Chris Tuite

2014-08-25T15:51:00.003-07:00

Looking to move close to the city without the price tag?

Very spacious and Well maintained single fam in a great location waiting for your personal touch. This beauty

feature 2 Kitchens, 2 full bathrooms and 5 bedrooms. 1st floor Kitchen was recently updated and 2nd floor

kitchen was added in 1988. Formal dining room has a built-in china. Conveniently located near schools, public

transportation, restaurants, library, etc. Roof is approximately 10-15 years old. First showing will be Sunday 8/3

at open house from 12-1:30pm

Boston's Waterfront and North End......Hot or Not? A Buyers Perception

2013-07-22T08:51:00.003-07:00

The Boston real estate market is hot again and for the North End / Waterfront, the data shows a very healthy upswing in average sales values. However, the neighborhood also has the highest percentage of properties selling below the original asking price. We may even have the highest percentage of “Price Reductions” before a sale occurs while it appears to be the opposite in other parts of the city.

My opinion is that if we had agents using a realistic pricing strategy, the home values would/could be much higher while experiencing “at” or “above asking” sales. Pricing is essential when it comes to procuring the highest and best price for our sellers and waterfront home owners.

64% of all the condominium sales in the North End/Waterfront are actually “Sold” by agents outside of the neighborhood. Why is that important to know? The fact is that every Buyer is represented by a Buyers Agent and when 64% of them are looking at the sales data from MLS (Multiple Listing Service) it appears that asking prices for homes here are unrealistic resulting in low offers and a real potential for lower sales price for the Sellers.

The perception is not the reality, but the “List to Sell” data is compelling. We are not experiencing the “buzz” like the rest of the city.

Share your thoughts in the comments section under the charts below:

2013 First Qtr. Condominium Report

2013-05-15T11:20:00.000-07:00

Wondering what's happening around the city as far as the condominium market?

Owner property is a huge investment and having the ability to track the most accurate sales data is critical.

There are many websites one can visit hoping to capture "Data" but often times what third party sites post may not accurately depict the true nature of the market.

Statistical reports can give you a lot of important information about the market. Actually, whether you’re a professional real estate agent or simply an average home owner who is concerned about their investment, nothing is more valued than a clear sense of things.

They are a great way to answer to one of the biggest questions on everybody's mind right now..."how is the market doing?"

If you are interested in something specific relating to your needs, I am happy to provide you the most accurate data.

You can view the full report for this quarter here............

https://www.facebook.com/media/set/?set=a.394528217328120.1073741826.270956053018671&type=3

Public Record.......What are the real numbers?

2013-04-08T09:41:00.001-07:00

Accuracy in pricing is essential. What should have been versus the end result.

Is this a successful sale for the Seller?

Why having an experienced and knowledgeable Agent that understands the results of properly pricing and positioning your home in a volatile market. (Data gathered from MLS and public records)

By Jenifer B. McKim

| GLOBE STAFF

APRIL 07, 2013

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When her clients find themselves caught up in a heated bidding war, Jamaica Plain real estate broker Ellen Grubert suggests they put pen to paper — not necessarily to up the offer, but to ingratiate themselves to the seller of the property.

Write a letter that flatters the seller’s taste and appeals to their emotional attachment to the house. If the grounds are nicely landscaped, mention how much you like to garden; if the house holds family memories, talk about raising your children there, too.

“You want to appeal to the seller, that you will take care of the house,’’ said Grubert, vice president of residential sales at Coldwell Banker Residential Brokerage in Jamaica Plain. “Especially if the seller loves their home, it pulls on their heart strings.”

With bidding wars for choice homes in the Boston market as common as crocuses in spring, buyers and their agents are resorting to unusual tactics to stand out in the crowd. Fueled by a perfect storm of market forces — very low interest rates, an improving economy, and limited supply of homes — eager buyers are bidding up home values in metro Boston and leaving an increasingly larger pool of frustrated shoppers on the losing end.

In February the median price for a single-family home in the region jumped nearly 9 percent, to $429,900, from the same period last year, according to the Greater Boston Association of Realtors. Homes are selling more quickly, too. The average listing period fell to 109 days in February, down from 134 in February 2012, according to the association.

And in coveted areas of downtown Boston, Cambridge, and Somerville, the better properties can sell over a weekend, real estate agents say.

To help buyers survive this anxiety-drenched process, real estate agents are prepping clients to be ready to act quickly when they find a property they like, and to be prepared to offer incentives unseen since the housing heyday of 2004 and 2005.

Those include: waiving the home inspection, or being willing to pay a penalty if the deal falls through. Buyers are also being more flexible with sellers in terms of when a closing occurs or if a seller can rent back a home for some time, agents say.

“As home buyers compete they are going to try to put themselves in a position of strengthening the offer, price, and terms,’’ said Mike DelRose of RE/MAX Leading Edge in Watertown.

But agents also warn buyers not to offer more than they can afford or give up legal rights that they will later regret. Some potential home buyers have already lost their deposits or are finding the home they just bought unexpectedly needs expensive repairs, said Gary Dwyer, owner of Buyer Agents of Boston.

“Sometimes no property is better than a bad property or losing all your deposit,” he said. “There is a lot of buyers’ remorse that is starting to percolate out there.”

To avoid mistakes, Grubert cautions buyers not to provide information that could hurt — rather than help — their chances.

For example, Grubert said one of her sellers recently received a letter from a buyer saying they would use the house only part time. A competing buyer wrote about wanting to bring up a family in the home — and won.

“They discussed too much,’’ she said about the losing bid.

DelRose said sellers will sift through offers to consider strengths and weaknesses of potential buyers — the size of the down payment, their overall financial well-being. Sellers may even vet the lender a bidder has for preapproval, with stable local and national banks viewed more favorably, he said.

Despite the competition, DelRose said buyers should not get desperate — he believes more sellers will appear as the spring heats up. “They don’t have to be so pressured to make a move,” he said.

The current bidding wars are reminiscent of the last housing heyday in 2004 and 2005, said Lawrence Yun, chief economist for the National Association of Realtors. The excitement — irrational exuberance to some — was aided by easy lending terms and led to an overheated market that burst in the second half of the last decade.

Yun says this new energy — visible in many areas around the country — is different because buyers are purchasing homes with cash or financing mortgages with lenders with much more rigid eligibility requirements. “Today’s market is fundamentally different,’’ he said. “Access to mortgage credit is exceptionally tight.”

As the market improves, sellers too are finding different ways of fielding offers. Chris Tuite, managing partner of Gibson Sotheby’s International Realty in Boston, said his office has started to set a deadline — usually a week — for offers on popular condominiums. That should be enough time buyers to adequately vet a property but also adds pressure to the process, he said. He said agents try to help sellers set the highest realistic price for a home, but emotional buyers can drive prices higher.

“Every seller wants to have a bidding war,” he said. “It is a good opportunity for the market to set itself.”

