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Tom McGuirk

Premier Agent

Broker (10 years experience)

2 Recent Sales (last 12 months)

Buyer's Agent,
Listing Agent,


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The Perfect Storm

Leading research and indicators tell us there's a perfect storm brewing:John K. McIlwain, senior resident fellow at the Urban Land Institute, expects home prices to fall another additional 10% this year. That could push foreclosures and underwater mortgages over 21 million by December 2010.Home sales inventories are falling. Contrary to popular belief, this isn't good news for sellers, because higher prices (and even bidding wars) increase costs for buyers, who are too smart (and too worried about unemployment) to be burned by bidding wars again this time. Sales will fall as they return to the sidelines.Of course any sales depend upon employment, which stands at 10% nationally, and is higher in 16 states, including disastrous real estate markets (DC, FL, CA) and states where the real estate market was considered "balanced." Job losses mean more foreclosures and less purchases.From: The Day After, Part 2.POSTED by:  Matthew Ferrara, January 29, 2010

Those Who Wait Will Pay Thousands More This Spring


Unfortunately, the point has been misconstrued.  I was not suggesting an urgency to buy RATHER, for those that are buying this spring, the difference of an application for FHA financing from March 30 and April 1 would be costly.Take that for what you will.

Those Who Wait Will Pay Thousands More This Spring


For those buying this spring -- not waiting for "years" -- a few extra days WILL costs thousands.  It is the responsibilty of real estate professionals to make customers aware of current market conditions and programs that are disappearing.Price may be better later but, if there is limited fiancing available, it will ONLY benefits buyers in an extremely strong equity position.  Not all customers are in that position but that doesn't mean that they should not buy a home when they have the opportunity and the means to support their purchase.

Those Who Wait Will Pay Thousands More This Spring

Waiting a few extra days or weeks to purchase a home this spring could cost buyers thousands of extra dollars as the office of Housing and Urban Development (HUD) implements several changes for loans guaranteed by the Federal Housing Authority (FHA).Coming just weeks before the April 30 deadline for the Home Buyer Tax Credit and just days after the March 31 expiration of the Federal Reserve Board's mortgage backed securities purchase program (which has kept home loan rates artificially low for over a year), these FHA changes make it even more important to act now to save big.Here are a few reasons why:On April 5th, the cost of required up-front mortgage insurance for loans guaranteed by the FHA will increase from 1.75% to 2.25%. For a borrower purchasing a $200,000 home with a $7,000 down payment, the up-front mortgage insurance will increase by $965. Up-front mortgage insurance is typically financed in the final loan amount so the impact to a monthly payment will be minimal but overall, the increase is still borne by the borrower both upfront and monthly.Later this spring, the amount of money that a seller can return to the buyer from their sale proceeds will be reduced from 6% to 3%. The reduction in these "seller concessions" can increase the amount of cash a buyer will be required to pay at closing by $6,000 for a home purchase of $200,000.There is only one way to avoid being affected by all of these costly changes that lie ahead – submit all FHA mortgage applications by the last week of March.

Hampton Beach Redevelopment

Hampton Beach gets a well-deserved facelift.Hampton Beach DevelopmentProject slated to start March 2010