January 31, 2011 COLUMN JJ39
A MEASURE OF VALUE
One way buyers and sellers can evaluate the real estate market is to compare housing prices with local rents. Dividing the purchase price of a home by the annual rent of a similar house provides the price-to-rent ratio. Generally, ratios of about 20 are representative of more balanced markets, higher ratios favor sellers, and lower ratios represent better buying opportunities. During the recent housing bubble, numbers peaked in the high 20s and even 30s in some areas; the national average is now about 15. It should also be pointed out that homes in some areas tend to be more overpriced relative to rental apartments, such as metropolitan areas. Price-to-rent ratio is but one number to factor into the home-buying decision.
If you are wondering about the value of real estate in your desired area, contact CENTURY 21 SEXTON & DONOHUE. We have the most up to date information regarding what property has sold for in your community. Recent sales help determine the current value of homes that you may be considering. Reach us today at (781) 665-6660. The office is conveniently located at 29 Essex St., just across the street from Shaw’s. We are "A Team Effort”. You will benefit from our knowledge and real estate experience!
HINT: The best way for sellers to assess the value of their homes involves having a real estate agent provide a list of comparable homes that have recently sold in the immediate area
January 24 2011 COLUMN JJ38
APPEALING TO BUYERS
There are indications that real estate buyers’ tastes are changing, largely in response to recent economic conditions. According to a recent survey by the American Institute of Architects, homebuyers are shifting away from larger homes and setting their sights on smaller residences that are less expensive to maintain. Buyers are also looking for living spaces that demonstrate greater flexibility and practicality. For instance, prospective buyers would rather see a spare room furnished to function as a guest bedroom/office/hobby room than an expensive water feature in the backyard. With this in mind, sellers may want to alter the look and feel of their homes to cater to buyer desires. Garages with workbenches and kitchens with office nooks increase a home’s appeal.
We hope you found this topic to be interesting and informative. Whether you are buying or selling real estate, you will benefit from our real estate knowledge and experience. Contact CENTURY 21 SEXTON & DONOHUE today at (781) 665-6660. We will arrange an initial meeting to discuss your real estate needs. The office is conveniently located at 29 Essex St., just across the street from Shaw’s. We are "A Team Effort”. Learn how we earned our superior reputation!
HINT: Today’s home buyers find updated AC/heating equipment and other energy-efficient improvements to be very appealing, as they are indicative of lower energy bills.
January 17, 2011 COLUMN JJ37
JUMPING INTO A JUMBO
A "jumbo” mortgage is a larger-than-normal loan that exceeds the "conforming limits,” the maximum amount that Fannie Mae and Freddie Mac will purchase from a lender. While the absolute limit is $729,750, the conforming limit varies by location. In many housing markets the limit is $417,000, and any mortgage exceeding that amount is considered to be a jumbo. The interesting news lately with regard to jumbo mortgages is that the interest rate spread between conforming loans and jumbo loans has been narrowing. As a result, real estate professionals have seen a rise in sales of homes priced above $750,000, nationwide. Sellers with homes in this price range might want to take advantage of this fact.
Current low interest rates allow qualified buyers the option of purchasing ‘more’ home, while maintaining a reasonable monthly payment. To learn more about how you can take advantage of the prevailing market conditions, call CENTURY 21 SEXTON & DONOHUE at (781) 665-6660. We have a successful history of assisting buyers. As members of the Multiple Listing Service®, we can show you any home for sale in your desired community. The office is conveniently located at 29 Essex St., just across the street from Shaw’s. We are "A Team Effort”. We look forward to assisting you!
HINT: Mortgage rates for "jumbo” loans are currently at their lowest point since 2003.
January 10, 2011 COLUMN JJ36
EXCLUSIVE AGENCY
Some sellers think they may have an uncommitted buyer who might be interested in purchasing their property. In the meantime, they want to list their properties and get them on the market without paying a commission for those buyers whom they may personally find. This leads them to entertain thoughts of an "exclusive agency” listing agreement, which calls for them to pay a commission if the agent sells the house. On the other hand, if the seller sells the home to someone to whom the agent did not show the house, the seller does not owe a commission. However, sellers may be better served by exhausting the possibility of finding a buyer on their own before turning to a professional.
