Should I Get A Home Inspection Before Buying?

Homebuyers will frequently ask “should I get a home inspection before buying?”  The answer is certainly very specific to the circumstances.  In most cases, I would certainly recommend that a home inspection is done.

 

Waiving a home inspection has financial ramifications. A Home inspection can help prevent a financial disaster. Lets delve into the question "Should I Have A Home Inspection?"

Why Should I get a Home Inspection Before Buying?

Buying a home for many is not something that is done very often.  You take the time to get properly financed for your home purchase, search for homes then finally put in an offer. Ont op of it all, most likely your home purchase will be the biggest investment you ever made.

Now it is time to make sure you understand the condition of the home.

A home inspection will provide you with a fairly extensive overview of the condition of the home.  As the home sits now, as well as near-term maintenance that may need to be performed. All the major systems should be covered by a home inspection such as plumbing, electrical, roof and heating, as well as structural integrity and safety of the home.

You will be given a detailed report to review, usually broken down into categories.

Obviously, if there are immediate structural, system or safety concerns you may want to ask the seller to repair the problem.   For example, a common issue that you may run into is mold on the roof sheathing and rafters.  That is a major safety issue that should be addressed immediately.

On the other hand, you may find the furnace is at the end of its useful life at 20 years old.  Yet it still runs perfectly.  You may not feel like you should ask the seller for a new furnace but it alerts you to the fact you could be replacing a furnace in the next 5 years and you should probably budget for a new one.

Home Inspection Clause in a Contract

The first step is before ever signing a contract make sure you understand the home inspection terms you are agreeing to.  A standard contract to purchase here in Massachusetts will usually be along the lines of the following:

Inspections- The BUYER’S obligations under this agreement are subject to the right to obtain inspection(s) of the Premises or any aspect thereof, including, but not limited to, home, pest, radon, lead paint, septic/sewer, water quality, and water drainage by consultant(s) regularly in the business of conducting said inspections, of BUYER’S own choosing, and at BUYER’S sole cost within  7  days after SELLER’S acceptance of this agreement. If the results are not satisfactory to BUYER, in BUYER’S sole discretion, BUYER shall have the right to give written notice received by the SELLER or SELLER’S agent by 5:00 p.m. on the calendar day after the date set forth above, terminating this agreement. Upon receipt of such notice this agreement shall be void and all monies deposited by the BUYER shall be returned. Failure to provide timely notice of termination shall constitute a waiver. In the event that the BUYER does not exercise the right to have such inspection(s) or to so terminate, the SELLER and the listing broker are each released from claims relating to the condition of the Premises that the BUYER or the BUYER’S consultants could reasonably have discovered.

Basically this home inspection clause really gives you the right to back away for almost any reason as long as you follow the timeline spelled out.

** Please note contracts can differ make sure you understand your Inspection clause before signing a Contract to Purchase**

Should I Ever Give Up My Right To Have A Home Inspection?

The one time you may want to give up your right to a home inspection is when the market is hot and there is stiff competition among buyers. And in the 2021 real estate market, many home buyers are choosing to waive the right to a home inspection.  This makes it hard to compete with buyers who want to do a home inspection.

Waiving your right to a home inspection may significantly strengthen your offer in the seller’s eyes.  You have just removed a huge layer of risk for the sellers by forgoing your right to a home inspection.  And, an offer with a home inspection contingency will be worth less money than one without.

Talk to your agent if you believe you would like to do this.  But, be fully aware of the ramifications.  You will own any problems after the sale.  Giving up your right to a home inspection is not for the faint at heart but it may help get your offer accepted.

Do not ever let an agent talk you into giving up a home inspection if you are uncomfortable in doing so.  Ultimately it is your decision.

While forgoing your home inspection may have negotiation advantages, I highly recommend you think carefully about giving up your right to a home inspection.  A home inspection is your last line of defense in buying a home that is safe, sound and in good working order. 

Alternatives

If you are in a market where many buyers are willing to forego their home inspection, consider some alternatives.

  • A pre-offer home inspection.  Many home inspectors are offering a modified home inspection which is a walk-through with the buyer to alert them of any issues.  This way you can remove your home inspection contingency with confidence.
  • If you feel you absolutely must have an inspection consider a fixed price addendum stating you will not have any recourse if non-cosemetic repairs are in excess of a fixed dollar amount.  This may alleviate some risk for the seller.  But realize it will be hard to compete with buyers completely waiving the home inspection.

YouTube Video- FOX 25 News Reports On Waiving Home Inspections

What  If My Home Inspection Fails?

Home inspections are not a pass or fail.  It is an overview of the condition of a home.  Maybe a home inspection reveals a lot more hidden problems than you were aware of initially.

This is where your real estate agent can help.  They are familiar with homes in this price range in a given community and what should be expected.  This is where some common sense can prevail.

A home priced at $200,000 in a community where the median home price of $425,000 is probably going to have lots of problems.  Condition certainly impacts the price of a home.  Alternatively, a home built 3 years ago should also have very few minor problems at best.

A little common sense and market knowledge should prevail when reviewing your home inspection report.

What Should I Do If I Do Not Like The Results of My Home inspection?

The first thing to do is read your Contract to Purchase.  What are your rights regarding the Contract to Purchase?

Most home inspection clauses will allow you to back away from the deal for almost every reason.

But do you want to back away?  Remember most houses are not perfect.  First, make a list of what you see as a problem.  Then sit down with your buyer’s agent to decide on a course of action.  There are several courses of action you can take.

  1. Completely withdraw from the deal–  If nothing is what you expected and the home does not provide you with a reasonable standard you can withdraw from the contract.
  2. Renegotiate-  Maybe a price reduction in the purchase price can be had to mitigate your out-of-pocket expense in the near future.  This will probably require getting quotes and a little bit more research to be done.  Make sure if you need more time ask for an extension on the home inspection contingency.
  3. Ask for the seller to do repairs- Another option is to ask the seller to do repairs of items you find insufficient. You will still pay the price negotiated but in return you want x,y,z done.

Is The Seller Obligated To do Repairs or Reduce the Price?

No, the seller is not obligated to repair or reduce the price after an unsatisfactory home inspection.  It is all subject to negotiation just like anything else.

This is where it pays to be reasonable with your requests.  Base your requests on what is typical for a house in this price range, the cost of the projected repair and the impact the repair might have on safety and structural integrity.

What is reasonable?  That should be discussed with your real estate agent as there are too many variables to list.  Again, put into perspective what price range you are in and what might be considered reasonable for that range.

Another big factor is are you in a seller’s market vs a buyers market.  In a strong seller’s market, a seller can tell you to step aside they have multiple offers behind you.  It may behoove you to be very reasonable in your requests.  Alternatively in a strong buyers market, shoot for the moon, the seller will just be relieved to sell their home.

How Do I Find A Good Home Inspector?

As you cant tell there is a lot at stake revolving around a good home inspection. It is really your last line of defense in getting a good home, so you want a great home inspector.  How do you find one?

  1. If you are working with a buyers agent worth their salt, they will have a list of preferred vendors.  They can recommend several good inspectors to you.
  2. Ask friends and relatives for referrals of home inspectors.  Nothing is better than a good referral from someone who has direct experience.
  3. Make sure they are a member of ASHI, The American Society of Home Inspectors .
  4. Make sure they have an Errors and Emissions Insurance policy.
  5. Now is not the time to save money and price shop home inspections.  Pick a home inspector based on recommendations not the amount of money they charge.

Lastly, I always prefer an independent home inspector.  One who’s career depends on referrals and his last job.  He gets his business through word of mouth from getting referrals not a huge advertising budget.

Don’t wait for the last minute to find a home inspector.  As soon as you know you are going to buy a home ask your real estate agent if they have specific recommendations for home inspectors as well as solicit friends and family.   Once you put an offer in things move fast and you don’t have a lot of time to research home inspectors.

You have too much at stake to not take your home inspection seriously.

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Should I Get A Home Inspection Before Buying? was written by Kevin Vitali of EXIT Group One Real Estate.  I am a buyer’s agent that has helped 100’s of buyers make the best of their home purchase.  Find out how we can work together to get you the best home possible.  Call 978-360-0422.

Bill Gassett, Hopkington MA REALTOR- How to Select a Home Inspector 

Kyle Hiscock, Rochester NY REALTOR- Top Reasons to Have Hire A Home Inspector 

Teresa Cowart, Richmond Hill GA REALTOR- How to Make the Best of a Bad Home Inspection

First Time Home Buyer In Massachusetts (MA) – 5 Step Guide [2022]

first time home buyer in MA

Buying your first home is a big deal. As a first time home buyer in MA, there is much you need to know. 

You don’t have to buy your first  Massachusetts home alone. There are some great real estate professionals to help you get the job done. Your real estate team will include a REALTOR representing you, a mortgage broker, a home inspector and a real estate attorney. All of the professionals have the experience to guide you effortlessly through the process of purchasing your first home. They are immersed in real estate daily and can use their experience to help you.

We are going to talk about the 5 critical first steps you should take before ever looking at a home as a first time home buyer in MA.

These first steps will help lay a great foundation for your home buying experience. Leaving you with a great house you can afford for many years to come.

 

The 5 First Steps for A Massachusetts First Time Home Buyer

Many FTHB’s will start by looking at homes first, which is putting the cart before the horse. 

When you do that you will stumble through the process and deal with various aspects of the process and hurdles unprepared while in a panic as they arise.

Take the time to be fully prepared to buy your new home in Massachusetts. This means spending some time preparing before looking at homes.  Being a first-time home buyer in MA is hard enough and if you take the proper steps you won’t feel as rushed or panicked.

