Why Won’t My Beautiful Home in Boston Sell??

Your home is on the market, but it just wont sell. Is there a chance that you might be……

1. Asking too Much

The single biggest mistake in the Boston real estate market that folks make is setting their asking price too high. In today’s down market homeowners need to price conservatively or they risk turning off potential buyers, says Michael Corbett, author of “Ready, Set, Sold.”

Figuring out how to set the price is tricky.  Gone are the days when you can expect to sell your home for as much as your neighbor did just six months ago.  Existing home prices have fallen significantly over the past year, according to the National Association of Realtors.  So rather than looking at how much homes in your area sold for six to 12 months ago, compare prices for similar properties currently on the market.  If you see a listing for a house that’s sitting unsold for a few months, chances are the owners are asking too much and you’ll want to set your price lower, says Corbett.

2. Questioning the first offer
Too many Boston home sellers reject their first offer, even if it’s close to or at full asking price. Holding out for more money is a strategy that rarely works, especially at a time when credit is tight, lending requirements for mortgages are in flux and potential buyers have less purchasing power.
The reality is that in any market in a home’s first offer is often its best, says Elaine Clayman, a real estate broker with Brown Harris Stevens. Typically, educated buyers will seize on a property they like — with a competitive bid — as soon as it comes onto the market, she says. Of course, given the glut of houses on the market, sellers should expect to receive some low-ball offers. Just don’t assume that you’ll get better bids the longer you hold out. As Clayman warns, the more time a home sits unsold, the greater chance a seller will have to reduce his price.

3. Not responding to All Offers
What if you get an offer that’s simply too low?  Don’t reject it outright.  See if you can negotiate.  First of all, you can’t blame someone for testing the market — after all, in today’s market, many buyers are confident that they have the upper hand. Secondly, by entering into negotiations with one party, you’ll gain leverage with other potential buyers, says Corbett. Most importantly, it allows you to tell brokers that your property is in play and sends a message that if someone is interested, then he better present a competitive bid quickly.

Just don’t get cocky. During this process, it’s crucial for sellers to set a realistic bottom-line price they’re willing to take, even if it’s several thousand dollars below asking, says Corbett.

4. Not Using a Home Stager
In a depressed market, it’s more important than ever that your property stands out from the competition. But unless you’re trying to sell a multimillion-dollar mansion, you don’t need to pay a professional to stage your home. There are a number of free or inexpensive things you can do on your own to get your house into show condition. Most importantly, paint the walls. Nothing does more to brighten up a place, says Peter Comitini, a real estate broker with Corcoran Group. Next, he recommends getting rid of all the clutter, excess furniture and family knickknacks. Finally, make all the necessary repairs before your first open house. If a buyer sees a small problem, say, a leaky faucet, he’s likely to wonder about larger issues like the furnace or roof.

5.  Picking the Wrong Buyer
Now more than ever, sellers need to select their buyers carefully. As we mentioned earlier, thanks to all the defaults in the sub prime market, lenders are tightening their lending practices, making it more difficult for consumers to qualify for mortgages. So it’s critical to find a buyer with a recent prequalification letter (issued no later than four to six weeks ago) for a loan.

Next, watch out for buyers who need to add contingencies to the contract, including a clause stating that the deal won’t close until they sell their own home. A better bet is to look for cash-flush first-time home buyers or someone who has already unloaded his existing house. In a slowing market it’s difficult to estimate how long it could take your buyer to find someone to purchase his dwelling, warns Brown Harris Stevens’ Clayman. And if that property doesn’t go for as much as he expected, that person may no longer be able to afford your agreed-upon price.

5 Great Reasons To Buy Your New Home Now!

5 Reasons Why NOW is a Great Time To Buy Your New Home!

If you’ve been considering the purchase of a new home, but just can’t decide if now is the right time, read on!

Reason #1: Home Prices are Down

It is no secret that housing costs are down. Even better, many of the homes coming on the market today are quite beautiful and contain many luxury features that were once too costly for many people to afford. The number of terrific houses in Boston, coming on the market is on the rise. At the same time, because many sellers are interested in selling their houses as quickly as possible, you enjoy a great deal of leverage as a buyer.

Reason #2: Mortgage Rates are Low

Today’s mortgage rates have reached a record low, which means you stand to save a significant amount in terms of interest. Furthermore, because the rates are so low, you actually start to build equity in your home as soon as you buy it, which means you don’t have to stress out about the ups and downs of the economy as it still works toward a recovery.

Reason #3: Many Available Houses are in Great Condition

Not only are there many beautiful houses coming onto the market, but many are in move-in condition as well. This is because most of those who had been holding back on putting their houses on the market were keeping their houses in good shape until the time was right to list it for sale.

