Holiday Shopping: Boston Real Estate

November 13, 2012 By Leave a Comment

One of the best examples of a self-fulfilling prophecy is in the seasonality of the Boston real estate market. Every year, as Thanksgiving approaches, home sellers ask me, “Does it make sense to put the home on market now? There are no buyers looking.”

From potential home buyers I hear, “ Should we wait until Spring to buy? There are no homes on the market now.”

Yet, despite the expectations for a quiet holiday season, almost every year I am on the phone putting together a deal while checking-up on my stuffed Tofurky. This year the real estate market seasonality will be less pronounced than ever.

Both buyers and sellers will find advantages of pursuing their real estate goals during the holiday season.

Home Seller Advantages to Holiday Home Selling

Low Competition: Inventory shortage is what characterized our Boston real estate market the past few months. Newton, Brookline, Cambridge, Arlington and Brighton have all had too few homes for sale to satisfy demand, leaving many buyers still looking.

My friend Marilyn Messenger wrote a great article, The 5 Reasons the Sell Your House Now! She outlines the benefits of selling your home during the holiday season. One of the top reasons is the lower competition as many home sellers decide to wait or take their home off market for the holidays.

Serious Buyers: Marilyn also reminds us the buyers coming through a home between Thanksgiving and New Years’ are serious. These are determined buyers, who are not going out in harsh weather during overscheduled holidays to look at a home for kicks.

This year, home sellers can expect buyers who are eager, ready to buy after losing out on multiple offer situations in September and October.

Holiday Home Buyer Advantages

Fewer Buyers Looking: The worry of fewer homes on market is balanced by many buyers exiting the market and new ones waiting until 2013. Fewer buyers translate into fewer multiple-offer situations, and home sellers who are more likely to entertain your offer and work with you.

Shorter Mortgage Queue: Underwriting mortgages is taking weeks if you get stuck with the wrong bank, and closing delays are common. Much of the refinancing business will waiting until January, leaving your attorney with more time to work for you.

Homes are Ready to Sell: There will be two types of properties on the market. First, the “leftovers” from the busy fall market. These homes haven’t sold because of poor marketing or they were overpriced at critical moments. Neither of these reasons reflects poorly on the houses, but gives you an opportunity to negotiate.

There will also be new listings. Savvy home sellers want to take advantage of the low inventory and serious buyers. It’s a perfect time to match home buyers and home sellers who are ready to move on.

My advice to my clients has been and always will be to first work around your own schedule. You never know if your ideal home buyer / home seller has plans matching yours. Real estate surprises us regularly, as not everyone conforms to the same self-fulfilling prophecy, and not everyone celebrates the same holiday season.

(Coming in July 2013, an article entitled, “Boston Realtors Gone to Cape. Please Resume Your Real Estate Activity After Labor Day.”)

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Three West Roxbury Houses Priced in the $400,000′s

October 28, 2012 By Leave a Comment

There are 55 houses on the market in West Roxbury, 19 of them are priced in the $400,000′s. To make your West Roxbury house search a bit easier I’m reviewing three homes in superb locations worth a look.

9 Park Street, $469,000. New to market, this is a 4 bedrooms, 1.5 bath home of approximately 1700 sf. Beautiful located in the Highlands, 9 Park Street is surrounded by grand historic homes just a short walk from Centre Street. It’s a red house, situated on a corner lot. The house has a wood burning fire place in the large living room, an oversized dining room and big kitchen. You’ll need to pass through the half bath to access the door to the back yard. Four well proportioned bedrooms upstairs, and a walk-up attic suitable for storage.

The basement looks as if it was finished many years ago and can probably be easily restored to a usable living space. The rest of the home needs a facelift, cosmetic updating throughout. You’d have to paint the house immediately, the kitchen and bath renovations will be necessary in the coming years, but the house is livable as it is. For a classic home in a convenient and prestigious area, this is a great choice, but only if you don’t mind investing some sweat equity.

204 Weld Street, $434,900. Three bedrooms, 1.5 bath, 1400 sf colonial. Located on busy Weld Street, this unassuming white side-entrance colonial has a new kitchen and cheerful colors. The main floor features a half bath off the new kitchen, a living room, dining room and heated sun-room. The best part is the expansive deck, with stairs down to a level yard.

