Cheryl Cahill

Sue's Cleaners-Mansfield, MA

Opening up in Feb. 2010, Sue's Cleaners stands out amongst dry cleaners in the Mansfield area. Why? She has gone "Green". Being in the dry cleaning business most of her life, Sue did not want to use the standard "perc" or petroleum (on the watch list for human carcinogens), so, she chose "GreenEarth" as her solvent. What is GreenEarth? It is an environmentally safe dry cleaning process that uses liquid silicone, which is a solution made of silica or sand! Sue also goes "green" through various programs that recycle materials used everyday, as well as reducing fuel costs to using biodegradable cleaning agents. She is trying, as we all should, to limit our "footprint" on our environment.

Mansfield, MA seems to be prospering with new stores and restaurants, such as Sue's Cleaners. So, with all this booming business there are houses that need to be sold as well as bought. For all your real estate questions, call me, Cheryl Cahill, Cross Real Estate, 508-369-3809 or at ccahillrealtor@hotmail.com

I just received an email from our Sr. loan officer, Joan Duggan of First Home Mortgage stating that RURAL HOUSING has run out of money at the 2% funding fee. Why you ask, well, this program has doubled in size since the stimulus program, but, it seems to be their own victim, thanks to the generous terms that have been offered to its borrowers- namely no downpayment and no Mortgage Insurance premium. Unlike the FHA requiring 3.5% down and Mortgage Insurance premium.

The programs are offered by local lenders and to be eligible you need to live in a community with less than 20,000 residents and live outside of a metropolitan area.

Now, going forward if the Senate approves the refunding of Rural Development, the funding fee will be increasing to 3.5%!

If you have any questions about Rural Development or to see if your community is eligible-call me Cheryl Cahill, Cross Real Estate, 508-369-3809. Servicing all of the Bristol County area. For all your loan questions call Joan Duggan, Sr. loan officer, First Home Mortgage 781-561-5898

From the looks of things the government has decided not to extend the Home Buyer Tax Credit. NAR , The National Association of Realtors, appears to have given up hope of getting it extended and posted this information on a website.

"NAR has had extensive discussions with congressional allies and concluded that an additional extension of the tax credit is unlikely. While lawmakers recognize that the tax credit helped stabilize the market, it appears that much of the benefit has been realized. NAR is now focusing on improving the availability of financing."

That is not exactly what we want to hear, but at least they are coming up with new alternative ways to handle and speed up the short sales. Congratulations to all of you who took advantage of the tax credit and reaped the benefits.

Cheryl Cahill is a member of The National Association of Realtors.

Call Cheryl with any questions, 508-369-3809, or at CCahillrealtor@hotmail.com

Please find the most recent Mansfield real estate stats. From the last quarter, there has been an increase of homes on the market, as well as an increase in the average price. Days on market has dropped and sellers are getting approximately 96% of their asking price. Things are starting to look up!
　
Properties for Sale

Homes for Sale 55
Average list price $469,874
Price range $169,900-$999,999
Days on market 129

Pending Sales

Currently under contract 10
Average list price currently under contract $286,120
Price range $149,900-$574,900
Average days on market 65

Sold Properties

Number of homes sold 22
Average sold price $369,425
Average original asking price $383,395
Average sold to original list price 96.3%
Average days on market 99

If you or any of your family, friends or co-workers have any questions about the Mansfield,MA real estate market, call me: Cheryl Cahill, Cross Real Estate 508-369-3809 or at CCahilllrealtor@hotmail.com. Answering all your questions about Mansfield,MA

What is PMI? It is a financial instrument that can be used by homebuyers, usually first time homebuyers, when they have a down payment that is less than 20% required by the lenders. With this type of insurance, it enables a homebuyer to by a home with as little as 3-5% down. So, basically, it is a safety net which protects the lender from a loss if the homebuyer is to default on the loan.

In order to understand the details of PMI it is important to understand the motivation of lenders. Lenders are in a business to make money. This insurance helps to protect them, not you. The only thing you get will be a lighter purse, and that beautiful home that you could not have afford without PMI (because you only had 3-5% to put down).

Lenders will typically provide you with all the information on PMI as well as secure it for you. Homebuyers will need to continue to make PMI payments until they have reached the 80% of the original selling price or the appraised value of your home at the time the loan was obtained.

The Homeowners Protection Act (HPA) was passed in 1998 and it contains a number of provisions to protect the interests of the borrowers. The main provision is the automatic termination of the policy, when the borrower pays down their mortgage to 78% of the value, if you are current on your loan-meaning that you have not been 30 days late with a payment.

If you would like more information on PMI and how it can help you get into that desired home, let me know and I can recommend to you a qualified lender.

Call Cheryl Cahill, Cross Real Estate, 508-369-3809 or at ccahillrealtor@hotmail.com