Effective December 12, 2009, Fannie Mae begins implementing new, tightened lending standards.

Among the new guidelines, borrowers who are putting at least 20% down will need to have a minimum credit score of 620 (the current score is 580). The new cutoff for total debt cannot exceed 45% of borrower's monthly income.

Why the tightened standards? On average, loans to borrowers with less than a 620 credit score are approximately nine times more likely to go into default.

In the past, it has not been common practice to give a buyer's credit score on a lender's pre-approval letter. In light of these new guidelines, it may be a good idea to request the score be stated on the letter.

This new bill was signed effective November 7, 2009 and expires April 30, 2010. It truly has proven to be a shot in the arm for the real estate world here in Outer Cape Cod. The activity in Wellfleet, Truro and Provincetown has been tremendous. There have been some wonderful additions to this bill including the raising of income limits and eligibility for existing home owners, not just first home Buyers! Check out the details of the Tax Credit Bill below.

Highlights are as follows:

* The first time homebuyer tax credit remains at: $8000

* First time buyer definition of eligibility: must not have owned a principal residence for 3 years prior to purchase

* Repeat homeowner tax credit: $6500

* Current homeowner definition of eligibility: Must have used the home sold or being sold as a principal residence consecutively for 5 of the previous 8 years

* Binding contract rule: purchaser will have until July 1, 2010 to close as long as they have a written, binding contract in effect on April 30, 2010

* Limitation on cost of home: it was zero, now it is $800,000

* Income limitations have gone up as well: single, from $75,000 to $125,000 and married, from $150,000 to $225,000

* Purchase by a dependant: went from n/a to ineligible

* Anti-fraud rule: went from none to must attach documentation of purchase to tax return

*** Remember, there aren't any restrictions on the type of financing the buyer obtains. Real Estate Investors! Get creative with this...think about owner financing and lease-options closing prior to July, 2010.

Once this homebuyer credit expires, interest rates will begin to climb again as we recover from the recession. This should indicate to buyers that now is a great time to purchase a home.

When purchasing real estate, some lenders will require a survey of the property. With most investment, short-term and hard money loans however, the survey is optional (as with cash purchases).

The cost of a survey is typically fairly minimal, a couple hundred dollars. When the property is waterfront, heavily wooded, rough terrain and/or especially large, the survey can run into a few thousand dollars.

By getting a survey, you will not only see your property lines, you also see any encroachments, easements, infringements or right-of-ways on the property. Encroachments and infringements can pose problems that you may want to have corrected prior to closing on your purchase (such as a neighbor's shed on the property). Easements and right-of-ways are generally not problematic; however, they are good to know, especially in the case of a flag lot or a piece of property with development potential.

Whether it be for the short term or long term, real estate is an investment. You want to make sure that you know the exact details of your investments. Whether you are buying or selling real estate, it is a wise idea to spend a few extra bucks and survey the property.

Mortgage rates are down to their lowest levels in three months and are helping to reinforce the housing market. Interest rates on 30-year and 15-year fixed-rate mortgages fell to the lowest level since the end of May, while initial rates on 5/1 ARMs declined to levels not seen since January 2005.

Freddie Mac (NYSE:FRE) released the results of its Primary Mortgage Market Survey (PMMS) in which the 30-year fixed-rate mortgage (FRM) averaged 5.12 percent with an average 0.7 point for the week ending August 20, 2009, down from last week when it averaged 5.29 percent. Last year at this time, the 30-year FRM averaged 6.47 percent.

The 15-year FRM this week averaged 4.56 percent with an average 0.7 point, down from last week when it averaged 4.68 percent. A year ago at this time, the 15-year FRM averaged 6.00 percent.

Five-year adjustable-rate mortgages (ARMs) averaged 4.57 percent this week, with an average 0.6 point, down from last week when it averaged 4.75 percent. A year ago, the 5-year ARM averaged 5.99 percent.

One-year ARMs averaged 4.69 percent this week with an average 0.5 point, down from last week when it averaged 4.72 percent. At this time last year, the 1-year ARM averaged 5.29 percent.