Reason #4: Programs Make Home Buying More Affordable

Thanks to the many different grants, loans and other housing assistance programs available to homebuyers, buying a home is quite affordable. Many communities still offer “workforce housing” programs, which help middle-class families afford purchasing a home. For those who qualify for one of these programs, they can enjoy a helping hand with their home buying expenses.

Reason #5: Appraisal Guidelines Have Been Adjusted

Shortly after the economic fallout, appraisal guidelines were changed in such a way that it seriously impeded the purchasing process. Thankfully, Fannie Mae has made some adjustments to these guidelines, which gives appraisers more flexibility when it comes to setting values. The result? Closing on deals is a much faster process than it was just a year ago.

According to many industry experts, real estate markets throughout the country have reached their bottoms. This, combined with low prices,low interest rates, eager sellers, faster appraisal guidelines and numerous financial assistance programs, and there really has never been a better time to buy a home. So, if you have been thinking of making a home purchase, there is no reason to put it off any longer!

Boston Home Owners, How Do You Spell Fall? C.O.M.P.O.S.T!

The school bell is ringing, football Sundays are back and yellowing leaves are slowly beginning to accumulate on the lawns of Boston homeowners. Fall. It’s fast approaching and there is nothing we can do about it except…. COMPOST!  New England weather is perfect for composting and now is the perfect time to start! Involve your kids, go “green”, save money and have the garden or flowerboxes that all your neighbors will envy.

Why compost?  Most importantly, compost because it is EASY and it just makes sense!It saves you money, uses natural resources, which helps to protect our environment and will make you look like a master gardener whether you have just a few window boxes, or a massive vegetable garden.

You don’t have to live on acres of land in Sudbury or Lexington, or raise your own chickens in Plympton, to compost; in fact, you can successfully compost whether you live in a condo in South Boston, a large single family home in Brookline. You can live anywhere in the Greater Boston area, all you need is a patch of outdoor space large enough for a trash barrel. Composting is low maintenance, free and can save you heaps of money on landscaping and garbage pick up. 

Here is what you need to get started. Compost requires only sunlight, water and periodic churning.  Remarkably enough, if properly tended to, it doesn’t even stink!  You will need a compost barrel, (these can be found at places like home depot or sites like craigslist.org used) or they can be made out of nearly any heavy duty trash barrel and a lid with plenty of small holes to let in light (small enough not to leak out composting materials).  If you make your own barrel and it is not self-turning, you will need a pitchfork to periodically incorporate composting material. 

What are the best compost materials? There are no magic tricks involved in transforming leftover dinner into rich and fertile soil, just a bit of science and preparation.  There are two basic types of compostable material: carbon and nitrogen.  Or, more simply, brown (dry) and green (damp) matter, respectively. Perhaps the best sources of brown matter are leaves and grass trimmings.  As long as it is damp and the browns are mixing with the greens, you are creating garden gold.  You can save nearly all kitchen scraps (though most agree that meat gets smelly and might attract critters…) such as coffee grinds, fruit cores/seeds/pits, moldy or stale bread, pasta, kids sandwich crusts, etc.  in a sealable bucket in the kitchen and empty it into the compost bin as needed. Involve your children by letting them choose what leftovers to add each night and have them churn the materials each week. Involving your children is a great way to introduce them to a “green” project and they will love seeing the rich brown soil they helped to create!

 You are now not only saving money by reducing the cost for the removal of yard and household trash, but come spring, your savings on fertilizer and soil will be eliminated, leaving you room to maybe buy a few flowers or seeds you couldn’t afford last season!

 *For more info on composting specifics and local projects, see www.howtocompost.org.

  Go Pats!

Apartment Rentals in Greater Boston, Harder to Find and Afford.

Apartments in The Greater Boston Real Estate Market; Harder to Find and Afford.

 The Greater Boston region’s rental market has tightened in recent months, with rents rising and vacancies falling for the first time since the beginning of the economic crisis. Lost jobs, lost homes and pay cuts, all contribute to shift in the Boston rental market, making finding a suitable apartment a very difficult task. Boston real estate agencies can help.

The rental squeeze is being felt from triple-deckers in working-class Boston suburbs to luxury buildings in downtown Boston, according to brokers and analysts.

There is not a buyer for every vacant building and often, new owners will require a higher rent, making units no longer affordable to many existing tenants. Reports indicate that bank-owned properties often remain vacant until the property is sold or rented again, reducing the available housing stock.

 Foreclosures in Boston have reduced the supply of apartments as banks, unwilling to be landlords, evict tenants and shutter buildings, making housing availability scarce in areas such as Dorchester and Roxbury, where foreclosures are among the highest. At the same time large apartment buildings at mid-level and high-end markets in Boston are close to full and owners no longer have to offer incentives to entice people to move in.

