You might think that the Winter months are a poor time to sell a home. Conventional wisdom would try to convince you that the weather is bad, the buyers are in hibernation and it is best to wait until Spring. Well, not every year!
The weather, well, in case you had not noticed, the weather this year has been extremely mild. Without the frequent weekend storms of last winter, buyers are free to spend time house hunting rather than shoveling. Not to mention the funds they have saved by not buying extra boots, hats, scarfs, snow melt, shovels, heating oil etc.
As far as the buyers being in hibernation, not this year. The market last Fall was extraordinarily quiet. There is a back log of buyers who have hit the market running. A single family home listed by Avenue 3 real estate this past weekend in Arlington was the recipient of three offers within 48 hours! And this property is not alone, many well priced listings have been received with the same enthusiasm.
Conventional wisdom point #3, wait until the busy Spring market. Why would you wait to be in competition with everyone else putting their home on the market in Spring. Selling a home in the Winter months gives you the advantage of less competition – your home will not get lost in the crowd of new listings hitting the market each week and a greater number of buyers may pay attention to it. In addition, mortgage rates traditionally trend upward in the Spring, making your home just a bit more expensive.
So, our advice, throw conventional wisdom out the window and take advantage of our hot market in the cold months by selling your home this February – it’s hot!
For information on what your home may be worth in today’s market, contact us at Avenue3re.com or call us at 617-520-6603.
See who else is on the market in your area with the easy Avenue3PropertySearch
Download Our Free Home Selling Kit
Find tips on selling your home by downloading our very informative Smarter Seller Kit
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JANUARY 25, 2012
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Rent or Buy in Arlington MA - You be the Judge
Whether you rent or buy a home in Arlington MA does depend in large part on how long you anticipate staying in one area. If you think you will be moving in less than a few years, it may make sense to rent. Otherwise, this rent versus buy analysis for Arlington may help you decide.
Rent: A quick look at Craigslist and Multiple Listing Service showed rentals for 2 bedroom apartments in Arlington MA coming in at $1,900 and higher. Let’s work with the $1,900/month figure. Renting this apartment would typically mean putting up $5,700 (first, last and security) or $7,600 (first, last, security and fee).
Buy: A quick look at the Multiple Listing Service for Arlington MA shows a spacious two bedroom condo for sale on Pleasant Street asking $280,000. A 5% down payment would be $14,000 – higher more than your apartment deposit (with the possibility of building equity over time). Monthly mortgage based on a 4% rate would be $1,269.92*. Monthly taxes are $278.00 and the monthly condo fee is $385.07. (BUT, it includes heat, water/sewer, snow removal and landscaping charges).
Total monthly costs for the Arlington condo equal $1,932.99 compared to the $1,900.00+ for the Arlington apartment.
Be sure you look at your own situation, investigate the numbers and understand which alternative is right for you!
* does not include private mortgage insurance, inquiry with your mortgage representative or local bank re: costs and deductions.
Look for more listings in Arlington at Avenue3 Property Search
And here are current pending sales numbers in Arlington MA and 11 additional towns including Boston MA:
pending sales
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Download Free Home Buying Kit
 Find tips on buying a home by downloading our very informative Better Buyer Kit and Contact Us for further discussion on this or any other real estate topic!
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JANUARY 18, 2012
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Rent or Buy in Cambridge MA - You be the Judge
It is the eternal question and a proposition that has been the topic of many a discussion these days. Whether you rent or buy a home does depend in large part on how long you anticipate staying in one area . If you think you will be moving in less than a few years ... read more
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JANUARY 13, 2012
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Thoughout this past year the sharing of information regarding the state of the Boston Area Real Estate market has been plentiful. A few of the many questions that have answered in various reports are: What's selling, what isn't selling, what's the current price of 2 bedroom condo in Cambridge MA and what's happening with multi-family market prices in Somerville MA?
