Wanda Mooney

Blog :: 02-2011

Winners and Losers in the Proposed Housing Plan

What does it mean if the government eliminates Freddic Mac and Fannie Mae?  It will cost Buyers more money to borrow money with higher interest rates and larger down payments which are all part of what could happen.   There is no doubt drastic changes are on the horizon.  Over the next several months we need to pay attention to what is being proposed and how that will effect you as a homeowner and future home buyer.

Read on about the winners and losers of the new housing plan - http://reut.rs/gdaupD

Whats Happening in February

Take a look at February's Calendar of Events and make some plans!  Greenfield winter carnival is this weekend, plan a nice evening with your honey for Valentine's Day or join us in Shelburne Falls for the Art Walk - there is so much to do in Franklin County.  Have a great month.

Massachusetts Profile of Home Buyers and Sellers

Every year the National Association of REALTORS® puts together a comprehensive report on the Profile of Home Buyers and Sellers.    I selected some statistics from the Massachusetts portion of the report that I thought you would find interesting.   
  • ·         55% of recent home buyers were first-time buyers, compared to 50% nationwide.
  • ·         New Home purchases were at the lowest level in 9 years nationwide - down to 15% of all recent home purchases.  Massachusetts - only 8% of homes were new.
  • ·         The typical home purchased was 1500 sqft in size, was built in 1963, and had 3 bedrooms and 1 full bathroom.
  • ·         When considering the purchase of a home, commuting costs were considered very or somewhat important by 79% of buyers.
  • ·         Typical buyer financed 88% of their home purchase.
  • ·         36% of home buyers reported they have made some sacrifices such as reducing spending on luxury items, entertainment or clothing.
  • ·         95% of home buyers used the internet to search for homes.
  • ·         90% of buyers purchased their home through a real estate agent or broker.
  • ·         94% of sellers were assisted by a real estate agent when selling their home. 
  • ·         Among recent sellers who use an agent, 87% reported they would use that real estate agent again.
  • ·         The share of home sellers who sold their home without the assistance of a real estate was 4%.
  • ·         The primary reason that sellers choose to sell their home without a real estate agent is that the buyer contacted the seller directly.
      If you would like a copy of the complete Massachusetts or National report, email me at
       wanda@wandamooney.com and I would be happy to send you a copy.

Are your House Upgrades Really Worth It - Read On

Homeowners invest a tremendous amount of money and time in renovating their homes and I am one of them.  I have no plans of selling so the renovations I do on my home will be mine to enjoy for many years to come.  But if you are thinking of making some upgrades and do plan on selling in a couple of years, you need to keep in mind that you won't get the majority of your money back when it comes time to sell.  
Here is an example of some renovations with estimated cost and resale value:

Siding Replacement: Cost $11,653 - Resale Value $9,173 
Roofing: Cost $23,232  Resale Value - $14,689
Finished Basement: Cost $68,253 - Resale Value $41,918
Kitchen: Cost $22,267 - Resale Value $16,802
Bathroom: Cost $17,620 - Resale Value $10,773

These estimates are averages taken from the 2010-11 Cost vs. Value Report for the New England Region.  This will give you a sense of the type of return you can expect based on the renovations you make on your home.  For a more in depth report and explanations as to how they arrive at these figures, visit the web site at http://www.costvsvalue.com/.

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