Archive for Sellers
Price Matters in Wellesley, MA
Price Matters in Wellesley, MA
Call Christine Norcross for more information – cell 781-929-4994 or to research the Boston neighborhoods, visit my website www.HomesbyNorcross.com.
When it comes to real estate price matters. Most real estate professionals will aim to price your home at fair market value at the onset and some sellers are on board, others are not. It has been a rough realization for many to acknowledge that it is a buyers market out there. It has been an unknown in recent months as to whether home values will continue to drop, stabilize or improve and every market is different. Regardless of what is going on, if your home isn’t selling then you may want to reduce its price.
Whether your home is seeing a lot of potential home buyers or very few, if you haven’t had an offer there could be a few factors. What is your home lacking? Can you fix what your home is lacking? Chances are that if your home is on the market for sale, you are ready to sell it and you are not going to make any large changes to it. The one change you can make is lowering the price. Money matters, more today than ever. If someone sees a home for sale at what they see as a bargain price then they are much more likely to make an offer.
Can you afford to hold on to your home until prices start appreciating again? If so keep your price where it is. If you need to sell then lowering the price could be the key to selling it now.
Call me if you want help with your home purchase. We have a team, Christine Norcross & Partners, at William Raveis and we can help you find your dream home in the Boston Metro West Market – Natick, Newton, Needham, Wellesley, Wayland, Weston and more.
Click here to read an article from House Logic on reasons to lower the price of your home.
Is Now the Right Time to Upgrade a Home in Wellesley, MA?
Is Now the Right Time to Upgrade a Home in Wellesley, MA?
Call Christine Norcross for more information – cell 781-929-4994 or to research the Boston neighborhoods, visit my website www.HomesbyNorcross.com.
Headlines touted the infamous line once again Friday that mortgage rates are at historic lows, inciting the burning question, “Is now the right time to upgrade my home to a bigger, better one?” Affordability is at an all-time high at many places throughout the Country and if one has the ability to acquire and secure a mortgage, the cost of buying a home is better than it has been in years. That being said, wanting to move up and being able to move up are two different things, and it is a great time to take a hard, honest look at what makes sense for your particular situation.
Finances. If your current mortgage is a stretch financially then you should hardly consider taking on more. If you have a solid steady income and can afford more, it is a great time to start looking for a housing upgrade. Affordability is seen as housing costs taking up 30% of a household’s monthly income, if a new mortgage will keep you there a new home makes sense.
Current home. Do you need to sell your current home to buy a new one? If you can hold on to your current home and rent it until the market is fully recovered, your investment can be sold at a bigger profit. This is especially wise if your current home can be rented for more than the mortgage payment every month.
It is not a wise idea to upgrade to a new home if it does not make financial sense for your future. If it does make financial sense there could never be a better time to jump into a new home. It is a great time to discuss a possible move with a financial advisor or a qualified real estate professional.
Call me if you want help with your home purchase. We have a team, Christine Norcross & Partners, at William Raveis and we can help you find your dream home in the Boston Metro West Market – Natick, Newton, Needham, Wellesley, Wayland, Weston and more.
Click here to read a recent article from Realty Times regarding upgrading to a new home.
Great Time to Buy Luxury Real Estate in Wellesley, MA
Great Time to Buy Luxury Real Estate in Wellesley, MA
Call Christine Norcross for more information – cell 781-929-4994 or to research the Boston neighborhoods, visit my website www.HomesbyNorcross.com.
It is a great time to buy luxury real estate. Not only are mortgage rates once again at historic lows, but real estate values are low and inventory is high. It is a buyer’s market, which means it is an exceptionally great time to invest in a larger, nicer home, a better time in fact than has been seen in years. A recent article in the Wall Street Journal mentions that a larger home gives more bang for the buck, and these days that is exactly what people are looking for.
It has taken a bit longer for sellers of high end homes to come to grips with reality. That reality is that it is no longer a seller’s market and that sellers are no longer in control. What that means is that sellers now feel the need to not only come down in price but do a better job of haggling when they get an offer, after-all it is an unknown when the next offer may arrive.
