Mark Gracy’s Blog

AUGUST REAL ESTATE NEWS

An interest rate lock is always a good idea in any market. But it becomes a better idea when it’s crucial to lock in an interest rate and other loan costs at a level you can afford.
A changing market — especially when the change is for the worst — is one of those crucial times. During the first half of 2008, nearly a full percentage point separated the high of 6.45 percent in recent weeks and the low of 5.48 percent in January, according to Freddie Mac.  Find out more

WHAT’S HOT AND WHAT’S NOT IN DESIGN AND REMODEL
While real estate markets are cyclical, features a potential home buyer looks for in her home almost always seems to start in the bathroom, according to the National Association of REALTORS’ (NAR) annual “Cost vs. Value Report,” published each year in conjunction with Remodeling magazine. In fact, in NAR’s 2007 report, it showed an upscale bathroom remodel recouped 93.2 percent of the costs and a bathroom addition, midrange stood at 86.4 percent and an upscale remodel 85.8 percent.
“Knowing what’s in and what’s out in bathroom design is important for homeowners deciding just where to spend their makeover dollars,”  FIND OUT MORE

Man’s Best Friend May Be Costly When Selling
As beloved as pets may be to sellers they can be a detriment to the sale of a home. SEE THE ENTIRE ARTICLE AND WHAT YOU CAN DO TO PREVENT EQUITY LOSS

AUGUST REAL ESTATE NEWS

Mark Gracy
mark@gracyteam.com
(office) 978-984-3107
(direct) 978-861-4016 tel & fax
AIM: markjgracy
www.GracyTeam.com
Keller Williams Realty
Serving The Andovers and Merrimack Valliey MA

MARKET CONDITIONS  REPORT ANDOVER

Market Conditions for Andover, Massachusetts

Reported by Mark Gracy, REALTOR

As of August 15, 2008.

Current Market Rating: 2

1
2
3
4
5
Buyer’s

Seller’s

Current Price Trend: 2

1
2
3
4
5
Falling

Rising

Currently there are 125 single family homes for sale in Andover with average market time of 156 days on market.

Currently there are 62 Condo homes for sale in Andover with average market time of 134 days on market.

ZIP Code: 01810

Location Characteristics: Andover, Massachusetts
Location in Essex County in Massachusetts
Coordinates: 42°39′30″N 71°08′15″W / 42.65833, -71.1375
Country    United States
State    Massachusetts
County    Essex
Settled    1642
Incorporated    1646
Government
- Type    Open town meeting
- Town Manager    Reginald “Buzz” Stapczynski
- Board of Selectmen
Ted Teichert (2009)
Mary Lyman (2008)
Alexander Vispoli (2010)
Jerry Stabile (2010)
Brian Major (2009)
Area
- Total    32.1 sq mi (83.2 km²)
- Land    31.0 sq mi (80.3 km²)
- Water    1.1 sq mi (2.9 km²)
Elevation    180 ft (55 m)
Population (2000)
- Total    31,247
- Density    1,007.8/sq mi (389.1/km²)
Time zone    Eastern (UTC-5)
- Summer (DST)    Eastern (UTC-4)
ZIP code    01810
Area code(s)    351 / 978
FIPS code    25-01465
GNIS feature ID    0619444
Website: http://andoverma.gov/
Andover is a town in Essex County, Massachusetts, United States. It was incorporated in 1646 and as of the 2000 census population was 31,247. It is part of the Boston-Cambridge-Quincy, Massachusetts-New Hampshire metropolitan statistical area.

Demographics

County government: Essex County
Clerk of Courts:    Thomas H. Driscoll, Jr. (D)
District Attorney:    Jonathan W. Blodgett (D)
Registrar of Deeds:    Robert F. Kelley (D)
Registrar of Probate:
County Sheriff:    Frank G. Cousins, Jr. (R)
State government
State Representative(s):    Barry R. Finegold (D)
Barbara A. L’Italien (D)
State Senator(s):    Susan C. Tucker (D)
Governor’s Councilor(s):    Mary-Ellen Manning (D)
Federal government
U.S. Representative(s):    Niki Tsongas (D-5th District),
U.S. Senators:    Ted Kennedy (D), John Kerry (D)
As of the census of 2000, there were 31,247 people, 11,305 households, and 8,490 families residing in the town. The population density was 1,007.8 people per square mile (389.1/km²). There were 11,590 housing units at an average density of 144.3 persons/km² (373.8 persons/sq mi). The racial makeup of the town was 91.60% White, 0.75% African American, 0.06% Native American, 5.73% Asian, 0.04% Pacific Islander, 0.84% from other races, and 0.99% from two or more races. 1.81% of the population were Hispanic or Latino of any race.