The Multiple Listing Service® offers the greatest exposure when selling real estate. At CENTURY 21 SEXTON & DONOHUE, we are members of this service. Let us discuss how you will benefit from having us handle every aspect of the individualized marketing, and sale of your home. The office is conveniently located. Contact us today at (781) 665-6660. Learn how we earned our superior reputation. Our office is conveniently located at 29 Essex St., just across the street from Shaw’s. We are "A Team Effort”. We wish you a Happy and Healthy New Year!
HINT: The listing agreement that is most likely to result in a timely and profitable sale is one that demands a 100 percent commitment from both the seller and agent
January 3, 2011 COLUMN JJ35
MORE IN STORE
Sellers may want to take a hard look at the storage space in their homes prior to placing them on the market. The fact is that potential buyers place a good deal of stock in the quantity and quality of closets (and other storage areas) in homes on their short list. Buyers are far more likely to be drawn to closets with space that has been organized and maximized than those outfitted with simple hanging rails. Built-in shelving is most attractive to buyers, as are garage spaces that have been similarly organized to hold tools, toys, and tires. Sellers should bear in mind that improvements made to their homes’ functional spaces can be as valuable as cosmetic fixes.
If you are thinking about selling your home, this is valuable advice. Today’s buyers aspire to certain ‘bells and whistles’. At CENTURY 21 SEXTON & DONOHUE, we know what buyers want. We can advise you what features to highlight, and what improvements will enhance the return for your investment when selling property. Reach us today at (781) 665-6660. We will arrange an initial meeting, provide you with a free market analysis, and discuss an individualized marketing plan with you. The office is conveniently located at 29 Essex St., just across the street from Shaw’s. We are "A Team Effort”. You will benefit from our real estate experience and knowledge!
HINT: Sellers should spend as much time as necessary to remove junk from their garages and install shelving so that their vehicles fit comfortably inside.
December 27, 2010 COLUMN JJ34
GETTING THE LEAD OUT
Buyers and sellers who purchase and sell homes built prior to 1978 should know that the Environmental Protection Agency (EPA) has recently issued its new Renovation, Repair, and Painting (RRP) Rule. The new rule requires professional contractors working on pre-1978 homes to take extensive job-site precautions that protect themselves and the house’s inhabitants from the potential side effects associated with lead exposure. While the new rules exempt homeowners working on their own properties, they are not encouraged to take this matter into their own hands. Although children under age six years are most vulnerable to the lead-related developmental and behavioral problems, lead poisoning is a concern for all. Proper removal and disposal assures buyers and helps sellers promote their properties.
We are pleased to bring you interesting and informative real estate topics. Lead paint is just one concern of home buyers. Having a thorough home inspection is highly suggested before making a real estate purchase. To learn more about what is entailed in buying property, contact us at 21 SEXTON & DONOHUE, (781) 665-6660. We can walk you through the process, step by step. The office is conveniently located at 29 Essex St., just across the street from Shaw’s. We are "A Team Effort”. We will exceed your expectations!
HINT: About two-thirds of the homes built before 1940 and one-half of the homes built from 1940 to 1960 contain heavily leaded paint.
December 20, 2010 COLUMN JJ33
PRIVATE PRACTICE
One way homebuyers can reduce the monthly payments associated with purchasing a home is to eliminate the cost of private mortgage insurance (PMI). Homeowners who have been charged a fee by their lenders for lenders mortgage insurance (LMI) since they started making payments should look into whether the insurance is still warranted. Private mortgage insurance is usually required when a buyer cannot make the standard 20 percent down payment. Once a house is more than 20 percent paid off, however, homeowners should be able to cancel the insurance. Lenders have different procedures for canceling private mortgage insurance. While most can confirm a mortgage balance with little effort, they will often require a new appraisal to confirm the home’s value.
