Lynn proving to be the real (estate) deal

Lynn’s new status as one of Massachusetts’ “hottest” real estate towns “pleasantly surprised” Mayor Judith Flanagan Kennedy, but she said it proved a point she has consistently hammered home:”Things are changing and there is a perception of Lynn from within and without as a desirable place to live. We have promoted and accelerated that change,” Kennedy said.Property sales information gathered by the Warren Group and highlighted in a report by realty agency McGeough Lamacchia stated Lynn saw a 6.5 percent increase in home sales between 2013 and 2014.That increase ranked Lynn in 10th place among the “Top 25 Hottest Towns in Massachusetts” for homebuying. Kennedy said Lynn’s proximity to Boston and its jobs and attractions is one of the “factors Lynn always had going for it.”But she said downtown’s revitalization, driven by new restaurant openings and Veterans Memorial Auditorium concerts, is showing residents and people from other communities that Lynn has a lot to offer.She also credited local housing officials with “doing a great job promoting affordability” in the city’s housing market. Housing Authority and Neighborhood Development Executive Director Charles Gaeta said the authority’s first-time homebuyer program has sent more than 3,000 people since 2002 into the housing market.”In the last six years it has really taken off with one-on-one counseling, landlord counseling and post purchase training,” said LHAND planning and development director Peggy Phelps.A 1998 reorganization consolidated city housing programs under LHAND and Phelps said agency employees soon realized, “No one was actually working for the homebuyers.” Borrowing ideas from homebuying programs in other cities, LHAND brought in real estate experts to educate would-be homeowners in the real estate market, mortgages, home inspections and other homebuying basics.Gaeta said offering homebuyer training made sense in Lynn’s housing market.”Our medium price ($242,000) is relatively low and it gives young people a chance to get into the housing market,” he said.The Authority sponsors six first-time homebuyer programs, each lasting 12 hours and divided between a Saturday and Sunday. Gaeta said there is a waiting list for most of the sessions with the next one scheduled for March 21.”The vast number of the people who sign up are from Lynn,” he said.Phelps said local real estate agents, bankers and other home experts participate in the sessions. She said the homebuying sessions parallel other Authority programs, including grants worth up to $5,000 to help new buyers pay down payments and closing costs.LHAND also has a Homebuyer’s Club providing counseling for prospective buyers who need advice on boosting credit scores and drafting a budget suited to someone contemplating a home purchase.”It’s for people who are not quite ready for homeowners,” Phelps said.Gaeta said LHAND will have a clearer picture of strengths and weaknesses in Lynn’s housing market in 16 weeks, when a detailed market study is slated to be completed. He anticipates the study will identify the continued need for more local market-rate rental housing. But he said it is also likely to highlight new housing needs, including “family” housing for seniors who are raising their grandchildren. He said Kennedy is the Authority’ strongest ally in helping to strengthen Lynn’s housing market.”She has been very supportive of all of our programs,” he said.