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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Cambridge Condos Reviewed: Three Choices Priced in $400,000′s

November 5, 2012 By Leave a Comment

In almost any location in Cambridge you are a walk from something. Super chic and very pretty Harvard Square is still highly desirable, reflected in the prices. But try other squares and you’ll find value, community and a lively urban atmosphere.

I visited several condos this afternoon with a client, and here is a review of three Cambridge condos priced in the $400,000′s.

218 Thorndike Street, 2 bedrooms, 1.5 baths, $459,000. Bright two level condo with great outdoor space and garage parking. The kitchen is small but updated and pleasant. Bathrooms are neutral and bedrooms spacious. The garage is not attached to the building, but hey, it’s garage parking in Cambridge. This condo is part of a 59 unit complex built in the 80′s. The hallways leave something to be desired, but the reasonable condo fee can be attributed to a minimalist building.

The living space is on the main level, and a spiral staircase leads downstairs to the two bedrooms. Although slightly below grade, the space is sunny. Private deck and patio / garden, central air, storage and in unit laundry for convenience and comfort.

Located minutes from Inman Square, Lechemere, and Kendall Square.

401 Washington Street, 2 bedrooms, 1.5 baths, $424,900. Central square condo a walk to so many conveniences and restaurants. The condo is in a house undergoing complete renovations. This house obviously needs a total makeover. Once you are in the condo, you’ll find original floors from 1894, nice details and floor plan, with a total renovation.

The office doesn’t count as a bedroom, which is a great bonus. There is plenty of light through the over-sized windows. The view is of the house next door, which is very close. Working for this condo is the location, the old charm met with new renovations. But you’ll have to take a bit of a chance buying this condo now, as you have yet to see the building’s outside and common space finished.

11-15 Boardman Street, 2 bedroom 2 bathroom, three units ranging $439,000-$549,000. Totally renovated in and out, beautifully done. These units are modern meeting all the current trends of a dark hardwood floor, stainless steel kitchen with white marble and tile, and glass tiled bathrooms.

The first floor units are bigger, and feature a finished basement with cork floor, perfect for a family room, play room, or huge home office. The bedrooms are spacious, one in the front and one in back. The middle of the condos is the main living area with an open plan kitchen, dining and living area.

The top condos are similar, without the basements, smaller living areas, and the second bedroom is smaller. Parking included. Located in Kendall square, you’ll love these condos if you want something new and open.

Search Cambridge Condominiums Priced up to $600,000

 

 

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Banish the Boston Condo Search Overwhelm!

October 30, 2012 By Leave a Comment

Are you totally overwhelmed by the idea of looking for a condo in Boston? Are you curious, and just don’t know how to start looking? If you are regularly thinking about becoming a first time homebuyer, but don’t know what to expect, t
his post is for you.

When prospective first time homebuyers are curious about Boston area condos, I suggest the following steps to overcome homebuyer overwhelm and make sense of the idea of becoming a condo owner.

First, choose some areas you think you’ll enjoy. Condos in Boston greatly very in prices and styles so narrowing down your search to specific neighborhoods is important. If you’ve been searching on Zillow or Trulia for condos in Boston , Cambridge, or Somerville, no wonder you are overwhelmed. Just narrowing the search by price range will not be enough.

Second, go look at condos during Sunday open houses with absolutely no expectations to buy. Open houses serve such a purpose for buyers, while you have an opportunity to meet real estate agents who may be eager to be helpful. Focus on one or two areas per weekend to make good use of your time. You’ll learn the area, different types of homes, and start developing a sense of home values.

Third, hire a real estate agent. We are here to help, even in you very early stages of the search. In fact, we can make the search a bit easier for you by focusing your efforts, and giving you step-by-step input and advice. Hire someone you like and trust, and fire someone who is not doing her job.

Do not try and make sense of the real estate market online. The web is a great resource for information about homes and for open house schedules. But to learn what your Boston neighborhood has to offer, you’ll have to go do some offline searching.

Even if you feel you are far from buying, and just browsing, I’d love to see you at any of my open houses!

Customize you home search here.

