Feb. 3, 2020

Why you should get pre-approved

Three Reasons Why Pre-Approval Is the First Step in the Homebuying Journey

Three Reasons Why Pre-Approval Is the First Step in the 2020 Homebuying Journey | MyKCM

 

When the number of buyers in the housing market outnumbers the number of homes for sale, it’s called a “seller’s market.” The advantage tips toward the seller as low inventory heats up the competition among those searching for a place to call their own. This can create multiple offer scenarios and bidding wars, making it tough for buyers to land their dream homes – unless they stand out from the crowd. Here are three reasons why pre-approval should be your first step in the homebuying process.

1. Gain a Competitive Advantage

Low inventory, like we have today, means homebuyers need every advantage they can get to make a strong impression and close the deal. One of the best ways to get one step ahead of other buyers is to get pre-approved for a mortgage before you make an offer. For one, it shows the sellers you’re serious about buying a home, which is always a plus in your corner.

2. Accelerate the Homebuying Process

Pre-approval can also speed up the homebuying process, so you can move faster when you’re ready to make an offer. In a competitive arena like we have today, being ready to put your best foot forward when the time comes may be the leg-up you need to cross the finish line first and land the home of your dreams.

3. Know What You Can Borrow and Afford

Here’s the other thing: if you’re pre-approved, you also have a better sense of your budget, what you can afford, and ultimately how much you’re eligible to borrow for your mortgage. This way, you’re less apt to fall in love with a home that may be out of your reach.

Freddie Mac sets out the advantages of pre-approval in the My Home section of their website:

“It’s highly recommended that you work with your lender to get pre-approved before you begin house hunting. Pre-approval will tell you how much home you can afford and can help you move faster, and with greater confidence, in competitive markets.”

Local real estate professionals also have relationships with lenders who can help you through this process, so partnering with a trusted advisor will be key for that introduction. Once you select a lender, you’ll need to fill out their loan application and provide them with important information regarding “your credit, debt, work history, down payment and residential history.”

Freddie Mac also describes the ‘4 Cs’ that help determine the amount you’ll be qualified to borrow:

  1. Capacity: Your current and future ability to make your payments
  2. Capital or Cash Reserves: The money, savings, and investments you have that can be sold quickly for cash
  3. Collateral: The home, or type of home, that you would like to purchase
  4. Credit: Your history of paying bills and other debts on time

While there are still many additional steps you’ll need to take in the homebuying process, it’s clear why pre-approval is always the best place to begin. It’s your chance to gain the competitive edge you may need if you’re serious about owning a home.

Bottom Line

Getting started with pre-approval is a great way to begin the homebuying journey. Let’s get together today to make sure you’re on the fastest path to homeownership!

The Blood Team
MA: 978-433-8800 | NH: 603-966-0025

Posted in Home Buying Tips
Jan. 20, 2020

The market and how it effects you

Housing Inventory Vanishing:

What Is the Impact on You?

Housing Inventory Vanishing: What Is the Impact on You? | MyKCM

Find out what your home may be worth: HERE

The real estate market is expected to do very well this year as mortgage rates remain at historic lows. One challenge to the housing industry is the lack of homes available for sale. Last week, move.com released a report showing that 2020 is beginning with the lowest available housing inventory in two years. The report explains:

“Last month saw the largest year-over-year decline of housing inventory in almost three years with a dramatic 12 percent decline, pushing the number of homes for sale in the U.S. to the lowest level since January 2018.”

The report also revealed that the decline in inventory stretches across all price points, as shown in the following graph:Housing Inventory Vanishing: What Is the Impact on You? | MyKCMGeorge Ratiu, Senior Economist at realtor.com, explains how this drop in available homes for sale comes at a time when more buyers are expected to enter the market:

“The market is struggling with a large housing undersupply just as 4.8 million millennials are reaching 30-years of age in 2020, a prime age for many to purchase their first home. The significant inventory drop…is a harbinger of the continuing imbalance expected to plague this year's markets, as the number of homes for sale are poised to reach historically low levels.”

The question is: What does this mean to you?

