The Real Blog

A Holiday Greeting to my readers!

2008-12-24T07:46:00.001-08:00

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I would like to wish you and your family a Happy Holiday season and good wishes in the New Year!
Often the new year is a time for people to make resolutions and move on projects that they had put off until after the holidays. Maybe you or someone you know has been hesitating on buying or selling a home. I just wanted to share with you a few reasons why the current economy is prime for buyers, and sellers who want to buy up. I’ll even share my own story.

With the continued downturn of the economy, a few options have opened up for buyers. Interest rates are extremely low and are falling. The good news is that if you were waiting for home prices to come down, the drop in interest rates has essentially made home prices lower.
There is more good news: Home prices are falling. With the lingering inventory, (i.e. more choice for buyers) sellers are getting realistic about what the market will yield for their house. They are willing to not only drop price, but also negotiate. If you locked in on an interest rate that was somewhere in the 5% range, and rates continue to drop, speak to your mortgage officer about refinancing. You’ll be sitting pretty when the market and interest rates start heading back up.

Unfortunately for some home owners, but in favor of buyers, are a number of homes which are short sales or bank owned. These can take more time to buy, but often a real bargain for savvy (and patient) home shoppers.

So, how does all of this help sellers who want to buy up? If you price your home aggressively, it will likely sell within a reasonable amount of time. (my marketing skills will help this process along!) Even if you get less than what you paid for, as long as you still have equity in your home, you can use the equity as a down payment to buy up. It worked for me. My story is below.

I would like to invite you to begin your home search with me. I think 2009 is going to be a huge year for buyers and then the market will begin to shift back toward sellers, meaning fewer homes to choose from, higher prices and interest rates.

Enjoy your holiday, and give me a call in the new year. I am excited to help you find your perfect new home! Please let me know of anyone you know who is thinking about making a real estate move in 2009! I would love to give them info and answer any questions they may have. I think it is going to be a big year for home sales!

Cheers,
Jen

P.S. Here is the story I promised you:

On October 21 I put my condo on the market, by October 27 we had accepted an offer and closed on November 24. I had multiple offers, and others who wanted to come back for second and third looks. When they heard that we had accepted an offer they asked me to let them know if the deal ever fell through so that they could make an offer as well. Meanwhile, my husband and I had submitted an offer on a short sale of a nice single family home. We waited three weeks for the offer to be accepted. We closed yesterday, December 23. Not all short sales move that quickly. Some are slower, some are faster. The point is that real estate is moving because of the lending environment, and we were able to buy up from a 1600 square foot condo to a 2300 square foot house with a two car garage and a private yard for less than what we paid for the condo four years ago.

Spotlight on Beverly

2008-12-09T06:43:00.000-08:00

The city of Beverly was once George Washington's naval base and the first US Navy ship sailed from Beverly Harbor.
With its revitalized downtown, unique shops, and restaurants Beverly is seeing a boom in the housing market. Many old factory and warehouse buildings have been converted to modern, chic, affordable condos.

Follow the link to read about the city of Beverly.

Good news for First-timers

2008-12-07T10:24:00.000-08:00

Check out this article from the The New York Times. It is encouraging news for first time home buyers. It in nearly impossible to predict the bottom of the market, but if enough buyers take advantage of low interest rates and low prices and scoop up the homes that are listed, they can create the bottom and start turning the market up.

What does this mean in a few years? You buy a house at a bargain price. Inventory dries up. Demand exceeds supply. Prices are driven up. You sell at a profit, or use your equity to make improvements.

Buying now is an excellent investment for the future.

The bottom?

2008-12-04T07:05:00.000-08:00

We've all heard the media reports. We've all listened to the news and we have heard that the country is in a recession. Some pundits who have been whispering the word "depression" are speaking a little louder and the phrase, "just like the conditions during the Great Depression" has been tossed around.

I was in the car the other day half listening to the talk on NPR, and I heard someone say, that the catalyst that ended the Great Depression wasn't a government program, but was the start of World War II.

All of this talk is alarming, but here is what I have seen in the local real estate market since the experts' admission of a recession:

I have seen lots of houses that are priced correctly and agressively being sold quickly, and often with multiple offers. I've seen it on my own condo. I put it on the market on October 21, had multiple offers by October 25 and went under agreement by October 27. We closed on November 24. We're buying a new house, a short sale, (a topic for a different post, on another day) waited only 3 weeks for an answer, and are under agreement on the property with a scheduled closing of December 23. There were multiple offers on this house as well. Another house just down the street from the short sale was on the market, and once the price was adjusted to meet market demands, had multiple offers on the evening of its first open house at the new price.

Interest rates have dropped significantly, essentially making more expensive houses more affordable for more people.

There is no way to predict the bottom of the market until it starts to rise again. There have been subtle and obvious gains starting in the North Shore market lately. Now is the time to take advantage of low interest rates, and high inventory.

Drop me an email or give me a call. I'd love to help you find your new home.

How's the Market?

2008-10-17T20:10:00.000-07:00

It depends. It depends on your outlook. It depends on what you want to do in the market. Is it a good time to buy? According to Gary Keller, the founder of Keller Williams, any time is a good time to buy the right piece of real estate.