Hire a Massachusetts Buyer’s Agent

A Massachusetts Buyer’s Agent can wrap their arms around the whole process for you. From helping you to make the decision to buy, getting financed, evaluating homes, making an offer and bringing you to a smooth closing as well as make sure you are settled into your new home, Your buyer’s agent experience will be an invaluable tool when buying a Massachusetts home.

An agent working with you in Massachusetts can work with you in several capacities. But, a buyer’s agent is the only agent that represents your best interest. One huge first time home buyer mistake is working directly with the listing agent to buy a home.

The listing agent does not work for you, they work for the seller. Their job is to get the best terms and price for the seller’s home, even if it is at your expense.

Finding the right REALTOR to work with you as a buyer’s agent can save you time, money and aggravation. I always tell buyers they don’t know what they don’t know, but a good buyer’s agent does. They will also walk you seamlessly through every step of the process.

Get Preapproved

Getting a good mortgage pre-approval letter will have many benefits. Your buyer’s agent can help line up a few mortgage lenders for you to speak with. 

A mortgage pre-approval will help you understand the money involved for the purchase as well as your monthly financial obligation that comes with buying your first home.  Your lender will find the best first time buyer loan program that will suit your needs.

When it comes time to make an offer on a home, no seller will take you seriously without providing them a solid mortgage pre-approval letter.

There are other benefits to getting pre-approved early. You will have time to fix any credit issues and raise your credit score. Every 20 points your credit score goes up there could be a benefit for you.

You also have started your application and you won’t be scrambling around at the last minute pulling together your financing on your new home.

MA First Time Home Buyers Need To Understand the Money Involved

There is a lot of money at stake. Buying a home is probably one of the largest transactions you will make have in a lifetime.

Make sure you understand the money that is involved, so there are no surprises at closing. Not only do you have your down payment, you will also need money for closing costs, escrows and pre-paids.

By getting a proper pre-approval you will also be able to have real conversations with your mortgage broker and real estate agent about your monthly payment, getting the best interest rate and mortgage program. 

But past getting your first mortgage and getting to the closing, think about your immediate needs. Here in New England, you might need a lawnmower a snowblower and some other basic items around the house. You need to budget for these items so you aren’t caught short.

Your buyer’s agent will work with you to understand the financial aspect of buying a home.

Take The Time To Understand The Process As A FTHB In MA

Make the home buying process work for you as a Massachusetts FTHB. 

There are many moving parts to the home buying process and having a basic understanding of the process will certainly make your first purchase go much smoother.

Remember, hiring a Buyer’s Agent in Massachusetts before doing anything else will head you down the right path. 

Every transaction is different and hiccups can happen along the way. Here is a quick overview of the basic process.

  • Hire an agent- But hire the right agent. Use a Massachusetts Buyer’s Agent who works for you.
  • Get Preapproved- Have a mortgage lender pre-approve you early, It allows you to understand the money involved in buying your first home. Start discussing different loan options so you can find the right program for your situation.
  • Understand the financials in buying and owning a home. There is more to owning a home than down payments and closing costs. Consider ongoing maintenance costs as well.
  • Budget. Lenders will most likely approve you for more money than you are comfortable spending on your monthly mortgage payments. Take the time to understand your debt to income ratio and how that impacts your ability to repay your mortgage.
  • Understand the homebuying process. There is a process to buying a home in Massachusetts. Make the process work for you.
  • Understand market conditions. Right now we are in a red hot seller’s market, by understanding market conditions you know how to look for homes, negotiate offers and how conditions affect your purchase.
  • Work on improving your credit score. Every little bit helps when getting a mortgage. Small changes to your credit profile can sometimes have a big impact.
  • Identify homes you would like to see. Your agent can provide you tools to find the best homes as well as provide a second pair of eyes.
  • Schedule showings. A Saturday afternoon of 3-5 showing requires some work. Your agent can take that burden from you and maximize your time.
  • Find and analyze a home that best suits your needs. Being focused is important. It is easy to be all over the place and you miss the best opportunities.
  • Write an offer.  Your agent will help you structure a strong offer.
  • Negotiate an offer
  • Offer accepted
  • Start the mortgage process
  • Find the right first time home buyer loan. You will have many options and your agent will hlpe you sort through your mortgage options.
  • Do your due diligence on a home.  Your agent will help you schedule the proper inspections so you ensure you are buying a great home.
  • Inspect the home for Radon
  • Pest Inspection
  • Have an attorney review contracts. 
  • Manage the transaction to a smooth closing.  There are many steps to closing on a home and your agent will oversee those steps.
  • Final walkthrough
  • Close on a new home.  Your agent will go to your closing and make sure there are no last-minute issues.
  • Move into your home.  Your agent will not abandon you after you move in.  They will be there to answer any questions you have.

Understand The Market Conditions Your Are Entering As a MA First Time Home Buyer

The final step for prospective buyers is to have an understanding of current real estate market conditions before ever looking at homes. Market conditions dictate the pace you need to work at, the amount of competition you will have from other buyers, how you view homes and how you structure and negotiate an offer.

Take the greater Boston area in 2020.

It was a strong seller’s market. Inventory is very low, prices are appreciating and there are more buyers than there are homes for sale. You need to get into good homes fast and present your best offer immediately.

The sellers are in the driver’s seat.

Contrast that to 2009. Inventory was high, prices were depreciating and houses were lingering on the market there were more houses for sale than there were buyers.

Buyers were in the driver’s seat and could work at a much more leisurely pace.

Not understanding market conditions can be like pushing a two-ton boulder up a hill. Especially if you are in a seller’s market. By understanding current conditions you will work the home buying process to your benefit.

These critical 5 steps to buying your first home in Massachusetts will ultimately save you time, money and aggravation. It will allow you to make good decisions and find a house that you can enjoy for many years to come.

How Much Of A Deposit Do I Need To Buy My First Home?

One big question I get from people exploring their options to buy as a first time home buyer in Massachusetts is how much of a home deposit do I need to put on a house.

For most buyers buying their first home, a minimum deposit or down payment will be in the 3-5 percent range of the purchase price. There are a handful of programs that may allow you to put less down but are limited and hard to find.

Can A Massachusetts First Time Home Buyer With Bad Credit Buy a Home?

If you have are a first-time homebuyer with bad credit, it is still possible to buy a house. It is easier than you think to purchase a home with bad credit. While you may have some challenges along the way and you may end up paying a little more for your mortgage, don’t give up on owning a home because of less than stellar credit.

FHA government-backed program is a perfect loan program for borrowers with bad credit. FHA loans can offer mortgage products down to a 580 credit score.

First Time Home Buyer Programs

If we are talking about first time home buyers in MA, you should be aware of loan programs that may be ideal for the first-time home buyer when you start talking to a mortgage broker.  It will also serve you best if you talk to a mortgage broker vs a bank.  A mortgage broker will have more options than a bank.

Not all, but many Massachusetts FTHB’s are needing a low money down program.  Many Massachusetts loan programs can have a down payment as low as 3% of the purchase price.  Some of the loan programs available to a MA  first time home buyer are:

FannieMae Home Ready Loan Program

The Home Ready Mortgage provides flexibility for the low money down borrower.  Borrowers can but as little as 3% down. It can be a great loan product for a Massachusetts first time home buyer.  One advantage of the Home Ready mortgage is the ability to use non-traditional income sources and flexibility with non-occupant co-borrowers.

FreddieMac Home Possible Loan Program

The Home Possible Mortgage is similar to the Home Ready program with allowing as little as 3% down.  One advantage of the Home Ready Program is homes in a certain census tract may be eligible for a lower interest rate.

FHA Loan 

The FHA loan is a 3.5% down payment program.  While it has higher upfront costs it offers a great interest rate and greater flexibility on lower credit scores and debt to income ratios.

MassHousing Loan

When discussing Massachusetts’ first time home buyers the MassHousing mortgage program should be brought up. It is available to first time buyers who are Massachusetts residents.

While it has it pros and cons but there are a few advantages. First, it offers mortgage payment protection if you should lose your job.

And, secondly, it is a great way to tap into downpayment assistance programs of up to 5% or $15,000.

VA Loans

 A VA mortgage is definitely a great Massachusetts first time home buyer loan program if you currently serve or have served in the armed forces.  One benefit is that it is a 0% down loan program.

USDA Loans

The USDA loan program isn’t great for the greater Boston area.  It is a loan product designed for rural areas. But as you stretch out past route 495 it could be an option.  One of the great aspects of a USDA loan is the ability to have no downpayment.

If you are a MA first time home buyer don’t be afraid to discuss these mortgage options and find the right Massachusetts First Time Home Buyer loan program for you.

First Time Home Buyer Class in MA

Some of the loan programs like the MassHousing, HomeReady and Home Possible will require you to take a first time home buyer class.

Outside of it being required by a loan program, taking a first time home buyer class could be beneficial.   The classes can sometimes be taken online or in person.  The FTHB classes will cover much of the same information that is discussed in this article but in greater depth.

First-time home classes in the Northshore and Merrimack Valley are provided by:

Or to find a course anywhere just google first-time home buyer courses near me or Find a first time home buyer class in Massachusetts on the MHP website.

First Time Home Buyer Grants in MA

There are many cities that offer down payment assistance and grants to first time home buyers in MA.  For example, Haverhill MA has first time home buyer downpayment assistance in certain census tracts in the city.  Many gateway cities offer downpayment assistance to encourage community development.  Gateway cities are usual small older cities that were in their prime before the great depression but saw an economic decline as manufacturing dried up.

Cities in Massachusetts that are considered gateway cities are Attleboro, Barnstable, Brockton, Chelsea, Chicopee, Everett, Fall River, Fitchburg, Haverhill, Holyoke, Lawrence, Leominster, Lowell, Lynn, Malden, Methuen, New Bedford, Peabody, Pittsfield, Quincy, Revere, Salem, Springfield, Taunton, Westfield, and Worcester.

