New Listing: 137A Sutherland Road, Brighton

October 3, 2012 By Leave a Comment

On the corner of Sutherland Road and Lanark Road stands a German style stucco house with a red roof and shutters which is unlike anything else in the area. This is a row of two family houses, and in a rare opportunity, one of the condos just came on market.

Not only is this condo special outside, but it has features you will find nowhere else. 137A Sutherland Road is a loft-like open concept condo with an exposed brick wall and hardwood floors. You have direct access to outdoor space, and exclusive use and access to the basement of the building. Walk downstairs to find plenty of storage space and your very own washer and dryer.

The condo fee is only $135, and the heating bills are low. Walk to the B, C, D lines, walk to the park, Reservoir, Chansky’s, Cleveland Circle.

This home is perfect if you:

  • Love to balance the City life with quiet solitude
  • Have a dog who deserves some space and freedom
  • Need an alternative to the high condo fee, shared amenities lifestyle
  • Want a home that’s really special

137A Sutherland Road is priced at $260,000. It debuts on MLS 10/9, first open house is 10/14, but you don’t have to wait! Private showings can be scheduled immediately.

Schedule a Showing for a Listing

Beat the crowd of home buyers by scheduling your showing now. *YOUR INFORMATION IS CONFIDENTIAL AND WILL NOT BE SHARED WITH OR SOLD TO ANYONE, EVER!*

 

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Should I Renovate My Home or Sell It?

August 13, 2012 By Leave a Comment

One of the most popular question I get these days is “Should I renovate my home or sell it.” Everyone’s situation is different so everyone comes to a different conclusion. It’s a loaded question because it involves many variables and a big undertaking whatever you choose.

Speak to your real estate broker about your options. First, here are the questions you can ask yourself to come a bit closer to what’s best for you.

Is my home in my ideal current location?

If you are living in a neighborhood you love and in which you want to stay, that’s one point on the side of renovation. But what if you always really wanted to live on the other side of town, or a different town altogether? With very low mortgage rates, the timing is perfect to consider an area that seemed a bit out of reach some years ago.

No matter what you do to your current house, it will stay put, you will have the same view out the windows, same noise from the road, same cherry tree in the yard.

To what extent do I have to renovate this house to be ideal?

Is a bathroom renovation and kitchen update enough or are you ready to strip the house to the studs and put in dormers? If you considering an extensive renovation, I hope you like a project. If you are not easily annoyed by people working power tools in your home at 7AM, by all means, learn more about renovating.

What would my return on investment be on the renovation?

The cost of the renovation will be key to figuring out the financial cost and benefit of moving versus renovating. If you spend money on a renovation with only a 50% return if you should sell the home, then the outlay is a waste. For example, in a 1800 square foot Colonial a $35,000 renovation on kitchen and bath can add $50,000 to the property’s value. A $90,000 renovation on the same kitchen and bath may only be worth an added $65,000. It depends on the house, the location, and the renovation.

What will I be able to afford if I sell and buy a new home?

If you can add $100,000 to the price you get for your home, you may surprise at what you can afford! Actually, you may be completely discouraged. Obviously, it depends on the market and where you are looking to move. Learn the value of your home, get a pre-approval, and spend some time at open houses to learn if what you can spend brings you closer to your ideal.

What do I want to do?

This may seem like an obvious question but it amazes me how many people don’t ask themselves what they really want. Much of my work as a real estate agent is to uncover the true needs and desires of clients, because they are not sure.

If you love the idea of renovating and staying where you are, then the financial consideration are secondary. If you are ready to move and feel you want to be elsewhere, then focus on finding something better, rather than wasting time with a renovation that will leave you dissatisfied.

The variables to consider when asking yourself if to move or renovate are both financial and emotional. The key is to find the balance where one does not so outweigh the other you will be left with remorse. Your first step is to get all the facts: you home’s value, its value once renovated, and what homes are available in your price range.

Contact me if you have any questions about any of these issues, and we’ll put together a plan that works around your true needs and wants.

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Choosing the Best Real Estate App

August 2, 2012 By Leave a Comment

Finding best real estate app for buying a home in MA.

