3% down mortgages from Fannie Mae are back!
Fannie Mae has announced its new 3% down mortgage program for qualified first-time home buyers who “may not have the resources for a larger down payment.” (more…)
Winterize your garage to gain more space
“In New England people don’t use their garages for cars but for storage.” This was said recently by the selling agent when I was showing the house to a buyer.
How true!
But you don’t have to limit your garage to storage. (more…)
The cost of The Twelve Days of Christmas: geese are expensive this year
For 31 years PNC has compiled an index of the cost of all the items in “The Twelve Days of Christmas”.
As my Christmas shopping list did not include any Geese or Swans this year, while I clean forgot to order any Dancing Ladies or Leaping Lords from Amazon (would they have been included in my Prime subscription I wonder?) I am indebted to PNC for pricing information. (more…)
Essex County 2015 property tax rates
FY2015 tax rates have now been announced for all 34 Essex County cities and towns. As usual, they show wide variations: for residential property, from$10.84 in Manchester to $20.56 in Amesbury; and for commercial, from $10.84 in Manchester to $33.58 in Lynn.
There have also been significant differences in the changes for tax rates for FY2015, ranging from a decrease of 14% in Wenham to an increase of 14% in Georgetown.
Recall that FY2015 tax assessments are based on values at January 1, 2014, using 2013 sales information; and that Proposition 2 1/2 limits the amount that can be raised through property taxes. In general, when assessed values increase, tax rates go down. But even when the tax rate goes down tax bills usually increase.
Here are the tax rates for the last 4 years for each city or town. The rate for FY2015 applies for the entire year to June 30, 2015, so the 3rd and 4th quarter tax bills will be adjusted for any changes occurring from the new rate.
Residential:
Source: Dept of Revenue, Assessors’ Offices
Commercial:
Source: Dept of Revenue, Assessors’ Offices
If you – or somebody you know – are considering buying or selling a home and have questions about the market and/or current home prices, feel free to contact me on 617.834.8205 or Andrew.Oliver@SothebysRealty.com.
Andrew Oliver is a Realtor with Harborside Sotheby’s International Realty
Sotheby’s International Realty® is a registered trademark licensed to Sotheby’s International Realty Affiliates LLC. Each Office Is Independently Owned and Operated
You can REGISTER to receive email alerts of new posts on the right hand side of the home page at www.OliverReports.com.
@OliverReports
Would you prefer an 8% property tax rate cut or no change?
Would you rather your property tax rate went down 8% or stayed the same?
The answer may not be obvious. Look at Marblehead and Swampscott for FY2015:
Source: Assessors’ Offices
In both towns the average tax bill will increase 4%, but the average $ increase will be $309 in Marblehead and $352 in Swampscott.
Because Proposition 2 1/2 limits the increase in the amount that can be raised through property taxes, when assessed values increase, tax rates generally go down.
FY2015 tax rates are based on values as of January 1, 2014, so reflect prices in calendar year 2013. In 2013 the median sale price in Swampscott increased 11% vs a 5% increase in Marblehead.
In 2014, however, the median sale price in Swampscott was flat while it increased 10% in Marblehead.
Thus, other things being equal, the outlook for FY2016 is for the tax rate in Swampscott to tick up while Marblehead should see a decent reduction.
If you – or somebody you know – are considering buying or selling a home and have questions about the market and/or current home prices, feel free to contact me on 617.834.8205 or Andrew.Oliver@SothebysRealty.com.
Andrew Oliver is a Realtor with Harborside Sotheby’s International Realty
Sotheby’s International Realty® is a registered trademark licensed to Sotheby’s International Realty
Affiliates LLC. Each Office Is Independently Owned and Operated
You can REGISTER to receive email alerts of new posts on the right hand side of the home page at www.OliverReports.com.
@OliverReports
Swampscott 2015 property tax rate drops 8%
The good news for Swampscott property owners is that the residential tax rate for FY2015 has dropped 8% from $18.70 to $17.15. The driver of the lower tax rate was a 9% increase in the average assessed value.
The bad news is that the average tax bill will increase 4%, or $352, from $8,593 to $8,945, and that Swampscott has the second highest tax rate in Essex County.
