January 2009

There are 4 blog entries for January 2009.

1st Time Home Buyer CreditThis is even better news than what I reported in August 2008. There is a possibility the recent stimulus plan could include eliminating the repayment of the $7,500 1st time home buyer credit. As it currently stands, the $7,500 tax credit is an interest free loan that needs to be repaid over 15 years. The new proposal would eliminate the repayment entirely and actually put money in homeowners pockets. To read this recent news story, visit Boston Herald For all the information, guidelines and FAQ's, visit the National Association of Home Builders website at NAHB If you purchased your first home between April 8, 2008, and July 1, 2009 and occupy it as your primary residence, you qualify for this credit. I highly recommend you apply for it when you file your

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Below are statistics from MLS on several Boston neighborhoods comparing January 15, 2008 to January 15, 2009:

Back Bay
1/15/08 - Condos on the Market: 154, Avg. Asking Price: $1,668,416
1/15/09 - Condos on the Market: 179, Avg. Asking Price: $2,024,291

South End
1/15/08 - Condos on the Market: 173, Avg. Asking Price: $761,179
1/15/09 - Condos on the Market: 143, Avg. Asking Price: $722,358

North End
1/15/08 - Condos on the Market: 51, Avg. Asking Price: $625,127
1/15/09 - Condos on the Market: 31, Avg. Asking Price: $447,774

South Boston
1/15/08 - Condos on the Market: 197, Avg. Asking Price: $455,463
1/15/09 - Condos on the Market: 206, Avg. Asking Price: $415,143

East Boston
1/15/08 - Condos on the Market: 103, Avg. Asking Price: $294,244
1/15/09 -

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Should you refinance in 2009?I have some advice.....don't ask President Bush! I plan on refinancing at some point in 2009. I expect rates to dip under 5% for a 30 year fixed mortgage as the government continues to try and stimulate the economy and the housing market.

The editor of this article does a great job of explaining what's currently happening in the mortgage market and gives some great advice. If you are considering refinancing or purchasing a home in the next year or anytime in the future I highly recommend you read this informative article.

Link to Business Week

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Mike SylviaHappy New Year! Today I am officially in the office and back to reality. I haven't posted for about a month! As most of you know, I got married on December 6th and honeymooned after that. I'm sure you all have been lost without my brilliant editorials.

In 2009 I hope to take the Blog to the next level and obtain many more readers! Let me know if there is anything you would like to see more of, or topics you think I should cover.

Best of luck to all of you for happy and healthy 2009!

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