Real estate apps have put the real estate market in the hands of the buyers, making searching for homes easier than ever. You can now see what is available at anytime, anywhere, learn a great deal about the homes, and have open house times at your finger tips.

After trying several apps on my Android, I’m reviewing the pros and cons of each so you can choose the one best suited for your needs.

Zillow. Zillow is a huge name in online real estate resources. I appreciate some of the information they gather and redistributed, but I’ve never been a big fan. Mostly because their “Zestimates” are so ridiculous.

Zillow’s app gives a lot of options and great flexibility in creating searches. But make sure you have the “Type” of home checked correctly. The default is to show homes for sale, for rent, sold, and estimated values all on the same map if you are not careful. For me, this app is too busy, and has lots of ads popping up.

I’m sure Zillow is proud of its estimated value on each home on the map – but the Zestimates are notoriously inaccurate and misleading. It has my West Roxbury home estimated at $327,321, and the square footage at 1,351. Wrong wrong wrong.

Pros: flexibility, ability to draw your area of interest, sold homes.

Cons: busy layout, pop-up ads, too much information, pop-up survey.

Trulia. The Trulia app, like their website, is clean and easy to navigate. It also has a keyword search and lists for sale, for rent, and sold properties separately – which makes sense. Looking at listing detail is a breeze and Tulia makes it simple to contact the listing agent with questions. You can email, save or share any listing easily.

The Trulia app has ads. I almost bought some ad space until I realized that I’ve never responded to a mobile app advertisement. Since advertising just started a couple months ago, you may be spared the pop-downs in most areas, but not for long.

The agent you will see both on the Zillow and Trulia ads are NOT the listing agents. You will find the listing agent or office on listing detail page.

Note there are two Trulia apps, one is Trulia for Agents, which I use, but makes no sense for non-agents.

Pros: easy to navigate, keyword search.

Cons: ads, no ability to draw area of interest.

Realtor. Realtor.com’s app is my favorite one, which I use constantly. It feels it was build around buyer needs and who knows buyers better than the National Association of Realtors? It has the ability to search for homes easily, with as wide or as narrow criteria as you like. You can save searches or save individual homes.

This real estate app allows you to save your friends’ and agent’s email addresses in the settings. You can then send listings of interest in just two clicks. It has been easier for me to plan my open house tours with this app, and I love that it saves all my recently viewed homes.

Search options are for homes for sale, or rent, open houses, recent sales, saved searches, recent searches or area highlight – where you draw the area of interest. Despite the many options, the interface is intuitive and does not feel busy or overwhelming.

Another feature I’ve found nowhere else is “scout.” When using the area highlighter on a map, the “scout” option gives you basic sales averages around a particular neighborhood.

Pros: easy to navigate, area highlighter and scout feature, saves your agent’s info, directions and street view, organized and complete.

Cons: I don’t know if they’ll have ads, I’ve seen none yet.

Raveis App. This is the William Raveis’ Real Estate App. Because I’m a Raveis agent, I’m partial. I used this app the most before the Realtor app, but I still open it regularly. Like most things Raveis does, the app is clean, easy to navigate, and intuitive. When you open a listing, you can have a street view, navigation, nearby amenities, and community info. The amenities information includes area restaurants, schools, supermarket, hospitals and public transportation options!

You can start your mortgage pre-approval and insurance quote directly from the app – and I highly recommend both the Raveis insurance and mortgage companies. The Raveis logo and phone number is the only promotion you’ll find. There are no pop-up ads and no distractions from your home search.

Pros: easy to navigate, community information, area amenities information (!!!), no ads, easy to share.

Cons: no ability to draw your area of interest, no recent sales information, connects you with the Raveis call center, not a local agent.

Redfin: I learned about the Redfin real estate app from my client Matt last week. Redfin has property history on each listings, which no other app I’ve tried provides. Property history is interesting but more important once you are ready to make an offer. Regardless, if you are curious about recent history of properties, use this app.

The Redfin app only serves specific metropolitan areas, so don’t automatically assume this will work for you. It has worked well in Greater Boston so far.

Remember this app is company specific, so everywhere you look you are encouraged, with big yellow buttons, to sign-up for more information. Slightly annoying. A positive feature is your ability to add your own photo to the listing information, so you can better remember what you saw.