With such low rates, now is an ideal time take advantage of the bottom of the market with reduced prices and buy real estate in Outer Cape Cod. Whether it be as a second home retreat or as a rental investment, real estate in Provincetown, Truro and Wellfleet is one of the smartest places to put your money. Once the market bounces back, you'll have one heck of a portfolio. Such opportunities don't come around that often so when they do, it's wise to take advantage of them before they pass you by.

Thinking about building a new home or remodeling? Go green. They say green is good, and the Obama Administration and Congress believe it should be an integral part of pulling America out of its economic doldrums. According to the National Association of Home Builders, expanded tax credits for energy-efficient home improvements in the new economic stimulus package puts more money in consumers' pockets by providing financial incentive for home owners to go green on their renovation projects in 2009 and 2010. While more efficient homes save on water and energy bills, these tax credits will make such home upgrades even more affordable.

The Internal Revenue Code section 25C tax credit for existing homes, which had expired at the end of 2007, was reinstated as part of the economic rescue package passed by the Bush Administration last fall. Homeowners could be rewarded for installing energy-efficient windows, doors, roofing and insulation as well as furnaces, air conditioners and heat pumps. But remodelers found that the terms of the 25C credit -- equal to only 10 percent of the cost of each product and with a lifetime cap of $500 -- weren't strong enough to push enough homeowners off the fence and into action.

Now, the credit rate and lifetime cap have been tripled – to 30 percent and $1,500, respectively – the list of eligible improvements expanded, and the deadline for applying has been extended through the end of 2010.

Going green is becoming increasing popular in Cape Cod Massachusetts, particularly the Outer Cape in Provincetown, Truro and Wellfleet. I can help give guidance on local green friendly properties for sale as well as on architects and builders who are on top of this trend.

So it seems, that 'green' is good…not only for our health, or for for the sustainability of our nation's communities, or even for our wallets, but for our economy.

The real estate market is a topic turning up at dinner parties throughout the U.S. this year. Everyone loves to talk about it, from buyers to sellers, to Realtors and mortgage brokers, it impacts nearly every adult. It’s become a slight obsession in the U.S. and everyone has their own opinion. Has the market hit ‘rock bottom’?

What is the definition of a real estate ‘turn around’ and who is the expert? From a seller’s perspective, it may signify a return to double digit annual appreciation. For a buyer, it could mean easily obtainable mortgage money with little or no qualification guidelines. In a Realtor’s or mortgage broker’s mind it could mean a return to a comfortable annual income and a sixty hour work week.

The National Association of Realtors (NAR) identify a successful market ‘turn around’ if the marketing conditions in the U.S. moves from the current buyer’s market with approximately 10+ months worth of unsold inventory, to a seller’s market with less than 7 months worth of unsold inventory.

And home builders have their own definition of a ‘turn around’. Single family home starts rose for the second consecutive month in April posting a 2.8% gain. At the same time, issuance of single family permits which can be an indicator of future building activiy rose 3.6%. Obviously, home builders feel that there is a reason to be optimistic.

Real estate is local. So we will see recoveries in different places at different times. In Truro, Provincetown and Wellfleet Cape Cod, we have been seeing sales in the price range below $500,000 significantly up over the last few months. Additionally there has been an increase in the activity in the highest price brackets. These are good signs, proving that the Outer Cape real estate market is stabilizing and slowly, but surely, turning around.

Most importantly, right now, people need to be confident that the market will remain stable. Buyers who are not taking advantage of home sale deals and the low rates may regret not taking the step to home ownership. With the threat of inflation ahead rates may very well rise and a window of opportunity may have closed to save a large amount of money on interest payments over the length of the loan.

In an earlier blog, I gave some basic tips on buying smart in today's economy. Now I am going to look at how to find and track residential real estate for investment.

 In today's economy, everyone is looking to make smarter investments. In my opinion, real estate is the way to go as it's the best long term investment. But, you have to approach the process of buying just right in order for it to pay off.

