A Warm Holiday Greeting and Happy New Year

It’s hardly believable that we are at the cusp of yet another year – and it’s almost 2014! With a fantastic year behind us, we look ahead toward a great future in the coming months. I can’t tell you how much of a pleasure it has been serving our community members with the expert advice, one-on-one care and guidance with real estate endeavors in our communities.

Here’s a warm, resounding “Thank you!” to all our current and past clients. We believe you are more than just clients; you’re our friends and neighbors. We cherish that special relationship we have with each and every one of you.

Whether you have engaged in the purchase of a new home, sold a property or just needed advice and counsel on your real estate transactions – we have enjoyed being a part of the journey with you.

Once again, thank you for trusting us with one of the most important aspects of your life and we wish you a warm, wonderful holiday season – with many happy times to come in the New Year and beyond!

How Far in Advance Should You List?

Thank you for watching my video blog! The buying and selling process can be overwhelming; when should you buy vs. when should you list? A lot of my clients buy new construction and they want to know when they should list their home.

Typically when a home is being built it takes about 2-6 months to complete. In order to give yourself enough time to sell your current home, I suggest listing four months prior to the anticipated close date.

Why four months?

In our market, on average sellers find a buyer within 70-90 days. From there, the closing process is another 4-6 weeks. That's about a total period of 120 days from listing to close.

This should give you a synchronized time with when it is time for you to move into your brand new home!

If you have any questions, please give me a call at 978.256.3306

9 Reasons To Sell During the Holidays

Welcome back. The holiday season is here and every year I get asked whether it is a good time to list. The answer is yes! In fact I have reasons you should sell now.

1. Buyers are more serious - If a buyer is taking the time out of their busy holiday celebration schedule, you know they are ready to commit.
2. There is less competition - There are fewer homes on the market, which makes your home more valuable. 
3. Homes show better during the holidays - Who doesn’t love seeing a home decorated in lights and wreaths? 
4. Buyers are more emotional - The holidays always add some emotion to a buyer’s decision. This means buyers are more likely to offer your list price.
5. Buyers have more time off to look at homes.
6. Some buyers need to purchase before the end of the year for tax benefits.
7. Most people who are relocating start their jobs in January - That means they are looking for homes now!
8. You can restrict your showings - You might be worried that buyers will want to come see your home when you have holiday plans or company coming over. Don’t worry; we can restrict showings and make your home unavailable on the days that don’t work for you. 
9. By selling now, you will be a non-contingent buyer in the spring - You can sell high and buy low.

There are a ton of reasons why you should put your home on the market now. If you have any questions, please give me a call.

Thanks for watching and have a great Thanksgiving!

How to Find a Home After Selling Your Own Home

Welcome back! When you sell your home quickly, it’s exciting! What if you don’t have a new home bought yet, though?

I get asked about this all the time. Don’t worry; we have a way to set your mind at ease. When you put your home on the market, price it to sell. You want to get multiple offers on your property. When this happens you can negotiate with a buyer who will let you stay in your home until you purchase another.

This way your home doesn’t sit on the market for a long period of time and you aren’t rushed to find a new home.

If you have any other real estate questions, please call me at 978.256.330. I’d love to help!

Why Isn’t Your Home Selling?

It can be very frustrating when your home doesn’t sell. Why is it just sitting on the market?

I have a list of four common mistakes people make when tying to sell their home.

1. Overpricing - Pricing correctly is crucial when it comes to selling your home. If you overprice, buyers will completely disregard your home. The longer it sits on the market, the more buyers think there is something wrong with it.
2. Accessibility - Don’t make it hard for your buyer to come view your property. If they have to keep rearranging the appointment, they will give up on and move on to a different home.
3. Privacy - Buyers don’t want the seller to be present while they are looking at the property. They don’t feel fully comfortable.
4. Staging and ‘declutter’ - Did you know that 90 percent of buyers start their search online? That’s why you need good photographs of a clean, spacious home to entice buyers to come view your home.

These are you just a few of the common mistakes people make when trying to sell their home. If you have any questions about your home specifically, give me a call! I’d love to help!

Thanks for watching!

Challenges the Elderly Face Transitioning in the Greater Lowell Area

When an elderly relative moves into a smaller home, it can be a very emotional process. Throughout the years memories and possessions have been collected. At RE/MAX we have a specific division dedicated to helping at times like this.