The “nearby open houses” feature has a defined circle of open houses and I haven’t figured out how to change it. I can’t say I enjoy using the app, as the emphasis is more about the company than the buyer’s needs.

Pros: property history, no pop-up ads (so far)

Cons: lacking information, less flexible than the other apps, not fun – doesn’t inspire exploration like the others.

I love that real estate data has been made transparent and readily available to the buyers. Now buyer agents are rewarded for guidance through a complex process rather than hording information. I hope I saved you some time in choosing the right real estate app for you. Have fun exploring!

If you find other interesting features or more real estate apps worth considering, write me.

Filed Under: Buying a Home Tagged With: , , , , , , , , ,

Five Things Buyers Should Never Say During a Showing

June 19, 2012 By Leave a Comment

There are some things a buyer should not tell a listing agent (agent representing the seller). A good buyer’s agent will coach you a little as to what to say and not to say during a showing. If you are unrepresented, it is more difficult to avoid the trap of having a long winded conversation with an inquisitive listing broker. With a buyer’s broker representing you during the showing, you are more likely to be left alone or the listing agent may not even be there (ideal).

But for showings with the listing agent present, (unfortunately the majority of home showing appointment in Boston, Brookline and Newton), here are the top things you should never ever say that will weaken your negotiating for home price.

  1. Don’t tell the listing agent what other homes you are considering. “We just came from 12 Blueberry Lane and we’re going to 43 Cranberry Drive next.” NO! This is as good as telling the listing agent your price range and much of what your needs and wants. Furthermore, you make it easier for her to compare and contrast the properties, which you should do on your own, with your broker. You are setting yourself up for a sales pitch you chose to avoid when hiring a buyer’s agent.
  2. Do not share any financial information. This may seem obvious but you’d be surprised how much information you are willing to give up when someone simply asks. It’s human nature. Even if you are an all cash buyer, shush! Pre-approved with 30% down, shush! Still in the process of the pre-approval, double shush! Your agent and mortgage broker work hard to keep all this information confidential, please do the same.
  3. Do not talk about your price range. That is a wonderful way to reduce your negotiation leverage. Your price range represents what you believe you can afford, and if the listing broker knows you can afford more than you offer, it is easier to squeeze a little bit more out of you. The negotiation will be about affordability rather than value.
  4. Don’t say you love the house, or even appear as much. The best negotiation card a buyer has is the ability to walk away from home. If you go gaga for a home and make it known, the listing broker will know you want it and you are likely to pay more.
  5. Do not discuss the timing of your move. This is another negotiation card, so don’t give it up. First you want to know the seller’s plan in order to figure out if you can accommodate it – and probably save thousands. Inflexibility is worth money – and the greater the inflexibility, the more money the opposite side of the transaction saves. If you have very rigid plans, especially if you have another home on the market, keep it to yourself until you know the seller’s plans.

When you go to a showing with a listing broker present, treat it as the first step to negotiation, because it is. Don’t share your personal information or excitement about a property. And don’t be offended if your astute buyer’s agent interrupts you mid-sentence when you are talking to the listing agent. She’s saving you serious money!

(If you are in the early stages of searching for a buyer’s agent, check out my post for William Raveis Real Estate’s blog, Five Questions to Ask a Buyer’s Agent Before You Hire“).

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Two Condos with Great Woodwork

June 3, 2012 By Leave a Comment

In most homes the natural woodwork has been painted, so when preserved for many years, it’s a delight. This week two condos with beautiful natural woodwork came on market. Both condos are priced in the 300K’s, 2 bedrooms and both in the City of Boston.

First, 75 Russett Road in West Roxbury. This is a first floor condo of a two family house. Excellent layout, large foyer, nice curb appeal. Next, 42 Orkney is a third floor condo in Cleveland Circle. From this building’s decks you will have the best view of the marathon!

0 Matching Properties
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Finding Your Newton or Brookline House: A Guide for Frustrated Buyers

May 4, 2012 By Leave a Comment

I overheard someone talking about the long and disappointing process of looking for a home in Brookline the past year. “There is nothing in our price range.” I hear this often, especially about Brookline and Newton houses. So I want to give all the frustrated buyers a few words of advice from experience. Here are three questions to ask yourself and ponder.