Jenifer B. McKim can be reached at jmckim@globe.com. Follow her on Twitter @jbmckim.

220 Commercial Street #2 - Waterfront Real Estate

2013-04-03T12:19:00.001-07:00

Internet Screening for Tenants?

2013-03-21T12:45:00.000-07:00

Q: With all the information you can get on the Internet these days, I always run a Google search on apartment applicants. I've heard that there's a legal risk in doing this -- that I may learn things that I'm not legally allowed to rely on when choosing applicants. But I sometimes find information that's contrary to what applicants report on their applications. How can I use the Internet safely? --Brian G.

A: You're not the only one who can't resist a quick Internet search on a person of interest -- be that a prospective tenant, employee, or even a date. And there's no disputing that often, you find information that's not only relevant, but crucial.

For example, imagine an applicant who tells you that he has lived and worked in the area for the past several years, but whose Facebook page says otherwise -- you'd be justified in suspecting that this person is hiding an unsavory rental past and may be supplying you with bogus prior landlords.

The problem with social media screening, however, is that you're apt to come upon information that is not only not true, but if true, should have no bearing on your decision as to whether to rent to this person. You'll likely discover information about race, age, religion, and the characteristics of the applicant's friends and family. Making rental decisions based on the race, religion, ethnicity and so on of the applicant (or the applicant's associates) would be a violation of the federal fair housing laws. Many states extend the list of "protected classes."

So, if you know that you can't consider these factors when screening an applicant, you can just ignore them, right? Well, yes, but suppose you're challenged by the applicant, who learns that you accessed social medial for this information? You'll be in the tricky situation of having to argue that you put the information out of your mind. But it's not so easy to "unring the bell," and more importantly, it's practically impossible to prove that you did so.

Does this mean that employers and landlords should never access social media for screening purposes? Not exactly. The critical thing is to separate the social media searcher from the person who makes the decisions, so that any irrelevant information discovered in the course of the search never gets to the person making the hiring or renting solution.

One way to do this is to hire a third party, a screening firm, who will pass on to you only the information that you can legally rely on when screening applicants. When you do that, the firm complies with the disclosure and reporting requirements of the Fair Credit Reporting Act.

Another tack is to have someone on your staff do the screening and report to you, keeping back irrelevant information. It's essential that you train this person on the legalities of screening and fair housing laws. Keep in mind that many states protect more classes than the federal law; for example, extending protection to people on the basis of gender identity, matriculation status (students), and immigration status. If your front-line screener doesn't know what information is legally off-limits, you will have lost the protection that the screener was intended to provide.

Q: I rent a small one-bedroom and from time to time my grandson, who has had some trouble with the law, stays with me. A month ago, he was arrested on the property for dealing drugs, but the case was dismissed because there wasn't enough evidence. Even so, my landlord is evicting me. Can he do this? --Alice F.

A: I'm guessing that the case turned on the validity of the search performed by the police. Generally, police need probable cause, or a good reason, to search someone without a warrant -- facts that would lead a reasonable person to conclude that a crime is being committed, and that the person about to be searched has evidence of it. Observing someone dealing drugs will qualify, but short of that, mere suspicions that illegal activity is taking place won't pass muster.

The judge who heard the case probably concluded that the police did not have enough facts to justify the search (or should have obtained a warrant), and as a result, the judge excluded the fruits of the search -- the drugs. And without this evidence, the prosecutor may have decided that there was not enough evidence to go forward with the case.

Although the prosecutor is bound to follow the judge's exclusion of the evidence, your landlord is not. Many states allow landlords to terminate tenancies when tenants, or their guests, break the law on the premises, and some do not require that the tenant or guest be convicted in criminal court. Most simply don't give a rule. As a consequence, landlords in those states are able to use the standard they see fit, be it a conviction, an arrest, a "stop and frisk," or even their own belief that illegality is taking place, without law enforcement involvement.

Tenants whose guests are the law-breakers are sometimes caught in an unfortunate position. Residents who know that the guest is up to no good can fairly be expected to suffer the consequences; but sometimes, tenants have no idea what their guests are doing, and have no way of finding out. While it is harsh to evict an "innocent host," landlords will respond that it's worse to allow the situation to continue.

RENT IT RIGHT

2013-03-19T11:57:00.001-07:00

Q: The owners of the house we rent told us they'll be selling the property even though we have a year left on the lease. I have a medical problem and need quiet so that I can rest. But showing the house is going to be disruptive. Can we stop it? Actually, we want to get out now -- do we have grounds to break the lease? --Mary F.

A: Most states have laws governing when, for what reason, and with how much notice a landlord may enter a tenant's home. Entry to show the property to prospective buyers is always on the list of permitted reasons. As a general rule, as much as you might not like it, if your landlord is planning on following your state's access rules, there's not much you can do.

But wait. Your condition may qualify you as a person with a disability as that term is understood by the Fair Housing Amendments Act. Do you have a physical or mental condition that substantially limits one or more major life activities? If so, the owners are legally bound to adjust their business practices -- including showing a home to potential buyers -- so that you can live safely and comfortably in your rented home. This accommodation should mean at the minimum a willingness to work with you to minimize the disruptions caused by showing the property.

You may also be entitled to leave the rental without responsibility for future rent, i.e., to legally break the lease. That's because, if you're legally disabled, you can expect the landlord to accommodate a reasonable request that he vary his policy of holding you to the terms of the lease -- specifically, its end date. Ironically, allowing you to "safely and comfortably live in the rental" requires, in this instance, letting you leave. The variation, called an accommodation, would be to allow you to terminate your lease without financial liability.

Q: I rent out a small commercial space, and questions have arisen as to who has responsibility to replace fluorescent light tubes, maintain toilets in working order, and replace high-efficiency filters in the heating/air conditioning system. We have a standard written lease but it doesn't get down to that level of detail. Can you suggest who is responsible? --Bob D.

A: To be blunt, the person responsible for this problem is the one who chose the "standard written lease," which was undoubtedly you. This lease, which you probably purchased online for a few bucks, was woefully inadequate. Doubtless full of legalese, it skipped the part about everyday repairs and maintenance, and probably more issues, too.

Now you find yourself with no guidance, and it's unlikely you'll find it in the law. Were this a residential rental, you could look to your state's laws on upkeep and habitability, and would probably learn that landlords are responsible for upkeep that's necessary to keep the rental safe and habitable. Tenants normally perform minor upkeep (light bulbs, minor plumbing, and filters). But in a commercial rental, it's up for grabs. That's because legislators have decided that when the transaction is "B2B" (between businesses), the parties are likely to have equal bargaining strength and sophistication, and should be allowed to craft their own deal.

By contrast, residential renting often involves a substantial imbalance of power and sophistication, and concerns a basic and important human need (housing). So, legislators decide who does what; the law is less likely to set the ground rules when the fight is over the look of a shop or the cost to fix a company's sign.