We hope you found this topic to be both interesting and informative. To avoid paying PMI, you will need to put at least a 20% down payment on the home you are purchasing. To learn more about the ‘ins and outs’ of home buying, call us at CENTURY 21 SEXTON & DONOHUE, (781) 665-6660. We have a successful history of assisting buyers and sellers in your community. We will arrange an initial meeting, and discuss your real estate purchasing options. The office is conveniently located at 29 Essex St., just across the street from Shaw’s. We are "A Team Effort”. We wish you a Happy Holiday Season!
HINT: Private mortgage insurance is intended to protect the lender, not the homeowner, in the event of mortgage default.
December 13, 2010 COLUMN JJ32
BACKING UP YOUR OFFER
In times of tight credit, it helps if buyers can prove they have the financial wherewithal to make their intended purchase. With this in mind, buyers should get pre-qualified by a lender. This estimate of the maximum amount that a buyer can afford to borrow is based on income and debt information the buyer provides. Although not a loan guarantee, it does provide buyers with an idea of their price range and ability to secure a loan. Buyers can also be pre-approved for a loan based on the lender’s detailed examination of the buyer’s financial profile. With a pre-approval letter indicating the amount a buyer is qualified to borrow, the buyer can assure the seller that financing is in place.
Pre-approval may make the difference between having your offer accepted, or not. Why not be prepared? At CENTURY 21 SEXTON & DONOHUE, we will walk you the transaction, step by step. Contact us at (781) 665-6660 to arrange an initial meeting. As members of the Multiple Listing Service®, we can show you any property for sale in your desired communities. Our office is conveniently located at 29 Essex St., just across the street from Shaw’s. We are "A Team Effort”. Take advantage of low interest rates. Season’s Greetings to All!
HINT: Loan pre-approval may help sellers choose between the more financially viable of two potential buyers, as well as speed up the closing process
December 6, 2010 COLUMN JJ31
THE PROACTIVE SELLER
If potential buyers were once willing to overlook minor shortcomings when assessing the attractiveness of a home on their house-hunting lists, such is no longer the case. For instance, in years past, a prospective buyer might have dismissed walls painted an unattractive color in the living room as a "small problem.” After all, it takes relatively little effort to repaint a room. Most recently, however, buyers are more likely to base their decision not to purchase a home on a living room with purple walls. Savvy sellers should preempt this potential stumbling block to a sale by anticipating buyer reactions and taking a proactive approach. As experienced real estate agents know, psychology plays an important role in buyers’ purchasing decisions.
Many potential buyers prefer to purchase property that does not require lots of work and upgrading. Making changes, even small and inexpensive ones, may make the difference between making a sale or not. You will benefit from our real estate knowledge and experience. Contact CENTURY 21 SEXTON & DONOHUE, at (781) 665-6660. Make the most of your real estate investment. We’re here to help. Our office is conveniently located at 29 Essex St., just across the street from Shaw’s. We are "A Team Effort”. Learn how we have earned a superior reputation!
HINT: It is better to paint a room a neutral color than to tell a potential buyer that "it’s easy to repaint a room.” The potential buyer may not view the matter in such a dismissive manner
November 29, 2010 COLUMN JJ30
GETTING READY TO SHOW YOUR HOME
Not all sellers have the funds to make expensive upgrades to their homes with the intention of making them more attractive and appealing to potential buyers. The good news is that some smaller, less-expensive adjustments can also make a big difference. For instance, in addition to clipping the shrubs and fixing the lawn, sellers can also add replacing and/or adjusting any sunken paving stones that lead to the front door. Inside, they can take a critical look at light fixtures that look dated and replace them as necessary. The same suggestion goes for faucets in kitchens and bathrooms. Sometimes, a replacement faucet can entirely transform the sink area. Lastly, place flowers and scented candles around the home during showings.
We hope you found this topic to be interesting and informative. At CENTURY 21 SEXTON & DONOHUE, we have a successful history of assisting sellers to ‘stage’ their property in order to appeal to qualified buyers. To learn what we can do for you, reach us today at (781) 665-6660. We will arrange an initial meeting, and discuss an individualized marketing plan with you. Our office is conveniently located at 29 Essex St., just across the street from Shaw’s. We are "A Team Effort”. Your real estate success is our #1 priority!