You have your source of funding lined up. You have selected a real estate agent, Deb Camuso. Now you have to find a property to purchase.



1. The MLS (multiple listing service) is not the only source for finding properties. In fact, since it is the most popular source, it can be a better idea to look outside the MLS to find properties others may not know about. Where to find properties outside the MLS? Auctions, FSBO's, estate sales and word of mouth are just a few ways. I stay on top of such properties and can be a wealth of information.

2. 
What are your short and (if applicable) long term goals for this investment? Are you looking for a property to generate immediate income? Something that will help support you in retirement? Something that you may someday want to move into as a primary residence?



3. Start to analyze trends and area statistics. Even if you plan to hold onto the property for the long haul, you still want something that can be unloaded if necessary. What is the average area income? What is the profile of the average buyer? Are you buying something that will be in demand by the average buyer? 
Remember, even if you are going to hold long term, you are STILL buying this property for the person who will someday buy it from you!

 What is the median selling price for the area and the median square footage? Determine the "popularity factor" in your area. Here's what your goal should be: something in the more popular area, with at or above the average square footage for below the average selling price.

4. Tracking. Do not allow yourself to get emotionally involved. This is where many buyers make their biggest mistakes. They get caught up in game and lose sight of their real estate investment goal. Do your analysis upfront and decide either: (a) in order to make a profit, you need to acquire the property for $xxx or less or (b) in order to generate the monthly cash flow you need, you cannot pay more than $xxx for the property. Know those figures and stick to them because every dollar more you pay is eating into your bottom line.


In a market like this, it can be hard to look at a price tag and know if you’re getting a good value.

Many properties have had price reductions in the last several months as Sellers chase the cascading market. But a discount from a hugely inflated figure may not be a bargain. Even though Sellers are aware of the fallen market, some still believe that their homes are the exception. There are, however, many well-priced homes available. Some owners feel pressure to sell quickly, and set their prices accordingly. Others who bought before the market heated up feel more freedom to accept a lower price.

So how do you find a property’s true worth? Sheer numbers do not always communicate the true value of a property.

Aspiring Buyers have to consider whether the property has VALUE THAT WILL HOLD UP OVER TIME, so that even if prices don’t begin rising soon, the purchase will not be a mistake. Obviously, Buyers have to consider the location, the amenities, the quality, the views etc. that it offers. With this in mind, a Buyer can easily look at statistics and see what similar properties have sold for. You can even get down to the nitty gritty and compare price per square foot. It’s important to look at such sale comparisons in both, the recent low market, as well as the past high markets, so that you can estimate a property's long term value. This is easy and basic homework that any and all Buyer’s should be doing when researching a property to purchase. Deb Camuso can help tremendously with such due diligence.

Buyer’s also have to seriously consider and understand a property’s “uniqueness”. This is especially important in the Outer Cape in towns like Provincetown, Truro and Wellfleet. So many properties in these towns cannot be replicated today because of the National Seashore, local and state bi-law and zoning changes etc. Many properties out here are pre-existing and non-conforming making them especially unique because the land use, the house design, etc. simply can’t be replicated today. You know the old saying….”they just don’t make them like this anymore….”. There is SUBSTANTIAL additional true VALUE in these types of properties and the Outer Cape is full of them.

So when looking for a good deal in today’s Cape Cod real estate market, it’s not focusing so much on ‘is it the cheapest,’ but looking at it’s core value to help determine it’s long term worth.

Home loan requirements are on the rise making it difficult for some homebuyers to qualify. Families have been displaced and are looking for more affordable housing. In Lower Cape Cod, Provincetown and Truro particularly, there is little or no such housing. So, where are these families going? Some have to move away from the towns they call home because they can’t afford to live here anymore….it sucks.

This spells opportunity for the buy and hold real estate investor looking for long term rental income. It also spells opportunity to help the less fortunate survive and even thrive in this economy.

Why not invest in real estate to use as rental properties? There are so many people needing housing at this time who want a clean and functional home and are happy to pay for it. Camuso Real Estate has several homes in Truro that are ideal rental investments. Check out the site.