You and your tenant will just have to work it out. Next time, look for a more robust lease, or consult either a good self-help legal resource or a lawyer. Heed the real estate lawyer's mantra: The best lease is one that leaves you with no surprises.

Janet Portman is an attorney and managing editor at Nolo. She specializes in landlord/tenant law and is co-author of "Every Landlord's Legal Guide" and "Every Tenant's Legal Guide." She can be reached at janet@inman.com.

The Two Groups Most Affected by New Mortgage Rules

2013-03-15T12:06:00.001-07:00

The Two Groups Most Affected by New Mortgage Rules

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Published: Friday, 15 Feb 2013 | 8:01 PM ET

By: Polyana da Costa

Narvikk | E+ | Getty Images

The home loan industry will soon have to adapt to new mortgage rules that will offer borrowers much needed protection against lender abuses and reckless lending standards. But the changes may not please all borrowers.

Some of the new mortgage rules the Consumer Financial Protection Bureau has issued this year will influence qualification requirements and the types of mortgages that borrowers get. The new standards go into effect next year -- but expect lenders to start adjusting to the new policies in coming months.

The gist of one of the main rules is simple: Lenders will be required to ensure that borrowers have the ability to repay their mortgages. In return, lenders will be protected from borrower lawsuits so long as they issue "safe" mortgages that follow guidelines.

These safe mortgages are what the CFPB calls "qualified mortgages." As defined by the CFPB, only 12.8 percent of new mortgages in 2012 met the "qualified mortgage" standard, according to real estate data provider CoreLogic.

The new mortgage rules won't affect the majority of people seeking to buy a home or refinance their home loans, because lenders have already tightened their lending standards since the financial crisis.

What will change for jumbo loans?

Play Video

CFPB Tightens Mortgage Lending Rules

CNBC's Diana Olick reports a U.S. consumer watchdog group has made mortgage policy changes on banks in an effort to protect borrowers from the ills of the past decade.

But certain groups of borrowers will notice a difference, analysts say. This is especially true for borrowers seeking larger mortgages. Self-employed borrowers also may need to jump through additional hoops to get a home loan.

"There are all sorts of ways to prove income, but what's no longer at the table is just asserting that you make X dollars per year," says Julia Gordon, director of housing finance and policy for the Center for American Progress and former manager of single-family policy at the Federal Housing Finance Agency.

Mortgage professionals in high-cost areas say they worry that the new rules may create obstacles for some borrowers seeking large loans to buy or refinance a home. That's partly because a mortgage that falls outside of the conforming and Federal Housing Administration loan limits (which vary between $417,000 and $729,750) will not be considered a qualified mortgage if the borrower's debt payments exceed 43 percent of monthly income.

About nine percent of jumbo loans issued in 2012 went to borrowers with debt-to-income ratios higher than 43 percent, CoreLogic data show.

"A 45 percent debt ratio seems to be slightly more common than a 43 percent ratio these days, so lenders will most likely reduce their max ratios for nonagency loans," says Matt Hackett, operations manager for Equity Now in New York City.

Interest-only loans will be harder to find

Borrowers who rely on interest-only loans will see changes, because loans that don't require borrowers to pay principal during an initial period are not considered a qualified mortgage under the CFPB's rules.

These loans were widely available during the housing boom and contributed to the crisis, as many homeowners couldn't handle the larger payments once the initial interest-only period expired. Most lenders have stopped offering interest-only loans, but they are still popular for jumbo mortgages and in high-cost areas.

"I think this could be a bigger issue than the (debt-to-income) cap," says Mathew Carson, a mortgage broker for First Capital Group in San Francisco.

Carson says the majority of his clients rely on interest-only loans. They include middle-class homeowners who choose this option to free up money for other expenses or investments, he says. About 14 percent of the jumbo loans issued in 2012 were interest-only, according to CoreLogic.

Wealthy borrowers and borrowers with substantial assets will always find lenders willing to go outside the qualified mortgage requirements to meet their needs, says Joshua Weinberg, senior vice president of compliance for First Choice Loan Services in New Jersey. "But an average-income earner in the high-valued areas is going to potentially have a more difficult time to get approved" under the new standards, Weinberg says.

Self-employed borrowers

The new ability-to-repay rule means it will be nearly impossible for a borrower to get a mortgage without documenting income. Not that it's easy to get a low-documentation loan today. But more than ever, self-employed borrowers will have to make sure they can document at least two years' worth of sufficient income to get a mortgage.

If you earned $50,000 in 2011 and $100,000 in 2012, the bank will average the two and use an income of $75,000 to process your application, says Jason Auerbach, divisional manager for First Choice Loan Services in New York City. For borrowers with a W-2, the lender uses the current annual income to determine how much the borrower can afford to pay.

Protection against some servicing abuses

Separate from the qualified mortgage rules, the CFPB has issued regulations to protect consumers from abuses by the companies that collect their monthly payments.

The new servicing standards that go into effect next year require lenders to take extra steps before foreclosing on a borrower's home.

Servicers will have to reach out early to borrowers who are struggling to pay their mortgages. This gives borrowers a better chance of working out a solution, such as a loan modification or short sale, to avoid foreclosure.

"Homeowners now have some rights they can enforce if their servicer doesn't review them for a foreclosure alternative," Gordon says.

The new rules don't force the servicer to offer the borrower options when the lender doesn't have workout solutions available. But as long as workout options are available, lenders will be prohibited from foreclosing on a borrower's home until the borrower's application for a loan modification or short sale is processed and the borrower receives a response.

Home Pricing is Critical

2013-02-22T10:21:00.004-08:00

Overpricing a home can have many ramifications for a home seller. It can limit the number of potential buyers who can afford your home, reduce showings and create an impression in the marketplace that the homeowners are not serious about selling their home. Serious homeowners who overprice their home often get caught in the trap of price reduction after price reduction trying to catch up to the market.

During the past year, U.S. home sellers slashed more than $24 billion according to Trulia.com. Trulia’s Q1 Home Offer Report indicated that on average, most sellers will reduce their list price after 79 days on the market, choosing to cut their original list price by 8 percent. Following a first reduction, 35 percent of these sellers will make a second.

Most home buyers look at 10-15 homes before making a buying decision. Because of this, setting a competitive price relative to the competition is an essential component to a successful marketing strategy. Under pricing a home isn’t good either- educating your clients about the importance of properly pricing a home is key to the home sales process.

Most experts would advise that the best way to increase your odds of a successful sale is to price your home at fair market value. But, as logical as this advice sounds, for many sellers it is still tempting to tack a few percentage points onto the price to "leave room to negotiate". To avoid this temptation, below are seven common problems associated with overpricing your home:

1. Appraisal Problems

Even if you do find a buyer willing to pay an inflated price, the fact is over 90% of buyers use some kind of financing to pay for their home purchase. If your home won't appraise for the purchase price the sale will likely fail.