If You’re a Buyer…

Be patient during your home search. It may take time to find a home you love. Once you do, however, be ready to move forward quickly. Get pre-approved for a mortgage, be ready to make a competitive offer from the start, and understand that a shortage in inventory could lead to the resurgence of bidding wars. Calculate just how far you’re willing to go to secure a home, if you truly love it.

If You’re a Seller…

Realize that, in some ways, you’re in the driver’s seat. When there is a shortage of an item at the same time there is a strong demand for that item, the seller of that item is in a good position to negotiate. Whether it is price, moving date, possible repairs, or anything else, you’ll be able to demand more from a potential purchaser at a time like this – especially if you have multiple interested buyers. Don’t be unreasonable, but understand you probably have the upper hand.

Bottom Line

The housing market will remain strong throughout 2020. Understand what that means to you, whether you’re buying, selling, or doing both.

 

 

Find out what your home may be worth HERE or get started below!

 

Posted in Miscellaneous
Jan. 16, 2020

The best time to buy is now!

Homes Are More Affordable Today, Not Less Affordable

Homes Are More Affordable Today, Not Less Affordable | MyKCM

 

There’s a current narrative that owning a home today is less affordable than it has been in the past. The reason some are making this claim is because house prices have substantially increased over the last several years.

It’s not, however, just the price of a home that matters.

Homes, in most cases, are purchased with a mortgage. The current mortgage rate is a major component of the affordability equation. Mortgage rates have fallen by over a full percentage point since December 2018. Another major piece of the affordability equation is a buyer’s income. The median family income has risen by approximately 3% over the last year.

The National Association of Realtors (NAR) releases a monthly Housing Affordability Index. The latest index shows that home affordability is better today than at almost any point over the last 30 years. The index determines how affordable homes are based on the following:

“A Home Affordability Index value of 100 means that a family with the median income has exactly enough income to qualify for a mortgage on a median-priced home. An index of 120 signifies that a family earning the median income has 20 percent more than the level of income needed pay the mortgage on a median-priced home, assuming a 20 percent down payment so that the monthly payment and interest will not exceed 25 percent of this level of income (qualifying income).”

The higher the index, therefore, the more affordable homes are. Here is a graph showing the index since 1990:Homes Are More Affordable Today, Not Less Affordable | MyKCM

Obviously, affordability was better during the housing crash when distressed properties – foreclosures and short sales – sold at major discounts (2009-2015). Outside of that period, however, homes are more affordable today than any other year since 1990, except for 2016.

The report on the index also includes a section that calculates the mortgage payment on a median priced home as a percentage of the median national income. Historically, that percentage is just above 21%. Here are the percentages since June of 2018:Homes Are More Affordable Today, Not Less Affordable | MyKCMAgain, we can see that affordability is much better today than the historical average and has been getting better over the last year and a half.

Bottom Line

Whether you’re thinking about buying your first home or moving up to the home of your dreams, don’t let the false narrative about affordability prevent you from moving forward. From an affordability standpoint, this is one of the best times to buy in the last 30 years.

Nov. 20, 2019

Buyers Are Looking Now

Are You Ready to List Your Home?



Inventory on the market today is low, especially among existing homes in the entry and middle-level tiers of the market. It is hovering well below the 6-month supply typically found in a more normal market, as shown in the graph below:Buyers Are Looking Now. Are You Ready to List Your Home? | MyKCMWith inventory being one of the biggest housing market challenges today, finding a starter home right now isn’t easy. According to the Q3 Housing Trends Report from the National Association of Homebuilders (NAHB), 68% of those searching for a home think their search will get harder or stay about the same over the next 12 months.

The same study reveals,

“In Qtr3’19, buyers actively engaged in the process of buying a home are more likely to have spent at least 3 months searching (58%) than a year earlier (55%).”

 This is certainly no surprise, given the current inventory status. So, what’s the good news? The NAHB continues to say,

“If still unable to find a home in the next few months, the next step for most long-time searchers is to continue looking for the ‘right’ home in the same preferred location (52%). The next step for 35% is to expand their search area and for 16% is to accept a smaller/older home. Only 15% will give up looking.”

