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Arlington Real Estate: Indicators of Recovery

Are you ready to accept the idea that housing, on a national basis, has moved beyond bottoming out and is now in slow recovery mode? Consider these facts:

• New mortgage applications for home purchases and refinances were up 77 percent from the same week in April 2008, according to the Mortgage Bankers Association.


• Mortgage rates continue to average well below 5% -- 4.7% last week on average for 30-year fixed-rate loans and 4.5% for 15-year loans.


• Preliminary numbers from the Internal Revenue Service suggest 1.4 million taxpayers will claim the federal first-time homebuyer tax credit on their 2008 tax returns.

At BOWES, we see more buyers looking for Arlington homes than we have seen in a very long time. Well-priced listings are attracting significant interest at our weekly Open Houses. Many are first timers, but many others are people who are back seriously into Arlington real estate, after not looking for a few years. Some of our sellers find they receive multiple offers and to-date Arlington homes on average are selling for 97% of the listed price. (BOWES listings on average sell for 99% of the listed price!)

If you have considered selling your home, we encourage you to consult with one of our sales professionals at 781-648-3500. The Spring real estate market is here and we have many qualified buyers looking to buy Arlington property!

The Spring Market Is Here!

Fueled by a powerful combination of historically-low fixed mortgage rates, an $8,000 tax credit, and affordable prices, sales of existing homes in the Northeast jumped by nearly 16 percent last month, according to the National Association of Realtors.

Here in Arlington the Spring real estate market is in full swing, but our housing inventory is the lowest it’s been in years! When you review the chart below, you will also note that the average priced home in Arlington is higher than it was a year ago, and the days-on-market is lower.

ARLINGTON STATS
1 Year Ago
Number of Homes for Sale:	117
Average Days of Market:	117
Average Price:	$462,889
Today
Number of Homes for Sale:	97
Average Days of Market:	100
Average Price:	$477,609

Buyers are coming out in droves to see Arlington listings and it is not uncommon to have multiple offers on well-priced homes. In fact, Arlington listings are being scooped up faster than they are being replenished.

If you are surprised by this data (as many are) and would like a BOWES consultant to provide a free analysis of what your home may be worth, please call us at 781-648-3500.

$8,000 Tax Credit for First-Time Homebuyers!

Who is Eligible?

• The $8,000 tax credit is available for first-time home buyers only.


• The law defines a first-time homebuyer as a buyer who has not owned a home during the past three years.


• All U.S. citizens who file taxes are eligible to participate in the program.

Types of Homes that Qualify for the Tax Credit
All homes, whether single-family, town homes, or condominiums will qualify. However, there are several conditions:

1. The home must be used as a principal residence and,

2. The buyer has not owned a home in the prior three years

For More Information
Complete details on the American Recovery and Reinvestment Act, click here.

BOWES Wins #1 Single GMAC Office - Again!

For the sixth straight year, BOWES GMAC Real Estate is the recipient of the award for most sales for a single office in the entire GMAC franchise. In addition, for the first time BOWES won the award for the most transactions for a single office.

BOWES also brought home two top ten company awards for office production in categories that included offices with more than one location. See Press Release

Open House Advice

‘Tis the season for open houses. If you are planning to sell your home, the open house will be an important part of the marketing plan. It invites potential buyers to dream inside the very same space they may one day call home. Here are a few tips for a successful open house:

Clean house. Be sure your home is Spic and Span -- as clean and as neat as possible. Remove the clutter, empty the rubbish, clean out closets and polish the fixtures.

Find good help. Consider hiring someone to help manicure the landscaping or painters to put on a fresh coat inside and out. Do a walk through with your agent before the open house and ask your agent about the benefits of staging.

Spruce Things Up. Add a new shower curtain, fresh towels, and new guest soaps to every bath. Set the dining table with pretty dishes and candles. Buy a fresh doormat. First impressions last.

Add flowers. Remove a major piece of furniture or two from each room to give a sense of spaciousness. Light a fire in the hearth. Likewise, closet those kitchen appliances and bathroom items to give the illusion of more space.

Lighten up. Open the window covers. Turn on all the lights. Even during the day, lighting adds sparkle.
Lose the pets. It's best to temporarily board Fido and Fluffy elsewhere. If that's not possible, confine them to a cage or room, basement or bath, and let your agent know where they are!

Avoid hosting. Stay at someone else's home during your open house and let your agent do the talking. It's awkward for prospective buyers to look in your closets and express their opinions of your home with you around.

If you would like a complete analysis of improvements that are worth your while and a free market analysis, please call us at 781-648-3500.

Should You Sell Now?

If you have considered selling your Arlington home, now may be a great time! February marks the beginning of the spring real estate market and our inventory is the lowest it’s been for years – approximately half of what it was in 2007. When you review the chart below, you will note that the average price for a single family home in Arlington, has held steady, and increased for condominiums and multi-family homes.

Despite what you may hear about the poor state of the real estate market in other areas, Arlington continues to hold its value. When you compare the average days on market, you will notice that properly priced homes do not stay for sale very long! In fact, our greatest problem in Arlington is lack of inventory.If you are surprised by this data (as many are) and would like a BOWES consultant to provide a free analysis of what your home may be worth, please call us at 781-648-3500.