The grants and programs are often tied to your income and require you to use specific lenders.  You will see many communities offering $10,000 as a soft second to help fund your down payment and closing costs.

A soft second is usually a subordinate mortgage, often interest-free, that has deferred payments until you sell your home.  In some cases, the loan may be forgiven if you live in your house for a certain period of time.

Make sure you check with your city to see if there are any first time home buyer grants or down payment assistance available to you.

Search For A Massachusetts Home As A MA First Time Home Buyer

It’s easy to search for a home in Massachusetts. 

You can use sites like Zillow, Trulia or Realtor.com that provide a national database of homes for sale.

Or, use any agents website that provides direct access to the Multiple Listing Service in Massachusetts.

The key point to remember is that all the sites pull the data from the same sources. Find a site you like and learn how to use it.  At the end of the day, all the sites have the same homes for sale.

Summary

If you are starting your journey as a first time home buyer in Massachusetts these steps will start you on the right path.

The amount of effort you put into the buying process will reflect in your ability to find a great home and have the process work well for you. 

You will also be fully prepared and there should be little or no surprises along the way.

Other First Time Home Buyer Resources:

Kevin Vitali a Massachusetts Buyer’s agent has provided the article, First Time Home Buyer In Massachusetts (MA) – 5 Step Guide [2021].  If you are looking to buy your first home call Kevin at 978-360-0422.

 

Massachusetts Buyers Agent – What Can I do for You?

Why You Should Work With A Massachusetts Buyer’s Agent

A Massachusetts Buyer's Agent is key to your next home purchasePurchasing a new home, whether it is as first time home buyers, move-up buyers or buyers deciding to downsize can be a very exciting time.

On the other hand, a real estate transaction is filled with many complexities. Some of those complexities can have legal ramifications.

Homebuyers and home sellers can also be very emotionally charged. And those emotions can get it in the way.

There are certain mistakes that can be made by home buyers who decide to go it alone.

The good part is you do not need to go it alone.

A competent, experienced Massachusetts Buyer’s Agent can be worth their weight in gold. Or a buyer’s agent in any state for that matter. Many buyers believe an agent finds them a new home. 

Finding homes for sale is the easy part, anybody can do that. It also helps to have the objectivity of a real estate agent representing you to help identify good homes.  But a good buyer’s agent can and will perform a multitude of time and money-saving activities besides unlocking doors for you.

Before starting your home search do yourself a favor and read Understanding Real Estate Agency in Massachusetts. A Massachusetts real estate agent can work for you in many different capacities. and can easily walk you through the entire process.

One of the bigger mistakes a home buyer can make is not understanding the capacity in which a real estate agent is working for them.

What Is A Buyer’s Agent In Real Estate?

A buyer’s agent works with a home buyer through the entire process of buying a home. The buyer’s agent is legally boun to the home buyer and has a fiducuary responisbility to act in the home buyers best interest.

They are there to make the process work for you and get you best terms and the best price for a home. Good real estate agents acting on behalf of a buyer bring many years of experience to the table to benefit you during your home purchase.  A full time agent is immersed in real estate everyday and well versed in the many aspects of buying a home.

Using The Listing Or Seller’s Agent

Some homebuyers work with the seller’s agent of a home. They think they might get an inside track or some special deal by using the agent representing the seller. The truth is the listing agent’s fiduciary responsibility is to the seller and they will advantage a seller at every possible turn.

They must defend the seller’s sales price at all cost, report any information about you to the seller (no confidentiality) and promote the seller’s best interests at your expense. They are bound by law to do so.

Would you let the plaintiff’s attorney represent you if you were brought to court? I don’t think you would!! Why would it be all right to think it is a good idea to work with the listing agent?

Using A Transaction Broker

While not common for agents to act as transactional agents, it is an option. A transactional broker is merely a facilitator and has no allegiance to either party. By law they literally provide ministerial tasks and keep the real estate transaction on track. They cannot provide opinions or advice for either side. Just present information. Short of helping to be a go-between parties they offer no additional value to a home buyer.

Buyer’s Agent Has A Legal Responsibility To You

A buyer’s agent is in a legal relationship with you and are bound by Massachusetts real estate law to act in your best interest.

Remember a buyer’s agent represents the buyer, and the seller’s agent or listing agent represents the seller.  It is a big mistake to expect the listing agent to work towards your best interest.

Here is a list of the basic responsibilities of a buyer’s agent.

  1. Obedience- Your real estate agent should act according to your instructions.  They must do as you say.
  2. Loyalty- Your best interest should come first, even before their own.
  3. Disclosure- They must share everything they know with you about the property, the neighborhood, the seller, etc…
  4. Confidentiality- Everything you share with your Buyer’s Agent is confidential…. during the transaction as well as beyond. A buyers agent is bound to keep your confidential information confidential!
  5. Accountability- A buyer’s agent must always give you an accounting of the transaction.
  6. Reasonable Care- A buyer’s agent is to use their skills to guide you through the process.

A good agent representing a home buyer’s interests does not sell you a home but will counsel you so you can make good decisions and advocate for you on your behalf.

As mentioned before purchasing real estate is filled with many complexities, we do this every day and many of the aspects can be put on auto-pilot by us. Buying a home should be fun and not stressful.

What Are A Buyer’s Agents Duties?

A buyer’s agents duties can be quite varied depending on your individual needs as a homebuyer. Here are some of the tasks a buyer’s real estate agent can perform as a buyer’s agent.

Discuss and assess your individual needs. 

A buyer’s agent can help you discuss and evaluate your needs. Every transaction has a unique set of challenges. Your buyers agent can bring valuable insight to the table from the experience gained by working with hundreds before you.

Bring an objective view to the process. 

As much as you don’t think so, buying a home can get emotional. Part of a buyer’s agent’s job is to remind you of your original goals and needs so you do not make a bad purchase.  Their objectivity can help keep you on track.

Help arrange the professional you will need through the process.

A buyer’s agent can recommend service providers who you need along the way who take a similar approach as themselves. Your agent will provide the right people from helping secure a pre-approval letter with a mortgage broker to walking you thru the home inspection to securing movers….They have the best people to recommend. Your agent can recommend real estate attorneys, a home inspector, a loan officer and more…

Provide you with the knowledge and experience gained through the closing of 100’s of transactions. 

Experience counts. I can tell you you don’t know what you don’t know! But a buyer’s agent does. A full-time agent spends 40+ hours a week immersed in real estate. We have a handle on what is happening right now in the market. We have negotiated 100’s of deals. We know how listing agents think and sellers think. Draw on your buyer’s agent experience to make the most of your home purchase.

Educate you about current market conditions and trends and help you analyze the data.  

Understanding the current local market conditions will set the stage of how you search for homes, structure an offer and negotiate terms. Most buyer’s view of market conditions are usually 6 months behind what is really happening in the real estate market.

Prepare you to buy.

A buyer’s agent’s job is a consultive one. They will educate you about buying a home, market conditions, what a homes is worth, etc… You will be able to move forward with confidence.

Help identify homes that fit your criteria.

An agent representing you will help identify homes that fit your criteria so you can visit an open house or schedule a personal showing.

Help you find the right home. 

A buyers agent can take your wants and needs, combined with some tools and help you find just the right home. They can provide you with daily email alerts, a mobile app as well as the most up to date access of the homes for sale.

Determine if your target home truly suits your needs. 

When you do find the right home, your Massachusetts buyer’s agent will help you analyze if this is the right home. If it is not the right home they will remind you of past discussions and we will help you decide if your criteria has changed.

Analyze market value of the home. 

Think you found the right home? Your buyer’s agent will prepare a Comparative Market Analysis to help you determine fair market value of the home and structure a negotiating strategy based on other factors as well. Remember just because a seller has a certain list price, it does not mean the house is worth what the seller asks.

Help you prepare an offer.

Real estate agents understand buyers, seller’s agents, current market conditions and can help you structure an offer that gets accepted. We do this every day.

Negotiate the offer in a timely manner.

Time is of the essence when negotiating an offer, especially in a hot real estate market.  An experienced agent knows how to negotiate and will help you develop a negotiating strategy to suit your needs. Or in a hot seller’s market, your agent can help you compete with multiple offers. They will negotiate on the behalf of the buyer while keeping the buyer’s interests in mind.

Help co-ordinate the closing between all the involved parties. 

Once your offer is accepted there are dates, lawyers, paperwork, inspectors, etc… that all need to be co-ordinated. A buyer’s agent has systems in place that bring us smoothly thru to the closing.

Makes sure you are comfortably settled in your new home. 

After you close on your home a buyer’s agent is always available to answer questions.

The true role of a Massachusetts buyer’s agent is really one of a coach or consultant. You are always in control, but it is their job to help you in a manner that suits your needs and desires. A lot of what they do is listen, educate and present options that might be best for your situation. 

In the end, the decisions are yours. 

The last part of their job is minesterial. They track dates, contracts and contingencies, making sure contractual obligations are kept on track. You worry about finding a home that you like and your buyer’s agent will take care of the nitty-gritty. A missed date in a contract could cost you your good faith deposit.

Buying a home is as easy as 1,2,3! with a Massachusetts Buyer’s Agent

Massachusetts Buyers Agency as Easy as 123, Massachusetts Buyers Agent

How much does a Buyer’s Agent cost?

As a home buyer it is your responsibility to make sure your agent gets paid.

The good news is….

Most real estate brokerages offer buyer agency compensation through the local MLS.  Ultimately they buyers agency fee is already provided by the listing agency and is paid out of the commission they receive from the seller. 

Other FAQ’s About Byer Agency

What is the difference between a REALTOR And A Buyers Agent?

A REALTOR can be a buyers agent and a buyers agent can be a REALTOR.  The difference between a REALTOR and a buyer’s agent is membership.  A REALTOR is a member of the National Association of REALTORS.

