Straight talk about Real Estate from Judy Moses, queen of no nonsense, tell it like it is, advice that you will really use when making the biggest purchase of your life.
With all the media buzz over the mortgage industry shake down, many consumers wonder whether now is a good time to buy real estate
Of course, no one can predict the future. What we can do, however, is evaluate our individual needs and motivations, study the factors and trends in the market, and then make a wise decision – one that is good for us as individuals.
First…What other investment gives you a tax write off and a roof over your head? What other investment allows you to gather with family and friends and create memories? Real estate is not only an investment vehicle, it is shelter and it is home.
If you are looking to buy real estate for the short term – less than three to five years- there is always a greater risk. The longer you own a property, the more immune you will be to changes in the market. In addition, there are acquisition and selling costs involved with property. We need the appreciation we build over time to buffer these additional costs. For those who buy and hold, real estate has proven to be a wonderful investment.
Each market is different. What is happening in the market that interests you? How much inventory is on the market compared to a year ago? Are there more or less homes for sale? Don’t judge by ‘For Sale’ signs. You need hard data. How many properties sold this year compared to last year? What is the ratio of sales price compared to the list price? How does it compare to the sales a year earlier? How long are homes on market?
An experienced Realtor can help you sift through the data to learn about your market. When you locate a property, the Realtor will also prepare a ‘CMA’ or Comparative Market Analysis for you. This report will reflect the selling prices of similar properties that closed in the past 6 months. Together with your Realtor, you can then prepare a negotiating strategy and determine an offering price.
So, don’t let the media deter you! This can be a great time to buy. Simply make wise decisions for you, based on the facts of your marketplace and your individual needs.
Judy had 2 Brookline properties close yesterday so I thought I'd share the sale information.Plus, she has a gorgeous new listing in Jamaica Plain, pondside, totally renovated. It's a 3 bedroom condo for $519,000. Tell any family or friends who might be interested and watch the YouTube video below. Visit PathwayHome.com for more information or email Judy.
I thought I'd share the video of Judy's newest listing in Newton Highlands. It's a 2 bedroom condo in move-in condition. Lots of good stuff like central air and garage parking, plus it's just a stone's throw (I'm not exaggerating) to the Newton Highlands T, shops, restaurants. It's a truly great location.
Judy has compiled some tips for getting your home ready to market for sale. If you would like more information, please call Judy at 617 734 6188 or send an email to JudyMoses@JudyMoses.com.
Preparing Your Home for Sale….So It Sells! (Part One)
Preparing the Interior of Your Home for Sale
A common dilemma that prospective sellers often face is how much or little to do to make their home ‘market ready’.
It is important to remember that you never get a second chance to make a good first impression. So, the day your home hits the market, it must show at its best. Here are some guidelines that hopefully will help you through the process to a successful sale.
Step One: Pack early....because you will be moving! I suggest moving room to room and creating three categories: items you will give away, those you will throw away, and those you can sell. Next, set about disposing of each of these categories: maybe you donate items to a local charity, post others on Craig’s list or ebay, and dump the rest.
Step Two: Evaluate what is left and minimize! Do you have loads of books? Family photos galore? Or a beautiful porcelain collection? I suggest you pack these early. First off, you don’t want to jeopardize the safety of your cherished possessions. People may touch….or break…your things. Remove the temptation and make it a non issue. Also, buyers must be able to mentally move into your home before they will make an offer. When you weed out your personal items, you neutralize the property so buyers can imagine themselves in the home.
Step Three: Make sure everything is in working order. Now that you have removed most of the clutter, you should be able to make a good visual inspection of the property.
Is the paint cracked, peeling, dirty or discolored? Clean and/or repaint. Are all windows and storms in good repair and operating properly? Are all sash cords working? Do all doors open and close correctly and easily-including closet doors? Is all your plumbing operating correctly? There should be no leaky faucets or slow drains. I also recommend that you service your heating and air conditioning system-including changing filters. In addition, all your appliances should be in working order. If you have an element on your stove that is slow or broken, fix it.
