Seated:(L-R) Marcia Poretsky, Helen Bolino Standing:(L-R) Susan Cole, Penny McKenzie, Maria Miara

LYNNFIELD-Northrup Associates recently honored the firm’s Top 5 Producers for 2010 during its annual meeting and awards breakfast.  At the meeting, Northrup’s Broker/Owner, Richard Tisei and Owner Bernie Starr reviewed the company’s growth over the past year and outlined plans for a productive 2011.

“Northrup is pleased to recognize our top REALTORS® with this honor. Each is recognized as a leader and innovator, empowering local home buyers and sellers with valuable information,” said Broker/Owner Richard Tisei.

At the meeting, Helen Bolino continued as overall Top Producer for listings and sales in 2010.  Widely recognized by both her peers and clients for her energetic and passionate approach to real estate, she is a successful REALTOR who has been ranked the number one agent in Lynnfield sales and listings for ten consecutive years.. “Helen’s trademark has been her knowledge of the real estate market, her tireless work ethic and superior customer service,” said Tisei.

Throughout her career, Marcia Poretsky has consistently been one of the region’s Top Producers, specializing in single-family and condominium sales. “She has earned this distinction for her years of dedication, professionalism and has established a strong reputation for excellence and created a large following of satisfied customers,” said Tisei.

Penny McKenzie “has earned the distinction as a being a Top Producer and was recognized for her outstanding sales achievement”, said Tisei.  Penny continually strives to provide the best service possible and exceed expectations, especially when it comes to marketing properties and getting them sold. As a result, she has built her business on the referrals of so many satisfied clients.

“Maria Miara has a warm, energetic style combined with her integrity and commitment to her clients and market knowledge has resulted in her receiving such top honors,” said Tisei.  Maria’s career has continued to excel in representing clients with their residential and commercial real estate needs and is identified as a highly skilled real estate broker, having the qualification as a former building inspector and an extensive construction and business background.

Personal service and attention to detail contributed to Susan Cole achieving the distinction of being among the 2010 Top Producers,” said Tisei.  She is personable, experienced, knowledgeable and always willing to go the extra mile. She is the ultimate professional and is able to represent the buyer and/or seller in all aspects of the real estate transaction.

Overall the company’s market share and total volume grew both locally and regionally in 2010 ending the year with $85,136,941 in total units sold.

“I am incredibly proud of the individual and collective contributions of our REALTORS® at Northrup Associates®,” said Tisei.  “Despite today’s tough market conditions, Northrup Associates has maintained its market leadership.  This would not have been possible without the hard work, determination and unwavering customer focus on the part of our REALTORS®.”

“As a locally owned and independently run office, Northrup Associates is able to provide a level of service that others simply can not match. That has been the secret in the past and will remain our guiding principle in the future. I would like to thank our entire sales force for their dedication, hard work and for providing distinct satisfaction to those customers and clients in Lynnfield, Peabody and the surrounding communities of the North Shore,” concluded Tisei.

LYNNFIELD-While the housing market is not nearly as strong as it was five years ago, it is improving and no exception, siad the owner of local real estate company.

Richard Tisei, the owner of Northrup Associates in town, said if home prices are priced correctly, it should be a good year for the market.

“If (interest) rates remain low, I think you’ll continue to see the market moving in the right direction,” he said.

Both single-family and condominium sales were up in Lynnfield in 2010, relative to 2009.  Last year, 108 single family homes were sold, compared to 98 in ’09.  Twenty-five condominiums exchanged hands last year, versus 16 in 2009.

The median single-family home price was also up, about 10 percent. The median price in 2010 was $529,000; it was $479,500.

Condominium prices, however fell in a year-over-year comparison. The median price of a condo sale in 2010 was $350,000 versus $389,900.

Properties were not on the market as long either.  The average days on the market for the 108 homes sold was 111, compared to 147 in 2009.  The same held true for condominiums, where on average it took 165 days to sell those properties, compared to 181 in 2009.

Lynnfield bucked the statewide trend in several areas.  First, home sales fell slightly (1. percent) across the state.  While the median price of a single-family home across the state rose, it did not match Lynnfield’s gain.

Article courtesty of:  Peabody & Lynnfield Weekly News February 3, 2011

Existing-home sales rose sharply in December, when sales increased for the fifth time in the past six months, according to the National Association of REALTORS®.

