Real Estate Information

“Location, Location, Location.”  We hear it all the time in the real estate world and many assume that location is the most important criteria to buyers when purchasing a new home.  But what is it really that determines why one property sells more quickly than another?

Price.   Having the right price was the most important factor in deciding on one home over another, according to 2/3 of the respondents of a recent poll conducted by the National Association of Realtors.

Sellers agreed on the importance of the right price.  “Getting the price right” was and is one of the most frequently cited challenges for sellers who are not represented by a Realtor®.

Other factors that were included in the poll were – no surprise – location, but also condition of the property, staging, and upgrades.

If you are interested in learning about Western MA real estate prices, please call me at 413-283-1223 or visit ShannonDonohueHomes.com.  Search All Western MA Real Estate

In the past, owning a home has always been considered a major component of the “American Dream.”  Unfortunately, because of the recent downturn in the economy, home-ownership is often seen now as more of a nightmare than a dream.  But that doesn’t have to be the case!  Even in a slower economy, purchasing Western MA real estate can still be a step toward achieving your own “American Dream!” 

Inman News offers some reasons why home ownership still has benefits and advantages, including:

• The opportunity to build equity and create wealth over time.
• Protection from rent increases or eviction at the whim of a landlord.
• The pleasures of a relatively larger home, suitable for a family, and with a backyard, garage or other auxiliary space.
• The freedom -- design review boards notwithstanding -- to improve, remodel or redecorate to suit one's own style and budget.
• A variety of lucrative income-tax breaks.
• Pride of ownership and a greater sense of security and stability.

If you are considering purchasing Western MA real estate, now is the time!  Don’t let the negative media attention on the market get you down – home ownership is still an attainable goal and a big part of the American Dream.

If you are ready to begin looking at Western MA real estate, please call me at 413-283-6324 or visit ShannonDonohueHomes.com.  Search all Western MA real estate! 

Although this weekend is a time for fireworks and enjoying time with friends and family, it is also a time to remember what makes our country so great – our freedom.  So as you gather with friends and family on Friday, take a moment to thank our military—living and dead, at home and abroad—for the sacrifices they have made for us.  Because, as we all know, freedom isn’t free!

The 4^th of July is a special time in Massachusetts – be sure to check out one of the hundreds of celebrations happening throughout the state this weekend!

We’ll return to discussing Western MA real estate next week; however, if you would like more information about Western MA real estate, please call me at 413-283-6324 or visit ShannonDonohueHomes.com. 

Before lending you a large sum of money to purchase a piece of Wilbraham MA real estate, it is understandable that your lender will want to know a little bit about you and your ability to pay back the loan.  If you are a first-time homebuyer, or if it has been a while since you last spoke with your lender, it is helpful to be prepared for some of the questions you may be asked and to have some responses in mind.  Below are some general examples of questions you may expect to hear when applying for a home loan:

Employment and income
• Where do you work?
• How much do you make?
• How long have you been at your job?
• How is your income derived -- steady salary or irregular income? (if it’s the latter, plan on providing more details so that you get a favorable interest rate)

Outstanding debts
• What recurring debts do you have?
• How much do you pay a month for auto loans?
• Credit cards?
• How much of your monthly pretax income do these debts consume?

Cash reserves and assets
• How much money do you have in the bank?
• How much will be left after you pay your down payment and closing costs?

Down payment
• How much money are you putting down?
• Is this your own money? A gift? A nonprofit agency grant?

Loan purpose
• Is this mortgage for a home buy or refinance?
• If it's a refinance, do you want to take cash out at closing to pay off other debts?
• If so, how much?

Property use
• Do you plan to live in the house?
• Is it investment property?

Property type
• A condominium?
• A duplex?

