Cambridge Area Real Estate News* January 2014
Dear
Friends and Neighbors,
WOW!! How
about the cold weather we’ve had this year!?
Have you
considered solar panels or increasing the energy efficiency of your home?
There are companies now that will install a solar roof array at their
expense and guarantee you a low electric rate for 20 years---so there is no
up-front cost to you!
The
Cambridge Energy Alliance (CEA) offers a wealth of info and advice on a variety of
programs, rebates and tax credits as high as 30% of the cost. They will also do
a free energy assessment of your home. CEA can be reached at 617-349-LEAF (5323) or www.cambridgeenergyalliance.org. The
Cambridge city website now features an interactive
Solar Roof Map, to show you whether your roof is well positioned to benefit
from solar energy. Visit: www.cambridgema.gov/solar.
JUST
SOLD!! Last spring I listed and sold
two investment condos in Cambridge and Brookline, both for cash offers and for well
over the asking price; and a two family in Somerville which had 11 offers and
sold ~10% over asking! This fall I sold
a stunning Victorian condo on Winter Hill in Somerville, a two family in West Medford
and a charming condo on Dana Hill.
The
Cambridge area real estate market continues to be marked by low inventory. As a
result, it is likely that sales prices will be stable or continue to increase
this year. While this may be good news for some sellers, buyers will have to be
ready to move quickly to procure a property.
From 2012 through
2013, median single family prices in Cambridge increased 5.1%, while median
condo prices increased 15.3% and median multi-family prices increased 10.8%.
If you would like sales stats for surrounding towns, just let me know.
Mortgage
rates have gone up from historic lows of 3.5% to about 4.5% with no
points for a 30 year fixed conforming loan with 20% down. This is still very
low! For low down payment buyers, FHA loans are running sometimes as low as 3.25%,
although closing and PMI costs can be high. If you are a buyer, this is still a
great time to lock in historically low interest rates. And if you are a
homeowner, this may be a good time for you to refinance at a lower rate, or to
consider selling.
Open Doors
for the Homeless, The Cambridge Housing Assistance Fund (CHAF)’s fall fundraiser
featuring humorist Jimmy Tingle at the Microsoft NERD Center, was a big success!
We exceeded our goal and raised $160,000++ towards preventing and ending
homelessness by helping 130+ homeless and near homeless families and
individuals to move from shelters and streets to homes, or to avoid losing the
home they already have.
You may have heard on the news recently that there are presently about 2,100 homeless families in Massachusetts and
the state spends over $1 million per week to house homeless families in motels
since the state emergency shelter system is overloaded. Well, for a one-time
$730 assistance grant for rental startup costs, CHAF can prevent a family from
becoming homeless, or help them out of a shelter into a home. And, with follow
up services from agency partner HomeStart, 96% of families are still in their
homes one year later. So, CHAF is cost-effective
and it works!
For more info, or to help a family by making a donation, just visit: www.CHAFund.org.
If you are
considering selling, and you want the best advice on how to market and
position your home in today’s real estate market, just let me know. Coldwell
Banker invests about $50 million per year internationally in its internet
presence and services. Ask me about how our sales and marketing strategy can
benefit the sale of your home. And if you are selling and buying, ask me how to
strategize that transition in today’s seller’s market.
If you are
considering buying, and want experienced home search advice on what
house or condo to buy and how much to pay, give me a call. Coldwell Banker
continues to have the highest market share of any firm in Cambridge or
Somerville and we will be listing new properties every week. So let me know if
you’d like to get advance notice of new listings or to tour some homes. Or, if
you’re just getting started and want to explore on the internet, I’d be happy
to register you for WebHunter, which emails you daily alerts of new listings.
I'm
celebrating my 27th successful year in Cambridge area real estate
sales and 15 years before that as a
designer/builder/woodworker! Most of my
business comes from word of mouth and referrals by satisfied clients. If
anyone you know is considering buying or selling, I hope you will give them my
name. My greatest pleasure and
honor, is thanking you for a referral of your friends or associates. Thank you for your many referrals and for
contributing to my success!
I look
forward to hearing from you, whether to simply catch up, or to assist you with
real estate.
HAPPY NEW
YEAR!!!
|
David Pap
Work: 617.844.2756
Cell: 617.594.1088
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