SUPPLY OF HOMES ON THE MARKET GOING DOWN ON THE NORTH SHORE OF MASSACHUSETTS
North Shore, MA - The inventory of homes has been steadily dropping on the north shore since the begiining of the year. Typically as we get closer to spring we see the supply increase, but that is not occurring this year. It seems that savvy homebuyers and investors are snapping up properties left and right with the mind set that we are at the bottom of the market and it doesn't make sense to wait. Add to that the very low mortgage interest rates (below 5%) and the $8,000 tax credit for first time home buyers, and the result is a frenzy of people trying to get the best real estate deals. 
According to MLS, the number of homes (condos, single family and multies) currently on the market on the north shore of massachusetts is 3,877. Last year on this same date (March 27th) there were 4,988 homes on the market. That's a drop of 22% over 2008!
Although inventory dropped for all types of homes, multifamily homes dropped the most. In 2008 there were 658 multies on the market, today there is 350! That is almost a 50% drop in the number of 2, 3 and 4 family homes available to choose from over last year. I'm not supprised by this because the list price of multies has dropped over 35% since 2005. You can actually buy a 2 family home as an investment and have positive cash flow from it - something you haven't been able to do in several years.
Here is a link to a video from WBZ TV in Boston about the current market:
http://wbztv.com/video/?id=74431@wbz.dayport.com
Jim Armstrong
First Time Home Buyers -
Don't File Your 2008 Tax Return!
If you already did, don't fret. You can still amend it. I've been talking about the 1st time home buyer tax credit that the federal government is giving to 1st time home buyers that close by November 30. 2009. Well, did you know that you don't have to wait until you file your federal return in 2010 to receive this credit? That is why I am telling you to hold off on filing your 2008 federal tax return until after you buy a home. You can file an extension and receive another 6 months to look for your dream home - until October 15th! This only applies if you are due a refund. If you owe taxes to the IRS then, unfortunately, you still need to pay those by April 15th. But you can still get your Tax Credit quicker (see below)
Now if you haven't filed your 2008 tax return yet, and you buy a home by October 14th, you can file your taxes the next day and have that $8,000 check in your hands in 7-10 days! (along with any other refund due you) How many of you think that you will have some expenses after you buy your new home (repairs, updates & improvements, new furniture, etc.). All of you, I'm sure.
Now if you have already filed your tax return, don't worry. All that means is that you will have to wait a little longer for your tax credit check. When you close on a new home (using an Armstrong Field buyer agent, of course!) you can file an amendment to your tax return and have your check before your 2nd mortgage payment is due. The IRS is telling us that it is taking about 8-10 weeks to process amended tax returns. As we get closer to the November 30th deadline, you can bet that time is going to be longer.
The Massachusetts Association of REALTORS is predicting that come this summer that home buyers are going to be scrambling to find a home to take advantage of the tax credit. Remember, you must close by November 30, 2009 at the latest. If you close on December 1st - no $8,000! That means you need to have an accepted offer by October 15th at the latest. If something happens that delays the closing, it could jeopardize your tax credit. That's why we are recommending that you start seriously looking now.
The other reason to buy a home sooner rather than later is because of competition. Right now, while the market is getting busier, there is nowhere near the frenzy like there is going to be as we move toward the end of the summer and early fall. There are plenty of homes to choose from right now, and we can normally negotiate a price to quite a bit under the asking price. In the summer when the activity picks up and the properties on the market start receiving more homebuyer traffic, the sellers are going to be more choosy, and may hold out for a better offer.
For more information on the 2009 Home Buyer Tax Credit, go to:
http://www.armstrongfield.com/2009_home_buyer_tax_credit.html
Jim Armstrong
Armstrong Field Real Estate
http://www.armstrongfield.com/
http://www.salemmasscondos.com/
http://www.northshorefinerhomes.com/
Armstrong Field Real Estate is a full service company that has been serving the North Shore of Massachusetts since 1948 (formerly Field Real Estate). Specializing in Home Seller & Buyer representation
In 2000 James Field Armstrong entered the real estate profession. Following in the footsteps of his grandmother and fulfilling her wish to have him take over her business, Jim opened Armstrong Field, Inc. Real Estate.
Continuing the tradition of excellence in customer service, in his second year as a REALTOR® Jim was ranked as the #3 agent in sales of single family, condominiums and multifamily homes in Salem. With a handpicked team of professional REALTOR® Agents, he emphasizes attention to detail, communication with clients, and superior marketing as the cornerstones of his business.
Conveniently located in downtown Salem near the Essex County Registry of Deeds, Armstrong Field Real Estate has state-of-the-art technology, a huge web presence, and a dedicated support staff to help make our clients' transactions go smooth and stress free. They are dedicated to providing outstanding service and marketing for their clients, and are predestined to become the leading real estate company in Salem and North of Boston.