In order to get the best possible interest rate and gain the trust of your lender, you will want to be able to prove that you’ve had steady employment (preferably with the same employer or in the same line of work) for two or more years.  You also want to avoid making any major purchases before applying for a loan – if a lender sees that you’ve just purchased an automobile last week, your debt-to-income ratio goes up and your ability to pay down a home loan goes down.  It is preferable to be making a down payment of at least 5% of the sales price with your own money and to prove that you have at least two months’ worth of mortgage payments in the bank; however, there are many programs such as Fannie Mae that require much lower down payments. 

To learn more about investing in Wilbraham MA real estate or for a referral to a reputable lender, please call me at 413-283-6324 or visit ShannonDonohueHomes.com.  You may also begin searching the MLS!

We know that the Baby Boomers account for a large part of the real estate owning population in America.  It should come as no surprise, then, that these folks – not the typical “trendy” crowd - may be the latest trend-setters in Western MA real estate also.

As this article in the Wall Street Journal explains, designers and architects are catering more and more toward this fast-growing segment of the population.  Research has shown that more Baby Boomers planning to stay in their homes through retirement as opposed to moving to “assisted living” or a retirement community.

This influx of aging home buyers has triggered home renovations and new construction including halls and doorways wide enough for walkers and wheelchairs, and master suites and laundries on the ground floor so residents can avoid stairs. Now, the technology behind home appliances and fixtures is catching up – making all kinds of appliances and home design elements more senior-friendly. 

Some of the innovations in home design and appliance re-design include:

• Stoves that monitor pots to prevent boiling over
• Adjustable typeface on appliance control panels
• Faucets that turn on and off with just a touch anywhere on the spout
• Dishwashers designed to be mounted at a more comfortable height
• Refrigerators with doors and storage designed to reduce bending over
• Adjustable volume/pitch of oven alarms

Last but not least – yes, there is even a toilet on the market with an electric-blue nightlight built in and a motorized heated seat cover that rises with the touch of a button.  I don’t think you’d have to be a senior citizen to enjoy that kind of amenity during a late-night bathroom visit!

The impact these trends will have on the real estate market as a whole is uncertain, but with more Baby Boomers purchasing Western MA real estate, light-up toilets may be a standard amenity before you know it! 

To learn more about trends in Western MA real estate, please call me at 412-283-1223 or visit ShannonDonohueHomes.com.  You may also request a complimentary market valuation of your home here!

Fannie Mae has announced down payment requirements will be lowered from 5% to just 3% for all conventional, conforming mortgages processed through its Desktop Underwriter® automated underwriting system, starting June 1.  Loans processed outside the Desktop Underwriter® system will still require a 5% down payment.

This initiative, part of Fannie Mae’s “Keys To Recovery” campaign, will apply to borrowers all across the country, regardless of local market conditions.  Since the biggest obstacle for many first-time home buyers is saving up enough money for a down payment, this is great news if you want to take advantage of the current Western MA real estate market!

Read the full article here, and please contact me or call me at 413-283-1223 if you need a referral to a reputable local lender!  To learn more about Western MA real estate, please visit ShannonDonohueHomes.com, or visit WesternMAListings.com to set up automated emails containing new listings that match your search criteria.

Contrary to popular belief, home inspections are not just for new home purchases!  It is extremely important to have your Western MA real estate inspected professionally on a regular basis – especially if you are using it as an investment or rental property – to ensure you keep up with any necessary maintenance or repairs. 

Home inspectors offer many types of inspections to suit Western MA real estate owners’ needs – some of these include:

           - Pre-Listing Inspections

           - Pre-Purchase Inspections

           - New Construction Inspections

           - HUD/FHA Inspections

           - Multiunit Inspections

           - Annual Maintenance Checkup

A home buyer can save thousands of dollars by having a professional home inspection performed before purchasing a home.  Also, in areas with extreme weather circumstances, inspectors can help locate potential problems or damage that may be hidden to the naked eye.

To learn more about Western MA real estate or for a referral to an experienced home inspector, please call me at 413-283-1223 or visit ShannonDonohueHomes.com.  You may also begin searching for Western MA homes here!