A general handy man should be able to tackle most of these projects. It will be money well spent. When items are in poor repair or broken, buyers assume that the property has not been maintained. This could inhibit them from making an offer on your property. Or, they may make a very low offer, because they may guess that the situation is more serious than it is and overestimate the cost of repair.
Step Four: Organize all your storage areas. Buyers do open closets, kitchen cabinets, and medicine chests. They look in basements and attics. These areas should be neat and roomy. You want the appearance of ample storage. Overcrowding of items makes even the largest storage area appear inadequate. If you still have too many items, rent a storage area off site and move your boxes there.
A good Realtor should be able to guide you and connect you with service professionals to help you through this process.
This featured listing is a 2 bedroom, 2 bath condo at Newfield Woods in West Roxbury, right on the Chestnut Hill line. It has been meticulously maintained, has garage parking and an elevator for added convenience! Really pretty setting with easy access to shopping, restaurants, Medical area, Boston and major highways.
T'is the season! Judy is collecting donations for the Brookline Food Pantry
Dec. 3, 2007
Hi everyone
Judy will be out and about on December 17th picking up donations for the Brookline Food Pantry. If you have any non perishable, unopened (and not expired -check those dates!) food items, send an email to Judy or call the office at 617.734.6188.
George from the Brookline Food Pantry tells us that personal items are VERY popular. Things like toothbrushes, toothpaste, lotions, etc are very welcome.
If you would like to make a donation, Judy will gladly pick it up at your house and deliver it to the food pantry.
It takes a village....You need a Realtor and a team of professionals when buying a home
Nov. 26, 2007
The home buying process can be either a smooth sail to your promised land or the Poseidon Adventure. The route it takes depends on the team of professionals you enlist to help you navigate your course.
Your dream team ideally will contain 5-7 housing professionals: A real estate agent, an attorney, a mortgage lender, a home inspector, a pest inspector, possibly a lead paint inspector and an insurance agent. With these key people in place, you should have your needs covered.
I recommend you recruit a Realtor to begin building out your team. I suggest you begin by asking for referrals. Have any of your family, friends or coworkers recently purchased a home? Did they use an agent? Were they happy with the service they received? I recommend you look specifically for a Realtor, and not simply a real estate agent. Agents are required to pass the state licensing exam, operate within the state laws and pay the state license fees. Realtors do all that and more: they must adhere to their own code of ethics, over and above the state requirements.
Once you have the name of a Realtor, I suggest you set up a preliminary meeting.
During this meeting, you will learn more about the agent and the home buying process. Hopefully, after the meeting, you will be able to determine whether this individual is one whom you can trust to help you achieve your home ownership dreams.
Some factors that you may want to consider: how long has the Realtor been in business? A more experienced Realtor will be unflappable if an issue arises during the process. Issues always arise; it comes down to getting them solved, and getting you moved!
Will the Realtor provide you with references? Is the Realtor trained to represent you as a Buyer's Agent? If so, the agent should have earned one of the following educational designations: 'ABR' - Accredited Buyer Representative or 'CBR' - Certified Buyer Representative. How will the agent assist you in the process? How will the agent be paid for her services? Typically, the seller will pay the agent from the proceeds of the sale, so you will not incur out of pocket expenses for your Agency representation.
Before you even begin looking at properties, a seasoned Realtor will suggest that you speak with a mortgage lender. The Realtors know that savvy homeowners will require a prequalification or preapproval letter from a lender before they accept any offer and remove their property from the open market. So, it pays to get this out of the way before you start your search. An added benefit is that the mortgage representative has access to the most recent rates and closing costs, and can translate this to a monthly housing cost for you. I suggest you ask the Realtor for recommendations of reputable, experienced mortgage representatives who offers competitive rates.
