Happy Holidays From Laer Realty Partners

Here’s our short holiday message of thanks and good tidings to all of you.

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Today we want to say thank you for your support this year as we usher in the holiday season. This has obviously been a strange year with the COVID-19 pandemic and economic downturn, but thankfully, the real estate industry has maintained a steady course. We hope you and your family have a very happy and healthy Christmas, Hanukkah, Kwanzaa, and new year.

I’ll leave you with these quotes to help lift your spirits in this season:

“Christmas is not a time nor a season but a state of mind. To cherish peace and goodwill, to be plenteous in mercy, is to have the real spirit of Christmas.” - Calvin Coolidge

“One of the most glorious messes in the world is the mess created in the living room on Christmas day. Don’t clean it up too quickly.” - Andy Rooney

If you have any questions for me, don’t hesitate to reach out via phone or email. I look forward to hearing from you soon. Happy holidays!

What Are the Top 11 Reasons to List Now?

Here’s why the holiday season is a fantastic time to sell your home.

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Buying a Massachusetts home? Click here for full MLS access

Here are the top 11 reasons the holiday season is a great time to list your home:

1. People who look for a home during the holidays are more serious buyers.

2. Buyers have fewer houses to choose from, which means less competition for you and (likely) more money in your pocket.

3. The supply of listings will increase dramatically come January, which means if you wait until then to put your home on the market, there will be less demand for it. Less demand means less money for you.

4. Houses show better when they’re decorated for the holidays.

5. Buyers are more emotional during the holidays, so they’re more likely to pay your asking price.

6. Buyers have more time to look for homes than they would during ordinary work weeks.

By selling now, you have the opportunity to be a non-contingent buyer during springtime when many more houses are on the market for less money.

 

7. Some buyers must buy before the end of the year for tax purposes.

8. January is traditionally the month for employees to begin new jobs. Since transferees can’t wait until spring to buy, you have to be on the market now to capture this demographic.

9. Once your home is listed, you have the option to restrict showings for six or seven days when you don’t want buyers walking through it.

10. You can sell now for more money, and we can mandate a delayed closing or extended occupancy until next year at your convenience.

11. By selling now, you have the opportunity to be a non-contingent buyer during springtime when many more houses are on the market for less money. This will allow you to sell high and buy low.

If you’d like to know more about why you should take advantage of the market now or if you’re ready to start the listing process, don’t hesitate to call or email me today. Feel free to reach out to me as well with any other real estate questions. I’d love to speak with you.

A Thanksgiving Message From LAER Realty Partners

We’re taking a moment today to express our gratitude for your support.

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We are approaching Thanksgiving, and I wanted to extend a sincere message of thanks to all of you on behalf of our entire team. Thank you for your friendship, your business, the trust you place in us, your referrals, and all of your support in general. We very much appreciate the opportunity to help you determine where you want to live, how you want to sell your home, and more. We hope that we’ve made a positive difference in your lives like you have in ours, and we look forward to helping you in the future if you need us. To hear our full Thanksgiving message, watch the short video above.

Meet Pemala Sherpa, LAER Realty’s Closing Manager

Here’s what my job as the closing manager at LAER Realty entails.

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My name is Pemala Sherpa, and I’m the closing manager at LAER Realty Partners. My job is to make sure that your real estate transaction goes from the offer stage to the closing stage in a smooth, stress-free manner. So what exactly does that entail? To explain, let’s go through what a real estate transaction looks like after an offer has been signed.

The first step after the offer is signed is to schedule a home inspection, which is done by the buyer and their home inspector. The inspector’s job is to uncover any issues with the property. Usually, there are issues with the home because most of them aren’t brand-new. Whatever issues are uncovered, we help clients navigate them.

The next step is to sign the purchase and sale agreement, which is prepared by your real estate attorney. The language of the agreement is there to protect your interests. After the purchase and sale agreement is signed, a copy is submitted to your lender, and we also make sure that your application is done and that you’ve ordered your appraisal. The appraisal is done by your lender to ensure that the property is worth what you’re paying; the lender never wants you to pay more for a home than it’s worth.

