Month: June 2011

79 Prince Street, West Newton


Open House Sunday from 12-2 at 79 Prince Street….renovated and stylish!

KLK SOTHEBY’S INTERNATIONAL REALTY

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MLS # 71251698 – Active
Single Family – Detached
79 Prince St List Price: $1,499,000
Newton, MA 02465-2632
Middlesex County
Style: Colonial Color: Sage
Total Rooms: 9 Bedrooms: 5
Full/Half/Master Baths: 3/1/Yes Fireplaces: 1
Grade School: Peirce Middle School: Day
High School: Newton North
Neighborhood/Sub-Division: West Newton Hill
Directions: Corner of Prince and Fairfax. Front entrance on Fairfax
Remarks
Phenomenal West Newton Hill street with a house to match! This stylish colonial is attractively sited on a corner lot with mature landscaping. The sunny eat-in-kitchen is loaded with state of the art of appliances. The living, dining and family room have abundant light with outdoor access. Convenient first floor bedroom with private bath and high end finishes. Four bedrooms and two baths are on the 2nd floor including a master suite with walk-in closet and spa like bath.
Property Information
Approx. Living Area: 3211 sq. ft. Approx. Acres: 0.21 (8950 sq. ft.) Garage Spaces: 0  —
Living Area Includes: Heat Zones: 2  Forced Air, Gas Parking Spaces: 2  Off-Street
Living Area Source: Public Record Cool Zones: 2  Central Air Approx. Street Frontage: 80 ft
Living Area Disclosures: Includes 336 square feet of finished LL
Room Levels, Dimensions and Features
Room Level Size Features
Living Room: 1 13×23 Fireplace, Hard Wood Floor, Bay / Bow / Box Window(s)
Dining Room: 1 13×12 Hard Wood Floor, French Doors
Family Room: 1 14×12 Hard Wood Floor, French Doors
Kitchen: 1 15×18 Hard Wood Floor, Dining Area, Stone / Granite / Solid Countertops, Custom Built Closet / Cabinets, Wood Floor
Master Bedroom: 2 13×19 Full Bath, Walk-in Closet, Hard Wood Floor, Custom Built Closet / Cabinets
Bedroom 2: 2 16×12 Hard Wood Floor
Bedroom 3: 2 14×10 Hard Wood Floor
Bedroom 4: 2 12×12 Hard Wood Floor, Balcony /Deck
Bedroom 5: 1 14×12 Full Bath, Half Bath, Hard Wood Floor, Marble Flooring
Bath 1: 1 Half Bath
Bath 2: 1 Full Bath
Bath 3: 2 Full Bath, Stone / Ceramic Tile Floor
Laundry: B
Game Room: B 12×28
Foyer: 1 Hard Wood Floor
Mud Room: 1
Features
Appliances: Range, Dishwasher, Disposal, Refrigerator, Freezer, Washer, Dryer, Vent Hood
Area Amenities: Public Transportation, Golf Course, Highway Access, House of Worship, Public School
Basement: Yes   Full, Partially Finished
Beach: No
Construction: Frame
Electric: 110 Volts, 200 Amps
Energy Features: Insulated Windows, Storm Doors
Exterior: Wood
Exterior Features: Patio, Balcony, Prof. Landscape, Sprinkler System
Flooring: Wood, Marble
Foundation Size: 999
Foundation Description: Poured Concrete
Hot Water: Natural Gas
Insulation: Partial
Interior Features: Cable Available
Lot Description: Shared Drive
Road Type: Public
Roof Material: Asphalt/Fiberglass Shingles
Sewer and Water: City/Town Water
Sewage District: MWRA
Terms: Contract for Deed
Utility Connections: for Gas Range, for Electric Oven
Waterfront: No
Other Property Info
Adult Community: No
Disclosure Declaration: No
Disclosures: Driveway easement..NO showings before broker open
Exclusions: See Brokers: some lighting
Home Own Assn: No
Lead Paint: Unknown
UFFI: Unknown  Warranty Available: Yes
Year Built: 1955  Source: Public Record
Year Built Description: Renovated Since
Year Round:
Tax Information
Pin #: S:32 B:030 L:0006
Assessed: $1,040,900
Tax: $11346  Tax Year: 2011
Book: 49897  Page: 297
Cert: 00145682
Zoning Code: SR1
Map:   Block:   Lot:

Office/Agent Information
Office: Karp, Liberman & Kern Sotheby   (617) 928-1212
Agent: Margaret Szerlip    (617) 921-6860
Team Member: Allison Blank REALTOR   Send  (617) 851-2734

Mortgage Rates: Lows of the Year….