In order for any documents regarding real estate to be legally binding in Massachusetts, they must be in writing. Thus, it is a good idea to have an attorney selected in advance to help manage and explain the contracts. It is important that you select an attorney who specializes in real estate. Your lender will be using an attorney to handle the closing. You may choose to use this same attorney to help you with the Offer to Purchase Real Estate and the Purchase and Sales Agreement. Again, your Realtor can make a recommendation based on the attorneys that are approved by your lender.
If you use a Buyer's Agent (and I recommend that you do), the agent can give you the names of home inspectors once you identify a property. Agents who represent the seller can not recommend home inspectors to you. You may also want to ask for recommendations from friends who have recently purchased homes.
These inspectors must be members of licensed. Be sure you know how they charge (by the job or the hour?) and when and how you can expect to receive their written report. You may want the inspector to place radon canisters in the property to test for the presence of radon as well. It is an additional cost, but one well spent.
It is a good idea to schedule a pest inspection during the time the home inspection is in progress. You should hire a licensed pest inspector. Again, referrals are the way to go. Usually, if termites occur within a year of the inspection, the company will treat your property free of charge. .
If you are concerned about the presence of lead based paints (you are purchasing a home built before 1978, you have a child under 6, or you are purchasing rental property), you should enlist the services of a licensed lead inspector.
Before the closing, the lender will require that you produce an insurance binder, so you will need to connect with an insurance agent. Again, ask for referrals. If you are purchasing a condominium, I recommend you use the company that carries the master insurance policy. That company will know where the condominium policy coverage ends and where your personal policy needs to begin coverage. For example, in the event of a fire, who must replace the inside walls: the unit owner or the condominium association?
If you assemble this team of experienced professionals based on referrals from family, friends and your Realtor, you will be well on your way to making home ownership a reality!
Have you ever longed to own a home in one of your favorite getaway destinations?
Maybe now is a good time to make your dream a reality. The recent moderation in the real estate market has made prices more affordable, and interest rates are still historically low.
Indeed, more people than ever before are buying second homes or investment properties. However, before you take the plunge, let me give you some suggestions to guide your decisions.
Consider your hobbies. Do you enjoy skiing? Maybe a mountain resort is for you. Do you prefer boating or swimming? Maybe a home near a lake or the sea would be more appropriate.
Consider distance. How far are you willing to travel to your second home? An hour? Three hours? Do you want to be able to drive, or are you willing to fly?
Consider the expense of traveling to the property. This will increase the cost of ownership for you, and may limit your ability or desire to visit regularly.
How frequently would you like to use the property? Would you like to visit every weekend, monthly, quarterly, or spend an entire season?
Remember to factor in other costs of ownership: furnishings, maintenance, utilities, taxes and insurance.
Do you prefer the privacy of a single family residence, the income possibilities of a multi family, or the reduced maintenance of a condominium?
Be realistic about your current life style and commitments. Will you use the property often enough to benefit from the investment?
Would you consider renting the property to offset some of the expenses of ownership?
If you would consider renting the property, you may want to explore buying an 'investment' property rather than a second home. Tax codes permit you to spend a certain number of days per year enjoying the property during your 'inspection' of its condition. If the limited personal use is acceptable to you, I suggest you speak with your accountant. There are tax benefits from investment property, such as depreciation expenses, which you can write off against the income received. It may be an excellent way for you to diversify your financial portfolio.
If investment property appeals to you, you need to evaluate whether you will manage the rentals and upkeep yourself or hire a property management firm.
Of course, outsourcing increases your ownership costs and decreases your income.
However, the added peace of mind may far outweigh the expense.
For more information about investment properties, I recommend you read Rich Dad, Poor Dad by Robert Kiyosaki. Mr. Kiyosaki suggests that we cannot accumulate great wealth by work alone. Instead, we must save and make our money work for us. He suggests that investing in real estate is an excellent way to accumulate assets that create a stream of income for us into the future- our mail box money!
Whether it is a vacation or an investment property that intrigues you, a licensed Realtor can help you determine your priorities and evaluate the many opportunities available to you in today's market.