2. No Showings

Today's sophisticated home buyers are well educated about the real estate market. If your home is overpriced they won't bother looking at it, let alone make you an offer.

3. Branding Problems

When a new listing hits the market, every agent quickly checks the property out to see if it's a good fit for their clients. If your home is branded as "overpriced", reigniting interest may take drastic measures.

4. Selling the Competition

Overpricing helps your competition. How? You make their lower prices seem like bargains. Nothing is worse than watching your neighbors put up a sold sign.

5. Stagnation

The longer your home sits on the market, the more likely it is to become stigmatized or stale. Have you ever seen a property that seems to be perpetually for sale? Do you ever wonder - What's wrong with that house?

6. Tougher Negotiations

Buyers who do view your home may negotiate harder because the home has been on the market for a longer period of time and because it is overpriced compared to the competition.

7. Lost Opportunities

You will lose a percentage of buyers who are outside of your price point. These are buyers who are looking in the price range that the home will eventually sell for but don't see the home because the price is above their pre-set budget.

Most buyers look at 10-15 homes before making a buying decision. Because of this, setting a competitive price relative to the competition is an essential component to a successful marketing strategy.

Most agents offer a complimentary CMA(Competitive Market Analysis) of your home. Interview several before deciding who to list with.

Chris Tuite and Boston Real Estate

2013-02-13T08:18:00.000-08:00

Lewis Wharf Owner........

"Chris is the consumate professional as a real estate agent. In addition to his great attitude and superb personality his knowledge of the Boston real estate market is second to none. He has never let us down with finding great people to rent and his advice has been excellent. He has a great feel for the market and his integrity and inventive thinking make him the one person we go to for our real estate needs."

Real Estate Lawyer......

"I have had the distinct pleasure of working with Chris on several real estate transactions that he was involved in as both, a listing agent and a buyer’s agent and found him to be exceptionally thorough, diligent and overly conscientious of his client’s objectives. He also has a keen sense of current market conditions which serves as a tremendous asset when he is negotiating on his client’s behalf. And, he approaches the resolution of any issues that arise in a very practical manner so as not to compromise the transaction but at the same time attaining his client’s objectives at hand."

North End Property Owner........

"I met Chris while I was working as a community liason consultant for a real estate developer where he was the realtor responsible for selling the condo units. Chris was and is very professional and his company is one of only two Realty offices ( out of 8 or 10 ) in the North End of Boston I would use or recommend."

Franchise Sales Associate.......

"It was a pleasure working with Chris as a RE/MAX franchise owner. Always professional and dedicated to both his employees and his business, he takes great pride in the quality and reputation of his work and that of his team. Chris' high levels of performance and results have built him a reputation that speaks for itself."

Harbor Towers Owner..........

"We used Chris when returning to Boston after a 6-year absence. During those years, he kept us current on waterfront property sales; filtering out all but those in our price range and target locations. Chris is a professional, low-key, advsior and agent. We will gladly refer him to others.

Home Buyer.........

"I have had the opportunity to work with Chris over the years. He has been a customer of mine for a long time and has always been loyal and on the ball. I had the opportunity to work on the other side and be a customer of his recently. I was impressed with his knowledge of real-estate and follow through. Although I did not get to work with him on the property I would use him in the future for sure. I highly recommend Chris and his company for any real-estate needs and I feel he is the “go to” person for purchasing real-estate in NewEngland period! You will not be disappointed having him represents you I guarantee it.

Home Sales

2013-01-29T10:56:00.000-08:00

Home prices rose in November to rack up their best yearly gain since the housing crisis began, a further sign that the sector is on the mend.

But data on consumer confidence on Tuesday was less encouraging, with moods falling to their lowest level in more than a year as Americans became more pessimistic about the economic outlook and their financial prospects.

The S&P/Case Shiller composite index of 20 metropolitan areas gained 0.6 percent in November on a seasonally adjusted basis, in line with economists' forecasts.

Prices in the 20 cities rose 5.5 percent year over year, making for the strongest yearly price increase since August 2006 when prices were on their way down.

"This is continuing a trend in place for the better part of a year," said Omair Sharif, U.S. economist at RBS Securities in New York. "This is another indication that the housing rebound is fairly entrenched at this point."

The housing market became a bright spot for the economy last year as prices rose and inventory tightened. The sector is expected to contribute to economic growth in 2013, though a number of challenges remain, including tight access to mortgages and on-going foreclosures.

It was the 10th month in a row that prices have increased, the longest string of gains since before 2006. Last year's rise in prices beat a nine-month consecutive run in 2009 and 2010, when the market was boosted by a homebuyer tax credit.

Separate data from The Conference Board showed an index of consumer attitudes fell to 58.6 in January from an upwardly revised 66.7 the month before, falling short of economists' expectations for 64. It was the lowest level since November 2011.

At the start of the year, U.S. politicians came to an agreement that averted the so-called fiscal cliff of spending cuts and tax increases that had been set to come into effect.

But the deal did raise taxes for many Americans, while a payroll tax holiday came to an end. Also, a number of budget decisions remain.

"Consumers are probably pretty unhappy to notice that their payroll taxes have gone up," said David Sloan, economist at 4Cast Ltd in New York.

U.S. stocks pared slight gains immediately after the report was released, while the euro rose to a session high against the dollar.

The expectations index tumbled to its lowest level since October 2011 at 59.5 from 68.1. The present situation measure slipped to 57.3 from 64.6.

Consumers' views on the labor market were also weaker, with the "jobs hard to get" index rising for the first time since September.

Home prices on a non-adjusted basis slipped 0.1 percent. The non-adjusted numbers showed prices fell in about half of the cities covered by the survey, with the winter months typically a weak period for housing, the survey said.

Phoenix, which saw its housing market rebound sharply last year, led with the biggest yearly gain at 22.8 percent. New York was the only city to fall, down 1.2 percent from the previous year.

Boston Waterfront Real Estate Sales

2013-01-29T08:09:00.001-08:00

Boston Waterfront 2012 Year End Summary

Boston Real Estate For Sale

2013-01-24T12:20:00.000-08:00

Massachusetts Real Estate Figures

2013-01-08T08:32:00.002-08:00

Great news for the Boston housing market as the sales here lead the charge

Pending home sales for single-family homes and condominiums were up in December, marking the 20^thconsecutive month of year-over-year increases, according to the Massachusetts Association of Realtors (MAR).

The number of single-family homes put under agreement in December was up 15.6 percent compared with the same time last year - 3,062 homes in 2012 compared with 2,648 homes in 2011.

The number of condos put under agreement in December was up 5.6 percent compared with December 2011 - 1,076 units in 2012 versus 1,019 units in 2011.