What Is A Seller’s Agent?

A seller’s agent represents a seller.  Much like a buyer’s agent has a legal responsibility to a buyer, a seller’s agent has a legal responsibility to the seller.

Do I need A Buyer’s Agent When I Buy A House?

No you don’t need a buyer’s agent.  But to go it alone if you are a first time home buyer or don’t have a lot of experience buying a home it is not prudent.  I always tell buyers, you don’t know what you don’t know!!

What Is Dual Agency?

First, off I hate dual agency, don’t do it.  Dual agency is where an agent represents both parties in a transaction, meaning both buyer and seller.  If you are represented by a dual agent you are giving up many rights.  It is impossible to serve two master.

 

Other Resources About Buyer Agency:

What Can I Buyers Agent Do for You? was provided by Kevin Vitali of EXIT Realty. Kevin is a Massachusetts Buyer’s Agent. Call Kevin For Your free   978-360-0422

Buyer Agency Services in the following areas: Northeast Massachusetts, Merrimack Valley, North Shore and Metrowest. Including the following communities and the surrounding area- Amesbury, Andover, Billerica, Burlington, Chelmsford, Dracut, Groveland, Haverhill, Lowell, Melrose, Merrimac, Methuen, Middleton, North Andover, North Reading, Reading, Stoneham, Tewksbury, Tyngsborough, Wakefield, Wilmington, Westford

 

What Is The Difference Between A REALTOR And A Real Estate Agent?

what is the difference is between a REALTOR and a Real Estate Agent

The word REALTOR and real estate agent are often thrown around synonymously.  

In most consumer’s minds, there is no difference between a REALTOR and a real estate agent.

When talking about the difference between a REALTOR and a real estate agent, we should also add a real estate broker to the mix. Real estate broker is another term thrown around synonymously with real estate agent and REALTOR.

On top of all that you have listing agents, facilitators, buyer’s agent’s and dual agents to consider. It can leave a consumer’s head spinning.

It is important as a consumer to know the difference and who you are working with as an agent.  It makes a difference on what level of experience an agent has and what capacity they are able to work with you during the sale or purchase of a home.

REALTOR vs Real Estate Agent vs Real Estate Broker

Are all real estate agents Realtors? Is a real estate broker the same thing as a real estate agent?

Whether you are working with a real estate agent, broker or REALTOR, they can all help you buy or sell homes and all are real estate professionals, they are not exactly the same thing.

What Is A Real Estate Agent?

A real estate agent or a real estate salesperson is licensed by the state that they are doing business in, to buy and sell real estate for others. It is important to note, that no unlicensed person can accept money for the sale of any real estate for others without a real estate license.  

Real estate agent licensees must participate in an approved real estate courses by the governing entity that oversees real estate in that state. 

In Massachusetts, that department that oversees real estate licensees is the Massachusetts Board of Registration of Real Estate Brokers and Salespersons. In most other states it is a board or commission that supervises the real estate industry for the state.

Most states require a real estate salesperson to attend a class of 30-90 hours of classroom instruction. Upon completion, they must pass a state-approved test to get their real estate license.

Once a person successfully completes their real estate exam they are able to help people buy, sell or rent real estate under the supervision of a real estate broker. 

A real estate agent must also complete continuing education every two years to maintain their real estate license.

To start a real estate career licensed salesperson must work under a licensed broker no matter what type of real estate sales they participate in.

What Is A Real Estate Broker?

A real estate broker is allowed to manage real estate agents under their supervision as well as help individuals sell and buy real estate. Independent agents must hold a broker’s license even if they do not have agents working for them.

Real estate agents are just that. They are agents of the broker doing business in the broker’s name. Ultimately the real estate broker is responsible for all agents doing business under their umbrella.

Real estate brokers have to take additional training and take a broker exam as well as work for a real estate broker to gain work experience for a minimum of one to three years. A broker in most states must be bonded as well.

All real estate brokers start out as real estate agents. The training for a real estate broker covers more of the legal and ministerial acts of running a brokerage and managing others. 

What Is An Associate Broker?

An associate broker is a licensed real estate broker who works for another broker. They could work independently or have their own real estate brokerage and have chosen to work for another broker instead.  All in all a broker has more training than an agent and often will have more experience than an agent.

What Is A REALTOR?

REALTOR is often thrown around as a generic term for any real estate professional. But, the term REALTOR® is used for real estate professionals who are members of the National Association of REALTORS or NAR. Membership to NAR is optional for an agent or broker and is not required.

The National Association of REALTORS has been around since 1908 and is the leading, most influential real estate organization in the country with over one million members. 

In Massachusetts a REALTOR® must belong to a local real estate board as well as the Massachusetts Association of REALTORS®

What is the benefit of being a REALTOR®?

  • Networking- A REALTOR member has increased networking opportunities by being a member of NAR.
  • Education- There are many education opportunities for an agent to enhance their real estate skills. NAR offers designations for many real estate niches. For example, the SRES is a senior real estate specialist who is knowledgeable on helping the over 55 community or a CBR is a Certified Buyer Representative who is proficient working a buyer’s agent.
  • Resources- NAR provides its member with tons of resources from nationwide market statistics, legal help, best practices etc… The wealth of knowledge and resources REALTOR® gains by being a member is invaluable.
  • Code of Ethics- By being a REALTOR® Member of NAR you are also agreeing to a certain code of ethics that are beneficial to clients, the public and other REALTORS®.

The National Association of REALTORS was also the first trade organization to hold its members to a higher sandard with a strict Code of Ethics.

Below find the basic outline for the REALTORS® Code of Ethics that NAR members must follow:

REALTORS® Duties to Clients and Customers as speeled out by The NAR Code of Ethics

  • Article 1: Protect the best interests of the client.
  • Article 2: No misrepresentation, exaggeration, or hiding facts about the property at hand.
  • Article 3: Realtors should cooperate with each other unless it’s not in the best interest of the client.
  • Article 4-5: Disclose any personal interest in a property.
  • Article 6-8: No recommending services for a kickback or collecting money under the table. Keep client funds separate from your own.
  • Article 9: All documents pertaining to the transaction should be presented to the buyer/seller in understandable terms.

REALTORS® Duties to the Public

  • Article 10: No denying services on the basis of discrimination.
  • Article 11: Provide clients with competent services only within a Realtor’s professional scope.
  • Article 12: No false or misleading advertising.
  • Article 13: Don’t break the law.
  • Article 14: Cooperate with the Realtor board’s investigative proceedings if charged with a violation.

REALTORS® Duties To Other REALTORS®

  • Article 15: No false or misleading statements about other Realtors.
  • Article 16: Don’t solicit clients that have already signed an exclusive listing agreement with another Realtor.
  • Article 17: Contractual disputes will be mediated or arbitrated by the Realtor Board.

Here’s a quick recap of REALTOR vs real estate agent vs real estate broker. While they all can conduct real estate transactions for you there is a slight difference that may or may not make a difference to you.

Important Distinctions between a REALTOR and a real estate agent vs a real estate broker?
  • A licensed real estate agent is allowed to conduct the purchase, sale or rent of a piece of real estate and accept a commission under the supervision of a real estate broker.
  • A real estate broker started out as a real estate agent and has received additional training. They are able to conduct business independently or manage real estate sales agents under them.
  • REALTORS® are either licensed real estate agents or brokers who belong to the National Association of REALTORS®. Not all agents or brokers are REALTOR®.

All REALTORS are real estate agents. But not all real estate agents (or brokers) are REALTORS.

Should I hire a REALTOR or a Real Estate Agent?

Why Use A REALTOR vs a Real Estate Agent?

Why use a REALTOR when buying or selling a home?

Here are 3 reasons why a consumer who is in the market to buy or sell should use a REALTOR vs. a Real Estate Agent

  • Statistically, a REALTOR® is better educated and skilled about the business of real estate and consistently earns more money as an agent because of their experience. Experience and training translate into better success for their for you as a home buyer or a home seller.
  • A REALTOR has access to additional education and resources through their national and local associations to provide you with better service.
  • REALTORS® are also held to a higher standard in their dealings with you.  
  • By supporting a REALTOR®, you are supporting an organization that supports issues revolving around homeownership. The National Association of REALTORS® works daily on advocating on the national, state and local levels for the ability for the consumer to own, buy and sell real estate.

Working With A REALTOR vs. A Real Estate Agent Promotes Your Own Best Interest

Did you know, The National Association of REALTORS was instrumental in keeping the Federal Flood Insurance program intact after Hurricane Katrina when legislation was set forth to dissolve the program? 

Without the National Flood Insurance program, it would have left many homeowners without flood insurance.

NAR was also instrumental in recent legislation that excluded the delta on homes sold short as income. Giving tax relief to already financially burdened homeowners.

If you have the opportunity consider hiring a REALTOR vs a real estate agent. , you are supporting your own best interest as well.

Membership to the National Association of REALTORS is not inexpensive and is what holds back many agents from participating in NAR. That money spent on membership directly benefits every U>S.citizen that owns a home or wants to own a home.

A Word On Real Estate Agency

When talking about real estate agents vs REALTORS vs real estate brokers we should quickly talk about real estate agency.

An agent is someone who conducts business for someone else. So it makes sense that a real estate firm or brokerage is often called a real estate agency. 

An agent can work for you or with you in one or more different capacities.

  • Seller’s Agent or Listing Agent- They have a fiduciary responsibility to the seller. The seller’s best interest is represented by a listing or sellers agent.
  • Selling Agent or Buyer’s Agent- They have a fiduciary responsibility to the potential buyers and the buyer’s best interest is represented by a buyer’s agent.
  • Transactional or Facilitating Agent- They represent no one and are only there to facilitate the transaction between both parties without favoring one party over another.
  • Dual Agent- In some states, dual agency is where a person who holds a real estate license can represent both parties at the same time. It is complicated and I highly recommend not considering a dual agent.