On Saturday, November 3rd, I will participate in the Boston walk for Lung Cancer at scenic Castle Island in South Boston. A former client of mine is a lung cancer survivor. She organized the Boston walk.
I am walking in memory of my friend, Myrna Scwartz, who suffered from the disease. She was a well known realtor in Brookline.
I would love your support for this cause. Did you know that lung cancer is the number one cancer killer in America?
Send us a picture of your kids or your pets in their Halloween costumes. Winners will receive prizes! Email JudyMoses@JudyMoses.com. Write Halloween Costume Contest in the subject line.
Entries are due by November 3rd. Winners will be chosen on November 7th.
You'll find Judy's shoot-from-the- hip, tell-it-like-it-is approach to real estate is refreshing. Plus, she's been in the business for 20 years and has been through the 'cycles' before. Her talk is backed up by years of experience.
When you make a decision to buy a property, whether it is a primary home, a vacation home, or an investment property…does the real estate agent represent you in the transaction?
Agents do not automatically represent consumers who call them to see property. The agents do, however, have an obligation by Federal and State Law to review the options of representation available to you at your first meeting to discuss a particular property.
If you visit an open house, you will see a sign prominently displayed to inform you that the agent represents the seller, not you. You are considered the 'customer'. The seller is the 'client'. The agent must be honest to you, and disclose any known, material defects of the property. However, the agent's fiduciary duties rest with the seller.
What are fiduciary duties? They are the same obligations that attorneys owe their clients. If you choose to have an agent represent you, that agent owes you the duties of obedience to lawful instruction, undivided loyalty, disclosure of material defects, confidentiality, full accounting for funds and reasonable care. Your interests become paramount to the agent. The fiduciary responsibility remains after the transaction ends - after you have found a property.
What does this mean to you, and how do you choose the form of representation that suits you? That will be clear as we discuss your agency options in MA real estate.
When you meet a real estate agent, the agent should give you a form that describes agency representation available to you. The agent should discuss the options so you can make an informed decision.
You can choose to be unrepresented. That means you are considered a customer, and the agent's only responsibility is to be honest and disclose any known defects of the property. If the agent is the listing agent, then the agent represents the seller. The agent can not help you negotiate against the seller, her client, so…keep your cards folded! Nothing is confidential. Actually, the agent has an obligation to tell the seller anything she knows that could help her client negotiate against you.
If the agent is 'showing you around' and does not represent a seller, the agent still does not represent you. The agent is simply considered a 'facilitator' -she represents neither party. She must present properties honestly and accurately but, she can't assist either party in the negotiations.
You can choose to have an agent represent you as a client. The agent will owe you the fiduciary responsibilities mentioned above. When you find a property, the agent will prepare a market analysis and provide you with information to help you determine a negotiating strategy. Since the agent represents you, the agent's purpose is to help negotiate the best price and terms for you.
If your buyer's agent works for the firm that holds the listing you are buying - that agents is your designated agent. This means that the firm has designated another agent to represent the seller. There are two clients in one firm - each represented by an agent in the firm.
If your buyer agent also holds the listing you want to buy, the agent becomes a dual agent - she represents both clients in the transaction. In this position, the agent cannot fully satisfy all fiduciary obligations. For example, the agent can't help the parties negotiate against each other.
If you are in a designated or dual agency situation, you will be informed in writing by the agent involved.
At Pathway Home Realty Group, Inc., we act as 'single' agents. We represent both buyers and sellers, but never in the same transaction. We never act as designated or dual agents. Our clients receive 100% representation, all the time. Instead of being represented by only one agent, all agents in the firm represent our clients.
We have chosen this path because it gives our clients the benefits of all our knowledge and it ensures confidentiality. An agent will never inadvertently disclose confidential information about a client that will later be used against her in a negotiation(for example, that a client has a job transfer or divorce and MUST sell her home.)
At Pathway Home Realty Group, we know it's your move. Call us to receive the representation you deserve!
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