Read this article from The Wall Street Journal. It was published in March, but in my opinion it is even more true now.

By the way, if you are on the fence about buying a piece of real estate, or if you want to buy up, call me. Even if you have to sell something that won't see the price that you originally paid for it, as long as you aren't upside down, it is the right time to buy. Your new investment will likely make up the difference.

If you know anyone who is thinking of buying or selling, let me know. I'd love to help.

Spotlight on Peabody

2008-08-08T12:20:00.000-07:00

With one of the lowest tax rates around and its easy access to shopping and Route 128/95, Peabody is becoming a popular choice for home buyers.

Read about its vibrant history in the leather industry, (That's why the sports teams are called the Tanners) and its community amenities and government structure.

Enjoy exploring Peabody

Slump? Not in Beverly

2008-08-08T12:11:00.000-07:00

According to an article in last week's Salem News, Beverly ranked pretty high on the scale of home sales and prices. Other towns fared well too.

Read the Article

Good news for first-timers

2008-08-07T08:23:00.000-07:00

Check out this info about tax credits for first time home buyers.

Tax Credit

Distressed? What to do...

2008-06-20T06:58:00.000-07:00

It's tempting to jump in on a distressed or foreclosed property, especially if you are looking for investment. Do your homework first and make sure to consult with a professional before you jump in. Start with this article from Yahoo!.

http://promo.realestate.yahoo.com/promo/smart-ways-to-profit-from-foreclosures.html

Low ball, or good offer?

2008-05-21T06:36:00.000-07:00

It's a buyer's market. What that means in a nutshell is that there are more homes on the market than what is being demanded by the consumer. Some people call it a glut; some people call it a good choice of inventory.

If your house has been on the market for a while and you get a low offer, is it a good idea to flat out reject it? Maybe not. It may be a good point to begin negotiation.

In this market it is a good idea to look at and consider every offer that comes in.

Here is an article from Boston.com with more information.

Low offers a good place to start

Spotlight on Marblehead

2008-05-17T10:31:00.000-07:00

Last week I wrote about Swampscott, the town I grew up in. This week I am writing about its high school's arch rival town, Marblehead.

Marblehead is a unique spot full of charm. It began as a fishing community, but when that industry waned, the town still celebrated its love for the sea by becoming a place the world flocked to for sailing and yachting.

To this day, Marblehead Race Week, which began in the 1800s, brings people from around the world to race and to watch.

Read more about this seaside town by following the link.
Marblehead

It's all about the condo

2008-05-15T05:17:00.000-07:00

Condos are selling like crazy around here. In the past 30 days, according to the Mulitple Listing Service (MLS) 24 condos have gone under agreement and 30 have sold in Salem alone. That's compared to 14 single family homes under agreement and 15 sold in the same time period.

Why are people buying condos faster than single family homes? Condos are a great option for a first time home buyer or someone who has already owned a larger home and wants to downsize. Many people are attracted to condo living because of benefits like professional landscaping and maintenance.

There are advantages and disadvantages to condo living. Follow the link to read an article from Realtor.com on the pros and cons of condo living.

The Condo option

How low can you go?

2008-05-13T05:48:00.000-07:00

For buyers looking for a home they can work on, now may be the time to buy. In the past three days, I have seen at least two new listings come onto the market for under 200k. There are other homes out there that are beginning to reduce prices drastically. Some of these homes need work, but it wasn't too long ago that even homes that were total rehabs were going for around 300k.

According to The Warren Group of Boston, a real estate and financial information center, the median price of single-family homes in Massachusetts fell more than 10 percent in March.

They are comparing the current housing market to what it looked like in the early 1990s. We all remember where the market went from there.

In my opinion, now it the time for a first time homebuyer to make a move. I think it is an especially good time for a first time homebuyer who wants a project to make a move.

Imagine if you bought a house that needed some work for around 200k. You could do the work, update the systems, kitchen and baths. Once the market comes back up you could have a home that could be worth quite a lot more than what you paid for it.

In real estate, what goes down, must eventually come back up.

Follow the link to read this press release from The Warren Group on home prices and sales.

Going down?

A day of helping hands

2008-05-10T15:58:00.000-07:00

Today my husband and I joined Keller Williams REALTORS® and Habitat for Humanity volunteers to help with a project at 1 Harrison Ave. in Salem. The project will ultimately result in two homes for area families. Each unit will be a townhouse style and each unit will have a roof deck.

The highlight for me was when every person on the job site was called to the second floor to lift an exterior wall. The wall could only be lifted with the full cooperation of every person there.

In these lean times when so many are struggling and just trying to get by one day at a time, it is encouraging to see so many dedicated people come together to help build this home.

I have pretty much never hammered a nail other than to put up a picture, but I was welcomed on the job site and by the end of the day I was up on a ladder putting strapping on the ceiling. Granted, it took me about 30 minutes to bang in four nails…

With only a few bruised thumbs (mine included) and fingers, and a couple of scrapes, we were able to build and set two exterior walls, three interior walls, start on the strapping for the first floor ceiling and move several piles of wood to the locations where they were needed.

