Changing the Way Credit Card Companies Do Business

One of the major changes makes standard over-limit fees a thing of the past.  Rather than automatic over- limit fees, overdraft coverage is now an additional service that cardholders must choose to opt into.  Consumers who do not opt in will have their transactions denied when they lack sufficient funds in their account.  Credit card companies are aggressively trying to persuade users to opt into this service to avoid a major hit to their revenue.  The over-limit fees are typically $30 for each transaction that is not backed by sufficient funds.

There are also changes in billing and payments. Before the new laws, payment dates were often inconsistent from month to month, and as a result would not be processed before the due date.   Users who thought their payments were submitted on time were getting hit with late fees and interest rates that were seemingly out of nowhere.  Now with the new legislation, bill payments are due on the same day every month.  The law requires that statements be sent out 21 days prior to their due date.

How Do These Changes Affect Your Credit?

Due to the changes brought on by the new legislation, credit card companies are drastically reducing available credit limits by as much as 50%.  For those with an outstanding balance, a sudden reduction in available credit limits means you will now have a higher debt-to-credit ratio, which could potentially lower your credit score to spite the fact that you haven’t actually taken on more debt.  A good rule to abide by is to aim to keep your debt less than 10- 30% of your available credit.

Credit card companies are adapting their business models to remain profitable amidst the new laws, and are sending out notifications to cardholders regarding these changes, which can include higher interest rates or fees or a reduction of rewards.  This eliminates any element of surprise, and also allows cardholders to opt out of an account if they don’t agree with the new terms.  If you opt out, your account will be closed and you will have five years to pay off any debt incurred under the old terms.

How Do These Changes Affect My Ability to Finance a Home?

The new credit card laws will make it easier for people to know what they are spending now that credit card companies are required to clearly indicate exactly what users are paying in interest, and how long it will take them to pay off their credit cards if they only make the minimum payments.  Credit card companies now have to apply your payments to your most expensive debt first.  For instance, if you had a different interest rate for credit card purchases and cash advances, the credit card company must apply your payments to whichever debt has the highest interest rate first.

There will be an adjustment period as we are met with rapidly-reduced credit limits, but these new rules will actually benefit homebuyers in the long run, helping them pay off their bad debts and improve their credit scores making it easier to secure financing for their next (or first) home!

Warren Residential Group

If you’re considering buying a home, you need the help of a trusted advisor to find a home that fits your budget and your needs.  Contact Warren Residential Group to help guide you through the process of buying Boston real estate, or browse our apartment listings if you’re still working on your credit score!

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‘Potential’ is all about maximizing your investment dollar and is measured largely by foreseeable changes that will make the area more convenient and desirable, and therefore increase the value of your home in time.  The article uses Somerville as an example.  While not widely considered to be one of Boston’s most attractive locations, it is becoming increasingly popular, due in part to the pending improvements of public transportation with the extension of the MBTA Green Line.

The prospect of such improvements weighs heavily with those who value potential in their real estate investment.  Other area improvements such as new restaurants and stores in Davis Square and other parts of Somerville also indicate that the area is ‘up-and-coming’ and a good investment.  Many neighborhoods of Somerville are often already compared to Cambridge Real Estate, for example.

On the other hand, there are those who believe that the future potential of a currently-less-desirable-location is not worth sacrificing the convenience or piece of mind that comes with investing in an already-established area.

These individuals might feel more comfortable investing in a less impressive home in a more affluent neighborhood in order to stay within their budgetary constraints and live in a location they desire.  For example, would you rather live in a Boston waterfront condo, or for the same price, purchase a home in Dorchester that is three times as large?

In order to determine what will drive your Boston Real Estate search, you should create a list including your ideal area amenities and your ideal property features, and then determine what you value most in each category.  Once you’ve determined what matters most to you, you can use your list and your budget to help guide you in your search for a new home.  You may find you are willing to live further from the city in exchange for a private parking spot, or decide that you’d rather pay the extra money to live in the city and have a shorter commute, etc.

An experienced Boston realtor can help you weigh the costs and benefits of the ‘location’ and ‘potential’ of the properties you are considering investing in.  The realtors at Warren Residential Group have the experience and knowledge to help you find a home that suits your needs and fits your budget.  Contact us today for assistance or uses our Sales Search Tool to browse our large inventory of Boston and Greater-Boston homes for sale.

Source Article here.

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This exclusive small city is a perfect blend of urban and suburban living with plenty to do.  Proving its versatility, there is an active farm with a farm stand, upscale shopping centers, and numerous playgrounds and recreational parks that boast great views of Boston.  It’s also home to the oldest country club in the nation, appropriately titled The Country Club. The location doesn’t hurt either. It’s an easy commute into Boston, and residents can walk a short distance to Fenway to catch a Red Sox game.

Don’t have a family?  Don’t rule Brookline out just yet.  It also made Money Magazine’s list of the ‘Top 25 Best Places for the Rich and Single’.  The article describes these locations as where the highly educated and affluent young professionals reside, and further describes them as “suave” and “sophisticated”.  Looks like Brookline has something for everyone!