 

photo by: Manu_H
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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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Accepted Offer, Open House and Annoyed Buyers

October 18, 2012 By Leave a Comment
I annoyed many people on Sunday. After an offer was accepted, I went ahead and hosted an open house. Why would I host an open house if I have an accepted offer? Isn’t it a waste of time for me and the prospective buyers?
Before you go huffing and puffing because you came to a condo too late, let me suggest to you this open house wasn’t wasteful for the buyers or the seller.
Why isn’t an open house after an offer was accepted a waste of time for buyers?
First, as a buyer, looking at property is never a waste of time! Every property you see makes you wiser about the market. How can that be bad? Several buyers learned the nature of the market, and the necessity to move quickly on properties. Don’t wait for an open house if you are serious about buying a home.
Not all buyers will like the property. In fact, the overwhelming majority of prospective buyers coming through an open house are not a match to the property. This is true of every open house everywhere. Going to open houses helps buyers shape the criteria list, narrow down the search and become more focused. It is likely you wouldn’t have bought it anyway.
Several times I was asked some version of the question, “What is the purpose of this open house?”
Remember, I work for the seller. It is my job to generate as much interest for her condo as possible. Even if we accepted an offer, who’s to say the buyers and sellers won’t have a falling out. These days, transactions are falling apart and often don’t close. This is why backup offers are commonplace. Another buyer can put an offer on the property, ready to be accepted by the seller, should the previous offer fall through. Between inspection, tight credit, and human indecisiveness, deals are fragile.
Lastly, and most importantly, wouldn’t you rather have a friendly face greet you at the property than a sign on the door that says, “open house canceled?” It was a pleasure greeting every single person who walked through the doors today. That’s what being a real estate agent is all about.
Learn your market, and don’t wait for open houses when you are ready to buy a home. If you want to learn about my listings before they debut on Multiple Listing Service, follow me on twitter @bostonruth or better yet, come join the fun at G+.
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Buying Your First Home This Fall? Your First Three Must-Do Tasks

September 4, 2012 By 2 Comments

Boston real estate agents are making their way back from the Cape getting ready to put up some For Sale signs. The Fall real estate market is here. According to Realtors, it officially begins the day after Labor Day. The general expectation is for a vibrant, busy and tight real estate market in Brookline, Boston and Newton in the coming months.

First time home buyers lead the market, and more them are taking the plunge. Going about it correctly will make the difference between a good or bad investment, a positive or negative experience. If you are considering making this fall market your opportunity to buy, here are your three must-do tasks. Do these three things, and you’ll be well positioned in the busy market.

  1. Hire a buyer’s agent. There are many ways to find an buyer’s agent, and trust me; there are a lot of us. You can ask a friend for a recommendation, meet agents at open houses or call on some advertising. But whatever you do, hire someone after a thorough interview and once you’ve made a genuine connection. It is more important you work with an agent you feel understands your needs and respects your pace, rather than your friends’ recommendation for his cousin’s neighbor’s mom.
  2. Get Pre-Approved! A pre-qualification does not count. Speak with a human mortgage broker (rather than simple online forms), and learn what you need to do to finance a home. Once you speak with a professional and knowledgeable mortgage broker, you’ll be much wiser. Furthermore, having a pre-approval in hand is a solid foundation for making offers. Don’t guess how much you can spend and hope to get everything done later. It doesn’t work.
  3. Prepare for a big change in your life. I’ve worked with many first time home buyers over the past ten years. Buying your first home is a time of great change. And although it is a change for the better, the task can be daunting. Break it down to small pieces. Focus on each stage of the home buying process, such as looking at homes, or inspection. If you’ve done task one and two, the whole process will feel manageable, and you will have a team working with you to make it all happen.

If you are ready to take advantage of low mortgage rates and a rising real estate market, buying your first home can prove a terrific investment. Take a deep breath, and say hello to the Boston real estate.

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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.

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The #1 Deal Killer for Newton and Brookline Houses

July 2, 2012 By Leave a Comment

Last Spring market, which ended roughly a week ago, looked something like this: buyers want to buy, sellers unsure they want to sell, plenty multiple-offer situations and many deals falling apart mid-way to closing. This is the nature of a market with rising prices.