One characteristic that makes Armstrong Field, Inc. a special company is the corporate philosophy of giving back to the community. Armstrong Field, Inc.'s agents have demonstrated that companies can create tremendous results when they direct their entrepreneurial talent and zeal to community service efforts. Armstrong Field, Inc. has created a culture that encourages community involvement and sets the standard for other real estate companies in the region.Armstrong Field, Inc. is actively involved with the community providing financial support to non-profit organizations and through the volunteer efforts of Jim and his agents. It has sponsored events such as the A Taste of Salem, Alive after Five, Salem Chocolate & Ice Sculpture Festival, Salem Snow Ball, and many others. They have supported the Boys & Girls Club, Salem/Swampscott Blades Youth Hockey, Salem Little League and Salem Main Street Initiative. Armstrong Field, Inc. has received community service awards for its volunteerism from the Salem Chamber of Commerce, the City of Salem, Salem Main Street Initiative, and the North Shore Association of Realtors.
Armstrong Field, Inc. is a member of the National, Massachusetts and North Shore Associations of REALTORS®, The Senior Advantage Real Estate Council, The Salem Chamber of Commerce and the Better Business Bureau.
Armstrong Field Real Estate serves the entire region from Boston to the New Hampshire border. We specialize in Total Marketing Solutions for home sellers, and First Time Home Buyer representation. He hold many seminars and workshops throughout the year with topics such as "Buying your first home", "Buying Bank Owned Properties", and Selling your home in a down market".
We strive to give our clients the best service in the industry, and our REALTORS work 7 days a week.
Helen Moran - Salem, MA
Thank you for all your awesome homes you have been sending, I have viewed them every single night!!! I want you to know that I had several local real estate agencies sending homes and yours was the BEST. I love the set up, everything one would need to know is right there.....I tell all at work how much I have enjoyed your company's listings.Cathy G.
Your website is by far the most helpful website out there for North Shore real estate!Rebekah H.
Very informative emails (I like yours better than the Coldwell Banker emails)Jennifer K.
Your company has given me back faith that there are Realtors out there that still knows the business and the needs of the seller. I give you a lot of credit. Your staff is cool. We like what we saw and hope that we can continue the trend.John, Lisa and Adam - Lawrence, MA
Jim is patient, courteous, informative and hardworking. He is a true professional thru and thru. We couldn't have asked for a better agent. Hats off to Jim Armstrong, for Mark and I don't only consider him to be our real estate agent, but most importantly, he's become our friend.
Arleen and Mark A. Turner - Bradford, MA
You're a really super guy and even a better professional. Now if you could only teach your method and work ethic to other real estate professionals!S. Starr - Orlando, FL
We wanted to thank you so much for your time and help in our house hunting search in the Salem area. We found you to be extremely helpful, professional and courteous. If any of our friends are interested in relocating to the North Shore we will readily refer them to you. Again, our sincerest "thanks".Ruth and Charlie V. - Newburyport, MA
I am sure that I am the most fortunate person in the whole world to have such a cool little house in my favorite town...and I don't know if I ever thanked you properly for that. Thank you.Jessica M. - Salem, MA
You made me feel that you would do anything possible to meet my concerns and needs. Always available and always prompt on returning my phone calls. Excelled in making all parties involved very satisfied. You handled everything in a very professional manner.
Mary Lou Moran - Danvers, MA
You are personable, trustworthy, very accommodating, and accessibility was great! We felt all areas of of the home buying process were covered very well. We were very happy with everything. Great Job!
Dan and Angela Giadone - Groveland, MA
As first time home buyers, the process went smoothly, and we would definitely use you again as our broker. Thanks Jim!
Leslie and Ken - Amesbury, MA
Went all out for clients- willing to do extra.
Deborah A. Clarke - Salem, MA
You were easy to work with, and your problem solving skills were excellent. My sister referred me to you, and I would most definitely refer my friends and family to you.
Kim and James Mackey - Salem, MA
Thank you so much for all your hard work and friendship.Maureen L. - Salem, MA
We wish to thank you. You were so very nice to us. Good luck and much happiness in the future.S & A Sahagian - Salem, MA
Informative, understands customers situation. Informs me on all aspects of real estate. Does not "play the game".
Jack MacLeod - Salem, MA
You went out of your way to facilitate the transaction and welcome us to Salem. We will continue to send people your way.
A. J. - Salem, MA
Thank you so much for all your help recently with my new home purchase. It was a pleasure working with you!
Michael Madden - Salem, MA
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