1. Am I looking in my price range?
Sometimes I find buyers, especially those looking in a seven figure price point, looking at homes with the dream criteria list, but not the right price range. These buyers go see Brookline homes that have a specific number of bedrooms, square footage, certain style, etc. But the houses are totally out of the price range.

Instead, only look at home you can afford, plus 5-10%. (See my previous post about looking at homes above your price range). Are you sure they won’t do? Don’t rely on the pictures on the computer only, go look at some of the homes. Perhaps with some imagination and a little investment down the line it will be the dream home you can’t afford now.

2. Am I giving up easily?
Buyers going from house to house they can’t afford tend to give up. Looking for a home is a long process so why spend all these hours on something you don’t think will come together?

Hang in there! In fact, I suggest that buyers who are outbid regularly to keep at it. Yours will be a longer and more intense search, but with the dedication and persistence, you can find the right home. Sometimes a home that sits for many months on the market will sell for less than it would otherwise, or a poorly marketed for-sale-by-owner will sell for too little (FSBO’s have many disadvantages in the market ).

Luck, it is said, is preparedness and openness for opportunities. If you quit your search, you will not be positioned for much real estate luck.

3. Am I working with the right agent?
You can find the right agent who’ll be dedicated to your long home searching journey. Don’t commit to anyone until you find someone who is impatient or pushy.

One of the very first things an agent does with a buyer is set expectations. Sadly, though, most agents think this means to set YOUR expectations of what you’ll not get for your money in TODAY’s market. There is more to it.

If an agent says your expectations are unrealistic, walk away and hire someone else. Seriously. No agent knows when and how things will change. There are various opportunities, situations, and if you are serious about moving, you will find the right home.

If you are committed to finding a new home, and you know your needs are as such that you MUST move, then please give yourself plenty of time to search for a home. Find an agent to be your partner, and make the decision that this will take a while. As my Grandmother used to say, “With a bit of patience and some creativity, anything is possible.”

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Look at Homes Priced Higher Than You Can Afford in Brookline and Newton

May 1, 2012 By Leave a Comment

My fellow real estate agents will hate me for this post, more the reason you, my non-agent friend, must read it.

Are you looking to buy a home? What’s your price range?

Whatever your price range, look at homes priced up to 10% higher! You can find a home you love at a great price. This strategy works if you have time, patience, persistence and an agent who is not shy about negotiating.

This is not a suggestion simply based on a few anecdotal stories, but statistics. Looking at the ratio of sale price to list price (SP:LP), you learn the final sale price of a house compared to the asking price. This ratio was 95% in Brookline and 96% in Newton in 2011. But there is a ratio I like even better: sale price to the original asking price (SP:OP) . From this number you learn the final sale price as a percent of the asking price before it was reduced. This number is obviously lower, at 91% in Brookline, 93% in Newton.

On average, a houses in Brookline in 2011 sold for 9% LESS than their original asking price, and 5% LESS than the final asking price. For example, a house went on market for $1,650,000. Over time, the price was reduced to $1,580,500, and finally sold for $1,501,500. A buyer who can pay up to $1.5 could have seen this house, waited 125 days (average market time in Brookline in 2011), and bought it.

This means the house was overpriced. Not all the houses will be overpriced when put on the market at $1,650,000. These days, they may even sell for over asking. But on average, if the house prices in Brookline in 2011 sold for 9% less than the original asking, you should be looking at homes priced higher than you can afford.

Please have your agent check the SP:LP and SP:OP ratios for your area and neighborhood. We can search it by zip codes, price ranges, types of homes, etc. Adjust your search criteria accordingly. Note that usually the higher the price range, the lower the ratio (larger price differential).

Buy bravely!

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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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Three Ways to Invest in Real Estate

January 11, 2012 By Leave a Comment

Investing in real estate can seem overwhelming and reserved for the very rich. In the current economic conditions and marketplace, it may even feel a bit too risky. But if you’ve ever thought real estate investing may be right for you, this is a great time to learn about your options and how it can be done by almost anyone.

