Cost of Waiting - The Time to Buy is Now!

Why should you buy a home now?  It may cost you more if you wait.  Below shows the projected monthly increase in a mortgage payment today versus 2017.

Taste of Nashoba

Taste of Nashoba

Nashoba Valley is celebrating their 15^th year of “Taste of Nashoba”.  On March 22^nd from 5:30-8PM, visit Lawrence Academy to see what all of the local attractions have to offer!  Restaurants, caterers, bakeries, and breweries will all be showcased at this event.  Year after year the number of attendees grows, along with the participants.  Over 1,000 people attended last year, and even more are signed up to stop by and engage in the fun this year. 

Will there be any new additions this year?  Yes, there are several newcomers including Welcome Wagon, Vitamin 1, Great Road Kitchen Oyster Bar and Grill, and many more.  Along with the first timers, there are dozens of returning vendors.

The Taste is the Chamber's largest and most popular social engagement of the year, so don’t miss out!  Tickets are $25 dollars if you sign up in advance, or $30 at the door.   For more information on sponsorship opportunities, contact Melissa at Melissa@nvcoc.com or call 978.425.5761

Here is the list of who will be there:

•    110 Grill

•    Aaronap Cellars LLC

•    Annie's Gluten-Free Bakery

•    Bailey's Bar & Grille

•    Bridges By Epoch Westford

•    Bull Run Restaurant

•    Burtons Grill

•    Carlin's Restaurant

•    Carlson Orchards, Inc.

•    Charlotte's Cozy Kitchen

•    Coleman Catering

•    Concord's Colonial Inn

•    Devens Common Center

•    Devens Grill

•    DoubleTree by Hilton

•    Evivva Cucina

•    Gibbet Hill Grill

•    Golden Girl Granola

•    Groton Wellness

•    Holiday Inn Boxborough

•    Jack O'Lantern Wine & Spirits

•    Mariano's Ristorante

•    Nashoba Café @ Nashoba Valley Medical Center

•    Nashoba Park Assisted Living

•    Nashoba Valley Technical High School

•    Red Tail Golf Club

•    Rivercourt Residences

•    Shaker Hills Country Club

•    Shriver Job Corps Center

•    Slavin in the Kitchen

•    Stonehedge Inn

•    Sub Zero Ice Cream & Yogurt

•    Sunset Tiki Bar and Grill

•    The Great American Grill

•    The Red Raven

•    Union Coffee Roasters

•    Wachusett Brewery

•    Westford Regency

New Home Sales Surge By 5.7%!

2016 Predictions - Mortgage Rates & Home Sales Rising with Refinancing Dropping

Over at CoreLogic.com there is a lot of analysis of the housing and mortgage markets, including foreclosure information. Recently CoreLogic released their report 2016 Housing and Mortgage Rates Forecast.

They report that expectations for 2016 show that the Fed will probably raise short term interest rates by one percentage point gradually over the year. This is expected to cause mortgage interest rates to rise by around a half point, to around 4.5% for the 30-year fixed rate mortgage. Those of us who remember rates in the past averaging more in the 6% to 8% range probably aren't too excited about these historically low rates.

However, particularly with first time home buyers, the mortgage interest rate influences the amount of the payments and the value of the home loan for which they can qualify. Even with discouraging mortgage rate increases, a modest increase in the number of home sales over those in 2015 is expected. Refinancing activity is expected to drop however.

An improving labor market is expected to spur household formations in 2016, with 1.25 million new households expected. More households will spur demand for both purchases and rentals, but rentals will get the most pressure. With rental vacancies already at the lowest levels in 20 years, rents should be rising more. This could move some buyers from renting back into the market.

Even with just a modest increase in the number of sales, it's still going to be another consecutive year with more sales than in any year since 2007. Rising demand is going to help prices to continue to rise. The CoreLogic Home Price Index showed a year over year increase of 6% over the past 12 months.

It's been a whole new housing analytical world since the housing and mortgage crash. We still have owners holding on and not listing, and that's keeping inventories low. Depressed inventory is as responsible for rising prices as modestly increasing demand. First time home buyers are still avoiding the market in droves compared to pre-crash historical numbers.

At some point low inventories and rising demand could bring prices to a level that will bring sellers back into the market. Many are still making up for equity lost during the crash, and some are still underwater in their mortgages. When they do start listing in more normal numbers, then we could see some slowing of price increases and maybe more demand.

It's tough predicting the new real estate markets. CoreLogic is one of many companies publishing reports and projections. I'm sure you can find others with different conclusions, and real estate investors have a constant stream of date through which to sift for trends. We are constantly evaluating our markets and seeking opportunities. I don't see anything really negative about rental investing over the next few years, so have fun!

http://www.huffingtonpost.com/dean-graziosi/2016-predictions-mortgage_b_8911614.html

How to Prepare Your Home for the Winter

The winter months can be difficult for homeowners as they face increased utility usage and weather conditions that can cause damage to the home.  Kiplinger.com recently posted a slideshow advising of 15 ways to prepare your home for the winter.  Their suggestions include:

·      Tune up your heating system

·      Reverse your ceiling fan

·      Steps to prevent ice dams

·      Check your roof for damaged, loose, or missing shingles

·      Caulk around windows and doors

·      Clean the gutters

·      Divert water

·      Turn off exterior faucets

·      Drain your lawn – irrigation system

·      Mulch leaves when you mow

·      Prepare your mower for winter storage

·      Wait until late winter to prune trees and shrubs

·      Test your sump pumps

·      Clean chimney and vents

To view Kiplinger’s entire slide show: http://www.kiplinger.com/slideshow/real-estate/T029-S001-12-ways-to-prepare-your-home-for-winter/index.html