For the entire year, the number of single-family homes put under agreement in 2012 was up 25 percent over 2011, MAR reported today. Pending sales figures, also called homes under agreement, are a leading indicator of actual housing sales in Massachusetts for the following two to three months.

What to do??

2013-01-07T08:01:00.000-08:00

Back Bay Boston Real Estate

2012-12-24T08:30:00.002-08:00

A casual stroll down Newbury Street…

If you were to think of one of the strongest points of the Back Bay neighborhood of Boston, what would it be? In a place surrounded by beauty, luxurious homes and the like, this thought is of course rather difficult to determine. Regardless, those fortunate enough to call themselves locals here or even those hopeful visitors all can agree that a serious draw to the Back Bay undoubtedly is its incredibly simple walkable reality and its overall pedestrian-friendly atmosphere.

According to a leading professor at George Washington University, Christopher B. Leinberger, listings that find themselves within a short walking distance to an array of shops, restaurants and grocery stores score the highest among prospective buyers. This study, conducted in Washington, D.C., is easily relatable to our current situation within Boston and more specifically the Back Bay as well.

Leinberger calls this phenomenon the “DC: WalkUp Wake-Up Call”, and the most savvy and aware real estate agents know to keep wary of this increasingly popular trend when determining how to best showcase, describe and market their listings. In fact, many listings and especially our luxury building listings are even accompanied with something known as a “Walk Score.” This figure informs individuals just how strong of a walker’s paradise the listing’s location truly is in terms of the distance and difficulty to get to main points of interest by foot. With gas prices and greater awareness about the harmful effects of pollution coupled with the heightened sense about staying fit and healthy by walking or biking means that cars and other means of motor transportation are drastically falling in demand.

In the Back Bay there are options to ride one’s own or even rent a bicycle from the recent Hubway bike sharing program that has increased the trendiness and efficiency of getting around outside. From a walker’s perspective, today’s World makes it tremendously simple to navigate throughout major metro areas due to technological advancements in mobile GPS and other applications. No more true can this be seen than in Boston’s Back Bay, where literally at your fingertips is the availability of locating hundreds of the finest shops, restaurants, museums, libraries, other types of housing, offices and more all within mere yards of anywhere you may be standing in this gem of a neighborhood.

Through these valuable findings it has become apparent that of these residences that can be classified as “WalkUPs”, their unique and valuable location resulted in an average annual rental income for the owner’s that was 60% higher than that income from a comparable property but in just an average area. Indeed the ever-spoken phrase of Real Estate once again holds true and proves its worth in the Back Bay, it is all about “Location, Location, Location.”

Boston Real Estate on the Rise

2012-11-27T10:26:00.002-08:00

NOVEMBER 26, 2012

As residences rise, downtown builds a new vitality

By Casey Ross | GLOBE STAFF

Inside the darkened shell of the original Filene's store, Debra Taylor Blair glimpsed the beginning of a new life for downtown Boston.

Seated before her was an unusual crowd for this part of the city: more than 80 residential real estate brokers, all of whom had accepted the housing researcher's invitation for a tour of the Filene's site and others around the district where new housing is planned.
"It was the first time so many residential brokers have come out to take a fresh look at this area," said Blair, president of LINK, a real estate information service. "We were totally shocked by the turnout."
Promised for years, the revitalization of the city's long-struggling downtown is finally underway, with construction of residential towers transforming the largely commercial area into a full-blown neighborhood. The supply of housing is planned to double to more than 10,000 units in coming years, according to the Boston Redevelopment Authority, and there is a sudden influx of retail shops and restaurants.

"There are so many deals going on, so many new people and businesses interested in downtown," said Randi Lathrop, the BRA's deputy director of community planning. "Every day I get a phone call about someone else who wants to open here."
The construction of homes is particularly important to changing the neighborhood, as it will bring around-the-clock activity to streets that today feel desolate after the workday ends.
Two residential towers are under construction and a third is planned at Filene's, where developers have won approval for a 625-foot apartment and condominium tower that will become a new marker on the downtown skyline.
Meanwhile, Mayor Thomas M. Menino's administration is pumping millions of

DAVID L. RYAN/GLOBE STAFF

The Kensington, an apartment tower being constructed near where Chinatown meets Downtown Crossing, will feature a pool, solarium, and yoga lounge.

tax dollars into road and sidewalk repairs, new lighting, and other upgrades. Those public works complement new investments by property owners, who recently received government approval to form a so-called business improvement district to provide better upkeep of the neighborhood. The major performance theaters have been modernized, and new technology tenants are bringing a younger workforce to the area. The Kensington, an apartment tower being constructed near where Chinatown meets Downtown Crossing, will feature a pool, solarium, and yoga lounge.
Lisa Macalaster, a sales associate with Coldwell Banker Residential Brokerage, said that downtown is finally emerging as a viable housing alternative to Boston's other neighborhoods, where a shortage of available units is pushing buyers to look elsewhere.
"This feels like the next exciting rebirth of Boston," she said during the recent tour of the area. "There's a lot of pent-up demand for housing right now."
The downtown's renaissance remains a work in progress, however. Several streets are pockmarked with empty storefronts, and the area lacks a critical mass of modern shopping options. But five years after the Big Dig reshaped nearby streets, the next wave of improvements and construction is reaching into downtown's side streets and pedestrian thoroughfares.
More than 600 housing units are under construction at the edge of what was once the Combat Zone.
Across the street from the strip club Centerfolds is the Kensington, a 381-unit apartment tower that will feature an outdoor pool, solarium, and yoga lounge for young, affluent renters.
A block away on Washington Street, a 15-story residential building is rising across from the Ritz Carlton Residences. The complex, known as Millennium Place, will include 256 luxury condominiums, a winetasting room, and outdoor gardens.
And soon to tower above them all is the Filene's project, on which construction is scheduled to begin next year. Its developers have won approval for what would be the tallest residential building in Boston.
Estimated to cost $620 million, the project will add up to 600 housing units as well as offices and retail stores at the base of the tower and behind the facade of original 1912 Filene's building.
Nearby, 59 Temple Place is being renovated as a 240-room boutique hotel, while Hamilton Co. is transforming an office building at 8 Winter St. into 50 mid-priced apartments. Even though construction is ongoing, 40 percent of the Winter Street units are rented.
Harold Brown, Hamilton Co.'s president, said that downtown has improved considerably since the mid-1990s, when Menino first began trying to spruce it up.
"If the downtown is seven or eight now, it was a two back then," he said.
City officials are hoping the wave of construction brings much-needed retail staples, such as a supermarket, as well as stores that don't currently operate in the area.
Among the retailers coming soon is Walgreen Co., which is opening an emporium next year at Washington and School streets with an expansive natural foods section, a sushi bar, and a hair and nail salon.
Pret A Manger , the British prepared foods chain, recently opened an outlet at Post Office Square.
The largest concentration of new retail space will be at the former site of Filene's, where at least 100,000 square feet will be added - enough for a supermarket and multiple restaurants and stores. A former Barnes & Noble bookstore is also available across the street, and the owners of Lafayette City Center are planning to convert part of the office complex into retail space.
During the recent real estate tour, several brokers said they are beginning to recommend that clients look for properties downtown. Among the options is 45 Province St. Completed in 2009, the 137-unit tower initially struggled to attract buyers; today, 70 percent of its condominium units are sold or are under agreement.
"We're finding a greater awareness of all the things going on in this part of the city," said Wayne Lopez, the building's sales director. "The downtown's live-work dynamic is really starting to catch on."

