http://bostonreb.com

Now, get borrowing! Our country’s future (well, mine at least) depends on it.

BOSTON-SUFFOLK
Single-family: $523,750
Two-family: $670,500
Three-family: $810,450
Four-family: $1,007,200

Good news: if you’re buying in Nantucket, the conforming loan limit is even higher.

Source: Housing & Urban Development mortgage loan limits

Total # of condos for sale in the city of Boston: 2,245 (2,181) (2,130)
Average # of days on market: 141 (139) (135)

Number of condos sold (closed) over past 30 days: 179 (157) (251)
Average days on market, sold units: 129 (119) (132)
Ratio, closing (sales) price to original (list) price: 91% (91%) (93%)

Number of properties going under agreement, last 30 days: 332 (311) (368)
Average days on market: 100 (104) (N/A)

Velocity: $83,447,034 ($73,148,966) (N/A)
(Velocity is the # of units sold during last 30 days multiplied by the $ amount)

Total Market Value, condos for sale: $1,370,988,488 ($1,340,111,227) (N/A)

My thoughts: I feel as though there was a surge in activity, this past week. However, the anemic US jobs report and general economic malaise in the market may mean any improvement will be quick and, basically, irrelevant.

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Based on information provided to and compiled by MLS Property Information Network, Inc. covering the period 2/8/2008 through 3/8/2008, and the period 2/5/2007 through 3/5/2007.

1) Do you represent a mortgage broker, mortgage banker or lender, consumer finance company or a financial institution?

2) If working with a mortgage broker, ask: Are you licensed by the state?

3) What is the interest rate you are offering to me and is it a fixed or variable rate? Is this the best possible rate based on my credit score?

4) Are you locking my interest rate and, if so, for how long?

5) What would be my Annual Percentage Rate (APR)?

6) As a mortgage broker or banker, how much money would you be paid?

7) What other costs besides your fees will be associated with this loan?

8) What is the principal balance of my loan?

9) How much will the monthly payments be? Does this amount include escrow for property taxes and homeowner’s insurance or will I be responsible for paying these expenses on my own?

10) When would my payments be due? What is the grace period?

11) What is the length of the loan? Is there a balloon payment at the end of the loan?

12) Who would be my lender?

13) What are the chances that my loan would get sold?

14) If I pay off the loan early, would I be charged a prepayment penalty?

15) What is the appraised value of the property?

16) If I pay for the appraisal, how do I obtain a copy of it?

17) If I pay for the credit report, how do I obtain a copy of it?

18) Am I required to have Private Mortgage Insurance (PMI)?

19) Who are you planning on using as the title agency? Are you or your company affiliated with the title company? Should I purchase owner’s title insurance?

20) Who do I contact to obtain the closing documents for the loan 24 hours in advance of the closing?

Much more information is available in their publication, 20 Questions To Ask a Lender or Mortgage Broker (warning, .pdf)

Total # of condos for sale in the city of Boston: 2,213 (2,152) (2,109)
Average # of days on market: 141 (142) (141)

Number of condos sold (closed) over past 30 days: 169 (160) (245)
Average days on market, sold units: 107 (102) (144)
Ratio, closing (sales) price to original (list) price: 93% (93%) (92%)

Number of properties going under agreement, last 30 days: 331 (329) (383)
Average days on market: 111 (111) (N/A)

Velocity: $83,695,663 ($84,672,866) (N/A)
(Velocity is the # of units sold during last 30 days multiplied by the $ amount)

Total Market Value, condos for sale: $1,356,550,235 ($1,316,591,776) (N/A)

My thoughts: Units on the market went up a bit - seeing as the number of under agreements and sold stayed about the same, it leads me to believe these are new listings. And people aren’t going to list their properties for sale unless they think they are going to sell them, so we’ll see.

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Based on information provided to and compiled by MLS Property Information Network, Inc. covering the period 1/23/2008 through 2/23/2008, and the period 1/24/2007 through 2/24/2007.

Total # of condos for sale in the city of Boston: 2,152 (2,100) (2,052)
Average # of days on market: 142 (145) (141)

Number of condos sold (closed) over past 30 days: 160 (176) (230)
Average days on market, sold units: 102 (105) (143)
Ratio, closing (sales) price to original (list) price: 93% (93%) (92%)

Number of properties going under agreement, last 30 days: 329 (291) (379)
Average days on market: 111 (115) (N/A)

Velocity: $84,672,866 ($94,453,816) (N/A)
(Velocity is the # of units sold during last 30 days multiplied by the $ amount)

Total Market Value, condos for sale: $1,316,592,776 ($1,288,755,244) (N/A)

My thoughts: A quiet week during a cool, somewhat snow-free winter.