What does this mean for homeowners?

 If you’re thinking of selling your home, buyer demand is high – and those looking in your neighborhood aren’t planning on giving up anytime soon. The majority of potential buyers who are still searching for their dream home are eager, willing, and ready to buy, so maybe it’s time to list your house and make your move.

Bottom Line

With buyer demand as high as it is today, and inventory in the entry and middle-tier markets remaining low, it’s never been a better time to move up. Let’s get together to determine if now is your time to sell.

Posted in Miscellaneous
Oct. 25, 2019

Hometown Charity Hoedown 2019

On October 19th, 2019

we had an amazing night.

   

A night for fun, dancing, time together with our friends and family but even more important to help raise money. Our goal was to raise money to be donated to a local charity, non-profit or family in need and we did just that! We raised just over $3,800! The majority of funds raised will be donated to Molly who was the top voted choice during our event for the donation and a portion will be donated to Pepperell Pach and Pepperell Fourth.

  

We were beyond amazed with the outpouring of love, support and donations that came in once we announced the event publicly. We had over 20 baskets donated for the raffle, numerous of locals who donated their time for setup, donated money to help cover some of the overhead costs of the event, food donations and so much more, which in the end brought our total to donate higher than anticipated. 

Raffle Table #1 Raffle Table #2 Raffle Table #3 Raffle Table #4

Our night also wouldn't have been so successful without our amazing DJ of the night.

   

DJ Jamo (Chris Jamieson) really carried the tone throughout the night. From the music choices, the photobooth and his creative twist on musical chairs, we are pretty sure we can speak on everyone's behalf that he really lit up the night! Another fantastic highlight of the night was a single song karaoke moment by Michael Blood. He started the night saying if he was feeling it, he would do it at some point. Well, he felt it and totally rocked "Hardworking Man!"

We ended the night by announcing the winner of best dressed of the night which was awared to  Patrick Coppinger.

 Patrick Coppinger - Best Dressed 

Of course, the night would not have been complete without the top hit of the year by doing The Git Up Dance. 

 

A huge shoutout to all those who helped make this event possible.

Thank you again!
We can't wait for next year.

 

Should you be interested in doing a raffle basket or donating towards the 2020 Hometown Charity Hoedown for next year please email Elizabeth@bloodteamrealty.com with HOEDOWN2020 in the subject line and we will add you to our list and reach out next year once we start planning our exciting event again!

     

   

Oct. 24, 2019

Cost of rent is increasing

Think Prices Have Skyrocketed?

Look at Rents.

 

Much has been written about how residential real estate values have increased since the housing market started its recovery in 2012. However, little has been shared about what has taken place with residential rental prices. Let’s shed a little light on this subject.

 

In the most recent Apartment Rent Report, RentCafe explains how rents have continued to increase over the last twelve months because of a large demand and a limited supply.

 

 “Continued interest in rental apartments and slowing construction keeps the national average rent on a strong upward trend.”

 

Zillow, in its latest Rent Index, agreed that rents are continuing on an “upward trend” across most of the country, and that the trend is accelerating:

 

“The median U.S. rent grew 2% year-over-year, to $1,595 per month. National rent growth is faster than a year ago, and while 46 of the 50 largest markets are showing deceleration in annual home value growth, annual rent growth is accelerating in 41 of the largest 50 markets.”

 

The Zillow report went on to detail rent increases since the beginning of the housing market recovery in 2012. Here is a graph showing the increases:Think Prices Have Skyrocketed? Look at Rents. | MyKCM

 

Bottom Line

It is true that home prices have risen over the past seven years, increasing the cost of owning a home. However, the cost of renting a home has also increased over that same time period.

Posted in Miscellaneous
Aug. 23, 2019

Real Estate Market Breakdown

Buyers

Homeownership is a way to build wealth
Every time you pay your mortgage you are building instant equity in your home.

Interest rates are still low
With interest rates at an all time low, buying a home is now more affordable.

Renting can be more costly
Your rental payment can change at the end of each lease while a mortgage payment is locked in.

 

Sellers

Housing supply can’t keep up with demand
With interests rates low, our buyer demand has increased while our inventory has stayed the same.