Before we learn about our options, though, let me say that I believe real estate investing can be a long a cumbersome process if you are new to it. That is not a bad thing, and I think of a lengthy process as a series of checkpoints that will make me very sure of my decision at the end. But it does mean that you have to have a critical eye, some good research skills and an a greater-than-average supply of patience. If this sounds like you, then let’s review how you can get into the lucrative business of real estate investing.

Whatever your budget, real estate can be your investment vehicle.

1. All cash deal. If you have lots of cash, you may be able to find an investment property in your area and buy it without a mortgage. The advantage of this is that you will be a highly qualified buyer and you can probably secure a property for a bit of savings over a buyer who has to get a mortgage. Another advantage of a cash buyer is that her expenses are much lower, as there is no monthly mortgage payment. This enables her to be more flexible on the rent, giving her more options in choosing tenants.

The disadvantage of an all cash deal is that it is not taking advantage of very low mortgage rates. Borrowing is pretty cheap, and if all your cash is in one place, you can’t use it elsewhere. Leverage is a real estate investor’s friend.

2. Part cash, part mortgage. The down payment minimum is 20-30%, depending on various circumstances and your financial qualifications. My rule of thumb is that you should make money, or at least break even, with this kind of down payment. If you lose money on a monthly basis, the property is not worth the price, (at least not not for an investor). Your mortgage payments, any association fees and taxes should be covered by the rent.

The advantage here is that you’ll be taking advantage of the cheap borrowing costs, and you’ll own a property with an income without the whole cash outlay.

The disadvantage is, obviously, the cost of borrowing money and the higher cost due to your mortgage payment - same as the mortgage on your home.

3. Pool of investors with little cash. Gather a few friends and family, and pool your money together to buy one property. It can even be a small property at first, but at least get into the market. If ten friends get together with $15,000 each…you do the math. The advantage is that you are in the real estate market, getting a piece of the pie, however small. It is a start, or a great single investment you have. You can hire a real estate broker and an attorney to help maybe for a stake in the property instead of commission and fees.

The disadvantage is finding like-minded individuals and putting it all together in a legally binding agreement. To me, this is just a bit of leg-work, and not so much a disadvantage, but it does add to the complexity of the transaction.

Entering the real estate market as an investor is not simple at first, but once you are in, it gets easier and easier. If you’ve ever considered investing in real estate, this is a great time to get in. Just choose your strategy and do it!

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Top Three Reasons Why Property Investment Is King

January 4, 2012 By Leave a Comment

No one wants to hear this, but I’m saying it anyway. Real estate is the best long-term financial investment. Phew…that’s a relief.

With the real estate market in the dumps for several years now, it is not easy to get back into the pro-property mind-set. But, it is exactly at these times that you should be considering expanding your real estate portfolio.

One reason I know this is because while the real estate market is dragging in most of the country, it is dominated by the professional real estate investors. Don’t you want to learn a lesson or two from them?

The professional investor loves real estate above all other investments. There are three main reasons for this.

First, real estate investing can come in many forms, just like any other investments. There are small condos, multi-family buildings, commercial, residential, mixed use properties, different towns, neighborhoods, etc. For every budget, preference and style, there is an investment instrument.

Second, real estate has a certain tangible value that you just don’t see in other investments. Property investors love that there is an asset they can visit, fix and maintain. There is a satisfaction in knowing that you have some control and responsibility in the relative value of the property.

Third, although real estate is illiquid - meaning it takes relatively a lot of time and effort to sell it - it is a versatile investment. You can hold it, or resell it when the market turns your way. You can do extensive renovations and have a quick resell, or you can hold it with tenants for years to come. Whatever it is, you have options and you can make decisions based on the best scenarios for your needs and the market conditions.

All of this assumes that you have sufficient funds for a down payment and that your expenses on the property are covered. The major drawback in investment real estate are the unavoidable expenses in maintaining it and the difficulty of selling it if you need the cash.

But this said, it may be time to consider an investment property, especially in such a critical time in the market. Opportunities and possibilities are present, and real estate investing can be a perfect fit for long-term financial goals.

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