Zillow home value report

2012-11-21T08:50:00.002-08:00

Home values and rent in the Boston area rose in October from a year earlier, according to the October Zillow Real Estate Market Reports.

Local home values rose 3.1 percent in October to $314,000. The increase was not as strong as the 4.7 percent jump for homes nationwide. Nationally, the home value index was at $155,000.

Of the nation's 30 largest metro areas covered by Zillow, only Chicago experienced monthly home value declines. Additionally, 26 of the country's largest metros experienced year-over-year value increases. Major markets where home values increased the most over the past year include Phoenix (22.3 percent), San Jose (11.4 percent), Denver (10.4 percent), San Francisco (9.5 percent) and Miami-Ft. Lauderdale (8.8 percent).

In October, the Zillow Rent Index for the Boston metro area stood at $1,974, up 6.5 percent from October 2011. The year-over-year gain in the rent index put the Boston area in the top five of the country's 30 largest metros - behind only Chicago, Baltimore, Charlotte and San Francisco.

The largest metro areas in the Bay State - including Worcester, Springfield and Cape Cod - also experienced year-over-year rent price increases ranging from 3.5 percent to 8.6 percent, according to Zillow.

Year-over-year, rents nationwide were up 5.4 percent and rose on an annual basis in all but three of the largest metros surveyed.

"We've reached a milestone with one full year of monthly home value gains," Zillow Chief Economist Stan Humphries said in a statement. "Those dubious about the durability of the housing recovery will point to the large role that investors are playing in the recovery, or to the large number of foreclosures yet to hit the market, as factors to be wary of. But the bottom line is that homes are more affordable now than at any time in recent memory, and buyers are seizing this opportunity. We expect to see increasing numbers of potential buyers entering the market as the broader economy continues to recover and household formation picks up further. We're hopeful that negotiations over the ‘fiscal cliff' don't derail this momentum."

Please join me at my Boston office for a wonderful cause

2012-11-19T15:08:00.005-08:00

http://cradlestocrayons.org/boston

I am once again hosting an open house with beverages and food at my office at 220-230 Commercial Street in Boston.

December 6th from 6-8pm

Cadles to Crayons is a very important cause that means a lot to the children in need of warmth and love. Please consider stopping by for a drink and donating some gently used or new winter clothing.

"Dear Chris,

I want to share a story from a social worker at one of Cradles to Crayons' partner agencies that serves to remind me of the importance of our mission and the meaning of Thanksgiving.

“Jaclyn was going to school wearing a fleece sweatshirt over layered tank tops, thin t-shirts and summer dresses in order to keep warm in 34 degree weather. Jaclyn’s mom said that she would cry while waiting for the school bus because it was so cold out. It was extremely difficult for her mom to see this, but she did not want Jaclyn to miss school because she could not afford warm clothing. At school, Jaclyn’s teachers were concerned and would search for a coat to borrow so she could safely play with her classmates outside.

I quickly placed a request with Cradles to Crayons. The package not only provided a warm winter coat, but took a heavy burden of guilt off of her mother and allowed Jaclyn to thrive at school without fear of being cold or feeling left out.”

So in this season of giving, what will you do to give thanks? I hope you will consider a donation to help provide winter coats to local children like Jaclyn. Imagine the impact your donation can make.

Wishing you and your family a Happy Thanksgiving,
Lynn"

I have the DATA!!!!!!

2012-11-15T12:47:00.003-08:00

Ever wonder what is selling around you? If not, you should! After all, our homes are one of the largest investments we will ever make.

Whether you purchased your home for $100,000 or $1,000,000 it’s a significant purchase that needs to be maintained and cared for in order to maintain its value.

With the state of the economy and housing numbers like a roller coaster I would be happy to share with you the sales data I have access to.

No matter where you live in Massachusetts, I can provide you with the most up to date and accurate sales information for you to compare to your own home.

Simply email me where your home is located, what type of home (Single, multi, condo) with some specifics and I will send you accurate details of “Sold” homes similar to yours that have closed over the past 3-6 months.

Kitchen Remodel? Good Idea?

2012-11-07T10:59:00.002-08:00

You've decided to remodel your kitchen. Now what? Not knowing where to start, many homeowners fall into two camps. Some start by looking at appliances. Others start by collecting inspiration photos. Both are steps any homeowner can take without the commitment of hiring a professional, and sometimes a homeowner will find themselves in this stage for a year or longer.

Once you've simmered in this phase long enough and you're ready to green-light a kitchen remodeling project, then what? Here we'll start with the first 10 steps and we'll get into the nitty-gritty details under specific steps as we move through the workbook in the coming weeks.

Step 1: Gather inspiration

This step is all about finding your style using every resource possible, including design books, idea books and photos, magazines and blogs.

It can be organized and beautiful like a scrapbook or it can be a hardcopy or computer file folder stuffed with random, unorganized images. I actually prefer the latter, because I like to randomly stuff images into my folders and idea books and go back to them later on for edits.

How to Organize Your Ideas

Step 2: Explore your style

Do you like modern, classic, traditional, cottage — some sub-style in between? Do you want a white kitchen, a natural wood kitchen, or do you want some color? What about flooring?

Most homeowners get overwhelmed when thinking about all these decisions at once — so don't. Who says you have to? Just add those kitchen inspiration images to your folders without thinking about why you like it, and worry over the details later. It's so much easier and more fun this way.

This is also a great time to start shopping for a designer or architect as well if that’s in the cards for your type of project. Some homeowners hire a professional right away to help them through the inspiration-gathering process.

How to Find Your Kitchen Style

Step 3: Research and plan

Ready to green-light that project and take the plunge? The best place to start is by formulating what's commonly referred to as a "scope of work" and figuring out your preliminary budget.

Both of these may be subject to change, so don't feel like you have only once chance at this. Budget and scope are intertwined and often change many times during the design process as you become more educated and able to reconcile what you want and what you can afford. As a homeowner, you're not expected to walk into this knowing what everything should cost. Remember, this is an educational process.

How to Map Our Your Scope of Work | 3 Common Kitchen Budgets

Step 4: Hire a professional

Even if you're going the DIY route, unless you're building your own kitchen cabinets and doing your own electrical and plumbing, you're going to have to work with a professional at some point. It may be as brief as leaning on your salesperson to help you in selecting and ordering your appliances or cabinets, but it's something to plan on either way.