Newton, MA…..Realtor

We’re back to and maybe even setting new year-to-date mortgage rate lows right now.

These positive developments follow a short period of stagnation where volatility in the secondary mortgage market kept us on edge, but never really amounted to much on rate sheets. Loan pricing drifted mostly sideways since setting new YTD lows on June 8th. And even though we didn’t have far to travel, we’re back to those lows again. And maybe even teetering on lower lows….

In the chart of Consumer Rate Quotes below, if the line is moving up, closing costs are rising.  If the line is moving lower, costs are getting cheaper. Sideways mortgage rate behavior followed by an abrupt drop followed by another spell of mostly sideways activity can be seen when looking closely. This spell of sideways activity has taken place near the most aggressive rate quotes of the year. Today is just as good a day as June 8th to lock. That is unless you’re waiting for 4.25% (still).

See the RED CIRCLES.BEST LEVELS SINCE THE MIDDLE OF NOVEMBER.

The chart above compares the average origination costs (as a percentage of loan amount) for several available mortgage note rates as quoted by the five major lenders. Each line represents a different 30 year fixed mortgage note rate.  The numbers on the right vertical axis are the origination closing costs, as a percentage of your loan amount, that a borrower would be required to pay in order to close on that note rate. If the note rate graph line is below the 0.00% marker, the consumer may potentially receive closing cost help from their lender in the form of a lender credits. If the note rate line is above the 0.00% marker, the consumer should expect to pay additional points at the closing table to cover permanent buydown costs and origination fees. PLEASE SEE OUR MORTGAGE RATE DISCLAIMER BELOW

CURRENT MARKET: The “Best Execution” conventional 30-year fixed mortgage rate is 4.50%. Some lenders may be quoting 4.375%, but that offer is aggressive and will likely carry increased closing costs in the form of origination fees.  These costs could be worth it to applicants who plan to keep their new mortgage outstanding for long enough to breakeven on the extra upfront costs.  On FHA/VA 30 year fixed “Best Execution”  is 4.25%.  15 year fixed conventional loans are best priced at 3.75%. Five year ARMs are best priced at 3.125% but the ARM market is more stratified and there is more variation in what will be “Best-Execution” depending on your individual scenario.

PREVIOUS GUIDANCE:  As volatility continues in the secondary market, it’s becoming apparent that lenders are pricing loans from a defensive stance.  Lenders are waiting for the secondary market to commit to a directional trend.  With today’s high-risk event over, it might seem safer to float if lenders are pricing defensively by default.  And in fact, if you’re able to act quickly and are somewhat flexible with respect to the risk of slightly higher closing costs, that can be a valid strategy here, but floating is best reserved for the longer term and most flexible scenarios here.  While there is potential upside even for short term outlooks, it’s not likely to ratchet the Best-Execution rate down another 1/8th of a percent quickly enough to be worth the risk.

CURRENT GUIDANCE:  This is as good as it’s been all year. Since the middle of November really.  If you’re on a short lock/float timeline (15 days), now is a good time to considering locking. While a few sessions of continued loan pricing rallies could lead to a lower overall note rate offer, we’ve been here before (recently) and failed to see investors commit to a sustained rally in the bond market. Our long-term outlook still supports the case for lower rates though, however until we see investors display a commitment to rally, we will be reluctant to advise floating in the short-term, especially with volatility only 2-days behind us.

 

A PEEK AT THE WEEK AHEAD: The week begins at a brisk pace with Personal Income and Spending right off the bat at 830 on Monday morning  Soon after we’ll be preparing for the week’s Treasury auction cycle, starting early this time with $35bn 2s at 1pm. 5’s and 7’s arrive in a similarly early fashion, on Tuesday and Wednesday. While the auction cycle will certainly be one of the week’s focal points, there’s an interesting twist to the calendar of events ahead…. Thursday is the last day of the month, the quarter, the half, and of QE2. Adding a few layers of complexity to that situation will be a diverse line-up of Fed Speakers not to mention the ongoing potential for tapebomb news headlines. Otherwise there’s nothing earth-shattering on the data docket, we get Consumer Confidence, Pending Home Sales, Chicago PMI, Consumer Sentiment and the ISM Manufacturing Index, just to name a few. We look most forward to seeing Consumer Confidence and ISM as these are early indicators of June data to come. Regarding the markets, investors haven’t been displaying much directional commitment lately. With benchmark 10-year yields rallying to new YTD lows today (which mortgages did not keep up with), we’ll be looking for a confirmation rally early and often next week.