My husband and I will be returning to help again very soon.

Check back for pictures of the day.

For more information on Habitat for Humanity and its projects on the North Shore click the link to the right.

Spotlight on...

2008-05-09T06:30:00.000-07:00

Each week, I would like to focus on a North Shore community and provide links of interest. I will include fun or quirky facts, links to history and information about each area. Have fun exploring the North Shore!

This week I am focusing on Swampscott, the town I grew up in. It is a small town, about 3 square miles in area, which is steeped in history and has been home to several famous and important people.

The next time you eat a peanut butter and Fluff sandwich, think of Swampscott. Although the Fluff factory is located in Lynn, H. Allen Durkee and Fred L. Mower, both Swampscott residents, and World War I veterans cooked candies in their kitchen and sold them door to door to residents in the town. They went on to form the company known today as Durkee-Mower.

Follow the link to explore the unique beauty, history and the life residents lead in my hometown of Swampscott.

For Sale By Owner vs. using a REALTOR®

2008-05-08T05:41:00.000-07:00

It sounds easy to sell a home, right? All you have to do is advertise it in the paper or on Craigslist, throw a sign in the yard and sit back while the buyers beat a path to your door, right?

Maybe.

If you advertise your house at the right time, in the right place and the right buyer happens to see it, comes in and buys it, great! That would be the ultimate FSBO dream.

The reality is that most buyers are represented by agents. These agents search the multiple listing system (MLS) to find homes for their buyers and are contacted by dozens of agents daily who have listings that match their clients' criteria. The ad that you paid a lot of money for might get missed.

On the other side of the coin, there is the level of marketing a real estate agent can do for your listing. You can pay a flat fee to be listed in MLS, but your marketing stops there. You do not have the tools within MLS that licensed agents can use to reach out to hundreds of other agents who all have buyers who are looking for your particular house.

Then there is the money you save by doing it yourself. You can save thousands of dollars in commission, right?

Maybe. Remember the scenario of the right ad at the right time that reaches the right buyer? It applies here. If your house sells immediately, then, yes, you will save on commission.

If your house does not sell right away, then you might spend a couple of hundred dollars each week on advertising until it does sell. What if it takes a year? That's more than $10,000 right there. Chances are you will end up reducing the price by $5,000 to $10,000 or more before your house sells. What about all the kids' soccer games or family outings you had to miss because you were running an open house?

The choice is ultimately yours. For more information on what a REALTOR® can do for you, follow the link.

Why use a REALTOR®

The trick to selling in this market is knowledge!

2008-05-07T15:34:00.000-07:00

Are you thinking of selling your home, but don't know where to start? I found this easy to navigate home seller's info on Realtor.com. In this market it is more important than ever to know what you are getting into when you get ready to sell your house. Gone are the days of putting a sign in the yard and sitting back while ten buyers try to outbid each other. Those days will return, but until then, arm youself with the knowledge you need to get the best price possible for your house. Oh yeah, don't forget to call me when you make the decision!

Knowledge is Power

Green is such a lovely color...and cost efficient too

2008-05-07T15:23:00.000-07:00

When is the last time you had to change a lightbulb? Ready for new windows? How about that clunker of a washing machine in the basement? What about making energy efficient home improvements?Learn about saving some of the green by going green at home.

Go Green

Should I stay or should I go?

2008-05-06T19:27:00.000-07:00

Are you wondering if this is the time to buy a new property or time to stay put? It's an exciting decision that only you can make. Follow the link to read a helpful article on Yahoo provided by Zillow.com.

Best time to buy

A home for everyone

2008-05-06T15:10:00.001-07:00

One of the great things I have discovered by joining Keller Williams is that real estate agents are people who understand the importance of home. Why do you think we got into this in the first place? Sure, there is the money, but I have found that the people in my office are genuine and generous. We all work hard to get that next listing or close on that next sale, but we work equally as hard to help people who need it.

This Saturday, May 10, several volunteers from the Keller Williams Beverly market center are donating their time, supplies, love and sweat to help two families have a home. We are gathering at 1 Harrison Avenue in Salem to work on a Habitat for Humanity project which will convert a commercial space into two homes for two different families who need a home. Home truly is where the heart is.

Follow the link to read more about Habitat's North Shore office and this excellent project.

http://www.habitatforhumanity-northshore.com/index.html

Welcome to The Real Blog

2008-05-06T11:48:00.000-07:00

I am so excited to be hosting a blog about real estate!

An introduction:

I am a Keller Williams Realty agent partner. I am a member of the National Association of Realtors, the Massachusetts Association of Realtors and the North Shore Association of Realtors.

I love the North Shore. I grew up in Swampscott, spent countless hours swimming and building sandcastles on area beaches, playing in parks and learning about the unique area we call home!

Now that I am a real estate agent, I get to help people make their property ownership dreams come true on the North Shore.

Check the blog for market condition updates, fun facts about the neighborhoods of the North Shore and links to articles of interest.

Comment on what you have read, start lively discussions, (be nice!) and post your questions.

Thanks for reading and I look forward to blogging with you soon!