Call me if you want help with your home purchase. We have a team, Christine Norcross & Partners, at William Raveis and we can help you find your dream home in the Boston Metro West Market – Natick, Newton, Needham, Wellesley, Wayland, Weston and more.
Click here to read a recent article from the Wall Street Journal on why it is a good time to buy a bigger, nicer home.
Determining A Home’s Value in Wellesley, MA
Determining A Home’s Value in Wellesley, MA
Call Christine Norcross for more information – cell 781-929-4994 or to research the Boston neighborhoods, visit my website www.HomesbyNorcross.com.
When selling a home one of the most important pieces of the puzzle for both the seller and the buyer is price, and let’s face it, price matters. The seller without a doubt has a value in mind when he decides to sell his home. A Realtor will conduct a Current Market Analysis (CMA), comparing homes that have sold in the area, both what similar homes have sold for and what has sold recently. Conducting a CMA should reveal what is a fair price to list a home at, however certain features can tweak the price per square foot value of a home, such as a home’s finishes, upgrades, and assets.
When a home goes under contract a professional appraiser will appraise it. The appraised value is similar to a CMA, it is based on the local real estate market, sales of comparable homes, the condition of the home and a few other criteria.
While the value of a home is first determined by the seller it ultimately is the buyer who sets the price, this is known as Market Value in real estate. Market Value is what a home actually sells for and can be higher or lower than asking price. A Realtor is a valuable tool in the selling of a home because pricing it right can designate how long it takes to sell.
Call me if you want help with your home purchase. We have a team, Christine Norcross & Partners, at William Raveis and we can help you find your dream home in the Boston Metro West Market – Natick, Newton, Needham, Wellesley, Wayland, Weston and more.
Tax Benefits For Wellesley, MA Homeowners
Tax Benefits For Wellesley, MA Homeowners
Call Christine Norcross for more information – cell 781-929-4994 or to research the Boston neighborhoods, visit my website www.HomesbyNorcross.com.
There has been a lot of talk throughout the past year regarding tax credits and with the expiration of the home buyer tax credit it should come to attention that there are still many tax benefits for home owners. There is no doubt that home ownership has its benefits. Aside from the fact that interest paid for a mortgage is a write-off for federal tax purposes, there are other tax incentives that come along with owning a home, one of which comes hand-in-hand with home improvements.
Making energy efficient or green improvements to a home can help homeowners at tax time. Reducing a home’s carbon footprint can also reduce a home’s annual expenses. The addition of solar energy, or simply replacing appliances with more energy efficient versions, can cost a homeowner up front yet save a homeowner money over time. Tax credits have been created to help encourage these green improvements.
Call me if you want help with your home purchase. We have a team, Christine Norcross & Partners, at William Raveis and we can help you find your dream home in the Boston Metro West Market – Natick, Newton, Needham, Wellesley, Wayland, Weston and more.
Learning the Cause of the Wellesley, MA Housing Bubble May Help Avoid Another One in the Future
Learning the Cause of the Wellesley, MA Housing Bubble May Help Avoid Another One in the Future
Call Christine Norcross for more information – cell 781-929-4994 or to research the Boston neighborhoods, visit my website www.HomesbyNorcross.com
Learning about the cause of the housing bubble could help us avoid a future one
There has been a lot of talk about what caused the housing bubble. As with anything in life, hindsight is 20/20. There are however, always lessons to be learned and hopefully what we have learned from the real estate market can be used in avoiding future housing bubbles from occurring.
Economists are blaming the housing bubble on a few factors. One economist, Randal O’Toole, points out that the housing bubbles that have occurred across the country have been localized, in fewer markets than the general population might even be aware of. According to O’Toole only 12 states have really been hit by the housing bubble. This particular economist attributes states with urban planning departments as those with the biggest issues. Community planners and developers restrict development and, as a side effect, create volatile real estate values.
