Monday, April 15, 2013
Sunday, April 7, 2013
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!
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!
Sunday, March 24, 2013
17 Ways to Increase Your Home's Curb Appeal
The folks at Houzz keep up the good advice. Whether you're selling your home or just want some quick spring pick-me-ups for your house, try one or all(!) of these suggestions:
1. Add big, bold house numbers. It's so easy to swap out house numbers, and this one thing can make a huge impact. Echo your house style in the numbers you choose - a clean sans serif font for a modern house, hand-painted tiles for a cottage, aged copper for a Mission-style home, etc.
2. Paint the front door. A front door that pops can be hugely cheering. And it doesn't take too much time to do!
3. Add fresh porch furniture. A pair of matching rockers, Adirondack chairs or a cozy glider is a must when you have a front porch that is visible from the street. Try some zinc planters and seasonal flowers and greenery.
4. Swap out porch lighting. Try replacing tiny sconces with a big, statement-making pendant light, add recessed lighting beneath the eaves or install solar lights along the front walk.
5. Add a hot-red accent. Red has such vibrancy; a little goes a very long way. Try a bright red bench, planter or mailbox to add zing that can be seen from across the street.
6. Do some hardscaping. Built-in concrete planters, a low stone wall or new paths are all great ways to add structure to your front yard that will last for many years to come.
7. Spruce up the side yard. Camouflage an eyesore with attractive fencing, clear out weeds and lay out a neat path to the back yard.
8. Add depth with a fence. A low fence around a property (or a portion of the front yard) not only adds a welcome boundary between the street and private space, it also makes the front yard seem larger.
9. Replace a lawn with flowers. Dig up part or all of your front lawn and plant perennials instead for a lush landscape that sets your house apart. (Requires less work, too!).
10. Repair the driveway and paths. Cement, stone and pavement all can split and crack over time. Repairing or replacing damaged areas can do wonders to freshen up your home's street view.
11. Paint the garage door. The garage takes up a lot of visual space, so it pays to make sure it looks its best.
12. Refinish the porch floor. If your porch floor has seen better days, renew it by stripping off old layers of paint and finish, and brushing on stain or paint.
13. Add a shiny new door knocker. Gorgeous hardware (plus a glossy paint job) can make even the plainest door look very classy.
14. Try a unique front door. A really eye-catching front door can be just the thing to give a plain exterior a big dose of personality. Whether it's super-sleek and modern steel or a beautifully detailed Mission-style door, it can set the tone for the entire house.
15. Matching plantings to your house style. Let the plants and pots you choose reflect the style of your house for a cohesive look. Accent a modern home with succulents and spiky-leafed plants in simple round pots, or surround your cottage with lush beds of flowers.
16. Echo the architecture with paths. Another way to accent the style of your home is by repeating the lines of the architecture in the paths and landscaping surrounding it.
17. Create curb appeal when you only have a curb. When you have no front lawn, it can be hard to personalize your home's exterior. Work with what you have by adding neat window planters, glossy shutters, good lighting and clearly visible house numbers.
1. Add big, bold house numbers. It's so easy to swap out house numbers, and this one thing can make a huge impact. Echo your house style in the numbers you choose - a clean sans serif font for a modern house, hand-painted tiles for a cottage, aged copper for a Mission-style home, etc.
2. Paint the front door. A front door that pops can be hugely cheering. And it doesn't take too much time to do!
3. Add fresh porch furniture. A pair of matching rockers, Adirondack chairs or a cozy glider is a must when you have a front porch that is visible from the street. Try some zinc planters and seasonal flowers and greenery.
4. Swap out porch lighting. Try replacing tiny sconces with a big, statement-making pendant light, add recessed lighting beneath the eaves or install solar lights along the front walk.
5. Add a hot-red accent. Red has such vibrancy; a little goes a very long way. Try a bright red bench, planter or mailbox to add zing that can be seen from across the street.
6. Do some hardscaping. Built-in concrete planters, a low stone wall or new paths are all great ways to add structure to your front yard that will last for many years to come.
7. Spruce up the side yard. Camouflage an eyesore with attractive fencing, clear out weeds and lay out a neat path to the back yard.
8. Add depth with a fence. A low fence around a property (or a portion of the front yard) not only adds a welcome boundary between the street and private space, it also makes the front yard seem larger.
9. Replace a lawn with flowers. Dig up part or all of your front lawn and plant perennials instead for a lush landscape that sets your house apart. (Requires less work, too!).