Whatever issues are uncovered, we help clients navigate them.

 

When the appraisal comes back correctly, the next step is for the lender to review all of your financial documents. If those documents are approved, the lender will then issue a commitment letter, which will allow you to have the funds for the house at the closing. Finally, once the commitment letter comes through, then we can go to the closing table where we’ll help make sure that whatever needs to be done for the closing is completed in a timely manner.

If you have any questions about my role or how to navigate a real estate transaction, don’t hesitate to reach out to us. We’d love to help you.

A Look Inside Our Market’s Recent Sales Boom

We’ve experienced record growth in home sales for June. Here’s what that means for our market.

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According to the National Association of Realtors, we experienced a record climb in existing home sales in June. They report that the climb in real estate activity during that time constitutes a 20.7% increase. Per the report from Washington, “existing home sales rebound at a record pace in June, showing strong signs of a market turnaround after three straight months of sales decline caused by the ongoing pandemic.”

‘This revitalization looks to be sustainable for many months ahead, as long as mortgage rates remain low and job gains continue to grow.’ — Lawrence Yun

The NAR also reported that each of the four major regions—the Northeast, Northwest, Southwest, and Southeast—achieved month-over-month growth, with the West experiencing the greatest sales recovery. Existing home sales (completed transactions that included single-family homes, townhouses, condos, and co-ops) jumped 20.7% in May to a seasonally adjusted annual rate of 4.72 million homes in June. Sales overall, however, dipped year over year by 11.3%; during the same time last year, there were 5.32 million sales on a prorated average.

The bottom line is that the sales recovery is going strong as buyers are eager to purchase homes that they had been eyeing during the shutdown. Lawrence Yun, chief economist for the NAR, said, “This revitalization looks to be sustainable for many months ahead, as long as mortgage rates remain low and job gains continue to grow.”

If you have any questions about what’s happening right now in our real estate marketplace here in Merrimack Valley, please reach out to us. We’d love to hear from you.

Q: What Do You Know About Fair Housing?

Here’s a brief message on the importance of upholding fair housing laws. 

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As you already know, discrimination has no place in real estate. Now is an urgent time to act on our shared principle, NAR Director of Fair Housing Policy Bryan Greene says in NAR’s latest “Pivot in Place” video. The neighborhoods where people reside, Greene notes, determine their access to education, safety, and health care—particularly critical issues in the middle of this pandemic. Therefore, equal housing opportunity is a vital component of helping everyone not only survive but thrive despite COVID-19.

Not all real estate agents are Realtors; real estate agents who have not raised their right hand to affirm that they will apply all of the ethical standards and principles of our profession are not Realtors. As trusted Realtors who have taken the code of ethics, we abide by Housing and Urban Development (HUD) statues, which involve fair housing law. This type of law ensures that people of all national creeds, races, religions, genders, etc., are not discriminated against.

We must never forget that some people in our cities and communities are dealing with systemic barriers that inhibit their access to the housing they need.

It’s important to understand that when you work with us, we will do whatever we can to abide by those ethical standards to protect you and your family under the law as it stands in the United States.

We must familiarize ourselves with the recently adopted fair housing action plan, and it’s also important for us to follow the principles illustrated in the “Bias Override: Overcoming Barriers to Fair Housing” initiative; we must never forget that some people in our cities and communities are dealing with systemic barriers that inhibit their access to the housing they need.

If you ever have any questions about fair housing or what needs to be done to abide by the standards of ethical conduct when it comes to your choice in renting, leasing, or purchasing a property, reach out to us by phone or email.

Q: What Are the 5 Most Important Things to Know About Our Market?

Here’s a quick guideline of what you need to know about our market.

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What’s happening in the real estate market right now? Here are the five main points to know:

1. Real estate sales are strong and steady. I’m not just talking about Massachusetts, either—I also mean nationwide.

2. There’s a lack of inventory (especially in Merrimack Valley). If you or someone you know is looking to sell, now’s the time to do it. We recently listed two properties in Chelmsford that fielded six and nine offers in a single weekend. One of those properties sold for $43,000 above asking price. It’s a seller’s market.