Of course another point to be taken is the 0% loans. The traditional 20% down helped cover a borrower during typical market fluctuations, keeping borrowers from going under water. With 0% down a borrower has nothing to lose if he walks away. When Fannie and Freddie started buying loans with 10%, 5% and then 0% down, other lending institutions followed suit making the sub-prime loans run rampant.
Whatever the causes of the housing bubble and regardless of whether it happened in 12 states or 50 states, the effects have been felt nationwide. Understanding how we got here will help us face the future.
Call me if you want help with your home purchase. We have a team, Christine Norcross & Partners, at William Raveis and we can help you find your dream home in the Boston Metro West Market – Natick, Newton, Needham, Wellesley, Wayland, Weston and more.
Wellesley, MA Real Estate Information: How Reliable is a Seller’s Disclosure?
Wellesley, MA Real Estate Information: How Reliable is a Seller’s Disclosure?
Call Christine Norcross for more information – cell 781-929-4994 or to research the Boston neighborhoods, visit my website www.HomesbyNorcross.com
A seller’s disclosure (or lack thereof) of problems with his home can bring up a slew of questions, as well as a large gray area when it comes to what the truth really is. In today’s real estate market it is clear that many sellers simply want to sell their homes and when they receive a contract all they want to do is see the closing come to fruition. The desire to close can make a seller conveniently forget about issues that exist with the home and a buyer owes it to himself to seek out the truth. What is the best way to find out what issues may exist with a home? Hire a home inspector, one with a solid reputation.
A home inspection can make or break a deal but it is extremely important for a home buyer to know what issues may exists with the home that they are under contract on. Important issues like mold, a leaky roof, the presence of radon, termites and the like, can pose an inordinate amount of problems and facing them head on and clearing up the problems will benefit everyone in the long run.
Most states have disclosure laws, whereby homeowners must disclose any issues that exist. However, finding out after closing that the seller did not disclose certain information ahead of time can lead to costly and lengthy legal battles. Do yourself a favor, if you are buying your home examine it carefully before sealing your deal.
Call me if you want help with your home purchase. We have a team, Christine Norcross & Partners, at William Raveis and we can help you find your dream home in the Boston Metro West Market – Natick, Newton, Needham, Wellesley, Wayland, Weston and more.
How Much Is Your Wellesley, MA Real Estate Worth?
How Much Is Your Wellesley, MA Real Estate Worth?
Call Christine Norcross for more information – cell 781-929-4994 or to research the Boston neighborhoods, visit my website www.HomesbyNorcross.com
Technically a home is only worth what someone is willing to pay for it, when you are trying to price your home to sell you may want more specific guidance however. Comparative market analysis (CMA) is a standard way to price real estate to sell. When doing a CMA to price a home a broker or individual will examine the current real estate market, evaluating what is selling for what and averaging the price per square foot. Of course certain factors can affect the price of a given home, its condition, neighborhood, and upgrades to name a few.
During a hot market, when demand is high and inventory is low, a house could very easily sell for more than its value. When the market is suffering, demand is low and inventory is high, houses stay on the market longer and often go for below asking price. In any market, if you want to sell your home the best bet is to price it fairly and in accordance with current market conditions. A qualified real estate professional is the best bet for pricing your home appropriately, but in the end it will come down to what someone is willing to pay.
Call me if you want help with your home purchase. We have a team, Christine Norcross & Partners, at William Raveis and we can help you find your dream home in the Boston Metro West Market – Natick, Newton, Needham, Wellesley, Wayland, Weston and more.
The Reality of Realty in Wellesley, MA
The Reality of Realty in Wellesley, MA
Call Christine Norcross for more information – cell 781-929-4994 or to research the Boston neighborhoods, visit my website www.HomesbyNorcross.com
The reality of realty is that searching for positive news about real estate is not that difficult these days. Foreclosures have dropped in certain areas of the Country. Some areas are showing rebounds, having an increase in sales volume and home values. The available home buyer tax credits and low mortgage rates are boosting home sales. Even the drop in January sales appears temporary because, after-all, the tax credit expires on April 30th and people will start pounding the pavement in search of the new home to use it on.