HINT: If you are trying to sell your home and have a pet, eliminate any associated odors, stained rugs, and shed hair.
November 22, 2010 COLUMN JJ29
PICTURE THIS!
In this era of high-definition photography, real estate professionals know that sellers cannot rely on pictures from point-and-shoot cameras to fully convey a home’s appeal. In fact, savvy seller agents are telling their clients to freshen up the look of their homes and then bring in a professional photographer to show them in their best light. We have all heard about "first impressions,” "curb appeal,” and "one picture being worth a thousand words” when it comes to homeowners giving themselves the best chance of selling their homes. In this market, homeowners should use professional photography to provide as many detailed online photos as possible, including photos of the neighborhood and virtual tours. Prospective buyers are initially drawn by attention-grabbing visuals.
A picture is surely worth a thousand words. At CENTURY 21 SEXTON & DONOHUE, we make sure that appealing photos and an enticing description of your property are included in your individualized marketing plan. To learn more about how we can help you achieve your real estate goals, reach us at (781) 665-6660. We will meet with you, and provide you with a free market analysis of your home. The office is conveniently located at 29 Essex St., just across the street from Shaw’s. We are "A Team Effort”. We wish you a Happy Holiday Season!
HINT: Sellers should include a "detail” picture in the online photo series of their homes such as pictures of high-end replacement wall switches and dimmers, the bullnose detail on kitchen counters, or the imported faucets in the guest bathroom.
November15, 2010 COLUMN JJ28
ACCOMMODATING YOURSELF
Buyers may select homes that scarcely meet their present needs with the intention of later adding on to them to meet their future needs. This strategy is one that should be tempered with a dose of realism. In many cases, buyers with an eye on remodeling instead end up selling their properties in order to purchase homes that do meet their changing needs. This added step of selling and repurchasing is usually more costly than purchasing an appropriate home in the first place. Those who purchase homes with the idea of remodeling must get a firm handle on the cost of such an undertaking. Otherwise, unanticipated remodeling-cost overruns may lead to financial losses at the time of resale.
If purchasing property is in your near future, contact CENTURY 21 SEXTON & DONOHUE at (781) 665-6660. We can guide you through the transaction. Let’s discuss your needs, wants and budget. As members of the Multiple Listing Service®, we can show you any property for sale in your desired community. Take advantage of low interest rates! Our office is conveniently located at 29 Essex St., just across the street from Shaw’s. We are "A Team Effort”. We look forward to assisting you!
HINT: Buying a home with an eye toward making a minor revision, such as removing a non-load-bearing wall, is very worthwhile if it increases the livability of a home.
November 8, 2010 COLUMN JJ27
A WAY WITH WORDS
When selling properties, real estate agents want to describe them in the best possible terms. Potential buyers are much more likely to be attracted to a home that is described as "accessible to major highways” than if it were described as "abutting Interstate (such-and-such).” While this may seem obvious, there is more to composing an advertisement than choosing clever euphemisms and catch phrases. Experienced agents also know that psychology and even common sense come into play. For instance, while sellers may want to boast that their homes have numerous upgrades, agents know that a list of such renovations may raise buyers’ eyebrows. Instead of being impressed, they may wonder what made such renovations necessary. Better instead to stress overall quality.
Appropriate advertising of property for sale will attract the greatest number of potential buyers. At CENTURY 21 SEXTON & DONOHUE, we know what ‘bells and whistles’ buyers are seeking, and what property descriptions will elicit their curiosity. Contact us at (781) 665-6660 to arrange a meeting. Learn what marketing approach we will use to help you maximize the return on your real estate investment. Our office is conveniently located at 29 Essex St., just across the street from Shaw’s. We are "A Team Effort”. We will exceed your expectations!
HINT: Buyers may be more interested in seeing a home that is described as possessing "quality and features not often seen in homes in this price range.”