3. Interest rates are still very low. The Federal Reserve set the bank rate at zero, and some buyers are getting 30-year fixed rates as low as 2.5% to 3.5%. There are also plenty of amazing programs for anyone looking to leave renting behind and make the leap to homeownership, so now’s a great time to be a buyer as well.

4. We’re still practicing COVID-19 safety protocols. This means wearing gloves and masks, maintaining a six-foot distance with clients, and only allowing one party in at a time during open houses (a maximum of three people). We also recommend that children not attend open houses, and we ask all potential buyers and their agents to wear masks and gloves. In some cases, people are requesting that in-home visitors wear booties on their feet.

5. It’s a great time to sell. I mentioned this point above, but it’s worth mentioning again. With the unemployment rate still high and all of the other challenges the economy is facing, there’s a chance that home values will decline near the end of 2020. If you’re a seller, you’re better off selling now while home values are peaking.

As always, if you have questions about this or any real estate topic or are thinking of buying or selling a home soon, don’t hesitate to reach out to me. I’m happy to help.

Q: How Is Real Estate Operating During the Pandemic?

These are some of the ways real estate has changed due to COVID-19.

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Buying a Massachusetts home? Click here for full MLS access

Here are a few of the key ways that the real estate industry has changed due to the COVID-19 pandemic:

1. Virtual options. Many listings are being presented via virtual tours, Matterport 3D tours, and social media platforms. Virtual offers are being accepted, too.

2. In-person options. For the sellers holding in-person showings, they are having separate showing times and requesting that masks and gloves be worn by buyers and their agents. They’re also asking people not to touch doors or light switches. We’re also taking great care to make sure we don’t infect a seller’s home.

3. Open houses with social distancing. We’re having one family at a time enter the premises while the others wait outside.

We’re taking great care to make sure we don’t infect a seller’s home.

4. Appraisals. Some are being done as desk reviews instead of physically going out to the property. It all depends on the lender with which you're working.

5. Closing in two to three phases. There’s a buyer phase with the buyer’s attorney and the buyers, and a seller’s phase with the seller’s attorney and the sellers.

If you have any questions for me, don’t hesitate to reach out via phone or email today. I look forward to hearing from you.

The Challenges & Benefits Facing Those in the Real Estate Market

Here’s how we’re addressing the challenges of real estate amid COVID-19.

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Buying a Massachusetts home? Click here for full MLS access

One of the main concerns for home sellers right now is our ability as real estate professionals to show and sell their homes as safely as possible during this pandemic. We achieve safety by:

1. Forgoing group open houses.
2. Verifying buyers have not been exposed to COVID-19, nor currently feel sick in any way. No one can enter your home unless they’ve been vetted. 
3. Conducting virtual meetings at a massive level. 
4. Teaching clients new ways to operate their business. The implementation of virtual signatures, contracts, and meetings have truly revolutionized many industries, including our own.

While it’s easy to focus on the obvious hurdles of buying and selling real estate during a health crisis, there are some real benefits for those interested in making a move in the market at this time:

1. Only serious clients are looking for homes. There’s no wasted time with looky-loos.
2. Rates are still at historic lows. Though there’s no telling how long that will last, many speculate it will remain through the end of the year. 
3. Sales are very competitive. There are plenty of active buyers out there hungry for a properly priced home in good condition. We’re still expecting somewhere between 4 million and 4.5 million sales to occur nationwide in 2020. 
4. Sellers will likely net more money in June and July 2020 than in any other period for the next 12 to 24 months. This is largely because, in light of so many people being out of work, we are potentially rolling into what will be a long recession.

Remember: Your safety is our No. 1 priority. We’re using plenty of sanitizer and disinfectants, practicing social distancing, and wearing gloves, masks, and shoe guards. If you have any questions about real estate during these uncertain times, please reach out by phone or email. We’d love to help you in any way we can.

May 2020 Real Estate Market Update

Do you know anyone who needs to sell? We want to speak with them!

