Good News: Interest Rates Have Plummeted

Interest rates have dropped, which is good news for buyers and sellers.

Selling your Massachusetts home? Get a home value report

Buying a Massachusetts home? Click here for full MLS access

In case you haven’t heard, interest rates recently dropped to as low as 3.5% on a 30-year fixed basis. Just a year ago, they were hovering in the high 4% range and even began inching toward 5%. If you’re a buyer, this means you can buy a $360,000 home right now for the same mortgage payment that you would’ve paid last year for a $300,000 home. Interest rates matter if you’re selling a home as well. Since buyers can afford more, you can sell for more. This is why our market continues to be strong.

If you have any questions about this or any other real estate topic or you’re thinking of buying or selling a home, don’t hesitate to reach out to me. I’d love to help you.

Get More Value by Tearing Down Your Home (Yes, You Read That Correctly)

Your for-sale property might be more valuable if, instead of selling it, you tore it down to free up that land for another home. Today I’ll explain.

Selling your Massachusetts home? Get a home value report

Buying a Massachusetts home? Click here for full MLS access

If you’re thinking of selling your home, today’s message is for you: You might get more value from having the home torn down to free up that land to build another home.

We find this happening increasingly often in resort areas as well as with homes that are old, deteriorated, or aren’t up to the power of the neighborhood they reside in.

Find out how much the land is worth based on what lots are selling for in today’s market.

To profit from this process instead of the traditional selling process, there are several factors to keep in mind:

1. Does your property conform to zoning laws that give you the ability to convert it into one or more building lots? If not, you may have to appeal to the Board of Appeals, whereafter you’ll have to hire a survey attorney and go through the appropriate channels in order to determine how many lots your property can actually be converted to before you consider this alternative.

2. Consult with a real estate professional to determine the property’s worth with a house versus the property’s worth if the house were torn down. Find out how much the land is worth based on what lots are selling for in today’s market.

3. Allow enough time for the process to play itself out. If you do get a building permit, you’ll need to have time to make the arrangements. In some cases, you might have to get the approval of the Historic Commission or another channel; you’ll also have to get building permits furnished to a buyer before they're likely to pay a substantial price for the property.

If you have any questions, thoughts, or concerns regarding your situation, feel free to reach out to us. We’d be glad to hear from you.

How Elderly Home Sellers Can Avoid Selling at a Discounted Price

If your neighbor wants to buy your home, there are four tips to remember to keep yourself from selling at a discounted price.

Selling your Massachusetts home? Get a home value report

Buying a Massachusetts home? Click here for full MLS access

Are you a senior citizen thinking of selling your home and you have a neighbor who wants to buy it? Here are four tips that will help you avoid selling at a discounted price.

First, make sure you obtain an accurate market analysis. This is especially important considering we’re still in a seller’s market.

Second, if you’re a single person, make your decision with your head—not with your heart. In this case, when a decision is made based on emotion, money is oftentimes left on the table, and valuable equity along with it. You might think you’re doing your neighbor a favor, but in fact, you’re doing yourself a disservice.

When a decision is made based on emotion, money is oftentimes left on the table, and valuable equity along with it.

Third, expose your property to the largest audience of prospective buyers. Roughly five million home sales are expected to happen across the country throughout 2019, which means there might be somebody out there who’ll pay $10,000, $20,000, or $50,000 more than what your neighbor is offering while trying to buy at a discount.

Lastly, don’t cave in to the pressure of doing something just to satisfy someone else because you think it’s the easiest solution.

If you have any more questions about this or any other real estate topic, don’t hesitate to reach out to me. I’d love to help you.