In our review of the 2011 real estate market, we thought we'd keep it simple and give you an overview of the number of sales and the average sale price for the categories presented in the graph.
So here's our snapshot of the "Year in Review" for 2011.
Top number: total number of closed transactions (single-family, condominium & multi-family)
Bottom number: average sale price (single-family, condominium, multi-family)
closed sales / average sale prices
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| town |
2011
number of transactions
average sale price
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2010
number of transactions
average sale price
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| Arlington |
509
$495,456
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514
$500,363
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266
$626,558
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261
$604,821
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| Cambridge |
885
$825,781
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855
$824,724
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| Concord |
219
$662,651
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188
$644,935
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| Lexington |
410
$642,236
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399
$663,935
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| Lincoln |
55
$712,624
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41
$778,810
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| Medford |
455
$355,469
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460
$362,185
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| Somerville |
576
$468,860
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597
$452,918
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| Waltham |
459
$380,259
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513
$384,823
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| Watertown |
310
$429,908
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290
$431,248
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| Winchester |
242
$603,704
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272
$611,560
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| BOSTON |
5044
$519,989
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5414
$493,356
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If you are interested in receiving a detailed breakdown by property type for one of the above communities, please Contact Us and we will email you the report.
Source: MLSPIN
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You can take a closer look at the towns above by loggin in to our web site and using the
Avenue 3 Property Search tool.
So you've found a property and you're ready to make an offer or, you're thinking about starting the process sometime soon, either way you want to be prepared. Next up, there's the "Offer" and the "Purchase and Sale Agreement", documents that often need explanation and clarity.
So we asked Attorney Roger DuPont of DuPont and LaBonte in Lexington MA questions most commonly asked by Buyers about these documents. We think his answers will give you the information you'll need to feel confident when you sign on the dotted line!
1. In a home purchase the Buyer and Seller sign an Offer to Purchase (“Offer”) followed by a Purchase and Sale Agreement (“P&S”). What is the function of the Offer?
Roger DuPont: The main reason to sign the Offer is for the Buyer and Seller to bind the deal quickly with a small deposit, usually $1,000. It’s really a “mini” Purchase and Sale Agreement and it allows the Buyer and Seller to set the basic terms (price, deposit, closing date, and financing details) before the P&S is signed. During the Offer stage most Buyers have the home inspected by a professional. If any defects are discovered they can be negotiated and, if Buyer and Seller agree, addressed in the ensuing P&S. The result can be that there is a price reduction, credit at closing, repairs by the Seller or some combination thereof. It’s also extremely important for the Buyer to remember that if he/she wants any special terms to be included in the purchase, it is critical to add them to the Offer. Those special terms might be as major as Buyer’s need to sell his/her current home in order to afford the new one; or as minor as including the swing set or appliances as part of the deal. If you are a Buyer and have special terms in mind, but do not state them in the Offer, it may be difficult, if not impossible, to add them to the P&S later. Remember, even though the Offer is a preliminary document, it is still a binding contract which creates legal rights and obligations.
Tip: Make sure that you change the language in the Offer form that says that the parties will execute a “standard form purchase and sale agreement” to a “mutually acceptable purchase and sale agreement”. While the standard form will be used as part of the P&S, it should be amended and supplemented to make it fit the transaction.
2. What steps are necessary to move from the Offer to the P&S?
Roger DuPont: Once the Offer is signed, the inspection is completed and the Buyer and Seller agree how to handle any resulting inspection issues, it’s time to proceed to the P&S and to pay the deposit (usually 5% of the purchase price including the $1,000 paid with the Offer). The standard form of the P&S not only incorporates the major terms of the Offer, but also adds numerous important details. To name just a few, it addresses the quality of the title to be transferred, the amount of time a Seller may extend the closing date to correct any title problems that may be discovered, the condition of the property on the day of sale and what happens if the Buyer is unable to obtain a mortgage. Note that it is generally accepted practice for the Buyer’s attorney to make changes to the face of the P&S and to add additional provisions with a Buyer’s Addendum. The addendum often addresses issues such as Seller’s knowledge of specific property conditions (such as the presence of underground oil tanks or other environmental factors), any current or potential legal issues or lawsuits involving the property and Seller’s obligation to make repairs or to credit the Buyer as a result of the home inspection.