 

 

What MUST be considered BEFORE one thinks about capitalizing on a rates rally?

1. WHAT DO YOU NEED? Rates might not rally as much as you want/need.
2. WHEN DO YOU NEED IT BY? Rates might not rally as fast as you want/need.
3. HOW DO YOU HANDLE STRESS? Are you ready to make tough decisions?

—————————-

“Best Execution” is the most cost efficient combination of note rate offered and points paid at closing. This note rate is determined based on the time it takes to recover the points you paid at closing (discount) vs. the monthly savings of permanently buying down your mortgage rate by 0.125%.  When deciding on whether or not to pay points, the borrower must have an idea of how long they intend to keep their mortgage. For more info, ask you originator to explain the findings of their “breakeven analysis” on your permanent rate buy down costs.

Important Mortgage Rate Disclaimer
: The “Best Execution” loan pricing quotes shared above are generally seen as the more aggressive side of the primary mortgage market. Loan originators will only be able to offer these rates on conforming loan amounts to very well-qualified borrowers who have a middle FICO score over 740 and enough equity in their home to qualify for a refinance or a large enough savings to cover their down payment and closing costs. If the terms of your loan trigger any risk-based loan level pricing adjustments (LLPAs), your rate quote will be higher. If you do not fall into the “perfect borrower” category, make sure you ask your loan originator for an explanation of the characteristics that make your loan more expensive. “No point” loan doesn’t mean “no cost” loan. The best 30 year fixed conventional/FHA/VA mortgage rates still include closing costs such as: third party fees + title charges + transfer and recording. Don’t forget the fiscal frisking that comes along with the underwriting process

 

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Newton, MA. Comparing Newton to the Rest of US.


 

Newton, MA.

The US Housing Data Bank has rated Brookline and Cambridge in the top 25 places where home values have fallen less than 10%.  By my calculations Newton is down about 10.5%.  Newton has an unemployment rate of 5.60% well below both the federal and state levels.

HOUSE1

For Sale: 5BR/3+1BA Single Family House in Newton, MA, $1,499,000


For Sale: 5BR/3+1BA Single Family House in Newton, MA, $1,499,000.

Mortgage Rates: an Update and Explanation


Newton, MA.  Homes For Sale. I’d like to share this article….a must read for everyone looking for a mortgage….

BY ADAM QUINONESA scary setback early in the week had us on the edge of our seats but home loan borrowing costs managed to recover thanks to a “flight to safety” in the bond market. This helped mortgage rates end the week near the same levels they closed at last Friday.

A “flight to safety” happens when investors are nervous about owning risky assets like stocks, but do not want to miss out on earning a return on their funds, so they allocate their money into risk-free government guaranteed U.S Treasury debt to provide a safe-haven and an investment return. As benchmark Treasury yields fall on “flight to safety” buyer demand, prices of mortgage-backed securities move higher in unison. This allows lenders to reprice their rate sheets for the better and gives originators an opportunity to offer fence-sitting borrowers lower mortgage rates or more competitive closing costs.

In the chart of Consumer Rate Quotes below, if the line is moving up, closing costs are rising.  If the line is moving lower, costs are getting cheaper. Sideways mortgage rate behavior followed by an abrupt drop followed by another spell of mostly sideways activity can be seen when looking closer at the chart . More recently however a slight uptrend is noticeable, this is the “scary setback” we referenced above. Costs have however corrected from that slight spike.   Loan pricing is not as aggressive as it was on June 3rd (best day to lock all year so far), but we’re getting closer to those levels again…


The chart above compares the average origination costs (as a percentage of loan amount) for several available mortgage note rates as quoted by the five major lenders. Each line represents a different 30 year fixed mortgage note rate.  The numbers on the right vertical axis are the origination closing costs, as a percentage of your loan amount, that a borrower would be required to pay in order to close on that note rate. If the note rate graph line is below the 0.00% marker, the consumer may potentially receive closing cost help from their lender in the form of a lender credits. If the note rate line is above the 0.00% marker, the consumer should expect to pay additional points at the closing table to cover permanent buydown costs and origination fees. PLEASE SEE OUR MORTGAGE RATE DISCLAIMER BELOW

CURRENT MARKET: The “Best Execution” conventional 30-year fixed mortgage rate is 4.50%. Some lenders may be quoting 4.50% with increased closing costs in the form of origination fees. Some lenders may also be quoting 4.375%, but those offers will definitely carry additional closing costs.  These costs could be worth it to applicants who plan to keep their new mortgage outstanding for long enough to breakeven on the extra upfront costs.  On FHA/VA 30 year fixed “Best Execution”  is 4.25%.  15 year fixed conventional loans are best priced at 3.75%. Five year ARMs are best priced at 3.125% but the ARM market is more stratified and there is more variation in what will be “Best-Execution” depending on your individual scenario.