Final Thoughts

Whether you hire a real estate agent vs a REALTOR vs a broker is up to you, they can all be a good fit for your situation. There may be advantages for you to hire one over the other.  Remember anyone selling a home for a commission must be a real estate agent not all real estate agents are REALTORS.  But it may be in your best interest to hire a REALTOR

Do your homework and conduct several interviews.

Agent vs broker vs REALTOR is just part of the equation in hiring the right real estate professional. No matter who you hire, they all have the potential of doing a great job for you.

The main difference between a REALTOR and a licensed real estate agent is membership in a trade association. By following a specific code of ethics a REALTOR is held to a high standard when promoting a clients’ best interest and working with other agents. Consider using a REALTOR for your next real estate transaction. It can be a good idea because when you hire a REALTOR you are also helping support an organization that promotes the best interest of a homeowner and homeownership in the United States.

 

Other Real Estate Resources:

What Is The Difference Between A REALTOR And A Real Estate Agent? was provided by Kevin Vitali a Massachusetts REALTOR.  If you are looking to buy or sell a home call Kevin at 978-360-0422.

 

USPS Change of Address

USPS Change of Address

Changing your address is just part of moving.  It doesn’t matter if you are moving from apartment to apartment, buying your first home, or moving up to a bigger home.

The fact is, amongst all that chaos, you need to notify the United States Post Office of your change of address so your important mail can follow you to your new location.  Once you submit the form it will take 10 to 14 days for your mail forwarding to start with the USPS.

How To Change Your Address With The USPS

There are two ways to complete your post office address change..

Online

You can change your address with the USPS at your convenience online.  The official online change of address form from the United States Postal Service can be accessed at https://moversguide.usps.com/mgo/disclaimer. 

The address change form is easily completed and only takes a few minutes to fill out.  You will be asked to verify your identity with a credit card and you will be charged a fee of $1.05 to change your address online.  The charge to your card actually is what verifies your identity.

usps change of address online

In-Person At A USPS Location

If you would prefer not to change your address online, go to your local post office and request the Mover’s Guide packet. Inside the packet, you will find PS Form 3575. 

Once you have completed the form, hand it to a postal worker at the counter, mail it in from home or drop it in the box inside your postal office.

There is no fee for submitting your USPS address change form either in person or mailing it in.

Avoid Overpaying For Changing Your Address

There are a ton of websites that will “submit” your change of address form for a fee…. a substantial fee!  I have seen people pay up to $60 dollars for a change of address by using a third-party site.  There is no need to pay someone to change your address and pay exhorbitant fees.  A change of address can be done with out the need of one of these third party services.

Here are some tips for preventing overpaying for your change of address:

  • Make sure you are on the USPS website.  The URL of the website should have USPS in it.
  • If you are charged anything other than $1.05 for an online address change you are not on the official USPS website.

The good news if you overpay your COA will usually be submitted, but still, there is no reason to pay more than $1.05 for your address change online.

USPS change of address don't overpay

 

Who Else Should I Notify of An Address Change?

Submitting a USPS address change form allows the USPS to forward any of your mail to a new address.  The United States Postal Service only provides mail forwarding to your new address but does not notify any senders of your address change.

Consider notifying your banks, utilities, medical suppliers, IRS etc… that you have changed addresses.

Companies you should notify to stop services and have final bills forwarded to your new address.

  • Gas and Electric
  • Oil and Propane
  • Phone, Cable, and Internet Providers
  • Water/Sewage Department
  • Garbage/Recycling Company
  • Home Security Company
  • Landscaper/Lawn

You will also have financial services who you should notify of your change of address.

  • Bank where you have your checking and savings
  • Credit card services
  • Automobile loans
  • Student Loans
  • IRS

And, just as a final reminder notify:

  • Subscription services
  • Friends and Family
  • Medical providers

It is a good idea to start writing down companies you need to notify as the mail comes in two or three months prior to your move. 

Make not of your account numbers as well, you will need those to change your address.  For most financial and service companies it is a matter of logging into your online account to change you or you can make a quick call to customer support to have your mail sent to your new address.

FAQ’s About uSPS Change of Adress

How long does my USPS change of address take?

It will take approximately 10 to 14 days before your mail is forwarded to your new address.  To ensure you have your new mail delivered by your move-in date, notify the USPS at least 14 days in advance.

How do I check the status of my USPS change of address?

If it has been at least two weeks since filing your change of address form checking your usps change of address is easy.  You can call customer support at 1-800-ASK-USPS to be transferred to the post office of the city you previously resided in for a status update.

You should also get a confirmation email or letter from the Post Office shortly after filing for a change of address, depending on how your change of address form was submitted.  Hang on to your confirmation letter until the mail is properly being forwarded.

Can I temporarily change my address?

Your address change does not need to be permanent, you can file for a temporary change of address for a period of time.

Does everyone in my family have to submit a form for an address change?

You will have the option to submit a change of address form individually or for everyone in your household with the same last name.

How much does it cost to change my address with the USPS?

If you file on location or through the mail your address change is free.  If you submit the change of address form online there is a cost of $1.05.

When should I submit the paperwork to change my address with the USPS?

It will take at least 10-14 days for the Post Office to process your request.  Submit your request at least 14 days prior to the date you would like your mail to be forwarded to your new address.

How long will my mail be forwarded when I request a change of address with the USPS?

Your mail will be forwarded for a period of one year from the date of your request.

What if I need to extend the period of time my mail needs to be forwarded?

You can extend the period your mail will get forwarded to your new address for up to 18 past your initial period.  You can sign up for a fee to extend in 6 month periods at the time of submitting your change of address form or prior to your first year of mail forwarding ending.

A USPS address change is a simple but important step to make sure you continue to get all of your important mail at your new address when you are moving.

Other Moving Resources:
  • Selling your house, packing and moving is a lot of work and it usually needs to happen quickly.  Check out Bill Gasset’s moving checklist for making a move out of state.
  • Moving can be a big project.  Paul Sian provides 8 moving tips to help get you into your new home.  Tip #1 starts with getting organized early.
  • A move gone bad can be stressful.  Kyle Hiscock provides moving mistakes to avoid.  One great tip is to realize when you need help and know when you can’t do it all alone.

USPS Change of Address is provided by Kevin Vitali of EXIT Realty.  Thinking of making a move?  Call Kevin at 978-360-0422.

Storage Pod- Everything You Need To Know

Buying a new home means moving.  And when it comes to moving you have a handful of different options to consider….

….packing and moving yourself, renting a U-haul and hiring labor, hiring a moving company, using a storage pod, etc…

There many options when you move and finding the balance between convenience and cost will require a little homework.

Using storage pods to make your move has some advantages that other moving methods don’t have. 

A storage pod rental can be a great choice if you need to move but not sure where you are going to end up. 

Let’s take a look at everything you need to know about using a storage pod to make a move.

What Is A Storage Pod?

The term PODS means Portable On Demand Storage, which is a great description of how on-site storage containers work.   PODS is actually a trademarked name from the most recognized name in portable moving containers.  Though the term pods is meant to describe any portable moving or storage container.

A storage pod is a box of varying construction.  It has the ability to be secured with a lock and delivered to your location to be packed for your move.

When you are packed and ready for your new location, you schedule a pickup and the unit is brought to your new home for you to unload on your timeline. 

Or, if you are not moving to your new home immediately, your storage pod is housed at a storage facility until you are ready for delivery to your new location.

What Companies Offer On-site Moving Containers or Storage Pods?

As I mentioned, PODS is not the only company offering moving containers.  If you google “storage pod near me” you will most likely see these large national companies.

There also may be the option of finding a small storage pod rental company that is more regional rather than a national company.  Bay State Pod Rental is a popular option here in Massachusetts. 

Just google “storage pods near me” and get a list of pod rental companies that will deliver to your site.  Most of the big moving container companies allow you to plug in your information and get a quote online.

What Are The Advantages And Disadvantages Of Moving With A Storage Pod?

Like everything, there are pros and cons of using storage pods during a move.

Srorage pods are dropped in your driveway

 

Pros of Using AStorage Pod

Pack and Move On Your Schedule

The biggest advantage of using pod storage during your move is you rent the container for a month at a time.  It allows you time to pack and unpack the storage unit over any length of time that works for you. 

All you do is pay a small monthly fee for the storage container while it is onsite.

Minimize Costs

Another advantage of using a storage pod is it can be stored on the site you are leaving or your destination until you are ready to unload.  You pack over several weeks or months and only pay a low monthly rental fee for the on-site portable moving containers you use.

Shipping the container can also be less than hiring a full-service mover because the truck picking up your container is also moving containers from other renters, spreading out the cost of the shipping.

Easy Storage Between Destinations

If you have time between leaving your first home and going to your second home, many companies allow you to store your storage pod at their facility for a low monthly fee.

The advantage is the container does not need to be unloaded at the storage facility and reloaded for its final destination.  The pod is stored as-is full of your belongings.

Loads At Ground Level

Finally, unlike a truck, a rented storage pod is loaded at ground level.  It can help make lighter work of your move.  It certainly beats going up and down a loading ramp with heavy furniture.

storage pods are loaded at ground level

 

Cons of Using A Storage Pod

Not Climate Controlled

One big disadvantage of using a storage pod is your rented storage pod is not heated or air-conditioned.  While it is weatherproof it is subject to the heat and cold of its surrounding environment. 

A storage pod rental is probably not a great idea for expensive furniture or items of value like artwork or antiques.  Before renting a moving container consider if it is right for the items you are moving.

Need A Place To Put It

You also need a large enough level surface to place your storage pod or pods on at both sites.  Renting storage pods may not be a good solution for moving from a condo or an apartment with limited space where they may not even allow you to store a moving container.