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I’m helping people make moves locally, regionally, nationally, and internationally, and everyone’s been asking how the real estate market is doing. The market is moving and very busy. Many buyers are waiting for homes to come onto the market; inventory is very low. So we’re wondering: Who do you know who may want to sell their house? If you know someone who needs help selling or wants a free consultation, please reach out to us via phone or email. To learn more about our current market, watch the short video above.

We’re Still Open for Business

The real estate industry is moving forward, and buyers’ and sellers’ health and safety are our top priorities.

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Despite the COVID-19 pandemic’s damaging effect on our stock market, the real estate industry is moving forward at a very strong pace, and people are still buying and selling homes. Today I’ll update you on how we’re focusing on the well-being of our clients, staff, and families. We’re still open for business, and our day-to-day activities are continuing under CDC guidelines.

As always, if you have questions about this or any real estate topic or are thinking of buying or selling a home soon, don’t hesitate to reach out to me. I’m happy to help, and I hope you stay safe.

We’re Working, but With Safety Measures

We’re all facing an international crisis with the coronavirus, but we’re still operating our business as real estate professionals.

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Buying a Massachusetts home? Click here for full MLS access

We’re all facing an international crisis with the coronavirus, but we’re still operating our business as real estate professionals. We’re concerned with your health and well-being, and the safety of our clients and employees. Half of our team is currently working from home. We’re taking special measures with social distancing, being careful about showing homes, how many people we allow into those homes, minimizing in-person contact with others, and so on. With all these precautions in place, we’re still here to help you with real estate.

An Update on the State of the Rental Industry

What’s the latest word on the rental industry in the U.S.? Today I’ll share what research has to say.

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Havard studies find that dwindling new home construction nationwide resulted in lower inventory for would-be buyers and accordingly, real estate developers have focused on building more upscale rental apartments in recent years. There are many people in the middle class who have opted not to purchase and are instead renting standard apartments or higher-end properties.

According to Whitney Airgood-Obrycki, a research associate with Harvard Joint Center for Housing Studies, we’re in a rental affordability crisis. Just a decade ago, more than two-thirds of people who rented an apartment or a single-family home in the U.S. earned less than $30,000 a year. Recently, however, Havard’s research shows that in 2010, with the economy still suffering the effects of subprime mortgage crash, the share of middle-class renters had surged.

Many Americans are struggling to find a home that they can afford to buy and are increasingly at pains to find a place they can afford to rent.

As of 2018, 62% of renters (27.1 million people) earned middle-class incomes of between $30,000 and $75,000 per year. According to the study, at least 10.3 million families with annual incomes of at least $75,000 are renting the roof over their heads, which is a jump over the previous years.

Many, many Americans are actually struggling to find a home that they can afford to buy and are increasingly at pains to find a place they can afford to rent because the influx of middle-class renters is pushing up prices in much of the country.
If you have any questions about renting, buying, selling moving, feel free to reach out to us at LAER Realty Partners. We’d love to help you.

In Memory of Juergen Keller

Juergen Keller was a pillar of the Chelmsford real estate community, and today’s video blog is dedicated to him.

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Today’s video blog is dedicated to my good friend Juergen Keller. Juergen passed away on January 3 of this year. Born March 22, 1927, he was 92 and a distinguished member of the real estate community for over 50 years in the Chelmsford area.

He’ll always be remembered as a statesman, gentleman, and mentor to many.

His life was an outstanding example of what it means to be a man of integrity, and I’d like to share a few facts about him:

• He served as broker/owner of Century 21 Minuteman Realty for over 30 years
• He was a part of the National Association of Realtors for over 50 years 
• He introduced over 100 agents to the real estate community (including myself)
• He helped his company win The Centurion Award for productivity for 20 of the 30 years he headed it
• He lived by the mantras, “Be a peacemaker always,” “Don’t sweat the small stuff,” and “So shall it be written, so shall it be done.” 
• Whenever someone asked him how he was doing, he always replied, “Terrific!”

His hallmark virtues were integrity and honesty in all circumstances, which isn’t always easy for those working in the real estate industry. He’ll always be remembered as a statesman, gentleman, and mentor to many.

Rest in peace, Juergen, and thank you for your friendship and support—not just on behalf of the Chelmsford community, but the entire real estate industry.