Brookline also happens to be filled with some of Boston’s prime luxury real estate. A Warren Residential agent can provide additional information regarding buying or renting a Brookline apartment or Brookline condo. Contact us to help you make the most of your search for Brookline real estate.

You can view the article and the rest of the locations that made the top 100 here.

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The next one bedroom Boston apartment will be available Sept 5th. If you are interested in renting a one bed at One Back Bay act now!  There are also a few 2 beds currently available.  Please call with any questions and to schedule your tour of One Back Bay.  Belinda Hinkley 617-875-2395 or bhinkley@warrenre.com

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The building also features the The Vintage Lounge and restaurant, which is inside the building and is a prime after-work meet-up location.  Rent prices range from $2,000 for a small one-bed and $3,500 for a two bedroom. Contact Warren Residential today to get more information and to schedule a viewing in this amazing building.

617-848-9616

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Other statistics reflect this currently successful real estate market: there is a 2.6$% increase in the median home price range from last month, now $290,000 from $282,520 from May of 2009. Additionally, condo sales have also increased 24% to 1,950, as compared to 1,570 in May of 2009.

If you are thinking of purchasing a home, now’s the perfect time to browse our listings and contact us for a showing! Pictured below is one of our units available in the Back Bay – click here to read more about this listing.

Source article:  Boston Business Journal

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Today’s Featured Listing is a prime Boston rental located in Boston’s beautiful South End neighborhood, home to young professionals. The 2 bedroom, 1 bath apartment has gorgeous hardwood floors with a decorative fireplace within the living area. It is a bright apartment with high ceilings and Bay windows, and freshly painted to accommodate its new tenants!

The rent is $3,000, which includes heat and hot water.  There is a newly renovated kitchen and bathroom, and street parking s available for an additional fee. To schedule a showing of this apartment or any of our reputable South End apartments, contact us today!

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First off, it may be helpful to likening staging your home to that of literally staging a theatrical production. As the “director”, you have to use a critical eye to create an ambience via open space, décor, and furniture. When done correctly, you can create this feel for your buyers that can persuade a purchasing decision.

For example, the layout of rooms can generate ideas of how buyers can use the space. Where did you put the couch in relation to where you could put the TV? Is a mass of electrical cording indicating lack of outlets? Is that single computer on the office desk in front of a light-streaming window, which is reminiscent of model home catalogue? Anything that can be perceived as cramming to its limit can unconsciously make buyers feel uneasy. This is especially true for the snooping buyer who goes into an overflowing closet. A neatly organized office or living space conveys a feeling of accomplishment and success, as buyers feel as if they can get things done in your home. Something as simple as this can lead to an offer.

Here are three tips you can use to stage your home:

• De-clutter: Clutter is a give-in with any home, as we tend to accumulate over the years. However, it can be a huge distraction to potential buyers, as it’s difficult to imagine a home without the clutter.
• De-Personalize: Personal photos or trinkets can also hold more time and attention of your buyers than your actual home. Store these items temporarily, or pack them up – aren’t you moving soon?
• Brighten and Lighten: This goes back to the look of the model home catalogue, and going for that ideal atmosphere and aesthetic. A dark house with mood lighting can be good for your personal, creative ambience, but bright light is best for showing your home.

In following these simple things, you can improve your chances of selling your home through home staging. You want the potential buyers of your Boston loft to envision their life there – and to make you an offer!

View the full article here.

(Image is from a WarrenRe listing – click here for full listing details!)

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This is really exciting!  The American Brewery Lofts are a true Boston loft building located in Jamaica Plain.  The units are carved out of an old brewery from the early-mid 1900’s.  Here are some details on this Boston Auction:

• Up to 57% off of original asking price!
• Put as little as 3.5% down
• Perfect for first time home buyers!
• Comes with parking
• $500 Cash back at closing if you use Nick Warren as your buyer’s agent!

These Boston loft units feature:

• Ceiling heights of 9′ to 23′!
• Exposed Brick
• Loft Areas
• Large Windows
• Washer/Dryer Hookups
• Fitness Room
• Professional Management
• Stainless Steel Appliances

How Does this Work?

• Call or email Nick Warren at nwarren@warrenre.com or 617-933-9776 to setup a preview of the Brewery Lofts prior to Friday June 25th.
• IF YOU REGISTER WITHOUT ME, YOU CANNOT QUALIFY FOR THE $500!  SO MAKE SURE YOU CALL ME TO GET YOUR MONEY!!
• At the preview you will receive condo docs and budgets if you want to register for the auction.
• After you visit the American Brewery Lofts with me, you can go back on your own as many times as you’d like.
• Auction day is 11:00am on Saturday June 26th at the Colonnade hotel in Back Bay (YOU MUST BE REGISTERED PRIOR TO THIS DAY TO ATTEND THE AUCTION)

I know you will have many more questions about the auction at the American Brewery Lofts so please don’t hesitate to contact me at 617-933-9776 or nwarren@warrenre.com for answers and to schedule a preview!

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