 Boston real estate offices are an excellent source of help for renters.  A real estate agent can help narrow the search, assuming a large part of the leg work. Working with a Boston realtor will most often, reduce time taken away from work and family, and in many cases, reduce the overall costs related to finding an apartment on your own.

 For more information on renting an apartment in Boston, please visit:

 http://www.prubostonrealty.com.

Boston Real Estate News! Prudential Real Estate and Relocation Services, Ranked Highest for Seller Satisfaction in J.D. Power and Associates’ 2010 Home Buyer/Seller Study

(BOSTON, MA) – Prudential Real Estate and Relocation Services, a Prudential Financial, Inc. [NYSE: PRU] company, and Prudential Lyons Group Real Estate announced that Prudential Real Estate ranks “Highest Overall Satisfaction for Home Sellers Among National Full Service Real Estate Firms” in J.D. Power and Associates,  2010 Home Buyer/Seller Study^SM.

The study measures customer satisfaction of home sellers and buyers with major national real estate companies.  Overall satisfaction is determined by examining four factors for the home-selling experience: agent (44%); marketing (30%); office (15%); and services (11%).

Among home sellers, Prudential Real Estate achieved scored highest on a 1,000-point scale and received particularly high ratings from customers in the marketing and agent factors.  This is the second time in three years the Prudential Real Estate Network ranked highest in seller satisfaction. The Network also ranked highest in 2008.

“This distinction underscores the satisfaction level and consistency of our network through challenging times in our industry,” said Jim Mallozzi, chairman and CEO, Prudential Real Estate and Relocation Services.  “Affiliate to affiliate, our sales professionals are the local-market experts who market and price homes right, while providing attentive service.  The more you know us, the more you love us.”

Added Earl Lee, president, Prudential Real Estate and Relocation Services: “The Prudential Real Estate Network already enjoys one of the highest average selling prices in the industry.  And, this prestigious J.D. Power and Associates designation demonstrates that our sales professionals are representing their customers with distinction.”

The team at Prudential Lyons Group Real Estate works hard to exceed the expectations of its clients – sellers and buyers alike, explained Michael Lyons, broker/owner, Prudential Lyons Group Real Estate.  “In today’s market, our clients require all the expertise and service we can offer – and by leveraging Prudential’s brand strength, its broad product and service offerings and its effective Internet marketing programs, we provide sellers with the exposure they need for their homes.”

The study finds that despite the popularity of home selling and buying resources on the Internet, the real estate sales professional remains key to customer satisfaction with real estate companies.  A large proportion of both home sellers and buyers rely on the Internet to facilitate the buying or selling process, with 79 percent of buyers saying that they used Internet tools to help them in the purchase process, and 82 percent of sellers reporting that they used a website listing to market their home.  In addition, among home sellers, online methods are the most important aspect of marketing.

However, the sales professional carries the greatest importance among the factors that comprise overall satisfaction among both home sellers and buyers.

According to J.D. Power and Associates, although the Internet provides real estate consumers with the ability to perform some essential tasks – such as listing a home for sale or researching a neighborhood in which to purchase a home – it still does not replace the importance of a good sales professional.  The knowledge and expertise provided by experienced sales professionals are important benefits of using a full-service real estate company.

Satisfaction averages 768 among those customers whose homes sold within five months or less, but declines considerably to an average of 702 among customers whose homes took seven months or longer to sell, the study showed.

Nearly one-half of respondents in the study (46%) reported using recommendations from family or friends to find their real estate sales professional.  Approximately 32 percent used a sales professional they had used previously, 22 percent used the internet and 12 percent used a listing agent for property.

The study reports that home buyers were shown an average of 17 homes before they made a purchase. Home sellers reported that, on average, their home was shown 12 times, and about two open houses were conducted before a sale occurred.

The 2010 Home Buyer/Seller Study includes 3,096 evaluations from 2,817 respondents who bought or sold a home between March 2009 and April 2010.

Based in Westlake Village, Calif., J.D. Power and Associates is a global marketing information services company operating in key business sectors including market research, forecasting, performance improvement, training and customer satisfaction.  The company’s quality

and satisfaction measurements are based on responses from millions of consumers annually.  For more information on cell phone ratings, car reviews and ratings, car insurance, health insurance and

more, visit JDPower.com.   J.D. Power and Associates is a business unit of The McGraw-Hill Companies.

Boston Home Owners and Home Buyers, Please Avoid These Common Real Estate Scams!