Security

Finally, remember your moving container will be stored outside in your driveway or on the street.  It may not be as secure as you would like.

Less Control Of Arrival

You have a little bit less control of when your storage pod will arrive.  Often a truck is loaded with more than one pod for deliveries on a given day. 

What Sizes Do Moving Containers Come In?

Storage pod sizes can range from 6-16 feet. 

A 7-8 foot unit will handle about one room, while a 16-foot storage pod may fit a small apartment.

Larger homes will require you to rent more than one pod to fit all of your contents. A moderately furnished 2500 square foot home may require up to 3 16-foot pods.

Each company has its own size pod or different size pods.  Do some research to see what works for you.

A Word On Portable Shipping Container Construction

When renting your portable moving container pay close attention to the construction. Some are made from steel, steel frames with sheet aluminum skin, plastic or construction grade wood.

The construction materials will dictate how heavy of a load the container can handle.  An all-steel container can handle about twice as much weight as a wooden container.

Make sure you are getting a quality storage pod that will protect your belongings from the elements aswell as theft. Your pod should also be constructed in a manner that can handle the rigors of a move.

What Does A Storage Pod Rental Cost?

A storage pod rental will cost more than a self-move with a U-Haul truck but less than hiring a full-service mover.  Rental costs for a storage container will vary depending on many factors.  Make sure you call or get an online quote for storage pod pricing so there are no surprises.

  • Size of the units and how many you rent.
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  • How long you rent the storage containers.
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  • The distance to your final destination.
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  • The season.

I visited one website moving container website and received an online quote for a 16-foot on-site moving container for one month. 

Rental One Month $219
Initial Delivery $117
Pick Up and Move less than 15 miles $110
Final Pickup $110
Total $556

This is just a rough estimate of what a small move with a storage pod rental would cost.  Definitely get your own quote for your specific circumstances.

To be cost-effective and save space in your rental pod, make sure you either get rid of your junk or find ways to recycle your unwanted items before packing your container.  Don’t move items you no longer want.

Do I Need Contents Insurance For My Storage Pod?

When you rent an online storage container, make sure you understand that while you may pay for insurance for damage to the pod itself, the contents are not covered and are probably not covered.

Content insurance is not included in the rental price.  Before purchasing a policy with the container company check with your homeowners or renters insurance to see if off-site storage is covered and if in fact a storage pod on your site is actually covered.

If your homeowner or renters insurance is not adequate you can usually get insurance through the company you are renting the pod from.  Don’t overlook getting the proper insurance coverage for items stored in your pod.

Can You Do A Long Distance Move With A Storage Pod?

Storage pods can be used as just as easily for a long-distance move as it can a local move.

The rental prices and pick-up and drop-off fees remain the same as if you were doing a local move.  If you are doing a long-distance move the shipping fee for your POD can be sizeable.  They are still being shipped by truck.

But, many of the fees surrounding the move will make a long-distance move less expensive with a moving container than a full-service move.

Other Uses For Storage Pods

On-site moving containers can be used for other than just moving from one home to another. 

When selling your home you may have more belongings than you want to leave in your home to optimize showings.  An on-site storage container can help stage your home.

A storage pod can be kept in the driveway neatly tucked away in a storage pod until you actually make your move.  Either it can be offloaded by your movers or you may decide just to have it shipped to your new address.

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Or, are you doing major renovations and need to empty a room or even an entire house while the work is being done?  A storage pod can be a perfect way to safely store your belongings while you are having the work done.

Questions To Ask When Renting A Storage Pod Rental

  • What is the storage pod constructed of?
  • What is the monthly rental fee of the moving container?
  • Am I responsible for damage to the pod while it is in my possession, if so can I insure the moving container?
  • What does insurance cost for my contents?
  • If I take longer than a month to pack or unpack will it be easy to extend my rental?
  • How quickly can I have my pod delivered to my new location once I call for a pickup?
  • Do you have local storage for my pod if my move is delayed?
  • What comes with the rental of an onsite moving container?

Summary

Pods can be one option for you when you are moving from one home to another.  It can save you money compared to a traditional mover coming to load and unload their truck. 

The two really distinct advantages are you can pack and unpack the storage pod over a period of time and the ability to easily store your moving container if you are not moving directly from one home to another.

If those are attractive features for you consider renting a storage pod for your next move.

Other Moving Articles Worth The Read:

Newest Listing in Haverhill MA

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The Home Buying Process- A Road Map for Success

Putting The Home Buying Process To Work For You

If you are a first-time homebuyer or haven’t bought a home in a while, it might be time to step back and look at the home buying process and the home buying process timeline.

Having an understanding of how long it takes and the steps it takes to buy a home will help you make the most of your home purchase.

Of course, the home buying process has many twists and turns and the experience is different for everyone.  But I will approach both with what I typically see when working as a buyers’ agent with buyer clients.

How Long Does It Take To Buy A House?

How long the home buying process takes depends on your individual circumstances. 

For most homebuyers,  the home buying process takes 4-7 months.

Many home buyers come to me and say they want to be in a house in 2 months. Clearly, they have not thought the process of buying a home through.

Two months is not a realistic timeline, especially if no leg work has been done.  If you came to me today, the quickest I can probably get you into a house is in 2.5 to 3 months.

Figure you have a month or two of some pre-planning before you even look at your first house.  Most people just don’t wake up and decide they are going to buy a house that day.

Then you have 1-3 months of actually looking at homes that might suit your needs before you put in an offer. 

Depending on inventory levels and if you are moving up to a bigger house you can easily spend 4-6 months looking for a home stretching out the buying process.

And finally, once you put a house under agreement you have 30-60 days in escrow before you sign on your new home.

The Home Buying Process- What Are The Steps to Buying a House?

The steps to buying a home are broken down into 3 distinct stages.  Pre-planning, finding a home and escrow. 

Pre-Planning- 0-2 months

Pre-planning is a critical step that should not be overlooked.  Our home buying process flow chart certainly simplifies things but here are many things you can do to get ready to buy.  The more pre-planning you do the better your final outcome will be.

Assess Your Situation

You get the thought you want to buy a house.  It is time to think about where you are at and where you want to be.  Think about if this is the right time for you to buy a house and if you are ready to set roots and settle into an area.  Are you ready to stop renting and invest in a home?

Is selling your current home and buying a new one feasible?

There are certainly many questions to ask yourself before pulling the trigger and deciding it is time to buy a home.

Review Your Finances

If you are a first-time homebuyer you may want to own a home but there are financial responsibilities that are not easy to unravel when you own a home.  In many cases, you will find a mortgage may be about the same as renting a home.

If you already own a house you need to figure out how much your home is worth and more importantly how much you will net from the sale of your home to go on to buy a new one.

Analyze Your Credit Score

Your credit score has a lot to do with buying a house.  Upon getting the thought to buy, pull your credit score.  Check for mistakes and see where you may be able to improve your credit score quickly.  While going through the home buying process you may have the ability to raise your credit score and put yourself in a more advantageous position to get a mortgage.

You can certainly buy a house with bad credit, but every 20 points of credit score can improve your ability to qualify and drop your interest rate.

Find A Great Buyer’s Agent

In the pre-planning stages of buying a home, find a great buyer’s agent to walk you through the process.  A buyer’s agent can help you with the pre-planning, identify homes that may work for you, help you structure a winning offer, keep your financing on track and much more.

A great buyer’s agent will help you walk effortlessly through the home buying process and put the process to work for you.

Get Pre-Approved

Once you make the decision to buy, get pre-approved by a mortgage lender.  A pre-approval is a review of your income, assets and credit.  It will give you confidence through the home buying cycle.  You will know exactly what a house will cost you in monthly mortgage payments, how much you need for a down payment and the closing costs associated with obtaining a mortgage.

A pre-approval will avoid any last-minute financial surprises.  Get pre-approved before ever looking at homes.

home buying process veiwing homes

View Homes On-Line

Viewing homes online helps you establish whether buying a home is viable based on your budget.  It will help you see what is available for your budget and formulate your wants and needs. 

If you have $500,000 to spend in Massachusetts, your $500k will get you very different homes in Tewksbury, Haverhill and Andover. You will get much more home $500k than you will in Andover.  Tewksbury will fall somewhere in the middle.

Finding A Home 1-3 months

Now that you have taken the time to get your financial house in order, have an understanding of the process, and have an idea of what is available to you it’s time to get your feet on the ground.

View Homes

Now is the time to start doing drive-bys, visit open houses and schedule showings with your buyer’s agent.  Homes will show very differently than they look online.

In the beginning, don’t be too picky.  Go see homes!! Every home you get under your built helps you narrow down what is out there and what will actually work for you.

Work On Financing

During this time period, work with your mortgage lender.  Get your application and documents ready to go for when you find the perfect home.

Continually work on maintaining and improving your credit.  I had a client once improve their credit 110 points in 45 days.  It is possible.  In the end it will save you money.  Your mortgage lender will make suggestions that could improve your credit.

Re-assess and Make Adjustment

It is not unusual for a homebuyer to come to the table with certain ideas and thoughts.  Only to realize maybe they weren’t realistic or what they want doesn’t exist.

Buying a home is often about compromises.  Work with your agent and decide if you need to make some adjustments to your home search.  It may be looking in a lower-priced area, readjusting your price range, or changing your expectations.   It’s part of the home buying process.

Negotiate A Contract On A Home

After spending some time visiting a variety of homes it is probably time to pull the trigger on making an offer on a home.  Most home buyers are ready to buy a home after viewing 5-12 homes.

Of course, there are buyers who view many more homes.  Realize that after you have seen 5-10 homes in a certain price range in a particular community what comes on after that will be very similar. 