Once this economic cycle heads upward, you’ll have a nice real estate portfolio to show for it…..AND….you’ll like the person in the mirror staring back at you for helping someone in need.

You’re probably wondering what I’m talking about when I say times are good. But I’m talking about what’s happening today, now, in the U.S. and in the Outer/Lower Cape Cod markets. I say that times are good because there are so many incredible opportunities out there.

When was the last time the federal government gave you money for buying a house? The American Recovery and Reinvestment Act of 2009 authorizes a tax credit for new home buyers. This credit is available for purchasing a principal residence on or after January 1, 2009 and before December 1, 2009. Better yet, this tax credit does not have to be repaid! It’s equal to 10% of the home’s purchase price up to a maximum of $8000. Single taxpayers with incomes up to $75,000 and married couples with incomes up to $150,000 qualify for the full tax credit.

When was the last time mortgage interest rates were this low? U.S. mortgage rates fell in the latest week, nudging closer to a record low - 30-year fixed-rate mortgages fell to 4.80% for the week ending April 23, down from the previous week's 4.82%.

When was the last time you could enter the Provincetown or Truro, Cape Cod year round home market in the $300,000 price range? Currently there are 92 properties to choose from in Provincetown and Truro in this price point!

Hello? Am I missing something? Combine these 3 things and you’ve got the perfect time to buy a house.

The press has made the economic downturn and the credit-default swap debacle a top story. Just remember, bad news sells better than good news. Don’t pay attention to their negativity and let it stop you from living your life and making your dreams come true.

Look at the positive, the upside…find these once in a lifetime opportunities and take advantage of them….That’s why I’m saying times are good….TIMES ARE GOOD!!

The real estate market is not dead. Yes, there has been a major correction to many of our nations markets, but, everything in life is cyclical. We have experienced one of the most profitable real estate markets in history and now we're enduring an economic downturn....that is just the way that cycles work.

I know we've finally hit bottom in the Outer/Lower Cape real estate markets. So what's the next direction of this cycle.....UP. So the question becomes: Do you want to take advantage of the buying opportunities now or sit on the sideline and wait for prices to head back up?

Remember the 2 truths in real estate:

1: You make money in real estate when you buy it right.
2: Buy low - sell high and not the other way around.

That said, it's the right time to buy in the Outer/Lower Cape. Provincetown, Truro and Wellfleet are the ideal places to buy now because of reduced prices. If you’re one of the fortunate few who is looking to buy, you could hardly be in a better position. If you have the money, now’s when you want to go for it. Especially in Provincetown and Truro…..there are incredible opportunities here. You can enter these markets well under 400k! Then there are the interest rates….can they get any lower? Not much…locally, you can get a 30 yr fixed under 5%!

Once you make that purchase, just hold on to it. The housing market is going to get better and it’s going to get better fairly quickly…we're already seeing signs of it here in Truro, Provincetown and Wellfleet. Now is the time to take advantage of some remarkable opportunities and acquire great properties that will become valuable income producers while appreciating over the coming years.

We find ourselves in the midst of economic conditions not seen in decades. Such times produce worry and uncertainty.......Most people have gone into survival mode. We all need help......most everyone......B UT we can't run away or sit back and wait for things to change......we have to be proactive and take charge of our own situations......

Let's start with one option......If you own a home and are having trouble with payments...take a look at modifying your loan.

A loan modification as defined by the US Department of HUD website is “a permanent change in one or more of the terms of a mortgagor's loan, allows the loan to be reinstated, and results in a payment the mortgagor can afford.” The loan modification process is a direct result of banks trying to stay out of the property management and real estate business.

If you are a borrower who is behind on your mortgage payments, you are not alone and the WORST thing you can do is “hide” from the bank. They want to work with you if you will just talk to them and let them know your situation. They can “modify”, defer payments to the end and offer other assistance so you can make good on your commitment without losing your home or building.