There are 11,305 households out of which 40.3% have children under the age of 18 living with them, 65.6% were married couples living together, 7.5% have a woman whose husband does not live with her, and 24.9% were non-families. 21.6% of all households were made up of individuals and 9.2% had someone living alone who was 65 years of age or older. The average household size was 2.74 and the average family size was 3.24.

In the town the population was spread out with 28.8% under the age of 18, 4.7% from 18 to 24, 27.5% from 25 to 44, 26.8% from 45 to 64, and 12.3% who were 65 years of age or older. The median age was 40 years. For every 100 females there were 92.9 males. For every 100 females age 18 and over, there were 87.9 males.

The median income for a household in the town was $87,683, and the median income for a family was $104,820. Males had a median income of $78,291 versus $44,292 for females. The per capita income for the town was $41,133. 3.9% of the population and 2.5% of families were below the poverty line. Out of the total people living in poverty, 3.7% are under the age of 18 and 6.8% are 65 or older.

Public schools

Andover has a public school system.
Schools

Elementary schools (K-5)- Shawsheen, Bancroft, West Elementary, South, Sanborn, High Plain
Middle Schools (6-8)- Doherty, West Middle, Wood Hill
High Schools (9-12)- Andover High School

Private schools

Saint Augustine’s, Catholic, serves grades K-8
The Pike School, serves grades Pre-K-9
Phillips Academy, serves grades 9-12 (Post-Grad)
Montessori School

Higher Education

Massachusetts School of Law

Transportation

Andover is an important location for businesses due to its proximity to several major roads in Massachusetts, including I-93, I-95, and I-495.
Points of interest

Phillips Academy, a prep school founded in 1778 with many famous alumni
Andover is home to a large IRS service center, accepting tax forms from several neighboring states.
Andover is the site of a large factory owned by Raytheon, the builder of the Patriot Missile which warranted a visit from then-President George H. W. Bush (himself an alumnus of Phillips Academy).
Andover is home to the second oldest land preservation society in the country, the Andover Village Improvement Society (AVIS), which controls over 1,100 acres.

For More Information:
Visit My Web Site

About Mark Gracy:
Mark has received numerous production awards including the Keller Williams Gold Medal, The REMAX 100% Club, and The North East Association of Realtors Gold Award. In addition Mark has had the honor of serving on the Keller Williams Local, Regional, and International Agent Leadership Council. He is an active member of the North East Association of Realtors, and has an accreditation from Keller Williams International as a Certified Real Estate Trainer. Mark has trained with some of the top marketing and real estate specialists all over the world, including Craig Proctor, the number one real estate agent in Re/Max and Brian Buffani, a marketing specialist, just to name a few. In addition to his real estate training, Mark has had the opportunity to work with Anthony Robbins, at Life Mastery University in Maui. Mark knows what it takes to get the job done. In his spare time Mark run a musical theatre company, is always working on various community service projects and enjoys traveling.

Homebuyer Tax Credit - Buy a Home, Get a Tax Break!
As part of the Housing and Economic Recovery Act of 2008, a First-time Homebuyer Tax Credit is now available. However, this limited-time tax break ends in mid-2009. A homebuyer tax credit has been available for first-time homebuyers in Washington, D.C. for many years, and now first-time homebuyers nationwide can take advantage of a similar benefit.

For more information contact Mark Gracy mark@gracyteam.com

Mark Gracy
mark@gracyteam.com
(office) 978-984-3107
(direct) 978-861-4016 tel & fax
AIM: markjgracy
www.GracyTeam.com
Keller Williams Realty
Serving The Andovers and Merrimack Valliey MA

Bad News of Foreclosure Prevented.  Successful short sale saves seller from foreclosure.

Keller Williams Offices shine on Industry Surveys RISMedia Power Broker Report and Survey

Every year, RISMedia and REAL Trends release two of the real estate’s most comprehensive surveys: the RISMedia Power Broker Report and the REAL Trends 500. Both surveys rank the largest residential real estate brokerages in the U.S. based on both transaction sides and sales-dollar volume, and these reports are frequently used as referral tools and are referenced by thousands. This year, Keller Williams stormed onto the lists with a very strong showing.

KW offices dominated the Power Broker Report – with more offices listed in their top 700 list than any other franchise brand. The survey also named Keller Williams Realty as the industry leader in terms of number of agent teams. And, 102 KW offices were listed in the Companies to Watch section – making up 55% of the total list!

As for the Real Trends 500, which lists the top 500 brokerages in the nation, Keller Williams Realty had the second highest amount of offices listed both transaction sides and sales volume, among the top franchise brands.

Even further proof that it’s always a great day at Keller Williams!

Mark Gracy
Agent / Partner, Keller Williams Realty Andover MA
Team Leader, The Gracy Team www.GracyTeam.com

President Bush signed a $300 billion housing bill into law last week. In addition to helping cash-strapped homeowners avoid foreclosure, the law aims to help first-time home buyers jump start their home search in a tough economy.