There is a balance between finding the right home, but not taking so long as the market could appreciate significantly.  For example, one market I do a lot of business in is Haverhill MA.  For the past two years, we have seen an appreciation of 7 to 9% a year.  Every month that goes by you lose buying power.

Once you make an offer, negotiations are usually quite quick and will be wrapped up in 24 hours or less.

Now you have a house under agreement.   You are now in a legal and binding agreement and you have a home deposit at risk.  Make sure you understand your contracts and are prepared to perform.

Escrow 1-2 months

Escrow is the period of time between putting a home under contract and closing on the home and getting keys so you can move in!

The escrow period starts off a little crazy.  Once you get a home under contract there are a bunch of tasks you need to complete right away.  It is important to stay on task during the escrow period.  You are under contract to perform and if you don’t you can lose your deposit money.

Schedule Your Home Inspection

Your home inspection contingency is for a very short period.  You need to immediately schedule your home inspection and get it done.  Consult with your buyer’s agent.  They should be able to refer a good home inspector to you.

Finalize Your Loan Application

As soon as you get a home under contract make sure you call your lender and finalize your loan application.  Hopefully, your application is all ready to go.

Negotiate Any Home Inspection Repairs

Once your home inspection is complete, you may find some areas of concern.  You may consider negotiating repairs, a price reduction, or a closing cost credit to compensate you for the areas of deficiency in a home.

Complete Lender Requests

The mortgage process is a nerve-wracking one.  There will be requests for updating documents or resending documents you already sent. 

A one-day delay on your part can translate into a bank delay of several days.  Stay on top of the lender’s requests and be diligent.

Be Prepared to Move

2-3 weeks before your closing make sure you are well on your way of being packed and ready to move.  Confirm your moving date with your movers or truck rental company.

This is a good time to have your mail transferred and all the utilities transferred to your new address as well.

Mortgage Commitment

Mortage commitment signifies your mortgage is officially approved.  You must notify the seller if it is not approved as spelled out in your purchase contract.

If not approved, you either need to ask for an extension or pull out of the deal.  Talk with your lender and real estate agent to see what is outstanding and where the issue may lie.  It is not unusual in this lending environment for mortgage commitments to be delayed.

Final Walkthrough

You want to schedule your final walkthrough just prior to closing.  The final walkthrough is your chance to make sure the house is being delivered as expected.

After closing on your home you will have no recourse. You are signing you are accepting the house as-is.  Don’t skip your final walk-through.

Close On Your New Home

Finally, you have reached the finish line. You have worked hard to get to the closing table. It is time to hit the attorney’s office and sign all of the loan documents and get the keys to your home.

the step to the home buying process leads to a new home

Summary

Buying a home takes time and some effort.  I have outlined the basic steps of the home buying process for you.  Make the buying process work for you. 

Each phase of the home buying process gives you time to prepare for the next step so there are no surprises. 

Finally, remember the home buying process is highly individualized and I have only spelled out the basics.  Working with a good buyers’ agent will help you fill in the gaps that you personally need and put the process to work for you.

Assessed Value vs. Market Value

property tax assessment vs fair market value Most buyers and seller’s main concern is….

….what is the value of the home I am about to buy or sell? 

Looking at a home’s tax assessment can certainly give you a quick value of a home. But assessed value is not the same as the market value of a home.  Relying on tax assessment when it comes time to sell your home or purchase a home will just lead to trouble.

Property tax assessment vs market value will not lead to the same number for a home.  The value determined either by a town’s property assessment of a home or determining fair market value through a REALTOR’s comparative market analysis has two different purposes.

Definition of Tax Assessment

The dollar value of a piece of property assigned by a public tax assessor for the purposes of taxation.

Property taxes are a municipality source of income to fund services such as education, roads rubbish removal, emergency services, parks, recreation,  libraries, etc…

Definition of Fair Market Value

The price agreed upon and in which the money and property exchange hands between a home buyer and home seller.  Fair Market Value is a price in which the general buying public would be willing to pay. Both buyer and seller must be willing and informed to buy/sell the piece of real estate in a arms length transaction. A transaction where neither party is desperate to sell or buy and where the property is given reasonable exposure to the open market.

But fair market value is not truly established until a buyer and seller come together and the transaction is completed.

Property Tax Assessment vs Market Value Scope and Purpose?

A municipality will occasionally send out a tax assessor to evaluate your home based on its size, amenities and land value.  The assessor uses sales comparisons, cost or replacement approach or income method to determine the value of your home, all structures on the property and the land.

A mill or millage rate is applied as a multiplier to determine what your annual taxes will be.

Municipalities will make adjustments to either a home’s value or the mill rate, within the state and local laws, so that all the collected property taxes meets a town’s budget.

Here in Massachusetts, there is proposition 2 1/2, which limits how much taxes can go up in one year.  Thus in a rapidly appreciating real estate market as we have now, you will find tax assessments lagging compared to fair market value.

Fair market value is determined by a real estate agent or appraiser.  The approach is usually a sales comparison approach, which is to find homes that are similar that have recently sold.

Adjustments are made to the comparables based upon size amenities, condition, etc… and the properties are then averaged. T

This is the best determination to see what a potential buyer will purchase a home for.

You will find assessed value to be somewhat of a lagging indicator of value.  When real estate prices are rising assessed value will generally be lower than fair market value.  When real estate prices are declining you will find assessed values will generally be higher than fair market value.  

Remember the purpose of a tax assessment vs fair market value or very different.

While a home’s assessed value will get you in the ballpark of fair market value, it is by no means a way to determine the fair market value of the home.  A home’s tax assessment will not fluctuate like a home’s market value.

Assessment vs. Market Value- A Real-Life Comparison

Below is a graph of all the single-family home sales in Tewksbury Massachusetts over a 30 day period in 2012  versus one created in 2021.  The sold price, which establishes the fair market value is then compared to the town’s assessment of the home.

In 2011, out of 19  homes that sold the average sale price to assessed value was 97.36%.  A low was a sale price 53% below assessed value and a high of 140% of assessed value. 2011 was a market that was still recovering from a significant downturn

Compared to 2021 with 18 homes that sold the average market value to ass was 30% greater than the assessed value.  Not one home sold below market value but there were homes that sold for 85$ greater than the assessed value!

If you are buying or selling a home, you cannot rely on the inaccuracies of the tax assessment to determine the value of a home.  Tax assessment tend not to adjust much and do not give an accurate picture of current market conditions.

what's my home worth- instananeous home values in Massachusetts

 

2012 Market Value Vs Property Tax Assessment

Street Sale Price Assessed Value Sale Price as a percent of Assessed Value
Newton Avenue $198,900.00 $229,900.00 86.52%
South St $135,000.00 $254,700.00 53.00%
Jodi Dr $350,000.00 $381,500.00 91.74%
Emily Rd $397,000.00 $369,900.00 107.33%
Heather Row $335,000.00 $433,800.00 77.22%
Darby St $180,000.00 $250,300.00 71.91%
Andover St $287,000.00 $318,800.00 90.03%
Maplewood Rd $390,000.00 $348,100.00 112.04%
Veranda Ave $230,000.00 $262,000.00 87.79%
South St $278,000.00 $252,000.00 110.32%
Chandler St $312,500.00 $252,400.00 123.81%
independence Ave $286,000.00 $239,800.00 119.27%
Laurie Dr $202,000.00 $254,200.00 79.46%
Homestead Ln $435,000.00 $451,600.00 96.32%
Pomfret Rd $334,500.00 $337,900.00 98.99%
Wells Drive $549,900.00 $569,900.00 96.49%
Salem Rd $260,000.00 $254,200.00 102.28%
Pocahontas Rd. $378,000.00 $268,200.00 140.94%
River Rd $275,000.00 $263,600.00 104.32%

2012 Market Value Vs Property Tax Assessment

East Street $410,000.00 $320,600.00 127.9%
Patten Road $394,000.00 $336,700.00 117.0%
McLaren rd $392,000.00 $325,300.00 120.5%
Chandler St $420,000.00 $364,800.00 115.1%
Claire Street $490,000.00 $344,900.00 142.1%
Rhoda Street $505,000.00 $361,900.00 139.5%
Susan Drive $499,000.00 $480,000.00 104.0%
East Street $510,000.00 $463,200.00 110.1%
Northgate Road $550,000.00 $427,100.00 128.8%
East street $540,500.00 $459,700.00 117.6%
Pike St $600,000.00 $412,900.00 145.3%
Algonquin Dr $540,000.00 $349,600.00 154.5%
Sandy Lane $610,000.00 $329,800.00 185.0%
Heidenrich Drive $582,500.00 $492,000.00 118.4%
Greenmeadow Drive $630,000.00 $476,100.00 132.3%
Lancaster Dr $625,000.00 $506,900.00 123.3%
Barry Dr $690,000.00 $487,500.00 141.5%
Catamount Rd $875,000.00 $793,200.00 110.3%

Isn’t it funny that homeowners want their fair market value to be as high as possible but their assessed value to be as low as possible?

tax assessment vs market value

Tying it together

While property tax assessment and market value both establish a value for a piece of property, those values can be wildly different in some cases. 

Much has to do with the purpose of determining a value.  Property tax assessment value is really a way to apportion taxes to a homeowner’s “percentage” of property owned in a town.  The town’s purpose is to fulfill a budget.

Fair market value is what a buyer and seller will agree on for a sale price in an open market. 

The methods to determine tax assessment vs market value may be similar but are not exact.  In a rapidly rising market assessments will generally be below fair market value.  In failing markets, assessments will generally be higher than fair market value.  The difference is in the scope and purpose of how you determine each.

Simply put…

Property Tax Assessed Values are a value assigned to a home by a municipality for the purpose of collecting taxes and meeting a budget.  Fair market value is an agreed-on sale price between a fully informed buyer and sellers who neither are under duress to buy or sell.

Do not rely on property tax assessments to determine fair market value.

