Central MA Real Estate Guide

Blog by Carole Helwig

Sterling, Massachusetts

Information on buying, selling, investing and Living in Central Massachusetts!

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Central MA Real Estate Guide

Perfection......a fleeting state of being

Feb. 5, 2008

Categorized in: market conditions

Tagged with: house hunting, low prices, market conditions, perfect house

Perfection.

If this past Sunday taught us one thing, it is that perfection is a fleeting state of being. One minor (or major) blip makes perfection a thing of the past. While perfection lasts, it sets you up for a huge fall. And the fall does eventually come. Just ask Tom or Bill, or any member of the team. It was a pretty sickening feeling for me as a fan/spectator. I won't even try to fathom what is was like for the team, coach, or owners.

Perfection does set a high standard in any other walk of life ... spouse, job, house. The feeling of euphoria is short lived, and is over in a blink of an eye when it eventually becomes flawed.

At least with a house, you can cosmetically enhance it so it becomes your idea of perfection. Change the paint, carpet, move some walls, add new cabinets, etc. The prices seen today are allowing more and more consumers to envision a feeling of perfection because they can use more of their hard-saved cash for improvements that previously would have had to be used for a down payment. What a great feeling.

My lender friends are telling me that January saw a higher than usual request for pre-approval letters. That indicates that more purchases will be made, and in a typical spring market that begins to happen after the Super Bowl. And let's face it, New England fans are working hard to overcome the sense of loss we have all experienced and with no more football, house hunting will be filling in those Sunday afternoon gaps.

One question that continues to be asked is "When will it bottom out?" The answer is only truly known once the upswing has begun. Many end up loosing out on the "bottom" because they waited for the billboard to tell them "The bottom is here"! It doesn't happen that way, so get pre-approved, begin seeing some houses and getting educated to market conditions, and you will feel more confident in the great deals that are out there and won't be scratchin your head when the upswing has begun.

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It's a Patriots free weekend

Jan. 25, 2008

Categorized in: market conditions

Tagged with: buyers representative, house hunting, houses, low mortgage rates, real estate

This is a football free weekend......leaving Patriots' fans all over the nation sitting on pins and needles. The anticipation will leave many anxious and at loose ends.

One way to quell that nervousness is by getting out to look at houses. If you are even THINKING about the prospect of buying a home, whether it be as an investor or a primary residence, the drop in interest rates and prices makes this a prime time to be shopping. There has been an increase in properties going under contract in the past month. Many of those are seeing multiple offers.

There are a few things you must do before getting out "in the market" to be prepared.

First and foremost, meet with a lender you know and trust and get pre-approved. If you are considering putting an offer on a property (and you never know when you "know" you are in the "right" house), a pre-approval is essential to accompany the offer. In today's market, most agents or sellers won't even consider an offer that does not have a pre-approval to review at the same time. If you are in a multiple offer situation, this can make the difference between having your offer considered with the others, or not.
Secondly, find a Realtor® who will represent your best interests. If you are reading this thinking, "I don't know any Realtors®", the best place to start is by talking to anyone you know who owns a house. Ask about their experience with the Realtor®, and get referrals. When you speak to the agent, find out if the agent is either an Accredited Buyer's Representative (ABR®) or Certified Buyer's Representative (CBR®). Agents with either of these designations have taken courses and have been trained extensively in buyer representation to earn these designations. A good buyer's agent will conduct an initial consultation with you to find out more about you, your expectations and what you are looking for, as well as spend time with you explaining the process of buying a home. You wouldn't expect a doctor to perform surgery without first spending time with you to find out what's wrong, correct? Be wary of the agent who is willing to put you in the car to view houses as soon as they hang up the phone with you and before this important first step has been completed. Furthermore, remember...the seller is being represented by their agent. It is vitally important that you have your own representation.
It's also helpful to find out if the agent you are meeting with is an ACRE (Accredited Consultant in Real Estate). This is a relatively new designation and so there are not many out there. Again, agents with this designation have spent time in extensive training to work as a consultant with their clients. Just as you would have a lawyer advise you on legal issues, and a CPA work as a tax consultant, a real estate consultant is truly working in your best interest. You can find out more about this topic on my website at and click on the ACRE icon on the top right.