10. Repair the driveway and paths. Cement, stone and pavement all can split and crack over time. Repairing or replacing damaged areas can do wonders to freshen up your home's street view.
11. Paint the garage door. The garage takes up a lot of visual space, so it pays to make sure it looks its best.
12. Refinish the porch floor. If your porch floor has seen better days, renew it by stripping off old layers of paint and finish, and brushing on stain or paint.
13. Add a shiny new door knocker. Gorgeous hardware (plus a glossy paint job) can make even the plainest door look very classy.
14. Try a unique front door. A really eye-catching front door can be just the thing to give a plain exterior a big dose of personality. Whether it's super-sleek and modern steel or a beautifully detailed Mission-style door, it can set the tone for the entire house.
15. Matching plantings to your house style. Let the plants and pots you choose reflect the style of your house for a cohesive look. Accent a modern home with succulents and spiky-leafed plants in simple round pots, or surround your cottage with lush beds of flowers.
16. Echo the architecture with paths. Another way to accent the style of your home is by repeating the lines of the architecture in the paths and landscaping surrounding it.
17. Create curb appeal when you only have a curb. When you have no front lawn, it can be hard to personalize your home's exterior. Work with what you have by adding neat window planters, glossy shutters, good lighting and clearly visible house numbers.
Wednesday, March 6, 2013
January Sales Show Price Increases and Foreclosures Fall in MA
Massachusetts foreclosure activity slowed significantly in January, another positive indicator for the state's housing market, according to data released Tuesday.
During the month (January), 292 homeowners lost their properties to foreclosure, a 63% decrease compared with January 2012 and the lower number since 2006, according to Warren Group, a Boston company that tracks local real estate.
Foreclosure petitions, the first step in the property-seizue process, fell to 940 in January, almost 30% less than during the same month in 2012, Warren Group reported.
The decline comes amid other signs of strength in the Massachusetts housing market, including increased sales and increasing home values.
"The housing market has greatly improved,: said Timothy M. Warren Jr., chief executive of Warren Group.
January's better numbers follow mixed data from last year, skewed because of a national slowdown in foreclosures prompted by scrutiny over so-called robo-signing and other issues involving lenders' loan practices.
The number of completed foreclosures declined almost 13% in 2012, compared with 2011, but the number of foreclosures started increased by more than 35% year-to-year, Warren Group said.
Paul Willen, senior economist for the Federal Reserve Bank of Boston, said that he expects foreclosure numbers to continue to go down throughout the year, but not at a rapid rate.
While that's news, he said, the number of foreclosures is still historically high. "This is still a pretty elevated number," Willen said.
The Massachusetts data coincide with national statistics that show the country's foreclosure epidemic is waning.
Across the United States, there were 61,000 foreclosures in January 17.8% fewer than during the same month in 2012, according to the most recent data from CoreLogic, a California company.
"The backlog of distressed assets continues to fade as the foreclosure inventory has fallen to a leven not seen since mid-2009," said CoreLogic's chief economist, Mark Fleming.
"The improvement is wide-spread."
- Jenifer B. McKim of the Boston Globe
US home prices surge in January
US home prices jumped in January, a sign the housing market is gaining momentum as it nears the spring selling season.
Home prices rose 9.7% in January from a year ago, according to data released Tuesday by CoreLogic. That's up from an 8.3% increase in December and the biggest annual gain since April 2006.
Prices rose in all states except Delaware and Illinois. And prices increased in 92 of the 100 largest metro areas, up from 87 in December.
Home prices also rose 0.7 percent in January from December. That's a solid increase given that sales usually slow over the winter months.
Rising demand, combined with fewer available homes, is pushing up prices. Sales of previously owned homes ticked up in January after rising to their highest level in 5 years in 2012, according to the National Association of Realtors. At the same time, inventories of homes for sale fell to a 13-year low.
Nationwide, home values were still down more than 26% from their peak in April 2006 through January, CoreLogic said. But in some states prices have recovered a lot of lost ground.
There have been other recent signs that the housing market is going strong. A measure of the number of Americans who signed contracts to buy homes rose in January from December to the highest level in more than 2.5 years. That suggests sales of previously occupied homes will keep rising in the coming months.
Steady increases in prices help fuel the housing recovery. They encourage some homeowenrs to sell homes and entice some would-be buyers to purchase homes before prices rise further.
- Associated Press
During the month (January), 292 homeowners lost their properties to foreclosure, a 63% decrease compared with January 2012 and the lower number since 2006, according to Warren Group, a Boston company that tracks local real estate.