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Based on information provided to and compiled by MLS Property Information Network, Inc. covering the period 1/16/2008 through 2/16/2008, and the period 1/19/2007 through 2/19/2007.

Plenty of people are buying homes, right now. You’d think otherwise, if you read the papers.

Anyway, the Globe had a great article yesterday on how to get a mortgage. It also covered all the new and proposed regulations coming our way thanks to the kind people in Washington, who are eager to make it easier for you to borrow just about as much money as possible (hey, they do it, why not you?).

Congress is moving to ensure as many people as possible in expensive housing markets such as Massachusetts enjoy the lowest possible interest rates. Many homeowners with jumbo loans, or buyers who are going to borrow more than $417,000 to buy a house, would be due for a big rate cut under legislation included in the economic stimulus package moving through Washington, D.C.

With fixed-rate loans in the 5-6% range, it is true, you won’t soon find rates this low.

If you’re thinking of buying, either now or in the spring, the Globe article is a good place to start the research and learning process. (Might I say, cynically, that it’s about time they had such a good article?)

Source: Negotiating the mortgage maze - By Andrew Caffrey and Binyamin Appelbaum, The Boston Globe

From Newsday:

[Terry] Sciubba is among that rare breed of homeowner undaunted by the prospect of packing up and moving five, six or more times. Some are motivated by a quest for more or better space; others can’t resist the urge to turn a profit on a fixer-upper, and some, like Sciubba, just love homes and the process of selling one and moving to another …

… Sciubba also says that she sent her kids off to summer camp and when they came home, the family lived in a different house. Twice …

Yes, some people like to move.

Other people, sane people, think moving that often is a complete waste of time. And, lots of money. Because, of course, every time you move you pay brokers’ fees, closing costs, moving costs, etc. Plus, unless you time the market right, you could be buying at the height of the market (wait, we bought in April, 2005 …). Surely, the best way to build equity in your home is to just sit tight for half a decade … or longer.

Over the past sixteen years, we’ve moved at least ten times. Brookline to South End to North End to Cambridge to South End to Somerville to South Boston to South Boston (Union St) to South End (Tremont St), are the ones that come to mind, immediately.

Disturbingly, a couple of those were for really long times, like four years, meaning others were for really short times … less than a year.

Only two of those were purchases, however.

We’re now coming up on our two year anniversary owning our latest place.

I’ve noticed that Boston Homes has been left out on the kitchen counter, the past few weekends …

LOL!

(** The Newsday article also talks about why some people move, including an interview with a psychiatrist … what a shock, she blames it all on movers relationships with their mothers.)

More: Can’t stay put: Serial home buyers like to keep moving - By Dan Van Benthuysen, Newsday

Total # of condos for sale in the city of Boston: 2,100 (2,025) (2,044)
Average # of days on market: 145 (147) (143)

Number of condos sold (closed) over past 30 days: 176 (186) (241)
Average days on market, sold units: 105 (112) (134)
Ratio, closing (sales) price to original (list) price: 93% (95%) (92%)

Number of properties going under agreement, last 30 days: 291 (238) (332)
Average days on market: 115 (130) (N/A)

Velocity: $94,453,816 ($110,227,297) (N/A)
(Velocity is the # of units sold during last 30 days multiplied by the $ amount)

Total Market Value, condos for sale: $1,288,755,244 ($1,281,272,847) (N/A)

My thoughts: Phew, under agreements jumped up, so at least some people are out there looking! And, again, the days on market of units going under agreement and selling seem to be a lot less than average days on market - this means, as always, sellers who price their properties “appropriately” will find buyers. (Velocity dropped a lot, but I wouldn’t say this is significant, yet. It’s not like everyone just dropped their prices 10%.)

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Based on information provided to and compiled by MLS Property Information Network, Inc. covering the period 1/2/2008 through 2/2/2008, and the period 1/4/2007 through 2/4/2007.

Total # of condos for sale in the city of Boston: 2,025 (2,021) (2,016)
Average # of days on market: 147 (151) (145)

Number of condos sold (closed) over past 30 days: 186 (187) (233)
Average days on market, sold units: 112 (115) (127)
Ratio, closing (sales) price to original (list) price: 95% (95%) (92%)

Number of properties going under agreement, last 30 days: 238 (216) (299)
Average days on market: 130 (134) (N/A)

Velocity: $110,227,297 ($113,373,327) (N/A)
(Velocity is the # of units sold during last 30 days multiplied by the $ amount)

Total Market Value, condos for sale: $1,281,272,847 ($1,208,118,437) (N/A)

My thoughts: About the same as last week. Whee!

Search MLS and/or sign up for access to MLS

Based on information provided to and compiled by MLS Property Information Network, Inc. covering the period 1/2/2008 through 2/2/2008, and the period 1/4/2007 through 2/4/2007.