To boil it down to the basics: first-time home buyers get up to $7,500 tax credit. This basically means you get a 0% loan for 15 years if you buy a home between April 9, 2008 and July 1, 2009

Of course Uncle Sam has some restrictions based on your income.  For more information contact me.

Mark Gracy
mark@gracyteam.com
(office) 978-984-3107
(direct) 978-861-4016 tel & fax
AIM: markjgracy
www.GracyTeam.com
Keller Williams Realty
Serving The Andovers and Merrimack Valliey MA

MARTINEZ: HOUSING RELIEF BILL HEADED TO WHITE HOUSE
Measure includes Martinez provisions to create loan originator licensing and FHA appraisal standards

July 28, 2008 - WASHINGTON - U.S. Senator Mel Martinez (R-FL) announced Congress has approved and is sending to the White House a comprehensive effort to curtail the rising number of foreclosures, create opportunities for more affordable housing for Americans, and reform the regulation of Government-sponsored enterprises (GSEs) such as Fannie Mae and Freddie Mac in order to improve their critical role in the housing finance system.

“Florida has been hit hard by the housing crisis, ranking second in the nation in record foreclosures last year. This bill is the product of Congress coming together to address this crisis and bring relief to Floridians who face losing their homes,” Martinez said. “While addressing the current crisis, this also strengthens the housing market for the long-term. Modernization of the FHA will allow the program to serve more families. After the recent problems with Freddie Mac and Fannie Mae, it is clear that we need a stronger oversight system for GSEs to better fulfill their public mission and this bill puts that system in place.”

The legislation includes a measure authored by Senators Martinez and Dianne Feinstein (D-CA) to create national licensing and oversight standards for residential mortgage loan originators. The Secure and Fair Enforcement in Mortgage Licensing (SAFE) act is intended to eliminate bad actors from the mortgage business and require loan originators to meet minimum national standards to ensure they are professional, competent and trustworthy. In 2006 and 2007, Florida was ranked first in the United States for mortgage loans that contained alleged fraud against the lenders.

“The current crisis has shown us that while some homeowners unfortunately made bad financial decisions, others were clearly taken advantage of by bad actors in the housing industry. National licensing standards will help decrease the number of unscrupulous loan originators and predatory mortgages,” Senator Martinez said. “The SAFE Act will help to eliminate fraudulent loan originators from the housing industry and give more reassurance to homebuyers at a time when they are making an important financial commitment in purchasing a home.”

Senator Martinez also authored a provision with Senator Bob Casey (D-PA) to include stricter appraisal standards for Federal Housing Administration (FHA)-backed loans as part of the Hope for Homeowners measure. It requires that appraisers of property insured by FHA be certified by the state where the property is located, or by a nationally recognized professional appraisal organization, and have demonstrated verifiable education in FHA appraisal requirements. The Hope for Homeowners is a voluntary program that will allow distressed homeowners facing foreclosure to refinance into a more affordable, secure FHA-backed mortgage.

“This is the first step in working to make appraisal standards uniform across the nation,” Martinez said. “This provision strengthens standards for FHA appraisals and ensures the integrity of the new FHA program that offers foreclosure assistance.”

The legislation will now be sent to the White House where the President is expected to sign the measure into law.

The August newsletter is posted with information on the latest mortgage rates and plans.  Tips on maximizing your sale price and minimizing your market time when selling your home.
REAL ESTATE UPDATE

Mark Gracy
mark@gracyteam.com
(office) 978-984-3107
(direct) 978-861-4016 tel & fax
AIM: markjgracy
www.GracyTeam.com
Keller Williams Realty
Serving The Andovers and Merrimack Valliey MA

Check out this weeks FEATURED PROPERTIES
For all the hottest listings in MA and NH
Best Buy Opportunities Foreclosure/Bank Owned/ Distress Sale Properties
Find out what your neighbors home sold for
Get a FREE Over-The-Net Price Evaluation of your home

Andover will be featured as the Fox25 “Zip Trip” destination on the morning of Friday, July 18th. The Fox25 Morning News crew will be broadcasting live from The Park on Bartlet Street from about 6:00 to 9:00 a.m. The public is welcome to come on down to see the show.

Bring A New Children’s Book to the Zip Trip!
The FOX25 Morning News crew will also be collecting BRAND NEW BOOKS for children ages six months to five years old during their Zip Trip to Andover on the 18th. People attending the Zip Trip are invited to drop-off a new book. The books will benefit Reach Out and Read, a non-profit literacy program with locations all over New England. The Reach Out and Read program distributes new books to area hospitals, health centers, pediatricians and family-care doctors. The books are given out during primary check-ups. The program has a special emphasis on getting books in the hands of children growing up in poverty. For more information about ROR visit www.reachoutandread.org See you at The Park on Friday, July 18th!