Real estate that is selling in most places is selling because the price is right. People are buying real estate that they view as priced appropriately. If the home is affordable it will sell. The real estate that is not selling is real estate that is owned by people who are having a hard time letting go of what they think their home is worth or who will lose their shirt if they sell at the correct price. The reality of realty is that home values are not nearly what most people thought they would be when they bought their homes at the height of the market.
Call me if you want help with your home purchase. We have a team, Christine Norcross & Partners, at William Raveis and we can help you find your dream home in the Boston Metro West Market – Natick, Newton, Needham, Wellesley, Wayland, Weston and more.
Click here for a recent article from CNBC on what is going on in real estate right now.
5 Proactive Steps to Take When Your Home Won’t Sell in Wellesley, MA
5 Proactive Steps to Take When Your Home Won’t Sell in Wellesley, MA
Call Christine Norcross for more information – cell 781-929-4994 or to research the Boston neighborhoods, visit my website www.HomesbyNorcross.com
There are many homes that have been on the market for months in the Boston Metro West Market and around the country. Instead of getting frustrated, mad, and depressed – here’s what you can do when your home won’t sell…
List or Relist as the case may be…
Many people either try to sell their home ‘by owner’ or put their home on the market themselves after having a bad experience with an agent. Do you perform surgery on yourself? Do you prepare your own lawsuits? Do you file your own insurance claims? Do you manage hundreds of thousands of dollars of your own money?
NO. Why would you try to market and negotiate the sale of your own home? It’s one of the most valuable assets you have and it involves your personal space and possessions as well as your family’s. Let a professional do it. If you don’t have a Realtor – get one. If you don’t like the one you have – fire them and get a new one. A professional Realtor that can properly market and sell your property is literally worth their weight in gold.
Bite the Bullet and Drop the Price
I won’t beat around the bush…you know if your home is overpriced. How do you know? It didn’t sell. It didn’t show. Realtors didn’t go see it. You didn’t get any offers. See. Your home was overpriced. Get a professional to provide a detailed market analysis of your home and the surrounding area to find out where your home’s price should fall. If you aren’t within 5% of the price of comparable homes in your area, you are wasting every-one’s time.
Polish it up
Whether you can eat a four course meal off your tile floor or you haven’t seen your carpet since the eighties, you can always do something to make your home show better. Clean your carpets. Paint, patch, and scrub your way to selling your home.
Market for Real
If you are using a ‘discount brokerage’ or have negotiated your agent’s commission (and therefore the buyer’s agent’s) to lower than they were asking, you are doing yourself a disservice. It all comes down to, “you get what you pay for.” A discount broker offers a limited amount of marketing for a limited amount of commission. A Realtor that is being forced to work for less than they are worth will be able to market and expose your property to give it it’s best chance of being sold. Consider offering a higher commission than is normal in your area to increase buyer traffic. Think about offering a selling bonus, a home warranty, or get a custom property website. In short, upgrade your home marketing.
Be Flexible
Markets change. Neighborhoods become desirable and then either get overbuild or become stagnant. Nothing stays the same. If you have listed your home and it is not getting the showings it deserves, don’t sit around twiddling your thumbs, do something about it. Try some new tools. Allow your home to be shown without notice. Drop the price. Buy a featured property listing in a magazine or (much better) online. Invest in some professional pictures or a video tour of your home. Do something to make something happen. Your Realtor should be doing this…but nothing says you can’t help out.
The worst thing you can do is sit on your haunches and hope something good happens. There are many more ideas about how to properly market and sell your property using both modern and traditional strategies on this site and across the internet. Do some research and take the bull by the horns. It’s probably your largest asset and not to be left up to chance.
Call me if you want help with your home purchase. We have a team, Christine Norcross & Partners, at William Raveis and we can help you find your dream home in the Boston Metro West Market – Natick, Newton, Needha, Wellesley, Wayland, Weston and more.