Tip: Make sure that you and your attorney both have the mortgage contingency date (deadline) in your calendars and that you both review the terms of the written commitment before that date expires to make sure that there are no unexpected conditions included.
It’s important to remember that each real estate transaction is unique and all are determined by their particular facts and circumstances. By necessity, the advice contained here is general and cannot address each detail of your purchase. Therefore, if you have specific questions or concerns about the Offer/Purchase & Sale/Closing process you should consult with a real estate attorney.
When you're ready for a real estate attorney you can contact Roger DuPont at:
DuPont and LaBonte
24 Muzzey Street
Lexington, MA 02421
781-863-8668
Email: rad@dupontandlabonte.com
Download Free Home Buying Kit
Find tips on buying a home by downloading our very informative Better Buyer Kit and begin your real estate search here: Avenue 3 Property Search.
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DECEMBER 6, 2011
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How to Find an Affordable Home in Boston / Metro West
Think you can't afford to buy a home in the greater Boston Area? Think again. We recently took a look at the inventory that has been selling in a few towns west of Boston and found that the news is good - for buyers at least. Buying a home in Cambridge MA is often reputed to be a venture for the wealthy... read more
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Avenue 3's Week in Review is just that, a weekly update of the sales activity in Boston MA and the surrounding towns. In each newsletter we highlight tips for buying and selling property or post updated information on community activity and up-to-date news on Massachusetts laws regarding home safety, etc. If you'd like to receive this newsletter( and we hope you do) here's the place to subscribe!
You're ready to hit some Open Houses Sunday but your time is limited due to weekend chores, holiday shopping and of course, some much needed chilling time to catch-up on. So we're suggesting these 3 steps that will prepare you to make the experience efficient, easy and professional!
Step 1: Begin right here at the Avenue 3 Open House Search. You can browse through all the towns in Massachusetts, check open house hours and view property specifics in every property category. Once you have identified the properties you're visiting you can move on to step 2.
Step 2: Walkability Index. You will find this a very useful tool, especially if you are not familiar with the town are neighborhood of the homes, condos or multi-family properties you have identified in your price range. Just insert the address of a property and you will get the distance to the nearest public transportation, restaurants, shopping and even the commute to a work location! You'll find all that info right here: WalkScore.
Step 3: Register here with Avenue 3 and you'll have access to the recently sold properties in the neighborhood that you are visiting and considering as a place to live. This info will help you determine value on properties in the area and help you determine a future price on a home you find interesting.
There you have it! You're ready to go and look at the open houses in Arlington MA or the anywhere in the Boston Metro West Area.
Contact Us we're available to help you in anyway with any additional real estate questions. You can also download our very informative and useful Better buyer Kit here!
Download Free Home Buying Kit
Find tips on buying a home by downloading our very informative Better Buyer Kit.
NOVEMBER 30, 2011
"Pending Home Sales up by most in almost a Year"
by Reuters, November 30, 2011
"Pending sales of existing U.S. homes surged in October by the most in nearly a year as Americans took advantage of low interest rates for mortgages, data from a real estate trade group showed on Wednesday.
The National Association of Realtors Pending Home Sales Index, based on contracts signed in October, rose 10.4 percent to 93.3 from 84.5 in September. That was the biggest monthly gain since November 2010. Economists polled by Reuters had expected pending home sales to climb 1.5 percent."We hope this indicates more buyers are taking advantage of the excellent affordability conditions," said NAR economist Lawrence Yun.
The U.S. Federal Reserve has held short-term interest rates at nearly zero since 2008 and has expanded its balance sheet in a bid to get credit to businesses and households.