Existing-home sales1, which are completed transactions that include single-family, townhomes, condominiums and co-ops, rose 12.3 percent to a seasonally adjusted annual rate of 5.28 million in December from an upwardly revised 4.70 million in November, but remain 2.9 percent below the 5.44 million pace in December 2009.

Lawrence Yun, NAR chief economist, said sales are on an uptrend.

Included in the bill are provisions that affect real estate investment and operations—such as energy-efficiency tax credits, capital gains, and more. A few key provisions of interest to REALTORS® include:

• Retention of Bush-era tax brackets through the 2011 and 2012 tax years;
• Retention of the capital gains tax rate of 15 percent for assets sold or disposed of during 2011 and 2012;
• Reduction of payroll taxes for employees and self-employed individuals during 2011;
• Extension of numerous energy efficiency credits through December 31, 2011, including: the Energy Efficient New Homes, Energy Efficient Existing Homes, and Energy Efficient Buildings credits.

For more detailed information on the provisions of this bill affecting real estate, home owners, and REALTORS® as small business owners, please see the see the full summary.

Article Courtesy of National Association of REALTORS

Pending home sales rose again in November, with the broad trend over the past five months indicating a gradual recovery into 2011, according to the National Association of REALTORS®.

The Pending Home Sales Index,* a forward-looking indicator, rose 3.5 percent to 92.2 based on contracts signed in November from a downwardly revised 89.1 in October. The index is 5.0 percent below a reading of 97.0 in November 2009. The data reflects contracts and not closings, which normally occur with a lag time of one or two months.

Lawrence Yun, NAR chief economist, said historically high housing affordability is boosting sales activity. “In addition to exceptional affordability conditions, steady improvements in the economy are helping bring buyers into the market,” he said. “But further gains are needed to reach normal levels of sales activity.”

The PHSI in the Northeast increased 1.8 percent to 72.6 in November but is 6.2 percent below November 2009. In the Midwest the index declined 4.2 percent in November to 78.3 and is 7.7 percent below a year ago. Pending home sales in the South slipped 1.8 percent to an index of 91.4 and are 7.2 percent below November 2009. In the West the index jumped 18.2 percent to 123.3 and is 0.4 percent above a year ago.

“If we add 2 million jobs as expected in 2011, and mortgage rates rise only moderately, we should see existing-home sales rise to a higher, sustainable volume,” Yun said. “Credit remains tight, but if lenders return to more normal, safe underwriting standards for creditworthy buyers, there would be a bigger boost to the housing market and spillover benefits for the broader economy.”

The 30-year fixed-rate mortgage is forecast to rise gradually to 5.3 percent around the end of 2011; at the same time, unemployment should drop to 9.2 percent.

For perspective, Yun said that the U.S. has added 27 million people over the past 10 years. “However, the number of jobs is roughly the same as it was in 2000 when existing-home sales totaled 5.2 million, which appears to be a sustainable figure given the current level of employment,” he explained.

“All the indicator trends are pointing to a gradual housing recovery,” Yun said. “Home price prospects will vary depending largely upon local job market conditions. The national median home price, however, is expected to remain stable even with a continuing flow of distressed properties coming onto the market, as long as there is a steady demand of financially healthy home buyers.”

Existing-home sales are projected to rise about 8 percent to 5.2 million in 2011 from 4.8 million in 2010, with an additional gain of 4 percent in 2012. The median existing-home price could rise 0.6 percent to $173,700 in 2011 from $172,700 in 2010, which was essentially unchanged from 2009.

“As we gradually work off the excess housing inventory, supply levels will eventually come more in-line with historic averages, and could allow home prices to rise modestly in the range of 2 to 3 percent in 2012,” Yun said.

New-home sales are estimated to rise 24 percent to 392,000 in 2011, but would remain well below historic averages, while housing starts are forecast to rise 21 percent to 716,000.

Yun sees Gross Domestic Product growing 2.5 percent in 2011, and the Consumer Price Index rising 2.3 percent.

The National Association of REALTORS®, “The Voice for Real Estate,” is America’s largest trade association, representing 1.1 million members involved in all aspects of the residential and commercial real estate industries.