Three bedrooms upstairs are simple and serve their purpose. The house is bright, comfortable and clean. Perfect for a young family who wants outdoor space. For 1400 square feet, it’s a good choice if you are looking for a super-easy commute to the city.

120 Russett Road, $425,000. Brick bungalow of about 1400 sf, 3 bedrooms and 2.5 baths. It’s like a Cape and a Ranch had a love child. Almost all the living space, including bedrooms, are on the first floor. Walk directly into the dining room, which is completely open to the living room. This large space is flooded with light from the many windows. Kitchen is a bit awkward but also had good light and is easily tolerated with all white finishes.

The hall in the back of the home leads to two well sized bedrooms and a bathroom. Walk downstairs to find a slightly musty finished basement. With a little bit of work, this space will be much more usable.

From the main level you have stairs leading to the second floor. There you find a large master suite, complete with skylights, generous closets, and a private bath.

Located between Weld Street and Centre Street, you can easily walk to catch the train or get on the bus. Walk to shops and restaurants. It’s a quiet area populated mostly with single family homes and two family homes. From 120 Russett you only have to walk 3 minutes to Hynes Field, one of the best hangouts for dogs, kids, and sports lovers. It’s one of my regular hangouts. See you there!

0 Matching Properties
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Where to Advertise a FSBO? The FSBO Online Resource List

October 9, 2012 By 4 Comments

Real estate agents deliver tremendous value to home sellers and home buyers. I have a belief in the importance of my work and it seems my clients agree. Yet, some homeowners want to venture into the world of For-Sale-By-Owners. In another post of tips for FSBO’s, I’ve shared some key elements for success.

In this post I’ve compiled a list of online resources for FSBO’s. Choose to work with those that best suit your property and budget.

  1. For Sale By Owner.com This is the most well known website for FSBO’s, with a 14 day free trial. You can post up to 6 photos, print flyers, write a description of the home. Once you are a paying customer, your home can be advertised on Realtor.com and MLS.
  2. Owners.com. Lot’s of online resources, high satisfaction rating, and a connection with Realtor.com and MLS.
  3. Craig’s List. Post for free, but ensure you do not post your ad more than once a week. Be aware that you will likely receive inquiries from bargain hunters.
  4. All The Listings.com. Post your ad for free, claimed to be search-engine friendly. You have premium membership options.
  5. FSBOads.com. Free advertising until the closing date.
  6. Miadomo.com. Claiming worldwide exposure for you ad, a free listing allows for 12 pictures, and $2 more if you want to be a “featured” listing.
  7. Virtual FSBO.com. Offering flat fee MLS, and syndication to Google Real Estate and other FSBO websites.
  8. Caagal.com. Free advertising for your property, wherever it is!
  9. Backpage.com. This website will remind you of what Craig’s List used to be. Clean, simple, great place to find anything.
  10. And one more resource. If you are selling your real estate in the Boston area, I’ll happily write a blog post about your home and promote it through my distribution channels. Write me directly if you are interested.

Be aware when you search for where to post your advertisement for your home, some websites are a lead generation resource for Realtors. This is not necessarily bad, but it is unlikely to fill your need for exposure for your home.

Good luck!

photo by: MïK
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How Landlords Save the World

January 18, 2012 By Leave a Comment

The title of this entry is over-the-top, I admit, but I am just here to stick up for the landlords out there who are trying to do some good. The word “landlord” in itself has some negativity associated with it, and the use of “lord” in this context is distasteful in our American sensibility. In media, landlords are portrayed as misers ready to make a buck on the poor and take advantage of families.

Please!

Let me tell you about the landlords, the real estate investors, I know.

First and foremost, there is a commitment to maintain the property and keeping the tenant happy and comfortable, even with the high occupancy rate and the increasing rents. I am not suggesting any altruism here, but it is cheaper to keep than replace tenants. It only makes sense that tenants stay for a long-run, and take care of the property, as it is their home. Fostering that environment is essential for positive tenant-landlord relations, which is the relationship you want in between any consumer and supplier.

A rental property is a huge financial commitment and a landlord idiot enough to not take care of it and ensure it’s livability is ill suited for the job.

Yes, there are many terrible landlords out there. The worse of them are the ones who neglect their properties, fail to keep up with safety codes, and don’t treat their tenants with the respect they deserve. Just like in any occupation, in any aspect of humanity, there are some bad apples.