PREVIOUS GUIDANCE:  This recovery rally is encouraging from a big picture perspective as it keeps the door open for our longer-term bullish mortgage rate bias to extend deeper into the summer months. Still, short-term scenarios should take caution. The past few days provide a perfect example of how quickly unfriendly corrections can occur in the mortgage market. Hopefully these back-ups illustrate why we normally urge defensive short-term stances, even as rates improve.  We may have dodged a bullet, but we’re not out of the woods yet. More bouts of volatility are very possible.

CURRENT GUIDANCE:  There’s a weird feeling in the air. Stocks are teetering on a major technical breakdown and bonds smell fear but are waiting for new guidance to be offered. If stocks fail to mount a recovery rally in the near future, we could be looking at another leg lower in Best Execution mortgage rates. While this “feeling” ties together well with our long-term outlook, it’s still speculative in nature. We say that because the timing of such a move is “at any moment”. And until it happens, stocks are gonna put up a fight. This “scratching and clawing” in equities implies the potential for loan pricing volatility remains high. Remember, it was only three days ago when Best Execution Mortgage Rates were teetering on a shift higher because stocks had put together a decent intraday rally effort. We may have dodged a bullet this week, but we’re not out of the woods yet. The past few days provide a perfect example of how quickly unfriendly fluctuations can occur in the mortgage market.

What MUST be considered BEFORE one thinks about capitalizing on a rates rally?

1. WHAT DO YOU NEED? Rates might not rally as much as you want/need.
2. WHEN DO YOU NEED IT BY? Rates might not rally as fast as you want/need.
3. HOW DO YOU HANDLE STRESS? Are you ready to make tough decisions?

—————————-

“Best Execution” is the most cost efficient combination of note rate offered and points paid at closing. This note rate is determined based on the time it takes to recover the points you paid at closing (discount) vs. the monthly savings of permanently buying down your mortgage rate by 0.125%.  When deciding on whether or not to pay points, the borrower must have an idea of how long they intend to keep their mortgage. For more info, ask you originator to explain the findings of their “breakeven analysis” on your permanent rate buy down costs.

Important Mortgage Rate Disclaimer
: The “Best Execution” loan pricing quotes shared above are generally seen as the more aggressive side of the primary mortgage market. Loan originators will only be able to offer these rates on conforming loan amounts to very well-qualified borrowers who have a middle FICO score over 740 and enough equity in their home to qualify for a refinance or a large enough savings to cover their down payment and closing costs. If the terms of your loan trigger any risk-based loan level pricing adjustments (LLPAs), your rate quote will be higher. If you do not fall into the “perfect borrower” category, make sure you ask your loan originator for an explanation of the characteristics that make your loan more expensive. “No point” loan doesn’t mean “no cost” loan. The best 30 year fixed conventional/FHA/VA mortgage rates still include closing costs such as: third party fees + title charges + transfer and recording. Don’t forget the fiscal frisking that comes along with the underwriting process

Fitch Downgrades 9 Mortgage Providers….No Surprise Here


As a Realtor in Newton, MA, there is no surprise here…with BOA the worst offender, in my opinion!
Friday, June 10th, 2011, 3:54 pm

Fitch Ratings downgraded ratings on nine mortgage servicers because of tougher regulations and the lack of urgency these companies displayed in response to the foreclosure crisis.

The credit rating agency took action on two Bank of America (BAC: 10.80 +1.41%) servicing divisions of, twoWells Fargo (WFC: 26.275 +0.21%) servicing divisions,JPMorgan Chase (JPM: 41.05 +0.17%), Citigroup (C: 37.92 +0.40%), MetLife Bank (MET: 40.91 -1.80%),PNC Bank (PNC: 59.07 -0.12%) and SunTrust Mortgage (STI: 25.18 -1.37%).