Utility Lines

I’m sure this is not a situation that is unique to Martha’s Vineyard; it may just happen here more often.  Utility lines.  Who owns them?  You might assume your local utility company NStar or National Grid, and in many cases that will be true.  But, and I know this from personal experience, this may not be the case.  A couple of years ago, the power went out on our street.  Calling NStar revealed that the power coming into our home was provided by NStar but on a line that was privately owned, by us!  A call to a private electrician resulted in a long process (2 days with no running water, power, etc.) of them tracing the line with detectors and then finding the break.  Once the repair was done and we had power on, we had a large(!) bill to contend with - $5500!  It then fell upon us to collect a pro-rata share from our neighbors who are also on this line.  We don’t have a road association and, in the end, most of our neighbors came through with their payment in a timely way.  I contacted NStar to see if they would like to take over the line and the response was - no.  Our line doesn’t feed any areas other than our dead end private road, so no thank you.  The electrician told us to expect more outages as the line, which is now 30 years old, continues to show its age by failing at the deteriorating couplings.  The price to replace the line?  Over $10,000!  What does this have to do with real estate?  Well, if you’re buying a home - ask the question - Are the utility lines that service this property privately owned?  If the answer is yes, then there are more questions to be asked and answered.  How many properties are serviced by this utility line?  How old is the equipment?  Is there a road association that collects money for outages and repairs?  This is one more question to ask an owner when they are offering their property for sale and you are interested in buying it.  Be informed.  

Vacation Home Sales Rise in 2012

Vacation Home Sales Rise in 2012

Secrets of successful home buying and selling.

There are many "secrets" to a successful, stress-reduced and happy real estate deal.  Here are a few that quickly come to mind.  Feel free to share with others.

1.  Put it on the market now!  The election is over, the holidays are now memories and that pent up desire/need in homebuyers in your market is heating up!  Buyers are on-line, reading and making plans to put their buying plans into gear.  Be there in front of them when they're ready, which is now!

2. Prepare your home.  Try to see your home in the eyes of the buyer walking in.  Are they going to buy your home because of the family photos?  No.  Will they notice if the front door latch doesn't work or that tub grout is moldy-looking?  Yes!  They are at the bones of your house and how you've cared for it.  Most people can look beyond "decorator" wall colors (you might consider a coat of paint - it's the cheapest home improvement you can make) and see the bones but how have you cared for your home?  Fix the things you can and have a professional discuss any major items that you should tackle before selling.  Many major improvements do not have a dollar to dollar return on investment, so do those for your own use and enjoyment.  Some improvements do pay back - consider those.  And CLEAN, CLEAN, CLEAN!  That means outside as well.

3. Use a Realtor.  Selling homes is our business, our career.  We have the tools and expertise to get you the best price in the shortest amount of time.  Experience shows that homeowners realize (even after paying a commission) a higher net result from the sale of their home when they used a Realtor.  Additionally, real estate agents work on a contingency basis - they only get paid for their myriad services when they are successful in selling your home.  Think of all the expertise you get and the assistance you get when you hire a professional.

4. Stage and De-clutter.  Rooms look smaller when they are filled to the brim with furniture and decorative items.  Keep it simple is a worthwhile axiom to remember when putting your home on the market for sale.  Piles of books and magazines, too many appliances and kitchen gadgets, refrigerator magnet collections, etc. are all distracting to the eye of the buyer.  If you don't have a good idea about how to "stage" your home, ask your Realtor, a professional stager, or buyer a couple of home decorating magazines and cull ideas from there.  The house needs to look like it could be anyone's home.  Granted, you still need to live there while it's on the market, but once you've done the initial work of staging and de-cluttering, it will be easy enough to maintain.

5. Price is Everything.  You've heard the axiom in real estate - "location, location, location".  Not true,  Location is just one aspect of your property.  The price, however, says it all.  It reflects the location, condition, and the current economic climate.  If it's priced top high, it won't sell.  When pricing your home, consider the true costs involved with continuing to carry those costs over time.  If it costs $4000 per month for your mortgage, heating, cooling, etc. and you've priced your home $50,000 over market, it will take how many months to reach that difference?  Something serious to consider.

6. Know your town.   When buying you need to know your new town's amenities and what you can expect as a return on your investment.  Your real estate professional is one good source, but also check out the local town hall, their website and other, unbiased websites, such as www.city-data.com.  This site offers info on everything from population, median income level, school rankings, etc.  Remember, a return on your investment in real estate is great, but don't forget the use and enjoyment that owning gives to you and your family.  It's one investment that you can sleep in!

7. Use Your Real Estate Pro.  Some of the terms used in real estate can be a bit confusing, so here is the story on representation.  Listing agents represent the sellers of the properties you look at.  Buyer agents represent you, the buyer.  They are responsible to treat your personal information as confidential, to ferret out the information on a property that would persuade you (one way or the other) to purchase, to provide you with comparable sales information on the property you are interested in and more.  Some listing agents can also represent buyers on the same property.  They then must limit the degree of consultation they can offer both you and the seller.  For that reason, many agents stick to one "side" or the other.  Massachusetts law requires that a real estate agent disclose this relationship at your first face-to-face meeting.

8. Surf the Web.  The web has surpassed signs as the number one tool used by buyers to find property.  In some markets (like Martha's Vineyard) for sale signs are not permitted in all areas.  Some neighborhood associations also prohibit them.  Statistics show that fully 93% of all buyers start their property search on the internet.  Most MLS (multiple listing services) offer agents listing syndication, meaning that their listings are posted on various websites that offer real estate listings, such as Zillow, Trulia or Realtor.com.  Most agencies also have their own website that highlights not only their office listings but the listings within their market area.

9. Prioritize your Needs and Shelve the emotion.  Have you watched those real estate shows that feature first time homebuyers and their long list of "must haves"?  They all seem to get a reality check by the end of the show.  How?  By deciding what are truly "must haves" and what are "it would be nice" items.  There are many aspects to purchasing property in addition to the price.  Neighborhood, schools, condition, size, style, etc.  It goes on and on.  If you put too many parameters on your wants/needs, you'll have fewer options to choose from.  Secret: Most agents believe that "buyers are liars".  What does that mean?  You say what you want/need and then buy something totally different!  That would be a reason why your agent shows you properties that don't match your needs/wants.  So shelve the emotion.  That euphoric feeling won't stay around for long if you buy with rose colored glasses on.

10. Breathe!  Your real estate professional is here to make this as pleasant and informative a process as possible.  So, get in the market!