For more on tenant-landlord rights in Massachusetts, go to http://www.mass.gov/ago/docs/consumer/landlordtenant073007.pdf

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Find A Buyer for Your House in Two Weeks

June 20, 2011 By Leave a Comment

Is your house sitting on the market for a while now? Sick of it, yet?

Maybe you are getting ready to go on market, and you are dreading all the naysayer’s advice about trying to sell a home these days.

Sitting around waiting for a buyer is not the best strategy to find one. Along with your agent, you have to review and revise your marketing strategy regularly and be pro-active about the process.

In my area outside of Boston, I hear stories about how properties are getting multiple offers first days on market, real estate is selling like hotcakes and buyers are fighting over houses.

Oh, really? Tell that to the house sellers on market now for six months with nothing to show for it.

Sure, some markets are much better than others, but there are some things you need to do to get the house attracting a buyer and quick - how about in two weeks!

Step 1. What has your agent been up to? A good agent should regularly review with you the marketing that he or she is doing. Where is the house posted on the internet? In what papers is the home advertised? Know what is going on and don’t just assume that your house has ample visibility. One way to learn how well your house is exposed in the media is to do a search as if you are a buyer.

Step 2. Learn what houses have sold while you’ve been on market. If nothing else has sold in your house’s price range, then there is a slow market to contend with. If other houses have sold, then there is a market in which to compete. That’s good news.

Step 3. Review your price. I’m sure if you’ve been on market long enough your agent has discussed this with you. The price is extremely important. Don’t fall into the line of thought of “we’ll price it high so we can negotiate later.” The price is set by the market, and buyers will often shy away from an over priced house. Either the right buyers don’t want to do business with you, or the right buyers aren’t even coming to see the house. Home searches are done in price ranges so you need to look good on the screen or paper before the buyer chooses to see your home.

Step 4. Speaking of looking good, how are your pictures? I suggest getting new photographs or rotating the photos of the house every few months. This freshens things up and perhaps the picture that is on there is not attractive enough, or not speaking to the right buyer. Changing pictures has always elicited a response from the market for me. This is especially important with changing seasons. I always find it funny to see pictures of a house covered with snow in mid June. Give me a break!

Step 5. How does your home look inside and out? If you didn’t get it staged, it may help. Have you decluttered enough? Is there curb appeal? Are your (scarce) decorations fitting the season?

Some fresh pictures, a better price, and a nice looking home, you should be excited to open your doors to some ready, willing and able buyers.

Have you seen the “competing” houses sell?

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Creative Ways to Save for a Down Payment

June 15, 2011 By Leave a Comment

Now is a great time to buy. Homes are affordable and interest rates are at historical lows. Lending is tight, however. You need a stellar credit score and a clean credit report to even get your foot in the door.

And long gone are the days of zero-down down payments. You need money down to venture into the housing market. Some financial experts recommend at least a 20 percent down payment.

Here are some creative ways to curb spending so you can save up for the house of your dreams.

The first rule of saving is to be patient. Large nest eggs are built up over time. We live in a society that thrives on instant gratification. This is partially responsible for the housing crisis we now find ourselves in. Buyers who should have waited until they could truly afford their dream house took advantage of a flawed system that allowed them to instantly gratify their desires. So, be patient. It may take months or years before you have saved enough.

The next key is to cut out unnecessary spending. It can be easy to give into our wants, or to confuse them with needs. For example, you need food to survive. What you don’t need is to go out to lunch or dinner multiple times a week. It may be time to change habits and learn to pack a lunch for work and to cook meals at home. The same goes for the morning coffee. A home brewed cup can be just as satisfying as a $4 cup from a coffee house. And you just might save yourself $500 a year.

Don’t use credit cards. Credit cards charge exorbitant interest rates. It can take decades to pay off balances when you only make minimum payments.
A great way to avoid overspending is to avoid going to stores. It sounds extreme, but if you go to a store, you’ll buy something. Find fun things to do at home, instead of using shopping as a hobby. Even $20 a week can add up to $1,000 a year.

Substitute spending is another tactic for saving. Let’s say, for example, that you have a gym membership charging $40 a month. That translates to $480 a year. You can buy a simple elliptical, recumbent bike, or treadmill for less than that. Add in a few workout DVD’s and weights and you have a home gym for a fraction of the cost.

Lastly, automatic savings transfers can help procrastinators save. You have to remember to transfer money to savings to build up your account! Most banks allow for automatic savings amounts to be set. You can choose what amount works best for you. $100 a month will translate to $1,200 a year!