Nevertheless, the headline tax rate decrease should be of some benefit to the perception of Swampscott in 2015.
If you – or somebody you know – are considering buying or selling a home and have questions about the market and/or current home prices, feel free to contact me on 617.834.8205 or Andrew.Oliver@SothebysRealty.com.
Andrew Oliver is a Realtor with Harborside Sotheby’s International Realty
Sotheby’s International Realty® is a registered trademark licensed to Sotheby’s International Realty Affiliates LLC. Each Office Is Independently Owned and Operated
You can REGISTER to receive email alerts of new posts on the right hand side of the home page at www.OliverReports.com.
@OliverReports
MIT invites HS girls to take science/engineering classes this summer.
MIT’s Women’s Technology Program seeks “to spark high school girls’ interest in the future study of engineering and computer science “ by inviting current 11th graders to attend a “four-week summer academic and residential experience where female high school students will explore engineering through hands-on classes, labs, and team-based projects.”
WTP is designed for girls who have already demonstrated their ability to excel at math and science in their high school classes, but who have no prior background (or very little) in engineering or computer science. “We accept students for whom our curriculum will be a new experience.”
Applications will be accepted only from current 11th graders and are due January 1.
Click here for more information and an application form.
If you – or somebody you know – are considering buying or selling a home and have questions about the market and/or current home prices, feel free to contact me on 617.834.8205 or Andrew.Oliver@SothebysRealty.com.
Andrew Oliver is a Realtor with Harborside Sotheby’s International Realty
Sotheby’s International Realty® is a registered trademark licensed to Sotheby’s International Realty Affiliates LLC. Each Office Is Independently Owned and Operated
You can REGISTER to receive email alerts of new posts on the right hand side of the home page at www.OliverReports.com.
@OliverReports
Falling oil prices should be good for real estate markets
This Economist article Why the oil price is falling explains the background to falling oil prices which should, in general, be good for the US economy next year and by extension good for the real estate market which, having largely recovered from the Great Recession, is now more dependent upon economic growth for continued gains.
The table below shows forecasts from IHS Global Insight for the US economy in 2015 at different average oil prices: (more…)
Housing market in “early stages of recovery”
Two public house-building companies released strongly optimistic comments about the future of the housing market this week. (more…)
What Jon Lester can afford to buy in Chicago
While Jon Lester’s sale of his Newton home Why Jon Lester may not be returning to the Rex Sox did not necessarily indicate that he would not be coming back to the Red Sox, he is in fact going to Chicago. For $155 million for 6 years.
Which raises the question, obviously, of where he will live. (more…)
Check carefully before you buy that Greek Island
While, in the words of the Wall Street Journal, buying a Greek Island “drenched in sunshine and surrounded by turquoise water”may be the ultimate property dream, there are a few pitfalls of which buyers need to be aware. (more…)
Carnegie Hall comes to Marblehead
As part of this weekend’s Christmas Walk, the Old North Festival Chorus performs two concerts at Old North Church, 35 Washington Street, on Saturday at 8:00 pm and Sunday at 7:30 pm.
The Concerts, in their 34th year, feature a wide range of music, from Bach’s Magnificat to carols, in which the audience is invited to join in, with appearances from the Old North Bell Choir and the award-winning Old North Children’s Festival Chorus. Truly something for everybody and a joyous and memorable evening is guaranteed. (more…)
Marblehead Home Sales best since 2004
This week’s closed sales took the year’s total to 238, the best since 2004. Based on anticipated sales dates the full year will come in around 245.
Source:MLS, Oliver Reports
More positive stories about Revere’s future
As a follow up to my earlier post A positive future for Revere I am including an article Revere focuses on new uses for old racetracks from today’s Boston Globe echoing those positive comments. (more…)
How has the housing market in Middlesex County compared with Essex?
Recently, in response to two of my articles Where have all the condo sellers gone? and Homes for sale in Essex County plummet, a reader wondered whether the numbers would be different for Middlesex County. With the latter containing towns closer to Boston, I suspect the question was whether Middlesex would show stronger results than Essex. (more…)
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