The Fed said in September it would renew its effort to help the housing market by reinvesting some of the maturing debt it holds into mortgage-backed securities.
That has helped bring 30-year mortgage rates to record lows."
And here is the weekly pending home sales activity for that past week in the Greater Boston Area:
Avenue 3's Week in Review is just that, a weekly update of the sales activity in Boston MA and the surrounding towns. In each newsletter we highlight tips for buying and selling property or post updated information on community activity and up-to-date news on Massachusetts laws regarding home safety, etc. If you'd like to receive this newsletter( and we hope you do) here's the place to subscribe!
Buying a home in the cold winter weather can prove to be a challenge. The ground is frozen and often both it and the roof are covered in snow, making the condition tough to determine. And what about termites, carpenter ants and the like, how do you know if they are hibernating for the winter in your potential home?
So we went to the experts at Best Pest Control Services, owner Rod Kreimeyer and manager Matt Kreimeyer, for the answer to the 3 most frequently asked Buyer questions for pest inspectors in winter. Best Pest, located in Somerville, has been in business for 26 years and is the go-to company for many Buyers and Sellers in the greater Boston area. They are an authority on pest control, rodents and just about any insect you don't want to find in your home!
We asked them to give us their professional opinion on the following:
1. If buying a home in the colder months with the ground around the property frozen , is it possible to detect active carpenter ants or termites?
Best Pest: It is a bit difficult to detect active carpenter ants or termites during the winter months as these insects are generally not active in colder winter months. However, there are visible signs of evidence and/or conducive conditions that can be searched for. For termites the signs to look for are mud shelter tubes, damaged wood and/or evidence of any prior treatments. The signs for carpenter ants that we look for are wood damage caused by the ant excavation, the presence of sawdust the ants have made and conditions within and around the structure that could be conducive.
2. What directive should a buyer give a home inspector in looking for possible rodent entry?
Best Pest: Mice can fit through the hole the size of a dime and a rat can fit through the hole the size of a quarter. Typical rodent entry points in a home are found at doorways where there is a gap between the door and threshold, through bulkheads, holes in the foundation and from gaps where pipes may enter the home. Also, inspecting the exterior areas of the structure and property as well for any activity.
3. If some activity is found in a home during an inspection and treatment is recommended, when and how quickly should the treatment take place?
Best Pest:Treatment response depends on the pest involved. Rodents should be treated promptly. Ideally, a follow up inspection and service performed when the property is vacant prior to the new owners moving in. This would give the pest control company the greatest access throughout the structure to seal holes and resolve the rodent issue. Unless the carpenter ant and/or termite evidence is active the treatment should be performed in the Spring after the snow has melted and the weather has warmed up for a 2-3 week period.
Have additionial questions for Rod and Matt?
You can contact them here:info@bestpest.com at the Best Pest website
or give the office a call:617-625-4850 or 781-641-4040
Whether buying a home or selling a home start with a conversation with Avenue 3 Real Estate. Contact Us!
With the Thanksgiving Holiday upon us, we are reminded of the wonderful efforts of the Arlington Food Pantry here in Arlington MA. Organized, efficient and well-run for years and very appreciated by many. In the past few months the donations to the Food Pantry have taken care of the needs of over 500 people living in Arlington MA. It is truly amazing that these Food Pantries throughout the Greater Boston Area, like the Arlington facility, can serve the needs of so many. The need is especially great at this time of year and all contributions are welcome.
If you're looking for a Pantry in the your area or close to your work location here's a list of several:
Greater Boston Food Bank
Arlington Food Pantry
Medford Food Pantry
Town of Watertown MA Food Pantries
Lexington MA Food Pantry
Belmont MA Food Pantry
And here's a PDF listing all of the Food Banks in the Metro West Area
Our best wishes to you for a very Happy Thanksgiving, from all of us at Avenue 3 Real Estate!