Some people start by visiting big-box stores or cabinet showrooms where they can see everything. Many homeowners get referrals from friends or colleagues and start by hiring an architect or designer. Still others might work on their own with a builder or contractor. This step includes so many levels that it warrants its own in-depth story to cover everything from contracts and permits, to space planning, budgets, product ordering and project management.

How to Work With a Kitchen Designer

Step 5: Schematic design

This phase includes sketches, space planning, preliminary floor plans and elevations showing the layout and cabinet sizes. You'll look at color studies and talk about finishes and fixtures such as cabinet color, flooring and tile options, color palette, backsplash and countertop materials.

At this point you may be narrowing selections down to your top three. I try to keep my clients focused more on layout and space planning, even though the temptation is to talk about what the kitchen will look like, ie. fixtures and finishes. But I find that getting caught up in the look too early can distract from the space planning phase.

Plus, you need a plan in order to figure out what materials will go where, and how many square feet you will need, and ultimately how much this will cost. Preliminary budget work can also be done at the end of this phase. I like to begin the contractor interview process early and give them a preliminary drawing packet and scope of work so we can get some ballpark construction numbers. At the same time you can be sending out drawings for estimates on finishes and fixtures.

More on Planning Your Space

Step 6: Fixture and finish specification

Final selection of finishes and fixtures is made. This usually includes:

cabinetry construction type, doorstyle, finish and color
countertop material
refrigerators and other appliances
sink and faucet
light fixtures
flooring
back splash
decorative hardware
paint colors
trim profiles
furniture

Step 7: Work on design development and construction documents

This is the stage when you finalize the design and prepare final floor plans, elevations, details and, if applicable, mechanical and electrical drawings, lighting switch plans, and exterior elevations.

This is where your final permit set or Construction Drawings (CDs) come into play. It's important to have finishes and fixtures selected at this time, since this is what will be considered in the final pricing from the contractor.

You'll submit drawings for permits. These have a lead time, so check the timing with your local village. You'll need a contractor signed up to finalize the paperwork and pick up your permits, so get ready to hire someone in the next step. I often find that we're submitting for permits around the same time or a little bit after we've placed the cabinet order, due to similar lead times.

Step 8: Get contractor estimates

On occasion, this step happens earlier in the process; it depends on the type of job. I always recommend to my clients to get at least 3 different contractor estimates. I like to do preliminary walk-through's with the contractors once the schematic designs are done so we can get some ballpark estimates and find out if we're on the right track or need to pull back some to fit the budget.

Step 9: Get ready for demo

The big day is upon us, most likely something like 4-8 weeks from when you submitted for permits. Time to get that schedule firmed up and plan on cleaning out the cabinets, putting what you don't need in storage and — if you're living in the house during construction — setting up a temporary kitchen so you don't lose your mind!

You may be moving out of your house temporarily, but most homeowners white-knuckle it and try to live in the house through construction. Preparation and organization can save your sanity.

Discuss the logistics ahead of time with your contractor. Will you meet once a week for updates? Will you have to be out of the house for certain tasks like demo or flooring? What about debris removal and dust? Are there any family allergy issues? What is a typical work day for the crew? Getting all this on the table beforehand can set expectations and make for a smoother ride.

Step 10: Surviving the dreaded punch list

Once construction is over, well ... almost over ... there's always this annoying little list of items that are missing, wrong, or simply forgotten about. A missing light switch plate, a caulk line that shrank and pulled away from the wall, paint touch ups — small things like this, and sometimes bigger things like the hood doesn't work, or there's a big scratch in the newly refinished floor.

Sometimes the homeowner does the punch list. It can be as informal as an emailed list of items that need to be fixed or finished. I like to use a little form I put together that identifies the item to be fixed or finished, the responsible party and the date of completion. I send it to the client for review, changes and additions, and then off to the contractor.

It's inevitable that the contractor may have to make multiple visits back to the house to finish these items; prepare yourself for more than one visit and you'll be fine.The best way to approach this is with a Zen attitude. Things happen, little things get missed. It's sort of like making a list for the grocery store and still forgetting some key ingredient. We all do it.

Advice for First-Time Buyers

2012-11-01T09:43:00.002-07:00

Advice for First-Time Buyers

Pre-Qualification: Meet with a mortgage broker and find out how much you can afford to pay for a home.
Pre-Approval: While knowing how much you can afford is the first step, sellers will be much more receptive to potential buyers who have been pre-approved. You'll also avoid being disappointed when going after homes that are out of your price range. With Pre-Approval, the buyer actually applies for a mortgage and receives a commitment in writing from a lender. This way, assuming the home you're interested in is at or under the amount you are pre-qualified for, the seller knows immediately that you are a serious buyer for that property. Costs for pre-approval are generally nominal and lenders will usually permit you to pay them when you close your loan.
List of Needs & Wants: Make 2 lists. The first should include items you must have (i.e., the number of bedrooms you need for the size of your family, a one-story house if accessibility is a factor, etc.). The second list is your wishes, things you would like to have (pool, den, etc.) but that are not absolutely necessary. Realistically for first-time buyers, you probably will not get everything on your wish list, but it will keep you on track for what you are looking for.
Representation by a Professional: (ME) Consider hiring your own real estate agent, one who is working for you, the buyer, not the seller.
Focus & Organization: In a convenient location, keep handy the items that will assist you in maximizing your home search efforts. Such items may include:
1. One or more detailed maps with your areas of interest highlighted.
2. A file of the properties that your agent has shown to you, along with ads you have cut out from the newspaper.
3. Paper and pen, for taking notes as you search.
4. Instant or video camera to help refresh your memory on individual properties, especially if you are attending a series of showings.
5. Location: Look at a potential property as if you are the seller. Would a prospective buyer find it attractive based on school district, crime rate, proximity to positive (shopping, parks, freeway access) and negative (abandoned properties, garbage dump, source of noise) features of the area?
Visualize the house empty & with your decor: Are the rooms laid out to fit your needs? Is there enough light?
Be Objective: Instead of thinking with your heart when you find a home, think with your head. Does this home really meet your needs? There are many houses on the market, so don't make a hurried decision that you may regret later.
Be Thorough: A few extra dollars well spent now may save you big expenses in the long run. Don't forget such essentials as:
1. Include inspection & mortgage contingencies in your written offer.
2. Have the property inspected by a professional inspector.
3. Request a second walk-through to take place within 24 hours of closing.
4. You want to check to see that no changes have been made that were not agreed on (i.e., a nice chandelier that you assumed came with the sale having been replaced by a cheap ceiling light).
All the above may seem rather overwhelming. That is why having a professional represent you and keep track of all the details for you is highly recommended. Please email me or call me directly to discuss any of these matters in further detail.

Why me? You need a Buyers agent in Boston!