Interest rates are still low
With interest rates at an all-time low, downsizing or finding a bigger home is now more affordable.

Homes priced right are selling quicker
That doesn’t mean you price it under value, however having a strategic pricing plan can be a game-changer.

 

 

We work with both buyers and sellers everyday.

We know how to bridge the gap between the two.

Let us answer all your real estate questions!

Let’s connect today 978-433-8800.

 

 

Aug. 21, 2019

Free Home Buyers Seminar 2019

Let's Talk Real Estate!

DON’T BUY A HOME UNEDUCATED.

Our home buyers seminar will provide help for both first time home buyers and experienced buyers. Buying a home isn't something people do. For those who have owned a home or multiple homes in the past, it's still helpful to review the process and terminology before you jump back into the market. If you've never purchased a home before, this course will help address some questions, concerns and anxiety that many first time home buyers may feel when considering the biggest financial transaction of their lives. Along with speakers from the Blood Team, our guest speaker from Sierra Pacific Mortgage, Dakotah Aro, will help break down what buying a home involves from a financial perspective. Our goal is to help you feel comfortable and knowledgeable about the entire process start to finish.

 

At the end of our seminar you will be in a better position to:

  • Understand today’s Real Estate market

  • Identify the right property for you

  • Understand the buying process

  • Know how to manage your credit

  • Identify your next steps

  • Develop an action plan

  • Determine a time frame

 

Guest Speaker - Dakotah Aro, from Sierra Pacific Mortgage.

Hosted by the Blood Team Realty Group

THIS EVENT IS FREE

 

 

Register Today!

EVENTBRITE

https://www.eventbrite.com/e/free-home-buyers-seminar-tickets-69087072293


FACEBOOK

https://www.facebook.com/events/458025281712122

April 18, 2019

520 Simonds Rd, Ashby MA 01431

520 Simonds Rd, Ashby, MA 01431

Magnificently perched atop a serene hill is this custom craftsman paradise with exquisite 180 degree panoramic views! This luxurious 5 Bed, 3.5 Bath estate is a luxury dream home flaunting over 4,200 Sq Ft in the main home, over 3,500+ Sq Ft in the 3-level Barn with immaculate space & adjusting 5-Stall Horse Barn, Rooftop Deck with mesmerizing Boston City Views just to name a few key features. Soaring Crawford ceilings, streaming sunlight, crown molding and a flexible flowing floor plan grace this home throughout. Additional interior features include a 6x6 Pantry, 1st Floor Master Suite w/ Bath, 10x11 Walk-in Closet and 2nd Flr Wet Bar. Partially Finished Walkout 2,000+ Sq Ft basement is completely heated, boasts a custom wood shop, office & 1/2 bath. Every detail was carefully selected and quality crafted in this home. A true one-of-a kind property on over 5 acres is ready to entertain in grand style inside and out.

 

For Additional Property Information visit: bit.ly/2WG0xsF

March 21, 2019

Get your home spring ready!

With the first day of spring behind us, many of us have packed the winter coats away and started getting the springtime cleaning "itch."

While you're dragging out the mops and dusting off the windowsills, remember to check a few other important items around your home!

 

1) Check/Change your filters

Think about all the filters you have in your home. Filters should typically be replaced every 3-6 months. (Water, Range Hood, Air Vents, etc)

2) Check/change your smoke detectors

Using the seasons as a benchmark as a time to check and or change your batteries is an easy way to make sure they are always in working order.

 

3) Clean out your dryer vent

This is a commonly overlooked fire hazard. Be sure to clean it from the inside of your home as well as the outside. A dryer vent brush can be purchased to make the job easier and grab lint that you cannot reach yourself.

 

4) Check your gutters 

If you currently rent this something that your landlord should be handling, however, if you are a homeowner this is something you will have to take care of yourself. If you are comfortable and have a ladder, be sure to check your gutters for ice buildup, last years leaves and any other debris that may have gotten in there. If you do not have a ladder or ladders and heights are not your thing, you can always hire someone to come out and take care of it for you. 

 

Posted in Tips & Tricks