Ryan Raveis Of William Raveis Mortgage Explains The New Mortgage Laws And Regulations.
By William Raveis Headquarters on January 29, 2010 Mortgage | 1 Comment »
Ryan Raveis of William Raveis Mortgage explains the new mortgage laws and regulations.
What’s up with the high-end market in Connecticut?
By Angela Thelin, Managing Director - Exceptional Properties on January 25, 2010 Exceptional Properties | 1 Comment »
Let’s start by defining “Luxury Properties”. In essence, they are properties with distinct price points that differ from area to area. For the purpose of this writing, I have split this market into three different price levels: $1-3M, $3-5M and $5M+.
After an increase in listing inventory over the first half of 2009, I see some clear signs of movement and a hope for positive things to follow. In general, there was an increase in activity level after May, however it was primarily the lower end of the luxury property market that was moving. This follows the same pattern as previous years, keeping in mind that the total sales volume is higher in this price range. Interestingly, the listing inventory was lower than 2008 at the same time. The lower inventory translates into less properties on the market for buyers to choose from and better opportunities for sellers. With all that said, pricing the home correctly is a big component in the sales activity.
Chris Raveis does an analysis of housing affordability for the 2010 market
By William Raveis Headquarters on January 19, 2010 housing affordability | 11 Comments »
As New Home Sales See Renewed Activity,Buyer “Wish Lists” Shrink in Size, But Not Quality
By John Tarducci, CMP, CRB Senior Vice President on December 23, 2009 New Homes Division | 5 Comments »
Emerging from the economic slowdown that began in 2007, the new home construction sales market in the Northeast has turned a corner. Although signs of stabilization vary widely by region, and even by town, there are clear signals that the rate of decline has largely leveled out and is paralleling the turnaround in existing home sales.
In Connecticut, for example, 2009 building permits should settle in the 3,000 range by year’s end. While still far short of the more than 11,000 permits issued in 2005 or the 7,746 permits issued in 2007, the slowdown may have reached its end.
High Levels of Affordability Drive Home Sales
The good news for buyers is that housing affordability is currently at one of the highest levels that we’ve seen in nearly 20 years, driven by attractive mortgage rates and adjusted home values. New levels of affordability are motivating buyers to re-enter the housing market so they can take advantage of unusually low pricing levels throughout much of the Northeast.
Sales data in some areas confirms that buyers are indeed becoming more active. The number of existing home sales in Massachusetts that were pending (or put under agreement), for example, was up 27% in October 2009 for the fifth month in a row, compared to October 2008. And both single family home sales and condominium sales were up 17% in October from a year ago, the Massachusetts Association of Realtors reported. Massachusetts realtors attribute the spike in sales, which has been more apparent at the lower price ranges, to the $8,000 federal tax credit available to first-time homebuyers.
A similar trend is apparent in neighboring Connecticut, where sales of single-family homes and condominiums rose by 11.5% and 10%, respectively, in October.
The $8,000 federal tax credit has been extended through June 2010 and the income limits for eligible homebuyers has been raised, enabling a greater number of buyers to quality for the credit. We believe that the extension of the first time homebuyers’ tax credit will continue to help drive buying activity, as will the new $6,500 tax credit for step-up buyers who wish to trade up. (“Step-up” buyers are those who have owned and occupied a residence for at least five of the past eight years.)
New Construction Pricing is Determined Differently
Unlike sales of existing homes, however, pricing in the new construction marketplace is not only determined by supply and demand, but also by the cost of land, materials and labor.
While some economists remain pessimistic, predicting that a full market recovery could take another three to five years, others sense that the worst is behind the industry and that a recovery is indeed underway. In either case, certain markets show greater resilience and tend to recover more quickly, simply because they are great places to live; many offer perennial value and will always be perceived as desirable due to waterfront locations, proximity to a major university or commutability to a leading jobs center.
Buyer Priorities Have Shifted Dramatically
Still, today’s buyers are exhibiting strikingly different buying behaviors than their predecessors did just a few years ago. Today’s consumers are opting for smaller square footage with the same quality features of larger homes and are shrewdly assessing the huge cost savings that come from heating and cooling a smaller home, not to mention reduced maintenance and furnishings expenses as well as lower property taxes.
In the past, one often universal mindset among buyers was “Bigger is usually better.” Today’s buyers, in contrast, have developed a new sensibility, one characterized by a pragmatic, frugal assessment of the “cost to operate” over the long term as well as a newfound appreciation for the financial benefits and enhanced quality of life that energy-efficient homes offer.
William Raveis Real Estate, Recipient of a Silver Connecticut Quality Improvement Award Innovation Prize
By William Raveis Headquarters on December 14, 2009 Raveis.com | 1 Comment »
William Raveis, Chairman and CEO of William Raveis Real Estate, Mortgage and Insurance, is most pleased to announce that the company has recently received a silver Connecticut Quality Improvement Award (CQIA) Innovation Prize for the company’s website, raveis.com.
Ryan Raveis Summarizes the New Tax Credit for Home Buyers and Homeowners
By William Raveis Headquarters on December 9, 2009 Mortgage | No Comments »
Ryan Raveis, Vice President of Sales and Marketing at William Raveis Mortgage, summarizes the new tax credit for home buyers and homeowners including eligibility, income limits, and program specifics.
Analyzing the Data for Buying and Selling a Home
By William Raveis Headquarters on November 16, 2009 Raveis.com | 10 Comments »
Bill Raveis shares important information for buyers and sellers on how to evaluate facts and figures to assist with the home buying and selling process.
He summarizes key data points for both buyers and sellers.
SENATE PASSES DODD LEGISLATION TO EXTEND HOMEBUYER’S TAX CREDIT
By William Raveis Headquarters on November 5, 2009 First Time Home Buyers | No Comments »
Dodd: A “Double Victory” for Connecticut Workers and Middle Class Families
WASHINGTON, DC – Senator Chris Dodd’s legislation to extend the homebuyer’s tax credit and expand it to more middle class families passed the Senate tonight as part of a bill that will also extend unemployment insurance. Dodd was an original co-sponsor of the bill, which will provide 14 additional weeks of jobless benefits for Connecticut workers.
William Raveis Real Estate Expands into Harrison Market
By William Raveis Headquarters on October 21, 2009 Company News | No Comments »
William Raveis - Harrison Office
William Raveis Real Estate, Mortgage & Insurance Wins the “Gold”!
By William Raveis Headquarters on October 13, 2009 Awards, Company News | 6 Comments »
CONNECTICUT — William Raveis, chairman and CEO of William Raveis Real Estate, Mortgage & Insurance, recently announced that the company has been voted one of “Commercial Record’s Best” with the recent First Place Gold Award in the residential real estate category in the annual BEST OF The Commercial Record Reader Poll 2009.
“We are quite proud of this tribute,” said Mr. Raveis. “Being chosen as the ‘Best of 2009’ in real estate by the Commercial Record readers adds testimony to our commitment to provide the highest caliber service to the residents of Connecticut.”
The Commercial Record is a leading publication in Connecticut with a broad readership of the most influential people in the real estate, banking and mortgage industries. The statewide weekly newspaper provides detailed information vital to Connecticut’s real estate and lending institutions.