With just a few of these scenarios we discussed today, our example saver could save at least $3,000 a year!

Stick to your plans and budget and the dream of homeownership can become a reality.

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Top Real Estate News & Stories, Week Ending 6/10

June 10, 2011 By Leave a Comment

Don’t waste your time running all over the internet looking for updates and news on real estate. I picked the best ones here:

 

Real Estate Outlook: Case-Shiller Index. From Realty Times

The double dip is confirmed. What does that mean? http://realtytimes.com/newsfiles/realtimes2.nsf/rtpages5.1/20110606_realestateoutlook.htm

Housing Starts and the Unemployment Rate, from Calculated Risk

http://www.calculatedriskblog.com/2011/06/housing-starts-and-unemployment-rate.html?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+CalculatedRisk+%28Calculated+Risk%29

The Week in Housing: Where do We Go From Here? from The Bigger Pockets Blog

http://www.biggerpockets.com/renewsblog/2011/06/06/double-dip-housing-06611/?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+RealEstateNewsForReal+%28Real+Estate+News+For+Real+|+A+BiggerPockets+Blog%29

Report: 10.9 Million U.S. Properties with Negative Equity in Q1, from Calculated Risk

http://www.calculatedriskblog.com/2011/06/report-109-million-us-properties-with.html?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+CalculatedRisk+%28Calculated+Risk%29

 

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Monthly Newsletter

June 2, 2011 By Leave a Comment

You can find my monthly update by going here http://realtytimes.com/151/RuthMalkin.

Newsletter content:

View Current Mortgage Rates

Seven Deadly Credit Score Sins

Green Living: Summer Energy Savings

Home Hunting Without Fear

Creative Ways to Curb Spending

Home Sales May Grow Thanks to Affordable Housing

Or view the entire June 2011 Update at http://realtytimes.com/151/RuthMalkin

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So You Want to Be a Landlord?

June 2, 2011 By Leave a Comment

Today I rented out my condo in Brighton. Every time I visit a great investment property it makes me want to own more and more. The way I feel about real estate is the way I feel about books - you can’t have too many.

But unlike books, investment properties can be demanding in way and at times which are inconvenient, and they can’t be ignored. They can sap your energy and money, and this illiquid asset can sometimes feel more like a liability.

Are you thinking of becoming a landlord? For some years I’ve advised so many people to hold on to their property if they can afford it. Selling often made for a loss sellers were not ready to take. But before potential sellers make this decision, I would have them really consider the responsibilities of being a landlord.

Lets start with finding a tenant. The best way is to work with local agencies specializing in renting, and hope the timing is good enough to find someone who will be a good tenant.

Next, you need to be realistic about the rent. My recommendation is to go just below what all the other ads advertise for a similar home, and find a better tenant. It will cost less than the risk of having an unreliable or destructive tenant.

So you found a tenant, signed a lease, paid the agent who found this tenant. Now what? Be ready to let your home go, and start thinking of it as an investment, rather than your home. For me, this meant painting my very beautiful turquoise kitchen a boring off-white, and I had to get used to the idea that the woodwork will not be the same next time I see it.

Your wonderful new tenant moves in, you’re getting paid monthly, and it is all bliss until something needs to be fixed, something else falls apart, the building has issues, and there is a special assessment in the condo complex. But you take care of it all and you are happy to be covering the mortgage with the rent you receive. Then you get a 30 day notice to vacancy. Get ready to go through it all again…

You start to show the investment property again to all these prospective tenants, only to find out how your former home is not treated the way you would have treated it. Some things are broken, some are scratched, and the appliances are not as new as you remembered.

Once a tenant moves out, you need to repaint, fix and scrub before the new ones moves in. No big deal? Maybe sounds like fun? Well, often there is just a few hours to do it. This year I was extremely lucky with two days.

This scenario is the best you can hope for. The bad things that happen include real serious damage to the property and not getting the rent. In some States this means immediate eviction, in Massachusetts it means losing a lot of money.

All this being said, I love it! Owning investment property is one of my favorite aspects of the real estate world. Although I only break even on this condo, it is worth holding on to it. But I know this is not for everyone.

It is imperative to be a good landlord if you are to find good tenants. For this you need to be okay with all the hassles and the risks, the inconveniences, and the demands. Just know what you are getting into.

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