Foreclosure petitions, the first step in the property-seizue process, fell to 940 in January, almost 30% less than during the same month in 2012, Warren Group reported.
The decline comes amid other signs of strength in the Massachusetts housing market, including increased sales and increasing home values.
"The housing market has greatly improved,: said Timothy M. Warren Jr., chief executive of Warren Group.
January's better numbers follow mixed data from last year, skewed because of a national slowdown in foreclosures prompted by scrutiny over so-called robo-signing and other issues involving lenders' loan practices.
The number of completed foreclosures declined almost 13% in 2012, compared with 2011, but the number of foreclosures started increased by more than 35% year-to-year, Warren Group said.
Paul Willen, senior economist for the Federal Reserve Bank of Boston, said that he expects foreclosure numbers to continue to go down throughout the year, but not at a rapid rate.
While that's news, he said, the number of foreclosures is still historically high. "This is still a pretty elevated number," Willen said.
The Massachusetts data coincide with national statistics that show the country's foreclosure epidemic is waning.
Across the United States, there were 61,000 foreclosures in January 17.8% fewer than during the same month in 2012, according to the most recent data from CoreLogic, a California company.
"The backlog of distressed assets continues to fade as the foreclosure inventory has fallen to a leven not seen since mid-2009," said CoreLogic's chief economist, Mark Fleming.
"The improvement is wide-spread."
- Jenifer B. McKim of the Boston Globe
US home prices surge in January
US home prices jumped in January, a sign the housing market is gaining momentum as it nears the spring selling season.
Home prices rose 9.7% in January from a year ago, according to data released Tuesday by CoreLogic. That's up from an 8.3% increase in December and the biggest annual gain since April 2006.
Prices rose in all states except Delaware and Illinois. And prices increased in 92 of the 100 largest metro areas, up from 87 in December.
Home prices also rose 0.7 percent in January from December. That's a solid increase given that sales usually slow over the winter months.
Rising demand, combined with fewer available homes, is pushing up prices. Sales of previously owned homes ticked up in January after rising to their highest level in 5 years in 2012, according to the National Association of Realtors. At the same time, inventories of homes for sale fell to a 13-year low.
Nationwide, home values were still down more than 26% from their peak in April 2006 through January, CoreLogic said. But in some states prices have recovered a lot of lost ground.
There have been other recent signs that the housing market is going strong. A measure of the number of Americans who signed contracts to buy homes rose in January from December to the highest level in more than 2.5 years. That suggests sales of previously occupied homes will keep rising in the coming months.
Steady increases in prices help fuel the housing recovery. They encourage some homeowenrs to sell homes and entice some would-be buyers to purchase homes before prices rise further.
- Associated Press
Monday, February 18, 2013
Buyer Activity Continues to be Strong as January Pending Home Sales up Again
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Sunday, February 3, 2013
The Academics Look at Environmental Concerns in Real Estate
If you would like a copy of the Environmental Checklist, please contact me. This article is published with the permission of my brother, Lawrence B. Cahoon, PhD, the co-author of this article.
Thursday, December 13, 2012
What's happening with Island Real Estate
In the past 7 days - here's what's happened in Island Real Estate.
7 Properties came on the market For Sale with an average Asking price of $84,143, and a Median price of $695,000.
This condo unit at Quail Run is just one of the properties. $319,000
9 Properties had Price Reductions. Average price (asking) was $1,382,222 with a Median price (again asking) of $990,000. Average Days on Market - 371. This Home in Oak Bluffs is an example. New asking price = $839,000.
7 Properties came on the market For Sale with an average Asking price of $84,143, and a Median price of $695,000.
This condo unit at Quail Run is just one of the properties. $319,000
9 Properties had Price Reductions. Average price (asking) was $1,382,222 with a Median price (again asking) of $990,000. Average Days on Market - 371. This Home in Oak Bluffs is an example. New asking price = $839,000.
7 Properties went Under Contract this week. $955,425 was the average price (Asking) and $595,000 was the Median (Asking). Average Days on Market - 327. This Unit at the popular Mattakesett condos in Katama is one of the properties.
6 properties Sold this past week. An average sale price of $1,817.500 and a Median Selling Price of $1,575,000. Average Days on Market = 678. This Vineyard Haven bargain was one of them. Asking $349,200 - sold for $250,000.
All of us at Homes on Martha's Vineyard wish you and yours a Happy Holiday Season!
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