Together an individual from the team and the family can go through what can be donated, sold and moved to the next home.

If you have any questions, please give me call. We understand the importance of situation. We’d love to help!

Staging Your Home in Greater Lowell

Thanks for watching my video blog!

I want to address an issue that comes up all the time with my clients. People always ask what they should do to improve their home before putting it on the market.  That’s a great question.

Anytime you’re selling your home, you want to make sure it’s clean and you have it staged. Your home is going to be competing with lots of other properties; you really want to enhance your home by giving the best presentation possible.

We get asked what can be done to increase the value of a home. Painting is an inexpensive way to get a return on your dollar.

It’s also important to know your financial situation. If you’re equity is just about even and very low on cash, at the very minimum you want the home to be very clean.

If you do have equity and want to elevate your position in the market, you can take it to the next level: you can get a home inspection. You always want to make sure the most important elements of your home are taken care of. If you can afford to upgrade those elements that are damaged and outdated, you can really save yourself from having a buyer try to negotiate down.

If you have any further questions regarding what you need to do to get your home ready to sell, please give me a call. I’d love to help! Thanks for watching!

Lower Inventory Levels Prompt Many Sellers In Waiting to Get Off the Fence

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As we move closer toward the summer months, more and more sellers are beginning to see how quickly some homes in their neighborhoods are moving off the market. In fact, buyers today are eager to lock in the still very low and near historic interest rates that are bound to rise within the next year. Here are just a few of the advantages sellers in a low-inventory market.

Multiple Offers
It goes back to the basic law of supply and demand; the fewer inventory there is, the more homes are in demand. With fewer homes on the market today, particularly well priced homes in good condition and in good locations, buyers are on the prowl and they know not to waste too much time. Many sellers these days are receiving multiple offers, giving them a choice in the matter – whether to choose a buyer that has a stronger financing outlook or fewer contingencies or better timing.

Fewer Contingencies
Buyers know that in order to get their bid accepted, they have to be flexible. One of the ways they do that is to offer fewer contingencies on their purchase agreement. Whether this means a buyer willing to take less time for inspections or waive some contingencies altogether, for the seller this translates to more assurance the transaction will go through smoothly.

Fast Turn-Around
Days On Market is a statistic closely studied by real estate agents as a measure to gauge market interest in a property. With more buyers on the lookout for good homes, fewer homes available for sale quickly reduced the total number of days on market before going under contract. A seller’s market gives you the benefit of knowing you will likely sell your home relatively quickly.

More Money
It goes without saying that sellers want top dollar for their home. Once again, with buyers out there vying for the same few good homes that are on the market, naturally they want to get the home of their dreams so they are willing to offer at or above asking price. Get more than one buyer on the table and price wars start to ensue.

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Right now, for the first time in years sellers have the upper hand. Why wait until the market starts to shift again and you no longer have an edge? It’s a great time to sell right now. Call us today and we’ll gladly provide you with a home value report that will tell you what you can expect to get for your home in today’s marketplace.

Be Un-Emotional When Buying a Home In Order to Get the Best Value!

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Want to break your heart and your bank account at the same time? Then buy a new home based on the fact that you've fallen in love with it!

Needless to say, you should never do this!

In some cases, when you fall in love with the "pretty face" of a house, you fail to look underneath and find problems like bad wiring, leaky roofs, bad foundations, etc. This is an extremely expensive way to buy a home!

A funny and sad example of this is shown in the 1986 film, The Money Pit, starring Tom Hanks and Shelley Long. They make the mistake of falling in love with a home and think they're getting a $1,000,000 property for only $200,000.

Once they get into the home, they find out it'll cost a million to repair it! It's got wood rot, a bad roof, bad plumbing, bad electricity, even bad raccoons!

Well, that's Hollywood exaggeration, of course. After all, The Money Pit was a comedy. But, when things like that happen to you, it's no joke. Repairs can cost you a lot of money and heartache, not to mention dangerously rising blood pressure!

So, again, never ever fall in love with a house at first sight! Easier said than done, you say? How do you avoid this tendency? Below, I offer some solutions to the problem!
 
Solutions 1: Get Cold Hard Facts about the Home!

When I talk about "cold, hard facts," I'm talking about getting the house evaluated by a certified home inspector.

It's well worth the money to have this job done because the inspector will cast the objective eye you lack on the property. He or she will evaluate every aspect of a house - roof, plumbing, wiring, foundation, etc.