There is also an opportunity to be a good guy.......Good guy???......In this day and age?? What a novelty!! Step in as an investor during a time of financial crisis to a borrower, and possibly buy his/her property at below what’s even owed... aka “short-sale". Find properties in this state and possibly pick these up at 50-60 cents on the dollar and do a huge favor for a homeowner about to lose it. You can allow them to rent it back from you for a bit or even owner-finance it back to them at a later time.

Stay tuned....There are so many other ways to be proactive and take control of your own destiny....

1. How are you going to pay for it? Traditional financing can be difficult to obtain for properties right now unless you have a substantial down payment and stellar credit. Home equity loans on primary residences can also be a challenge to get in this economy. Consider sitting down with a reputable, local banker, discussing your needs and goals and acquiring a line of credit. Other options include hard money lenders (if you are planning on rehabbing a property and selling it), private investors (consider multiple investors so risk is leveraged) and, of course, good old cash.


2. The better your CASH position, the better your negotiating power. Be prepared to PROVE you have the funds ready to purchase or a loan already approved and ready to go.


3. Do your homework. Know your real estate market. Know what sells easily and what doesn't. Even if you plan on holding this property long-term, you still want to have a property that could be easily liquidated if needed. Is the market saturated in a certain area, price range, style? What type of properties are in high demand? What areas are the most popular?

4. Find a real estate agent who understands buying property…especially investment property. In a second home market like Provincetown and Truro in Cape Cod, most purchases are long term investment purchases. You want an agent who understands the ever changing market, the rate of return, income valuation and forecasting future value. You also want someone who understands your goals, your timeframe and your needs.

5. Choose your real estate agent wisely, make sure the agent represents you and ask about their policy on dual agency (where 1 Broker represents both the buyer and seller….in this case, no one has your best interest in mind). Understanding the laws of agency in real estate will help you to understand the level of confidentiality and representation you have with your agent and will help you in your negotiations. Brokers at Camuso Real Estate work as designated agents so you are guaranteed representation whether you're a Buyer or Seller.

I have has spent the majority of my career working with clients exploring every avenue of real estate throughout the entire Cape. The Lower Cape, particularly Provincetown, Truro, Wellfleet and Eastham are my realm. A top producing listing and selling broker for the last nine years, I have also served as de facto acquisitions manager for developers. My tenacious, motivated and ambitious spirit has helped commercial, residential and investment/development clients optimize the value of their real estate.

An entrepreneurial spirit, incomparable work ethic, and strong views on business, professionalism and ethics as well as a keen desire to offer flexible terms and very personalized service has led me to start her own firm -- Camuso Real Estate. Aggressive internet marketing, high traffic web pages, and great connections combine with my invaluable expertise of a variety of market price points and real estate genres to offer clients the efficiency and tailored services they need and want these days.

Earlier in my career, at Thomas D. Brown and Atlantic Bay Sotheby's Realty, I developed unequaled expertise of the local market. I became intimate with local ordinances and state regulatory and licensing laws including the navigation of state and town permitting processes. I gained keen knowledge of the National Seashore, Conservation and Board of Health issues as well as those of the Mass Endangered Species Act (MESA). I have also realized my particular skill at project management -- foreseeing and addressing issues as they arise and researching/identifying solutions. I have established a track record of identifying loopholes in bylaws, fighting unfavorable regulation changes, and helping to secure variances.

In these economic times, my deal evaluation and negotiation skills along with my ability to run financial analysis and my strong knowledge of financial institutions, prove especially important. Whether it's working with lenders to restructure loans for my sellers in foreclosure or simply securing the best rates, I'm in the trenches with my clients.

I go the extra mile, certainly, for clients. But above all else, I prize my widely-held reputation for integrity. My candor and principles define my work, as former clients uniformly attest.

