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Claudette Millette - Metrowest Mass Exclusive Buyer Broker

A Million Dollars Buys More House Now

MansionA million dollars doesn't buy what it used to.  In most markets it now buys much more. 

Buyers who have the capacity to buy into the luxury market are getting much more for their money these days. Foreclosures are up and home prices are down.  And, this has put pressure on builders and resellers of high priced homes. 

The recession has caused a significant decline in the sale of homes in this price range.  Sales of over $1 million homes have fallen by 50 percent from their peak of four years ago. 

Until recently, the difficulty with jumbo mortgage rates further impeded the ability to buy into this arena. Now that rates have eased somewhat, this may well be the best time in years to buy luxury real estate.  

The luxury enclave of Rancho Santa Fe in San Diego once catered to buyers like Bill Gates and Howard Hughes with equestrian trails and gold courses.  Their homes listed for close to $29.9 million.  Increased foreclosures and financially distressed home buyers have pushed prices down more than 30 percent, making this community available to buyers who never dreamed they could own here in the past. 

In the 20 largest U.S. metro areas, only 2,800 homes sold for more than $1 million in July. This was down by more than half from July 2005.  And, according to The National Association of Realtors, home sales, nationwide are down around 27 percent. 

Sellers of homes priced above $2 million have been cutting their prices by an average of 14 percent according to Trulia.com.  

Some homes in the million dollar price range in Metrowest Massachusetts have stayed on the market for well over a year.  Often sellers have decided to cancel their contracts and wait for a better time to sell.  But others who must move due to relocation or change of life situation are forced to take a reduced price for their home.  

This opens the door for anyone looking for a luxury property to get an excellent price on a resale.  

According to John Brian Losh, CEO of luxuryrealestate.com, luxury home buyers are currently getting about 20 percent "more house" than they did only two years ago.   

Home buyers looking at new construction in this price range will find builders who have become more flexible on pricing and concessions.  With sales struggling, developers are more willing to negotiate upgrades that would have previously been held to a premium. 

In some of the nicest developments in Metrowest Massachusetts, there are excellent deals to be had if you know where to look and how to negotiate.  

A beautiful home says that you have arrived - and now may be the best time to make that statement. 

Related Posts:

Massachusetts Home Market - Looking Better

Jumbo Loans are Back in Play for Massachusetts Home Buyers

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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, Shrewsbury, Sherborn, Southborough, Sudbury, Wayland, Westborough 

 

Highland Hills – A Luxury Community in the Heart of Shrewsbury, Massachusetts

Highland HillsIn the center of Shrewsbury, Massachusetts lies some of the most beautiful land in town. The development called Highland Hills is located just off of North and High Streets and consists of thirty-nine lots - each over a half acre.

This exquisite development has been designed and constructed by Greenleaf Farms Development, a local builder in Shrewsbury who has been building quality homes for over thirty years. Greenleaf has developed more than 20 residential neighborhoods and has built more than 300 homes in the area.

The family-owned business is directed by President, June Tomaiolo, who is also the broker, owner of Tomaiolo Realty; Francis Tomaiolo, Project Manager and Builder and House photoMatthew Tomaiolo, also a Project Manager and Builder.

The Tomaiolo's take great pride in the high quality of the materials they use and the excellent craftsmanship that goes into each of their homes.

With more than eleven different plans to choose from and the additional customization that goes into each building, the homes at Highland Hills are as individual as there are unique.

Interviews with owners in this development have brought high praise for the builders for their flexibility, professionalism and their quality of workmanship. Owners here are also delighted with the neighborhood and the quality of life at Highland Hills.

House photoRecent resales have demonstrated that the value in Highland Hills is clearly being maintained with a sale in April at 33 Laurel Ridge $1,030,548 and a resale at 9 Laurel Ridge that is currently under agreement at a list price of $1,131,000.

In an effort to provide an exceptional opportunity to more buyers, the developer is currently listing some special lots at entry prices. You can become part of this beautiful community with prices starting at $679,900. Additional homes are also available priced from $725,000 to $869,000.

If you would like to explore this unique opportunity to live in one of the finest communities in Metrowest Massachusetts, please call me at 508-881-6230. Let me show you how my experience with working with premium builders in this area can help you to navigate through the process of building your dream home.

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

Your Massachusetts Buyer Broker Since 1992

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

Massachusetts Housing Market – Looking Better?

Housing market heading upThe number of home sales in Massachusetts rose slightly in August while the rate of foreclosures fell sharply.

In what some may say is a signal of this region's housing market recovery, sales of single-family homes rose two percent for the second consecutive month.

"This is a modest increase in single-family homes sales, but the fact that sales have improved for two months straight after declining steadily for the first half of the year, is a hopeful sign," said Timothy Warren, CEO of The Warren Group whose company provided this data.

Warren went on to say that the state's unemployment and mortgage delinquencies remain a challenge to a quick recovery.

The other side of the coin remains in the still-sliding values of real estate in Massachusetts. The median selling price for a single-family home dropped 6.2 percent to $302,625 in August from $332,500 during the same month last year.

If we are comparing this to our market of four years ago - median homes prices are around 21 percent lower than they were then. But, do we really want to go there?

