HOME of the week...

somerville

one bedroom condo

*** 379,000 ***

This 5 room 1 bedroom condo is located in Kirkland Village.  Constructed in 2000, this unit features an open floor plan that includes stainless steel appliances with a granite counter top kitchen, a gas fire place, french doors that lead outside to a  fabulous outdoor space, central A/C,  hardwood floors, in-unit laundry, and parking.

What more could one ask for in the city? 

xoxo

Erica 

LISTING PROVIDED BY CBCR - Cambridge Mass Ave

DATE NIGHT

As your REALTOR I should always be up on the latest and greatest restaurants in my areas of focus.  This week I'm featuring on of the best in MALDEN,  the answer to your weekend DATE NIGHT.

Do your self a favor and be sure to check out ALL SEASONS TABLE in MALDEN.  It is always a happening spot especially on the weekend, and with their new stylist addition there is almost never a wait. 

I love it when I find a place that has amazing food and drinks as well as an ethically pleasing interior, it makes me oh so happy.  A few of my favorites to order are the spicy edamame, crab rangoon (obviously), and spicy tuna.  I'm borderline obsessed with sashimi, particularly salmon and they always carry the most fresh fish, it melts in your mouth. 

On the weekends they usually have a jazz band that plays on the original side of the restaurant.  Pair that with a great seat at the bar and a very well made scorpion bowl for TWO and you got yourself a nice romantic night. 

 
www.astrestaurant.com

xoxo

Erica Covelle

Mortgage Basics

Know What a Mortgage Is

A mortgage is a loan that closes the gap between the cash you have for a down payment and the purchase price of the home you're buying. Each month, you'll pay a certain amount toward the interest on the loan and a certain amount toward the principal (the original amount borrowed). At first, you'll pay mostly interest, but as your principal shrinks, you'll pay more principal each month.

Differentiate Between Fixed and Adjustable Rates

Fixed rate mortgages have interest rates that stay the same throughout the loan's life (usually 15 to 30 years). Adjustable rate mortgages (ARMs) have interest rates that fluctuate. Sometimes the rate varies every 6 to 12 months, and sometimes it varies every month. Usually, your ARM's interest rate will be tied to an economic index. When rates are high, your rate will be high. When they're low, yours will be low. If you're buying a home when interest rates are "historically low," try to get a fixed rate mortgage.

Get Cozy With a Mortgage Broker

If you find a mortgage package that sounds reasonable (someone who manages the bids from banks on your deal), talk to a broker before signing, because they may be able to find a better deal. You usually don't pay brokers -- the bank does -- and they're a good resource for first-time buyers.

Work Those Tax Breaks

If you buy a new or existing home up to November 30th of this year, you could get a first-time home-buyer credit of up to $8,000. You can claim this credit on your 2009 federal tax return. To qualify, the house must be your main home and you must not have owned another main home during the last three years. Unlike prior tax credits, you don't have to repay this one if you stay in your home for three years. Now that you have your mortgage figured out, it's time to revamp your home.

I have a few recommendations for GREAT mortgage brokers,  be sure to contact me for their information.

Thank you to Justin Hartung from the nest.com for this very informative article. 

xoxo

Erica Covelle



 

Somerville, Cambridge, Malden, and Medford 2009 to 2010

Somerville

Single Families  18% more sales in 2010, Average sales price up 11%, Days on Market down 12%
Condo's   31% more sales in 2010, Average sales price up 3%, Days on Market down 8%
Multi Families  7% fewer sales in 2010, Average sales price up 9%, Days on Market down 14%

Total Sales      2009                                       2010
Single Families   64 Sales   $412K   78 Days on Market        78    $466K  66 Days on Market
Condo's             361 Sales   $371K   90 Days on Market       373    $377K  83 Days on Market
Mulit Families  154 Sales   $473K    81 Days on Market     145    $514K  69 Days on Market


Cambridge

Single Families  15% more sales, Average sales price up 8%, Days on Market down 10%
Condo's  1% fewer sales, Average sales price up 9%, Days on Market Even
Multi Families  18% more sales, Average sales price up 16%, Days on Market up 5%

Total Sales      2009                                       2010
Single Families      110 Sales  $1.079K  85 Days on Market      78    $1.158K  71 Days on Market
Condo's                  667 Sales     $451K  79 Days on Market    660       $498K  79 Days on Market
Mulit Families         55 Sales     $722K  72 Days on Market      64       $855K  76 Days on Market

Medford 

Similar Market Changes to the Cambridge, Somerville and Malden area's

Total Sales      2009                                       2010
Single Families      206 Sales     $349K  71 Days on Market     211      $367K  79 Days on Market
Condo's                  189 Sales     $289K 104 Days on Market    152      $309K  71 Days on Market
Mulit Families         96 Sales     $399K  96 Days on Market      97       $417K  68 Days on Market


Malden

Similar Market Changes to the Cambridge, Somerville and Medford area's

Total Sales      2009                                       2010
Single Families      197 Sales     $266K  97 Days on Market     158     $269K  94 Days on Market
Condo's                  117 Sales     $193K 106 Days on Market    100     $190K 111 Days on Market
Mulit Families       151 Sales     $320K 101 Days on Market    136     $329K  67 Days on Market

*** perfect news for prospective sellers, if you were wondering NOW is a good time to SELL, sellers who where unsuccessful in 2008, 2009 or even 2010 should be encouraged by the up swing in the positive numbers listed above***

Please feel free to leave comments or questions!

If you'd like information like this regarding your own city or town be sure to let me know. 


xoxo

Erica Marie