The sand in the hour glass has just about run out. The home buyer tax credit expires on April 30. It was a great party while it lasted and, according to the National Association of Realtors,  it had a significant positive impact on the housing market. I was able to help many  buyers take advantage of this opportunity and saw first hand the excitement and sense of urgency the program generated.  I hope home buyers who have not yet found a home or who were not able to take advantage of the tax credit will not be discouraged when the program expires at midnight Friday. There will be new listings and new opportunities for home ownership in Andover and the surrounding areas.  While you may not get the tax credit, there’s a good chance you’ll  be able to negotiate a favorable purchase price for your new home. Remember mortgage interest rates are still low and the spring market is alive and well—not just in Andover!  It’s not too late to start your home search—don’t wait for prices and mortgage rates to rise.

Homebuyer opportunties in Andover will not expire with the home buyer tax credit is a post from: Andover | North Andover Real Estate & Home Town News

Home Buyer Workshop on April 26 2010 When:  April 26   7-9 PM

Where: Memorial Hall Library, Andover, MA

Home Buyer Workshop on April 26 2010

Come join Jim Wilde of the Merrimack Valley Housing Partnership, Beth Phelan of Enterprise Bank, Lisa Schwarz Andover Senior Planner, Attorney Scott Lakin and myself Paulette Zuena of REMAX Partners to learn about home buying opportunities in Andover and the surrounding region. Learn about the steps to buying a home, how to qualify for a mortgage and get legal and real estate advice from local experts.  Best of all it’s free.

Print your invitation, and forward this to a friend!  Hope to see you there!

Home Buying Workshop-Andover Memorial Hall Library—and it’s free! is a post from: Andover | North Andover Real Estate & Home Town News

One of the signs of the active real estate market here in the Andover area is that we often see multiple offers on a home listed for sale.  Yes, that’s correct…multiple offers!  If you’re selling a home that’s a nice feeling.  For buyers it’s a different feeling.  Some buyers are tempted to retreat….fearful of competing with other buyers–fearful of paying too much for a home—fearful of engaging in a ”bidding war.”   Others are tempted to jump into the competition and make a needlessly high offer.  My advise to buyers in this situation is to study the market with your Realtor.  If the home suits your needs , is in your price range and is to your liking….make an offer.  But make an offer based on a careful analysis of the market.  Your Realtor can show you what similar homes have sold for in the  neighborhood or in the Andover area in recent months.  Make your offer based on that analysis….not based on what the competing offer(s) may be.  Remember also that there are other points to consider in preparing and negotiating an offer.  Financing criteria, closing dates, and escrowed payments are other important points your Realtor can negotiate  on your behalf.  The offer that is ultimately accepted may not be the one offering the highest price.  To learn more about buying a home here in the Andover area  contact Paulette Zuena at REMAX Partners, Andover, MA.

What to do when there may be another offer on the home you want to buy….. is a post from: Andover | North Andover Real Estate & Home Town News

The key to success in purchasing a home is buying what you can afford

We all know this is a great time to buy real estate…especially for first time home buyers in the Andover area.  Housing is more affordable than it has been in many years.  Still, if there is one thing we can take away from the real estate meltdown it is a realization of the importance of purchasing a home you can afford.  The time to buy a home has as much to do with your personal and economic well being as it does with the condition of the housing market.   Hopefully we’ve all learned some lessons from the days of risky loans and over-leveraging your assets.  In today’s real estate market it is more important than ever to borrow only what you can afford.

According to an article at Yahoo Real Estate, “Mortgage lenders generally use a ratio of 36 percent as the guideline for how high your debt-to-income ratio should be. A ratio above 36 percent is seen as risky, and the lender will likely either deny the loan or charge a higher interest rate. Another good guideline is that no more than 28 percent of your gross monthly income goes to housing expenses.”

Keeping the percentage at 28% or lower can only improve your financial situation.  Take a good hard look at your finances, look at your income and look at your expenses.  Consider your personal spending habits and long and short term personal and financial goals.   In the long run you and your bank account will be better off for being realistic.

Click here and find helpful information on calculating an affordable mortgage at Yahoo Real Estate.