November 1, 2010 COLUMN JJ26
EXPECTATIONS
The most recent nationally recognized survey of homeowner sentiment across the country shows that optimism is surprisingly high. A sampling of homeowners in 20 U.S. metropolitan areas indicates they were about five times more likely to feel their homes would increase in value over the next year than they were to say that their neighbors’ homes would fare better. In fact, only once in recent years has this indicator of homeowner optimism tilted into pessimism, and that was at the depths of the recent downturn. While this level of optimism is commendable, sellers should rely on real estate agents for the most reliable assessment of market conditions and not wait too long for a higher price that may never come.
If you are thinking about selling your home, call CENTURY 21 SEXTON & DONOHUE at (781) 665-6660. Low interest rates have brought many potential buyers to the market. We will provide you with a free market analysis, indicating the highest and best price you can expect when selling your home. Let us arrange an initial meeting. You will benefit from our knowledge and real estate experience. Our office is conveniently located at 29 Essex St., just across the street from Shaw’s. We are "A Team Effort”. Learn how we earned our superior reputation!
HINT: On the other end of the spectrum from the above-mentioned survey, an overly pessimistic homeowner may sell his or her home at far below market value in anticipation of lower prices that never arrive.
October 25, 2010 COLUMN JJ25
AN OUTSIDE CHANCE
Sellers rely on their agents to use their professional network to cast the widest net to attract potential buyers. When this net extends to out-of-towners, businesses with relocating workers, and buyers in foreign countries, the chances of a sale rise exponentially. Agents with widespread resources may also realize a higher price. One study on this topic shows that buyers from out of town tend to pay more than locals for homes of equal value. In fact, an examination of nearly 3,000 real estate transactions over a period of a dozen years shows that out-of-state buyers paid more than five percent more than in-state buyers. Many out-of-state buyers would rather pay a slightly higher price than prolong an expensive house hunt.
When selling your home, you can rely on the professional services provided by CENTURY 21 SEXTON & DONOHUE. We have a successful history of using marketing techniques to attract potential buyers. Reach us today at (781) 665-6660. We will arrange a meeting, provide you with a free market analysis of your property, and discuss an individualized marketing plan with you. Our office is conveniently located at 29 Essex St., just across the street from Shaw’s. We are "A Team Effort”. We are here for you!
HINT: Out-of-state buyers tend to pay more for new homes when they are accustomed to paying higher prices in their home states.
October 18, 2010 COLUMN JJ24
GREEN SPACE
Sellers should not underestimate the value of a well-kept lawn. One of the primary factors that prospective buyers carefully assess is the size and condition of the front lawn. Even more important in the eyes of most buyers is the backyard. Nearly every home tour concludes its visit of the ground-floor living space with a look at the backyard. By stepping outside, prospective buyers have a chance to envision their kids on swing sets or themselves relaxing in hammocks and chaises. Every yard should feature a flat section of lawn, where the kids can kick soccer balls, throw a softball around, or play a game of badminton or croquet. A beautiful backyard is part of nearly every buyer’s vision.
Whether you are seeking a home with a large yard, or a smaller lot that requires less maintenance, we can find you what you are looking for! At CENTURY 21 SEXTON & DONOHUE, we have a successful history of assisting buyers in your community. Contact us today at (781) 665-6660. We will arrange to show you properties that have the ‘bells and whistles’ you desire. Our office is conveniently located at 29 Essex St., just across the street from Shaw’s. We are "A Team Effort”. We look forward to meeting you!
HINT: When it comes to backyard in-ground pools, some prospective buyers consider them a bonus (almost like a vacation-home retreat) while others find them to be a detriment.
October 11, 2010 COLUMN JJ23
OWNING PROPERTY TOGETHER
These days, it is hardly uncommon for two unrelated individuals to purchase property together. The question then arises as to how joint ownership can be legally established. The answer is that unmarried couples are generally limited to "tenancy with the right of survivorship” and "tenancy in common.” With "tenancy with the right of survivorship,” the property is owned 50/50 and, upon the death of one, ownership of the property automatically passes to the survivor. While an owner can sell or give away his or her half, the half ownership cannot be bequeathed to someone else. The more flexible "tenancy in common” allows ownership of unequal shares and the ability to sell and walk away with the contributed percentage.