2012-10-31T07:57:00.002-07:00

in Boston, the need for buyer representation is essential. I have been selling in Boston for 20 years and likely to negotiate the best deal for you. possibly save you thousands

After years of trepidation, home buyers are finally beginning to wade back into the housing market. But as they do, many are making the surprising choice to hunt alone, rejecting the assistance of what's known in real estate as a buyer's agent.

For years, house-hunters have had the option to work with a real estate agent who shows them properties and may ultimately negotiate the price a counterbalance to the agent who almost invariably represents the seller. But now fewer buyers are taking it. Of the buyers who purchased a property through a real estate agent, just 57% had buyer representation, according to a 2010 report by the National Association of Realtors. That's down from 62% in 2009 and 64% in 2006, before the housing bust. Also, fewer buyers are first learning about the home they purchase from real estate agents: just 37% are reporting real estate agents as their first source of information on the home they purchased, down from 50% a decade ago, according to NAR.

If you're in the market to buy a home, a slew of new smartphone apps aim to make the job easier and save you time. MarketWatch's Amy Hoak reports.

Many experts think this is a bad move worse, for example, than trying to sell a house without an agent. For one thing, in most cases, a buyer doesn't pay an agent; the buyer's agent splits the commission with the seller's agent, so the services are essentially free to the buyer. Also, a buyer's agent can usually access historical price data for home sales in the area, which means he can recommend a bidding strategy that targets comparable properties that sold for less, rather than the mid-range. John Vogel, adjunct professor of real estate at the Tuck School of Business at Dartmouth College, calls going through this process alone "a mistake."

There are lots of reasons buyers may choose to represent themselves. The real estate listings and detailed information that was once only available to real estate agents -- like median sales prices in a neighborhood, the amount of days a home has been on the market, and how many price cuts it has endured are now online. And because most buyers' agents don't get paid until a home is purchased, they have a strong incentive to see you buy something quickly, Vogel says: They may not tell a client to wait for prices to fall further.

On the other hand, some house-hunters may think they are working with a buyer's agent, when in reality, they're actually dealing with a seller's agent. Many buyers contact the agent listed with the property or walk into an open house thinking the agent is working in their favor, says Paul Howard, a buyer's-only broker licensed in New Jersey and Pennsylvania. Or some buyers may start working with an agent who has their interest at hand, but the house they want to buy is listed with the real estate company the agent works for; at that point, buyers should have the option to find an agent not tied to the property. Some seller's agents may also discourage prospective buyers at the beginning of their search from seeking out a buyer's agent. Commissions are already lower due to declining home values, and some would prefer not to split it, says Ginger Wilcox, head of training for buyers' and sellers' agents at Trulia.com. "Agents are fighting for their commissions."

Still, in many cases buyers may be at an advantage when they work with a buyer's agent at least compared to relying on a seller's agent for advice or guidance. A seller's agent is contractually obligated to help make the sale happen in the seller's favor, often as close to the asking price as possible. Buyers' agents can also suggest home inspectors and financing companies they've worked with before, says David Kent, president of the National Buyer's Agent Association; they're not supposed to make money off the referrals.

When searching for a buyer's agent, experts recommend putting a few through their paces first. The most helpful agents won't just rely on what's listed online, says Vogel. Instead, they might drive around a neighborhood looking for signs of properties that are for sale by owners or mail letters to existing homeowners alerting them to a buyer who's interested in a similar property to theirs. And by the time a buyer enters into a contract, his agent should be there to look for red flags.

Making sure it the best Real Estate fit for you

2012-10-25T07:41:00.000-07:00

Ready to close the deal? Maybe not.

Sometimes unforeseeable issues arise just prior to closing the sale. Hopefully, with negotiation, most of these have a workable solution. Unfortunately, this is not always the case. But don't panic. Another buyer might still be found who is willing to accept the house as is.

Imagine that your prospective buyers are a couple with young children. They envision your unused attic as the perfect playroom for the kids but, before closing the deal, they request an inspection to see if it's safe and also if they will be able to install a skylight to provide natural light to the new space.

This inspection reveals that under the shingles that are in good condition is a roof that will only last another year or two. The prospective buyers immediately balk, not wanting to incur the time and cost of replacing the roof. Their plans were to move in and only have to spend time and money renovating the attic. The additional cost of the new roof, they say, is just too much.

At this point, you sit down with the prospective buyers and calmly discuss the situation and how it can be solved to the benefit of all. First, you agree to get another professional opinion on what really needs to be done. Inspectors are only human, and are not infallible. Once the extent of the damage is agreed upon, you can jointly decide what to do about it. While the buyers hadn't planned on that expense, you show them that instead of a limited roof life that they would get with most existing homes, they'll have a new worry-free roof that won't cost them in repairs for the next decade or so. Since the roof wasn't in as good shape as you had thought, you agree to lower the purchase price to help offset the cost of the new roof.

By negotiating calmly and looking at all possibilities, what could have been a "deal breaker" can be turned into a win-win situation for both the buying and selling parties. In other cases, the most workable agreement for both parties might be for the deal to be called off. The seller can always find another buyer and the buyer can always find another home.

To protect yourself against last minute "buyer's remorse," make sure the purchase contract anticipates and closes as many loopholes as possible after all known defects have been fully disclosed.

Why the Need for a Comparative Market Analysis

2012-10-23T08:55:00.001-07:00

CMA is real estate shorthand for "Comparative Market Analysis". A CMA is a report prepared by a real estate agent providing data comparing your property to similar properties in the marketplace.

The first thing an agent will need to do to provide you with a CMA is to inspect your property. Generally, this inspection won't be overly detailed (she or he is not going to crawl under the house to examine the foundation), nor does the house need to be totally cleaned up and ready for an open house. It should be in such a condition that the agent will be able to make an accurate assessment of its condition and worth.

If you plan to make changes before selling, inform the agent at this time.

The next step is for the agent to obtain data on comparable properties. This data is usually available through MLS (Multiple Listing Service), but a qualified agent will also know of properties that are on the market or have sold without being part of the MLS. This will give the agent an idea how much your property is worth in the current market. Please note that the CMA is not an appraisal. An appraisal must be performed by a licensed appraiser.

The CMA process takes place before your home is listed for sale. This is a good assessment of what your house could potentially sell for.

CMAs are not only for prospective sellers. Buyers should consider requesting a CMA for properties they are seriously looking at to determine whether the asking price is a true reflection of the current market. Owners who are upgrading or remodeling can benefit from a CMA when it's used to see if the intended changes will "over-improve" their property compared to others in the neighborhood.

Chris Tuite

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Please join me at my Boston office for a wonderful cause

I have the DATA!!!!!!

Kitchen Remodel? Good Idea?

Advice for First-Time Buyers

Advice for First-Time Buyers

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Making sure it the best Real Estate fit for you

Why the Need for a Comparative Market Analysis