Testimonials From Some of My Clients:


During the recent process of selling my home I was fortunate to have Deb Camuso advising me. I appreciated her honesty and professionalism from our very first interaction. I attribute the successful sale to Deb. She advised me with candor, did not sugar coat the realities of sales in a very difficult market nor did she tell me what she might have thought I wanted to hear, as I have with other agents. Without her insight, expertise and assistance in pricing my home realistically, I believe I would still be marketing it today. I have no hesitation in recommending Deb Camuso to anyone looking to consult with and or bring any real estate transaction to a fruitful conclusion.

A. Teubner


I have known Ms. Camuso for the last three years. She was recommended to me as a broker who could effectively represent a new contemporary home I had developed in Truro overlooking Cape Cod bay. She did excellent work in both the marketing and subsequent sale of that property. Her capabilities and knowledge of legal Issues, construction, management and development in particular, had become apparent to me, as had her skills in working with clients. Subsequently, I have worked with her in assembling commercial retail sites for development on the outer cape. She has done excellent work in researching potential sites, preparing offers and interacting with sellers as we go through the site acquisition process. My partner and I look forward to a continuing relationship with her as our residential and commercial broker.

J. Ryan


Deb had a buyer for our house, and a successful deal, within two months of listing it with her. We were able to sell at the top end of the market only because of Deb's advice and strategy. If we waited even a few months more, we would have been chasing the rapidly declining market and would have sold for much less. Deb is incredibly knowledgeable about the market and a straight shooter, giving her a distinct edge from other brokers. She is a savvy advocate for her client's interests. Deb has our unequivocal support.

R. Aubin


We have worked with Deb for the last 10 years as our real estate broker with home and land purchases, sales and rentals. Her knowledge of the area and market and professional services are outstanding for anyone wanting to buy or sell on Cape Cod. We dealt with very frustrating regulatory issues etc . Deb was unbelievable. She researched all the bylaws and found critical information that was crucial to helping us win our case. She managed geological tests, acquired necessary written professional opinions from various experts etc. On top of it all she came to every meeting to support us and fight for us. That is one attribute that impresses us the most. her loyalty. Her commitment to her clients is incomparable and she continually goes extra lengths to insure you are satisfied.

J. Kimball


I never knew Deb Camuso until I returned a phone call from her in Florida in January of 2007. That phone call started a friendship and client relationship that I treasure today. What I like about Deb is that she is a straight shooter and will always tell it like it is. One doesn't have to worry about whether she is giving someone correct information. She does diligent research, checks out her facts and presents them in a clear and business like manor. I cannot conceive of the day that I would not consult her about any real estate transaction that I am contemplating. Thanks Deb for all your help.

B. Gordon


Deb was referred to us to help guide us through the move from Provincetown to Truro. She worked with us to sell our townhouse as well as buy our new home. When searching for our new home, we were pleasantly surprised by her honesty, candor, integrity and sensitivity to our housing needs and budget. She also offered us positive suggestions to help us make adjustment to our goals. As a selling agent she worked diligently to market and show our property. She gave us great counsel and sound advice when offers came in and we were very pleased with the final results. especially in a declining market. We highly recommend Deb as a Buyers or Sellers agent. You won t be disappointed.

D. Lund & B Rennard


During very difficult economic times and a slow real estate market, we were fortunate recently to be able to sell our home in Provincetown. Much credit should be given to Deb Camuso for making this happen. She came into the project at a time when we were much discouraged at the lack of potential buyers. Deb immediately appraised the situation and took charge. She aggressively marketed and showed the house. Soon we had buyers.

When working with Deb Camuso, she makes one feel like she is a member of your immediate family; a member who is selling your home and keeping your best interests always in mind. She has a radiant personality that generates positive energy and optimism as she moves through her daily sales activities. She also has a strong sense of fairness and honesty that I feel is rare and unique, and many times missing in her chosen field of real
estate. I trust Deb Camuso implicitly!

Leaving a home that has provided much pleasure and happiness to one's family over many years can be a difficult and sad experience. Deb not only helped us sell our house but she was also able to provide much needed emotional support to ease us through the sometimes difficult transition. For this I will always thankful. Deb Camuso is a warm, caring human being that our family will always consider a valued friend.


D & B. Hughes