If you are thinking about purchasing property, contact CENTURY 21 SEXTON & DONOHUE at (781) 665-6660. We will arrange an initial meeting to discuss your real estate needs. As members of the Multiple Listing Service®, we can show you any property for sale in your desired community. We have been successfully assisting buyers for many years. Our office is conveniently located at 29 Essex St., just across the street from Shaw’s. We are "A Team Effort”. We’re here for you!
HINT: "Tenancy with the right of survivorship” is a setup that allows unmarried couples to avoid the public process of probate or to back up a will
October 4, 2010 COLUMN JJ22
MAKING THE ADJUSTMENT
In the aftermath of the readjustment in home prices, sellers must be careful not to hang on to the past. One of the biggest mistakes that sellers can make is to insist on too high an asking price for their homes. Those selling their homes in the current market must adjust to new realities and remember that they, too, will pay less than they would have two years ago for their next house. This is where the real estate agent can provide perspective, by doing research on comparable homes in the area that have sold recently. Careful examination of these "comps” will help sellers price their homes attractively so that they stand the best chance of selling.
Proper pricing is critical when selling property. An asking price that reflects fair market value will attract the appropriate buyers. If you are contemplating the sale of your property, contact us at CENTURY 21 SEXTON & DONOHUE, (781) 665-6660. We use the most recent, comparable sales information when determining a suggested asking price for your home. You will benefit from our knowledge and real estate experience. Our office is conveniently located at 29 Essex St., just across the street from Shaw’s. We are "A Team Effort”. Your real estate success is our #1 priority!
HINT: Today’s financial environment affords move-up buyers the advantage of locking in at historically low mortgage rates.
September 27, 2010 COLUMN JJ21
TOTAL COMMITMENT
Sellers who want to benefit from the full services and commitment of a real estate professional are likely to give the real estate agent of their choice "the exclusive right to sell” their properties. This type of real estate listing essentially means the agent receives a commission in the event that he or she or anyone else (including the seller) sells the house. Other agents may also be involved. An exclusive right-to-sell listing, the most common type of listing, rewards the agent for all the work necessary to sell a home, including advertising to potential buyers, marketing the property to other agents, placing the property in the Multiple Listing Service, holding open houses, qualifying potential buyers, and negotiating a sale.
When you are ready to sell your home, contact CENTURY 21 SEXTON & DONOHUE at (781) 665-6660. We have experience helping sellers and buyers achieve their real estate goals. We will schedule an initial meeting, provide you with a complementary market analysis, and discuss an individualized marketing program with you. Our office is conveniently located at 29 Essex St., just across the street from Shaw’s. We are "A Team Effort”. We will exceed your expectations!
HINT: The duration of a listing agreement is negotiable—30 days, 90 days, six months, or one year or more are common.
September 20, 2010 COLUMN JJ20
PROJECTS THAT BOOST HOME VALUE
If you are looking to sell your home in the not-too-distant future, you may want to focus your attention on home improvement projects that bring the most bang for the buck. For instance, not only will replacing worn exterior siding with wood, fiber-cement, or foam-baked vinyl siding attract more prospective buyers with increased curb appeal, it will increase the value of your home. Other home improvements that carry the potential of recouping perhaps 75 percent of every dollar spent at the time of resale include window replacement (wood or vinyl), full bathroom or kitchen remodels, deck additions, and remodeling and finishing previously unfinished basements. Choose neutral colors and natural stains that will appeal to a wide array of potential buyers.
CENTURY 21 SEXTON & DONOHUE is pleased to bring you real estate topics of interest. When selling property, small repairs and proper ‘staging’ of rooms can result in a quicker sale at a better price. To learn more about how you can market your property most effectively, contact us today at (781) 665-6660. You will benefit from our years of real estate experience. The office is conveniently located at 29 Essex St., just across the street from Shaw’s. We are "A Team Effort”. Learn how we earned our superior reputation!