Homeowners, believing prices will rise, stay on the sidelines and don’t feel a need to sell their homes. On the flip side, there are not enough homes on the market to satisfy all the buyers, who are bidding up the prices of homes.

But many of the home sale transactions don’t make it to closing, or at least not without some disappointments and fighting. The dreaded appraisal is the culprit!

The appraisal is a third party evaluation of the home which the bank requires for a mortgage approval. An appraiser comes to the home and compares it to recent sales. In our market, the appraiser has a difficult job because there may not be enough recent sales of similar properties, and the price buyers are willing to pay is higher than it was just a few months ago.

Because of the formulas, regulations and rules the appraisers must follow; their evaluation is often coming short of the offer price, which the buyer and seller already agreed upon. What does this mean? Here’s an example:

Four offers are submitted on a house in Newton, and the best offer was accepted at $800,000. The buyer agrees to pay a 30% down payment, $240,000 and submits a mortgage application for a 70% loan, $560,000.

The appraiser uses the limited recent sales data for similar houses nearby, and comes up with an appraised value of $750,000. The mortgage company will still fund 70% of the appraised value, but now this number dropped to $525,000.

Once of several things may happen next:

  • The buyer may demand the price reduced to the appraised value. Why should he pay more than that?
  • The buyer can make up the difference in cash.
  • The buyer and seller can negotiate a price between the $800,000 and $750,000. The buyer will pay cash for anything over $750,000.
  • The buyer and seller may terminate the agreement, (if there is an appraisal contingency in the agreement, which I’ll discuss in another posting).

Whatever the decision, it is never a romantic time during a real estate transaction process. Both parties are usually upset – buyer fearing he is over paying and dreading the added cash expenditure and seller annoyed she is making less than expected. This is especially disappointing when there were several offers, four buyers is willing to pay more than the appraised value!

Five years ago appraisals were rarely a problem. But are and will continue to be an issue everywhere prices are going up, inventories are low, and buyers are ready, willing and able to buy.

Buyers and sellers must prepare themselves for the appraisal. I’ll discuss that in upcoming posts.

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Stupid Mistakes Home Buyers Make

June 26, 2012 By Leave a Comment

There are many multiple-offer situations these days, especially in Newton and Brighton. I heard of a buyer who put bids on four properties before giving-up and renting. Despite the stories, I still believe the biggest mistakes buyers make are rooted in the fear of losing a property.

Fear based decisions are usually wrong. In buying real estate, fear results in heart ache and overpaying. When a buyer fears losing a home she will offer too much money, overlook important inspection items, or not pay attention to the condominium documents or a building’s financial condition.

A careless broker will allow for this without regard. Even if the initial offer is for a reasonable price, the negotiations will be weak resulting in accommodating the seller excessively. Negotiating can be stressful and emotional, the best time to lose a sense of reality and get overly attached to a property.

Then comes inspection, where expensive issues come up. In fear of losing the property, the buyer will accept the home as it is or under negotiate. For major issues, the buyer should bring in professionals who can quote necessary repairs. A buyer’s agent understanding fiduciary responsibility will encourage this, and encourage the buyer to disregard a disgruntled seller.

A nervous buyer may skim the purchase and sale contract, and not request an explanation of the parts from the attorney. Buyers must not be shy about asking the attorney to take the time to review the pieces of this 7-14 page contract. All remaining contingencies and the buyer’s pre-closing responsibilities are to be thoroughly understood.

Sometime between 24 to 1 hour before the closing there will be a walk-through the property to ensure it was left in broom-clean condition and any inspection issues were properly fixed. If you think this is simply a formality, think again! My own walk-through was a disaster, with the condo left a mess and still needing to have items removed. A few of my buyers found the property in unacceptable condition before closing.

There are ways to deal with this problem, too. Money paid back to buyer or held back in escrow are two options. The buyer has the right to demand seller pay for the property to be vacated and cleaned, regardless of how desirable the property and how many offers competed for it.

So don’t fear losing a property. You’ll be a much better negotiator if you remember this important truth: There will be another home.

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