Other Great Real Estate Resources:

 

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This post, Assessed Value vs. Fair Market Value, was provided by Kevin Vitali of EXIT Realty.  If you need help buying or selling a home in Essex County or Northern Middlesex County call Kevin at 978-360-042.

 

19 KILLER Questions To Ask When Buying a House

19 Questions To Ask When Buying a HouseBuying a home can be scary.  Whether you are a first-time homebuyer, a move-up buyer or a downsizer there is so much to know about buying a house.  Often we get so caught up in the house we forget to consider other things.  Let’s look at some questions to ask when buying a house.

There are certainly a number of questions you can ask when buying a home.  This list of questions a home buyer can ask either themselves, the seller or an agent will certainly get you started on making sure you fully enjoy your home after the closing.

One thing to point out is there are no stupid questions.  You have a lot at stake when buying a home.

If you need an answer to something that may prevent you from buying the home…. ask!  Heck if you can’t live in a house that may be haunted, don’t think it is too silly to pose your question.

Ask Yourself These Questions When Buying A House

It so easy just to get caught up in a house you lose sight of your goals. As a homebuyer, it is important to keep yourself on track.  Here you will find some great questions to ask before you buy a house.

You want to maintain a certain lifestyle and where you live is important, so step back and ask yourself these important homebuyer questions when you are thinking of buying a home. 

What Are Your Motivations To Buy A House?

Make sure your motivations to buy a house or good ones.  You are locked into a home or community for a while and it is not easy to back out if you change your mind.

Don’t buy just because all your friends are and you feel like you have to.  Buy a home because you want to set roots somewhere and you want to be a homeowner.

What Will My Commute Be Like?

Consider the time it will take to commute to work.   But as a home buyer, you should carefully consider the amount of time you will spend commuting to and from work.

Often in the greater Boston area, a homebuyer may b become enamored with communities farther out from their workplace because of the affordability factor.  But it does come with a cost….. time!!

A 30-mile drive in the Boston suburbs could mean 1.5 hours in the car each way during rush hour.  Consider how valuable is that time spent away from your home and family.

Where Is My Sphere of Influence?

Your sphere of influence is your family and friends.  Just like your commute do you have easy access to your family and friends from the home you are about to purchase?

Easily connecting with your sphere is important.  This is who you spend your downtime with.  You don’t want to feel isolated from friends and family.

Will This Home Suit Me Long Term?

Often immediate needs drive the purchase of a new home.  But it is important to look into the future and see if a home will be right for you in the next 5-10 years.

Remember real estate markets go up and down and there is a cost to selling your home.  It isn’t like renting where you get the thought to move and you go.  It may take years for your home to appreciate enough to get out whole.

How Are The Schools?

Ok, you may not have kids, or maybe you don’t yet or you have been there and done that.  But there are two things that drive home prices in the greater Boston area.  The proximity to Boston and school systems.

If you are planning to have kids, you will start to worry about it in the future. 

If you don’t have or plan on having kids, buying in a good school district helps maintain the value of your home. Towns with good school districts help retain their value and are the fastest to appreciate.

What Is The Neighborhood Like?

Your home is part of a community.  Does your neighborhood have parks, sidewalks, what are the surrounding homes like?

Buying a great house in a neighborhood you don’t like will only disappoint you.  Explore the immediate neighborhood around the home you are considering, make sure it is what you want.

Does The Town Offer What I Want?

By buying a house you are setting roots.  You are now becoming a member of a community. Is the town where you want to live and set roots?

If you are older with health needs you may want to be close to your doctor and hospitals.  Maybe you are thinking of starting a family and schools are important to you. Or, you are a dog lover and you want the ability to take your pet to a dog park to socialize or even a local veterinarian.

You want to do a little research on schools, shopping, parks, medical facilities or whatever suits your lifestyle needs. 

Do I Have The Skills And Finances To Fix Up A Home?

A homebuyer will envision redoing a kitchen, replacing flooring, remodeling a bath.  And with the prevalence of home renovation programs on TV, homebuyers are trained to think this way.

The Home Improvement programs sure make it look easy.  What they fail to show is the cost and the work involved.  Before you pull the trigger on that fixer-upper do you have the skills and the finances to complete your vision?

It is usually less expensive to buy a home that has had recent renovations than it is to complete the work yourself.  And don’t overdo it, be smart about your renovations to get the most bang for your buck when you sell.

Does The Home Fit My Budget?

Most buyers buy at the top of their budget.  It is easy to inch that budget up.  The bank may qualify you for a mortgage that exceeds your personal budget.  But you are the one that has to live with the payments.

Make sure you budget not only for your mortgage payments but home maintenance and enough money to live a balanced life.  Don’t live just for your house.

Questions To Ask About The House You Are Buying?

Questions To Ask About The House You Are Buying?

 

 

 

Even the best of houses can have small issues.  It is important to know what is ahead of you in the near to intermediate future.   You want to make sure you can handle any issues that arise.

Realize that Massachusetts is what is called a caveat emptor state, which translates to buyer beware.

This means that the seller has no obligation of disclosing anything about the home they are selling.  But if you ask a question they are obligated to answer truthfully.  Disclosure varies from state to state so make sure you understand disclosure laws for your state.

Do You Have A Seller’s Disclosure?

In some states seller’s disclosures are optional and some it is required.  Either way ask for a seller’s disclosure. 

A Seller’s Statement of Property Disclosure is a several page document asking questions about the home and may highlight some problem areas of the home and actually should answer many of the following questions.

Can You Provide A Years Worth Of Utility Bills?

Ask for a year’s worth of utility bills.  This should include electric, gas and/or oil, water and sewer.

Asking for utility bills is a great question to ask when you buy a home.  It gives you an idea of what the utility bills are so you can budget accordingly.  Also, you can get an idea of how well a house is insulated by a home’s heating bills in the winter months.

How Old Is The Roof And Major Systems and Appliances?

Replacing a roof, furnace, central Ac or a kitchen appliance can be a costly endeavor.  We would all love a new home with new systems and appliances. But when buying a resale home the ages of the systems and appliances can vary.

At the very least you can budget for future replacement or if an item is well past its useful service life you can pay extra attention at the home inspection to make sure it is still functioning properly.

Is There Any History Of Water Penetration In the Basement?

Let’s face it here in New England a basement can sometimes get water. 

Knowing when and how much water a basement has received will be important.  As a home buyer you want to know if it is reoccurring and a problem needs to be addressed or if it is a one-off due to severe conditions.

Ask before your home inspection so you can discuss the issue with your home inspector and buyer’s agent.

Has Any Work Been Done to The House That Required Permits?

Don’t pay for work that has been done that required permits where no permits were pulled.  Especially if the work has not been done in a professional manner.

If permits were pulled verify the permits with the town.  The worst thing that happens is to go sell your house to find out that the previous owner did work that was not up to code and provided a safety hazard. 

What Is Included In The Sale?

Property affixed to a property it is considered a fixture and should be included in the sale, like faucets, lights, cabinets, etc… If a seller is excluding something from the sale that should stay with the home disclosed upfront.

But things like washers, dryers, refrigerators or blinds can go either way.  Get a full understanding of what is included with the home sale so there are no issues arise during your final walk-through.

Is The Home In A Flood Zone?

Flood insurance can be expensive.  Before you go down the road of buying a house to find out you have to carry expensive flood insurance ask the seller if the home is in a flood zone and if they are paying flood insurance.

Hopefully, if there is they disclose upfront the home sits in a flood zone so you can decide if you want to move forward or not.

Questions To Ask Your REALTOR

Questions To Ask Your REALTOR

 

What Is Our Agency Relationship?

A buyer’s agent is the only type of agent that represents you, the buyer.  They work for you and have your best interest at heart.  Every other type of agent… listing agent, buyers agent, dual agent does not necessarily work for you.

Know what your agency relationship is with your real estate agent so you know how to communicate with them.

What Are Current Market Conditions?

Does the market favor you or the home seller?  Or is it balanced?  The real estate market you are in will dictate many things in your home sale. 

Currently, we are in a very hot seller’s market.  Sellers have the advantage.  Buyers are competing for homes and many homes are going over asking and buyers are writing very compelling offers that may include removing your home inspection contingency.

Contrast that to 2009 and sellers were struggling to capture a buyer’s attention.  Buyers could ask for the moon and they would probably get it!

Knowing the market conditions sets the tone for how you look for homes, write an offer, how stringent you can be on home inspection etc… Don’t try to swim upstream if you don’t have to.

What Are Similar Homes Selling For In The Neighborhood?

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A buyer’s agent can provide you with a CMA or Comparative Market Analysis.

A CMA is a report that includes a similar home to the one you are considering purchasing.  It gives you a range of fair market value and if the asking price of a home is a fair price or not.

By knowing what a home is worth you can negotiate with confidence.

Like anything in life, you get out what you put in.   These 19 questions to ask when buying a house will set you on the path to finding a great home that will serve you well for years to come.

Other Home Buying Resources:


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19 Questions To Ask When Buying a House is provided by Kevin Vitali of EXIT Realty.  Are you looking to buy a home in Essex or Northern Middlesex county and you want to partner with an agent that serves rather than sells, give me a call at 978-360-0422.

CONTACT ME

Kevin Vitali- Massachusetts Realtor Serving Essex County and Northern Middlesex County Massachusetts

KEVIN VITALI

978-360-0422
kevin@kevinvitali.com

Kevin Vitali- Massachusetts REALTOR EXIT Realty Beatrice Associates
191 S. Main Street
Middleton, MA 01949
cell phone: (978) 360-0422
office phone: (781) 929-1010

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Massachusetts Real Estate

 

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Disclaimer

No information on this website is to be construed as legal advice.  The information is either generalized or state-specific. If you are seeking information for legal purposes please consult an attorney.