GNAR News – 7/13/11

CARAVAN – July 14th

To view in Mapquest: http://mapq.st/nHmZBl

68 High Street, Newburyport — Two-Family, 11/4/2.5 & 5/2/1 — $1,200,000
On High Street, betweenFederal St.andLime St.,
Brian Tierney, Rondeau-Tierney R.E., 617-797-1018

72R Federal Street, Newburyport —  4/2/1.5 — $230,000 Corner of Prospect St
Sonja Shine, Stone Ridge Properties,  978-609-1534

244 High St. Newburyport,  Unit 2 — 7/3/3.5 — $659,900, across from Summit Place
Lela Lischke Wright, Stone Ridge Properties, (978) 815-6690

5 MYRTLE STREET, NEWBURYPORT – ADDED TO TOUR

16 Bradbury Lane, Newburyport — 9/4/2.5 — $619,900, Turkey Hill (L) onto Goldsmith (R) onto Bradbury
Dolores Person, William Raveis DPG,  978-660-0967

12 Garden Street, West Newbury — 6/3/1 — $329,000, 113 to Garden, on left
Mary Parisella, Heritage Realty Associates, 978.998.1560

68 Mudnock Road, Salisbury — 6/3/1 — $264,900,Cross street is Rte. 110
Pat Skibbee,RiverValleyReal Estate, 978-502-4782

OPEN HOUSE LUNCHEONS
127 River Road, West Newbury – $949,900 – Luncheon – 11:30 to 12:30
Please join us for a summer picnic by the pool at this fabulous waterfront property. Serving homemade chicken salad, crisp ceasar salad and wine spritzers.
Holly Cashman & Sandy Berkenbush, Stone Ridge Properties, (978) 360-0090

21 Atlantic Ave., Unit 2, Salisbury — $469,900 – Luncheon – 11:30-12:30
Assorted Panini and pizzas from Anna Rosas and fresh fruit tarts from Pralines
Sally Laffely, Laffely Real Estate Associates, Inc. (978) 375-1821

OPEN HOUSE DESSERT
3 River Road, West Newbury — $599,000— Desserts – 12:15 to 1pm
Delicious Desserts by Sally Cookman
Susan Dougherty, CBRB,  (617) 512-3127

RPAC Mini-Golf Fundraiser – July 19th
REGISTER your teams ASAP for the upcoming tournament to be held at Buc’s Lagoon, Hampton Beach, on Tuesday, July 19 from 3-6pm…. A fun time with refreshments & soda provided, and BYOB.  Any questions or for a registration form, contact GNAR.  We look forward to seeing you at this great team building event!!!  Your entry is only $20 person, teams are forming now….  Checks should be made payable to GNAR.

You’re Invited – Lunch and Learn Session
 at GNAR, July 20, sponsored by Leader Bank and MHA

Do you have clients with only 3% down, low income and/or lower credit scores? Need another alternative to FHA loans? 

Come find out how to help these buyers and create more sales.  Leader Bank offers Mass Housing  loan programs with as little as 3% down. Listed below are some highlights of these programs.

–          3% down single/condo
–          Lower cost MI (as compared to FHA)
–          No upfront Mortgage Insurance Premium (MIP)
–          No Loan Level Price Adjustments
–          3rd party paid MI with seller credit or gift
–          Purchase and Rehab loan available

  • Date: Wednesday July 20, 2011
  • Time: 12:00 Lunch will be provided
  • Location – Greater Newburyport Association of Realtors (143 State Street, Suite 5, Newburyport, MA)

Please rsvp – Todd Hughey – Senior Loan Officer
Leader Bank, Thughey@leaderbank.com 617-669-3322

Call for Action – FHA Loan Limits
The FHA Loan Limits issue is of special significance to our high-cost areas, and we have been one of those state associations which has urged NAR to keep this high on the radar before the current loan limits expire on September 30!!   So far, just over 45,000 members across the country have responded (a measly 5.5% response rate).    While our MA response rate is better than the national average, let’s continue to boost it.    For those who misplaced their direct CFA, they can simply go to this site.   https://realtorparty.realtoractioncenter.com/site/Advocacy?cmd=display&page=UserAction&id=1653

More information on the loan limits issue can be found on the REALTOR® Action Center: http://www2.realtoractioncenter.com/site/PageServer?pagename=rac_TellMeMore_loanlimits&AddInterest=1064     If you have questions, please contact Megan Booth at mbooth@realtors.org.

