William Raveis explains the new raveis.com Housing Data Matrix
By William Raveis Headquarters on March 8, 2010 Raveis.com | No Comments »
William Raveis explains the new raveis.com Housing Data Matrix -- the important benchmarks and indicators of market activity
William Raveis Mortgage Recognized for Superior Ability To Make Low Downpayment Loans
By William Raveis Headquarters on March 5, 2010 Mortgage | No Comments »
Charles Ferraro, President of William Raveis Mortgage, LLC, has recently announced that William Raveis Mortgage is ranked in the top 1% of all FHA lenders in the United States. The ranking is based on the US Department of Housing & Urban Development, compare ratio statistics.
The mortgage company, which has been operating since 1984, received this honor as a result of the company’s long-time ethical, responsible lending policies especially during a time when many other lenders were drawn into exotic mortgage loans that led to the recent housing recession.
According to Mr. Ferraro, the top ranking status ultimately benefits the company’s home buying customers. “Our ranking not only gives us the ability to offer great FHA rates to our customers but also allows us the ability to launch new products that are largely unavailable to other lenders,” he said. Products include mortgage loans with 97% conventional financing on single family purchases and 95% conventional financing on purchase and rate/term refinances on single family properties and condominiums with conventional financing, both with private mortgage insurance.
An additional low financing benefit is also available to those looking for a second home. William Raveis Mortgage can provide up to 90% LTV conventional financing with private mortgage insurance. The maximum loan amount is $417,000 for these programs with low down payments and private mortgage insurance.
“If you are in the market to take advantage of great rates and good housing values,” stated Ferraro, “now is the time to maximize your purchasing power with William Raveis Mortgage, nationally recognized as a high quality low down payment lender.”
Since its establishment 26 years ago, William Raveis Mortgage LLC has closed more than $6 billion in mortgage loans. Its consistent performance is attributed to, experienced management team, the company’s diverse portfolio of lending partners, national pricing power, progressive technology for its loan officers, and sound underwriting approvals. The company is licensed in MA, CT, NH, RI, and NY.
William Raveis Real Estate, Mortgage & Insurance has earned the Website Quality Certification (WQC)
By William Raveis Headquarters on March 2, 2010 Awards | No Comments »
William Raveis Real Estate, Mortgage & Insurance has earned the Website Quality Certification (WQC), presented by Leading Real Estate Companies of the World® to member companies that have demonstrated excellence in website design, functionality and execution.
Website Quality Certification
Cutting-Edge Home Products in the Spotlight at 2010 Builders’ Show
By John Tarducci, CMP, CRB Senior Vice President on February 23, 2010 New Homes Division | 1 Comment »
The International Builders’ Show, the home building industry’s largest trade show and exhibition, draws home builders from across the country to learn about next-generation designs, technologies and products that will soon benefit homeowners.
After the January 2010 Las Vegas convention wrapped up, it was clear to attendees that the manufacturers of many home products have made significant strides in improving energy efficiency throughout the home. And products that contribute to enhanced comfort, convenience and elegance continue to share center stage with energy-efficient products.
Here are a few of the most intriguing new products that were introduced at the show.
Luxury Market Update for Year End Connecticut & Massachusetts 2009
By Angela Thelin, Managing Director - Exceptional Properties on February 12, 2010 Exceptional Properties | 4 Comments »
Luxury Market Update Year End for Connecticut 2009
In the last posting we defined the luxury market for the purpose of this writing as $1-$3M, $3-$5M and $5M+. We also reviewed the development of the market over the first nine months of the year.
Real estate has had an interesting ride since the fourth quarter of 2008 as a result of the challenges in the economy and the financial system in particular. Also, substantial expectations have been put on the new administration to take steps to stimulate the economy and establish some balance in the financial system / lending sector.
So, you might wonder how did the high-end market end for 2009?
In comparing the year end sales in the $1-$3M range from 2007 to 2009 it was interesting to see that although the number of unit sales dropped significantly year-to-year, the average sales price didn’t. In 2007 there were 2009 units sold, compared to 1279 in 2008 and 954 in 2009. The average sales price went down from $1.6 to $1.5 million (-6%) over the same time. Interestingly the average list prices for sold properties were constant at about $1.7 million for the whole period reflecting a net change between 2007 and 2009 of a 1.4% decrease. There was a significant change in new listing inventory over the past three years in this price range with 4838 listings in 2007 and only 3692 in 2009. This corresponds to a drop in listings of 24% over the two-year period.
The charts below represent the change in new listing inventory as well as the change year-to-year (orange) and the cumulative change (green).
As we go up in price point to $3-$5M we see the same trend. Unit sales dropped significantly year-to-year, but average sales price and average list price for sold listings show little change.
Ryan Raveis Of William Raveis Mortgage Explains The New Mortgage Laws And Regulations.
By William Raveis Headquarters on January 29, 2010 Mortgage | 1 Comment »
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Reintroducing Mortgage Insurance on Conventional (non-FHA) Loans
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 | 12 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 | 6 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.