The foreclosure picture also improved last month with the number of foreclosures falling sharply. The Warren Group reported that foreclosures declined 35 percent from a year ago. At the same time, initial foreclosure proceedings soared by more than 150 percent in August. This sudden surge in proceedings may have, in fact, been caused by a change in the state's law last May that forced lenders to delay initial proceedings, keeping the numbers artificially low for the past few months.

The number of initial foreclosure proceedings does not tell the entire story since many foreclosures are resolved before the lender takes the property. Some homeowners will pay what they owe, some will renegotiate with the bank and others may actually sell their homes. Last year, out of 21,000 foreclosures that were initiated, only 12,000 were completed.

State and federal governments have also put into motion a number of programs to help homeowners avoid foreclosure and HUD has said that it has plans right now to modify mortgage for around 500,000 home owners.

Aside from today's number from The Warren Group, a recent report from Zillow.com indicated that home prices in the Greater Boston Area may be turning a corner. While this is anything but full recovery, some signs are indicating that we may actually be heading in the right direction.

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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

Massachusetts Home Buyers – What Must a Seller Disclose to you about a Property’s Condition?

scales of justiceWhen buying a home in Massachusetts, you need to be aware of your rights and also of the responsibilities of the selling party. With guidance from your buyer broker, you should set up and attend a home inspection to ensure that the property has no major structural problems.

But, what happens after the home inspection where problems have been revealed?

In this month's issue of "Realtor® Magazine", an interesting question was posed regarding this situation:

Question:

"As a listing broker, a property I am selling is now under contract. As part of the purchase agreement the buyer requested to have the roof inspected. In the course of the inspection some damage was revealed leading the buyer to request that it be repaired. My client, the seller, agreed to make the repair and had a professional roofer come out to do the job. In the course of his repair work, the roofer discovered that there was even further damage than had been originally thought and that additional work would be necessary to restore the roof to a good condition.

My client does not want me (the listing broker) to report the additional damage to the buyer but to only confine the information to include the originally reported problem. What is my obligation?"

Answer:

The additional defects discovered by the roofer must be disclosed to the home buyer. This is covered under the Realtor® Code of Ethics under Article 2. The Article states that Realtors® shall avoid exaggeration, misrepresentation, or concealment of pertinent facts relation to the property or the transaction. So, based on our Realtor® Code of Ethics, the listing broker is obligated to tell the buyer about any further damage that was revealed.

In addition to this protection, as a home buyer in Massachusetts, you are also covered under a Massachusetts Law. Chapter 93A is a consumer protection law which states that "unfair or deceptive" business practices are illegal.

The old rule about purchasing real estate used to be caveat emptor: "Let the buyer beware." But, since 1968, Chapter 93A has been in effect to protect the buying public.

With regard to real estate purchases the rule is: "It is considered to be an unfair or deceptive practice if a broker fails to disclose to a buyer or prospective buyer any fact, the disclosure of which may have influence on the buyer not to enter into the transaction."

It's important to note that the broker is not obligated to discover any facts about the property that they do not know, but they are duty bound to tell you everything that they do know which could possibly affect your decision to purchase.

Regardless of how the information was discovered, failing to disclose the facts, once known, would violate both our Realtor® Code of Ethics as well as Massachusetts Chapter 93A.

So - in this situation, you would be covered twice.

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, The Buyers Counsel

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

Buying a Home in Massachusetts – Protect Your Home with a Homestead Exemption

House with UmbrellaMassachusetts home buyers have a valuable protection mechanism that is available to them at the time of their home purchase. It is called a Declaration of Homestead.

For most of us, our house is the biggest investment we will make and the largest asset we own. It's also the place we call home. To protect this asset, Massachusetts has established an important safeguard. The Declaration of Homestead provides an easy and inexpensive protection for you in the event of a lawsuit.

According to Massachusetts General Laws, you have a right to file for protection of your property equity under The Homestead Act. This act allows you protection of up to five hundred thousand dollars ($500,000) of the value of your residence against attachment, seizure or execution or judgment from unsecured creditors.

To qualify, the property must be your principal residence. Exemptions to the Homestead protection are: debts for taxes, mortgages used to purchase the home, debts incurred prior to signing the homestead, and debts from the court pursuing child support payments.

There is significance to this protection. If you have filed a Homestead and you happen to be in automobile accident with insufficient insurance to cover your home, you will not be exposed to the extent of $500,000. It also protects you in the case of dog bites, drowning in pools, slips and falls and professional liabilities. While it is not substitute for home insurance, the Homestead protection is effective after any liability insurance is used to pay for any judgments that are related to a particular incident.

You may file for protection whether you are a sole owner, joint tenant, and tenant by the entirety or tenant in common, but the act states that only one owner of a home or one family is eligible for protection on your residence. The word "family" would include a parent and a child or children, a husband and wife and their children or a sole owner.

Home owners who are 62 years of age or older and persons who are disabled are protected to the extent of $500,000 each. Therefore, if two disabled persons or persons above the age of 62 reside in the same home, they should each file a Declaration of Homestead.

The fee for filing is thirty-five dollars ($35). Your closing attorney should make this form available to you at your closing. To be valid, it must be signed, notarized and registered with the Registry of Deeds.

This is great protection for a small price.

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