And then, that inspector will provide you with a written report that may range anywhere from 20 to 50 pages. It will give you a point-by-point summary of what needs to be corrected.

The cost of a home inspection varies with the region of the country. Nationally, they range from $200 to $400. But, for the investment of, say, $200, you prevent yourself from losing thousands of dollars in repairs in two ways.One, you can simply walk away from the deal. Or, two, you can require that seller fix all items before you sign a contract!

Bonus: Often, you can ask that the seller pay for the home inspection!
 
Solution 2: Cool Off and Take Your Time!

Infatuation with a home is fun and exciting, and you can have the overwhelming temptation to buy an attractive home practically "on the spot."

My advice - walk away and come back several hours later, especially after you've viewed other properties! By then, it's likely you'll have a more objective eye.
 
Solution 3: Keep It Simple!

By this I mean that you should stick within your price range. You want the best hom e at the best price within your means! So, if you see an outwardly gorgeous home at, say, $10,000 above your price limit, say, "I love you, but you're way too pricey for me!" and walk away from the temptation!


Solution 4: Rely on Your Realtor!

At heart, I and other professional realtors like me, want you to have a home that meets your needs in the best way possible. That means preventing you from buying a home that's in substandard shape and/or beyond your means.

To be perfectly blunt about it, I rely on great word of mouth from satisfied customers to make the most of my real estate career. So, you have my promise that I'll do my absolute best to get you into the house of your affordable dreams!

Need that objective eye to help you make a smart home-buying decision? Contact us today.

Shop Around Until Interest Rates Drop when Buying a Home

 
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When you're in the market for a home, I'm here to help you find the best mortgage terms around. But I also want you to be a fully-informed consumer! 

As you already know, buying a home may be the largest purchase of your life so you should go into it with eyes wide open! In this article, I'd like to provide you some proven and common-sense guidelines that can save you time, money and hassle during the mortgage-hunting process. 

Guideline 1: Look Beneath the Surface of the Interest Rate! 

If you're like most prospective home buyers, you call lenders or use the Internet to shop for the best interest rates. That's a good first step, no doubt about it! But, the mistake many buyers make is that they stop there and don't consider the fees that may be added on to the loan later by the cheapest lender. 

In other words, it's the lenders' game, and they may want you to play by the rules you're not even aware of. The answer, of course, is to know those rules ahead of time so you know exactly what you're getting when you buy that mortgage. More on this subject later! 


Guideline 2: Chose the Type of Lender That Works Best for You! 

There are several different sources of lenders - banks, credit unions, mortgage brokers, etc. They all have their advantages and disadvantages in terms of the rates and services they can offer you. For example, credit unions often provide the best value and service, but, of course, you have to belong to one in order to receive their services. 

Regular banks and "big lenders" (Bank of America, Citigroup, etc.) also provide competitive rates and services. Of course, they only offer products their companies provide. You can also use a mortgage broker. This person is a "wholesaler" who uses several lenders to give service to their customers. The advantage of a broker is that he or she offers a greater selection of rates and products. However, they also tend to be more expensive than regular banks and big lenders. 

Brokers make money in two ways. One is origination fees ("yield spread" or "rebate"). Essentially, the origination fee is a commission paid by the bank to the brokers to encourage them to use their firm. The second way is by selling a higher interest rate to you. This means there's room for you to negotiate that interest rate down! 

When a broker quotes you an interest rate, ask him or her to tell you what the origination fee, rebate or yield spread on that rate is. For a broker, a reasonable amount would be a total of 1% of the loan amount from yield spread, origination or combination of the two. Most brokers usually want to make at least 2%. 

Tip: Don't pay an origination fee unless the broker informs you that he or she isn't getting anything on the back end of the deal. 

The bottom line: you can (and should) shop among all these lenders to find the lowest rate. It can save you thousands of dollars over the life of the mortgage. 


Guideline 3: Review the Good Faith Estimate with an Eagle Eye! 

By law, lenders are required to provide you with a Good Faith Estimate or GFE. In essence, the GFE gives you a general summary of all the costs and expenses you'll incur at the time you close on your new home. The document should cover closing costs and the amount of cash you need to close on the agreement. It should also spell out which if any prepaid expenses must be handled and the average monthly payment you'll have to make in order to keep up with the loan. 