Andover Buyers: Can You Afford the Mortgage? is a post from: Andover | North Andover Real Estate & Home Town News

Yes, it’s still doable.  Together we can find and close on your new home before the November 30th deadline.  That’s when the federal tax credit program expires.  But we’ve got to get started right away.  We need to find out how much home you can afford, put together a plan and start looking at homes. The timeline doesn’t mean we throw caution to the wind….of course not.  As your Andover buyer agent I will guide you through the home buying process diligently and carefully…tax credit or not, buying a home, especially your first, will always be l a critically important financial decision and one that deserves the guidance of an experienced professional. Contact me at RE/MAX Partners for a free no obligation buyer consultation. There has never been a better time to buy a home.

83 Days — until the first time tax credit expires is a post from: Andover | North Andover Real Estate & Home Town News

• Right now you have more time to look, so you will be better armed with the knowledge of which houses have been sitting on the market for a while. These homeowners might be more likely to negotiate.
• Consider looking at new construction. Builders sometimes offer incentives and sometimes have very attractive financing programs.
• In certain areas that have been hit a bit harder by the market downturn, you certainly do have the upper hand whilst negotiating - and can always ask for an upgrade or a major repair before finalizing the deal.
• Sellers are often happy to work with your timeline. Don’t be afraid to ask for a closing date that's convenient for you.
• Even some lenders are willing to negotiate. You might ask for free private mortgage insurance, a better interest rate or even lower closing costs.
• Hire a Buyer Agent who is familiar with the area.  A good buyer agent will know her local market and be well equipped to negotiate the sale on your behalf.
• Sign up for free MLS listing alerts so you can see what homes are available in your Andover and North Andover neighborhood.

The new $8000 tax credit for first time homebuyers isn’t just good news for homebuyers.  It’s great news for home sellers as well.  First time homebuyers taking advantage of this incentive will make it possible for many sellers to find qualified buyers for their homes.  Those sellers in turn will then be able to purchase their next home and so on and so on and so on.  This NECN interview with the President of the Massachusetts Association of Realtors may answer some of your questions about the $8000 tax credit program and the current Massachusetts real estate market in general.

First time homebuyer tax credit is great news for buyers AND sellers! is a post from: Andover | North Andover Real Estate & Home Town News

Low prices, great inventory, mortgage interest rates at historic lows!  It’s kind of like department store’s after Christmas sales events…take a look at this interesting commentary on today’s housing market…I think you’ll find it interesting. Then if you’d like more information about the real estate market here in Andover, North Andover and Boxford, give me a call or contact me at REMAX Partners.  Whether you’re considering buying a home for your family or as an investment, now is the time to buy.

Now is the perfect time to buy a home in Andover or North Andover ! is a post from: Andover | North Andover Real Estate & Home Town News

• Purchase a carbon monoxide detector to place within 10 feet of every sleeping area in your home.
• Change the batteries yearly, when you change your fire alarm batteries.
• Have your furnace and fireplace checked regularly by a professional.
• Use your generators properly.
• Avoid “warming up” your car if the garage is attached to your home.

• Dizziness
• Nausea
• Headache
• Coughing
• Irregular Heartbeat
• Pale skin with cherry red lips and ear tips

Mortgage interest rates dropped sharply on the heal of the latest Federal program to back mortgage backed securities.  Local banks and lenders are now offering incredibly low rates for both fixed and adjustable rate mortgages. 30 year fixed rates as low as 5.25% with 2 points or 5.5% with no points are currently being offered by many local lenders. The chief economist for the National Association of Realtors (NAR) estimates that “each 1% decline in mortgage rates could generate between 500,000 and 800,000 home sales. Combined with the recent drop in home prices, homes are more affordable now than they have been in years”.  Whether you’re interested in buying or selling real estate, this is terrific news. Contact me to find out exactly how much more buying power this recent drop in mortgage rates gives you.  I can help you search the MLS  for opportunities in Andover, North Andover, Boxford and surrounding communities.

Great news for the Andover and North Andover real estate market! is a post from: Andover | North Andover Real Estate & Home Town News