We know our Boston home buyers, home owners and home sellers are smaahht, and very busy.  You’re juggling work, family, finances and life in general. In the midst of all this, you are trying to obtain a new mortgage, refinance, or possibly rescue your home from potential foreclosure. Needless to say at this point, your keen senses may be temporarily dulled, leaving an opening for a savvy scammer to gain your attention.

Don’t panic! We will help you get your spidey senses back!  Here are some tips to help you sniff out a scan before it’s too late.

If a company and/or person tell you or ask you to do any of the following, watch out!

Guarantees they can stop a foreclosure or get your loan modified.

Please understand that nobody can guarantee to stop foreclosure or modify your loan. Legitimate, trustworthy HUD-approved counseling agencies will only promise to help you find a solution that works best for you.

Advises you to stop paying your mortgage company and pay them instead. They will also advise that you stop communicating with your current lender so that they can negotiate for you.

Despite what a scammer will tell you, never send a mortgage payment to anyone other than your mortgage lender.  The minute you have trouble making your monthly payment, contact your mortgage lender. Staying in contact with your mortgage lender is an important way to show them good faith and effort on your part.

Pressures you to sign over the deed to your home or sign any paperwork that you have not had a chance to read or do not fully understand.

A legitimate housing counselor would never pressure you to sign a document before you had a chance to read and understand it.  Scammers deceive homeowners into signing over the deed to their home and tell them they will be able to remain in the house as a renter and eventually buy it back.  Usually, the terms of this scheme are so demanding that the buy-back becomes impossible.  Therefore, the homeowner gets evicted, and the “rescuer” walks off with most or all of the equity.

Asks for a fee in advance to work with your lender to modify, refinance or reinstate your mortgage. They may also offer to give you a “second opinion” on a denied loan application.

They may pocket your money and do little or nothing to help you save your home from foreclosure.  Free HUD-certified foreclosure assistance is available.   Never pay for a “second opinion” if you have been turned down for a loan modification.

Tells you to sign documents with blank lines /spaces stating they will complete it at a later date.

Scammers often add information later without your knowledge or approval. Make sure there are no empty spaces or lines on any document you agree to sign. Having an additional person with you to double check is often very helpful.

Claims to offer “government-approved” or “official government” loan modifications.

Scam artists pose as legitimate organizations approved by, or affiliated with, the government. Contact your mortgage lender first, they can tell you whether you qualify for any government programs to prevent foreclosure. Please note:  you do not have to pay to benefit from government-backed loan modification programs.

Sadly, these are only a few of the most commonly reported mortgage related scams out there. Seek advice from a knowledgeable, well established Boston real estate professional before entering any type of real estate agreement. Also please visit http://www.preventloanscams.org/ to learn more about mortgage and loan fraud.

If Home is Where the Heart is, How Do you Sell it?

When the decision to sell your home in Boston arrives more out of financial necessity than desire to make a change, emotion is sometimes your biggest hurdle. You raised your kids, possibly your grand kids, planted trees and flowers and made great friends with neighbors you never thought you would get to like. Now you are trying to figure out if the investment value you initially considered the purchase as, is greater than the sentimental value it now holds. Here are a few things to consider that may balance the scales and help you check your emotion.

Consider what the benefits of selling your home will mean for you. If you are selling due to financial strain, make sure the benefit of selling will far outweigh the potential risks of trying to hold on to it. Monthly utility bills, taxes and home repairs should all be considered and compared to the costs of your potential new home and lifestyle.

Seek help BEFORE you plan on selling your home, speak with people experienced in such moves. Aside from friends, you might want to approach real estate agents as well as other professionals associated with home selling to see if you will be making the right decision.

Once you are confident in the decision to sell your home you may need to put your emotion into storage first. Emotion can get in the way of appropriately pricing and showing your home, ultimately it can prevent you from selling your home and moving forward. Try to remember the positive direction you are moving in and remember, your memories are coming with you, they are not considered part of the sale!

Again, seek advice from an experienced Boston real estate professional, who will provide you with valuable market data and property analysis. This will help you price your home in accordance with current Boston Real Estate Market prices. Your real estate agent will also consult with you on how to make your home more attractive to potential buyers. If it is hard for you to put away collectibles, photo’s and other items that might be considered “clutter”, try to consider yourself, or even better, ask a friend, to look first as a buyer, at the present condition of your home. Would they be one to consider buying it? Do they see certain flaws, damages or un-necessary clutter that might cloud a buyers estimated worth of your home? If these questions get not so encouraging answers and you still want to sell your home, you must clear it out. The memory of your mom making you eggs when you were little will not be lost if you throw out that old frying pan, the handle is broken anyway!

Potential buyers will appreciate the chance to see how they will be able to enjoy life in their new home and believe it or not…..that is what you want. That is how you will sell your current house and begin to enjoy the making of your great new home!