Most lenders provide complete and straight-forward information on these forms; however, there's no reason for you to accept the GFE at face value. Comb through the information and if you don't understand a particular item or fee, ask for an explanation. If you still don't understand them, you may want a lawyer to review them for you so you have complete understanding. 

Remember: A GFE is only an estimate. Changes may occur through no fault of the lender. A reputable lender will let you know if fees are going up substantially. In general, however, if those fees go up by more than approximately 16%, then a red flag should go up in your mind. 

Guideline 4: Negotiate, Negotiate, Negotiate! 

When confronted with the expertise and "prestige" of banks, we all have a tendency to think they know best, and we should, therefore, agree to their terms. Never think this way! Banks are like any business; you can and should negotiate with them! 

Want more information on banks and other lenders? Contact me today!

Home Inspector to the Rescue!

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You Better Give Sherlock Holmes a Ring!

No, you don't need the fictional detective inspector. However, you do need a home inspector! Think of this as a "pre-emptive strike" to maintain or increase your home's value before you put it on the market. Here are the benefits an inspector provides you:

Benefit 1: The inspector can uncover any problems that need fixing, and you can correct them before any potential buyers enter your home. Such an inspection can prevent your sale from falling through!

Benefit 2: With an inspection, you can show prospective buyers receipts to prove the work has been done. Buyers love proof! In reality and in their eyes, it underpins the value of your home and the asking price.

Benefit 3: You may be able to factor the cost of the inspection into the asking price for your home!

Benefit 4: When you have a pre-sale home inspection completed, you're able to estimate if the discount the prospective buyer is asking is reasonable. In other words, you can refuse unreasonably low offers if you know the value of your house, including the degree of its defects.

So, How Do I Find a Qualified Home Inspector?

I can recommend a certified home inspector who will do a great job for you. However, if you decide you want to do it on your own, make sure he or she is qualified!

Con artists sometimes pose as home inspectors, taking your money and giving you nothing but grief in return. Here's how to know if an inspector is the real deal:

Ask your friends for referrals. If they've had a good experience, go with that home inspector. I’d recommend you interview a minimum of two or three inspectors before choosing one. Make sure they’re full-time professionals conducting several inspections a year.

If possible, select a home inspector who’s a member of The American Society of Home Inspectors or the National Association of Home Inspectors.These association members follow a stated code of ethics. In addition, they’re prohibited from having a professional interest in the sale, repair or maintenance of a property they inspect. They’re also forbidden from using their inspection business as a way to find customers for a handyman service that they “happen” to own. You may want to go on the Internet and use ASHI’s “Find a Home Inspector” link to identify potential candidates in our locality.

As part of the interview process, ask for samples of comprehensive reports (about 20-50 pages in length). The samples should be painstakingly done and backed up with complete details, including photos and diagrams. If an "inspector" refuses to give you a report or provides only a sloppily written 2-to-5 page sample, run the other way!

What Does a Home Inspector Cost?

Frankly, the rates vary. On a national level, the rates fall in the range of $200 to $400. As part of the interview process, I recommend you ask several inspectors for their rates so you can get an idea of the price range. In the end, keep in mind that while the cost of an inspection may seem high, it can actually add several thousand dollars to the value of your home! So, don't think of it as a cost; think of it as an investment!

What Exactly Does a Home Inspector Evaluate?

In general, he or she will look at the following areas:

- Electrical System Wiring, Service Panel and Service Capacity
- Energy Conservation/Safety Items
- Exterior Walls, Siding, Trim
- Floor, Wall, Ceiling, Roof Structures
- Foundation, Footings, Crawl Space, Basements, Sub-flooring, Decks
- Gutters, Downspouts
- Heating & Cooling Systems
- Insulation & Ventilation
- Interior Floors, Walls, Ceilings
- Moisture Intrusion/Mold
- Overall Structural Integrity
- Plumbing Systems
- Property Drainage/Landscaping
- Roof & Shingles, Chimneys, Attic
- Walks and Drives
 - Windows, Doors, Cabinets, Counters, etc.

Should I Be Present During a Home Inspection?

You bet! A typical inspection takes three hours or more, so I recommend that you be present for at least the first 30 minutes to make sure the job is being done thoroughly. At the end of the inspection, the home inspector should give you a point-by-point summary of what needs to be corrected in order to add value to your home!

Hope you enjoyed this very useful information about home inspection! If you have more questions, please don't hesitate to contact me!