Call for Action – National Flood Insurance Program
The CFA on the reauthorization of the National Flood Insurance Program (NFIP) is now also live. This CFA is asking Congress to ensure that the NFIP doesn’t expire, and make any loan on a home in a flood plain impossible to close. If Congress doesn’t act, the NFIP will expire on September 30. Currently, 28,000 members have responded to this CFA, resulting in a 3.5% response rate. REALTORS® can and need to do better on getting this important message to Capitol Hill.

On this CFA, FPCs have a 62% response rate. 6 states have achieved 100% FPC participation (AK, GA, LA, ME, UT and WY). While we realize it’s confusing, please make sure you have responded to BOTH CFAs. If you didn’t receive the CFA email on NFIP, you can respond directly from the REALTOR® Action Center using this link: https://realtorparty.realtoractioncenter.com/site/Advocacy?cmd=display&page=UserAction&id=1669
If you have questions about the NFIP, please contact Austin Perez at aperez@realtors.org.

Mortgage Interest Deduction
The number of cosponsors on H. Res. 25 (expressing the sense of Congress that the current Federal income tax deduction on interest paid on debt secured by a first or second home should not be further restricted) is now up to 166! The updated list is available on Thomas: http://thomas.loc.gov/cgi-bin/bdquery/z?d112:H.RES.25:@@@P

Massachusetts Pending Home Sales up for 2nd Straight Month in June   —   7/7/2011
WALTHAM, Mass. – July 7, 2011 – The Massachusetts Association of REALTORS® (MAR) reported today that the number of single-family homes and condominiums put under agreement in June went up for the second straight month compared to the same time in 2010. The last time there were consecutive months of annual increases was November and December of 2010. The condominium market last had back-to-back increases in March and April 2010. On a month-to-month basis, the number of single-family homes put under agreement was flat from May, while condominiums put under agreement were down.

“We continue to get positive feedback from folks who are committed to buying and I feel that is reflected by the two consecutive months of pending sales increases,” said 2011 MAR President Laurie Cadigan, broker-owner of Barrett & Company in Concord. “Affordability remains a strong theme in this market and hopefully more people, who can and want to, will decide to take advantage.”

The number of single-family homes put under agreement in June was up 9.28 percent compared to the same time last year (4,354 homes in 2010 to 4,758 homes in 2011). This is the first back-to- back increase since November and December 2010.  On a month-to-month basis, single-family homes put under agreement were essentially flat, with a difference of only two homes put under agreement, with 4,760 in May.

The number of condos put under agreement in June was up 8.0 percent compared to June 2010 (1,689 units in 2010 to 1,826 units in 2011).  This is the first back-to-back increase since March and April 2010. On a month-to-month basis, condos put under agreement were down 4.1 percent from 1,905 units in May.

About Pending Sales:
The tracking of signed purchase and sales agreements (also called “pending sales”) provide reliable information about where the real estate market is heading in coming months.

A pending sale or a sale “under agreement” is when the buyer and seller agree on the terms of the sale of a home and have a signed purchase and sale agreement, but have yet to close and be recorded as such.  MAR is the only organization which compiles this statewide information from Multiple Listing Services each month.

REALTORS Family Day at Six Flags New England
Thinking about visiting Six Flags this Summer?  Join other REALTORS from across MA for a fun-filled day on August 13.  To order your tickets (before August 5) visit http://www.sfnepicnic.com/MAR.  For just $39.50 you receive all day admission including the Hurricane Harbor waterpark, all-you-care-to-eat buffet, and free parking.  


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