Philip Ottaviani | Framingham Real Estate, Marlborough Real Estate, Ashland Real Estate


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The housing market has posted relatively good numbers over the past few years, even if the average percentages aren't exactly sensational. You may already know that we saw a decrease in growth in 2019, with housing prices rising at 3.3% compared to 2018's rise of 5%. Given the state of the economy and the trends of the past, we'll look at how 2020 is shaping up. 

A Short Dip 

Experts are predicting that home prices will rise 2.8% this year. So if you're getting ready to sell your home, hopefully you're seeing the cumulative effects of steadily rising prices. If your neighborhood hasn't followed the trends though or you've only recently purchased the property, there are a few more factors to take into account before putting your home on the market. 

Listing & Offers 

While the home prices may not be exploding, the creep is still being felt by buyers. In the average area, buyers could be dealing with a price increase of 11.1% in less than three years. This kind of influx could lead to fewer buyers, which ultimately leads to fewer offers. Prioritizing the listing and initial price of the home will have a major impact on the quality of your buyers. 

Interest Rates in 2020 

Rates have been dropping over the past year, going below 4% for most loans. With the average rates for a 30-year mortgage hovering around 3.7% (3.2% for a 15-year mortgage), this is good news for buyers (and sellers if they're planning to buy again too). However, if trade wars ramp up again, we could see the Federal Reserve move those rates back up, so sellers should keep an eye on the news.

The Story of Equity 

As you can see, the news is still relatively good for home sellers in 2020, especially considering the relative state of debt in this country. Experts do not predict a decrease in equity for the new year, a sure sign that the economy is doing well enough to support rising home prices. 

There's plenty of good news for the new year for home sellers, even if it's laced with the fear of a tumbling economy. Real estate professionals are seeing spikes nearly everywhere in the country, regardless of neighborhood. So even if you're not near the best amenities in your city or town, you may still be able to sell for the price you want. As the year progresses, keep an eye on your area, who's buying, and how prices are scaling. 


This Single-Family in Framingham, MA recently sold for $365,625. This Victorian style home was sold by Philip Ottaviani - Realty Executives Boston West.


13 Oliver Street, Framingham, MA 01702

Single-Family

$399,900
Price
$365,625
Sale Price

9
Rooms
4
Beds
1/1
Full/Half Baths
PRICED TO SELL! BUILDERS this is a must see. The Victorian charm and character of a by-gone era greets you with a wrap around porch. Beautiful maple flooring with tall ceilings, pocket doors, fabulous belly molding trim, hand carved mantle with period tile surround, walk-out bays, butlers pantry with dumb waiter, dining room has crown ceiling and built-in china cabinet, front and rear staircases. Second floor bedrooms are exceptionally large. Third floor walk-up attic. Detached former garage converted to oversized storage garage. This is a convenient commuter location, walk to the train. This home awaits your personal touches to restore it to the grandeur it once enjoyed! This home may also be included in the office and professional zone(see attached maps).Buyers do your due diligence with the city.

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This Single-Family in Framingham, MA recently sold for $576,000. This Other style home was sold by Philip Ottaviani - Realty Executives Boston West.


92 A Street, Framingham, MA 01701

Single-Family

$549,900
Price
$576,000
Sale Price

9
Rooms
5
Beds
3
Baths
Just like New!! Situated on a corner lot in a wonderful location is this magnificent, totally renovated 5 bedroom Ranch complete with a custom-built two floor addition. A cook's delight; the kitchen features energy-efficient stainless appliances, recessed lighting, granite counters and hardwood flooring. Lovely family room with cozy fireplace and new plush wall-to-wall carpet. The 3 full bathrooms have been completely remodeled with exquisite tile work, vanities and fixtures. Lovely, spacious master bedroom suite with master bath, walk-in closet and wall-to wall carpet. For added space and comfort there is additional 1,200 sq. ft. of framed and wired space on the lower level ready to be finished. Located in the Framingham High School neighborhood; close to major routes, shops and restaurants. The fenced-in yard, patio, attached garage and central air complete the picture! Outstanding home!!

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1414 Concord Street lot 2, Framingham, MA 01701

Single-Family

$679,900
Price

8
Rooms
4
Beds
2/1
Full/Half Baths
New Construction! 2 new Magnificent Colonials with all the upgrades and amenities for a comfortable lifestyle. These 4 bedroom 2.5 bath homes feature soaring 9' ceilings, recessed lights, crown molding and gleaming hardwood flooring. The gorgeous state-of the art kitchen is surrounded by granite countertops and features all high-end appliances and cabinetry. Family Room with a custom mantle and gas fireplace. Spacious Master Bedroom with an extra-large walk-in closet. The lavish master bath has marble countertops, double sink vanity, and a double size shower complete with a separate tub. The sliders from the dining area lead to the lovely deck. The lower level is perfect for future expansion. Situated on a awesome lot. Great location, just minutes to major routes, commuter rail, shopping and restaurants. Homes will be completed between 90-120 days.
Open House
No scheduled Open Houses

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If you don’t have a lot of cash on hand to secure a home with a sizable downpayment, you might feel stuck. It’s quite a feat to be able to save up the 20 percent cost of a home that is generally required to purchase a home. Your options may seem limited when you want to own a home. There is one option that could be a good idea to consider when you’re in this situation. That’s the idea of finding a rent-to-own property. 


How Does A Rent-To-Own Property Work?


First, know that these properties are hard to find. That’s why you may not have thought of it as a first option. When you do find a property like this that suits your needs, you should know all of the ins and outs before you commit to the home. The agreement works just as it sounds, but there are always a few bits of extra text that can make the difference in any agreement in a rent-to-own property. 



Lease With A Purchase Option


With this type of agreement, you’ll need to pay what is called an option fee in order to give you the right to purchase the property at a later date. The seller is then required to sell the property to you as a tenant and apply the option fee to the price of purchase. If for some reason you have paid the option fee and decide to walk away from the property after a time, the money that you have paid as an option is simply lost. The option fee is usually a percentage of the purchase price ranging anywhere from 2-7 percent of the home’s price.  


Lease And Purchase Agreement Rolled Into One


In this type of rent-to-own agreement, both the tenant and the seller agree on fixed purchase price for the home, or agree that a purchase price will be determined at a later date through an appraisal. Everything is set up from the beginning including the closing date for the home.


This type of deal in a rent-to-own situation is often considered the better choice. Know that a fixed price option may put you in a better financial position than an appraisal option. You’ll have instant equity in the property when you buy it. This is especially helpful in high competition markets. In any other types of market, you may be better off with an appraisal. This ensures that you don’t overpay for the house.


How Your Rent Payments Apply


Rent-to-own gives you an advantage in that you get the added benefit of rent credits. This is where a percentage of your monthly rent payment is applied to the purchase price of the home. The amount of percentage that’s applied will be agreed upon with your landlord ahead of time.


While a rent-to-own option to purchase a property can be a bit more complicated than other ways of purchasing a home, it can be a great way for people different financial situations to become home owners. Make sure you go over everything carefully before you sign anything so that you fully understand the agreement you’re entering into.       

     







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