominium sales have also gained strength and were up for the first time since August 2007.  

While median prices for single-family homes and condos were down, they were still at their highest point since August 2008.  The number of pending sales (homes under agreement) was also up in July 4 percent from last year.  It was the second straight month of year-over-year gains. 

Gary Rogers, President of the Massachusetts Association of Realtors said, "While it is only one month, the number of homes put under agreement are up, which means there is a good chance we could see additional months of increased sale ahead." 

Before the celebration begins, there are some facts to be pondered.   One is that the tax incentive program, which has injected new life into the market, is scheduled to be discontinued on November 30.   Although there is some hope for an extension of the program, it is far from a sure thing, so and the race is still on for hopeful home buyers to beat the deadline.

We are far from being out of the woods yet, but I think these numbers should provide fuel for some cautious optimism in the days ahead.   

Related Posts:

Sales are Up at Luxury Home Builder    

Subscribe to my blog

Copyright 2009 - Claudette Millette, President,TheBuyersCounsel -  800-392-1446, E-mail    

Learn More about Massachusetts Home Buyer Representation - Greater Boston and MetroWest Massachusetts - Serving Massachusetts Home Buyers Since 1992 

Serving Home Buyers in:  Ashland, Holliston, Hopkinton, Natick, Newton, Northborough, Framingham, Sherborn, Southborough, Sudbury, Wayland, Westborough