The Pro’s of Getting a Home Inspection

When considering buying a new home, don’t cut corners when it comes to getting a home inspection. National statistics have reported that upwards to 40% of all previously owned homes on the market have been found to have at least one serious defect. Some defects are already disclosed by the seller and built into the pricing of the home.  However the buyer needs to beware of exactly what they are purchasing and what extended costs they will incur from fixing up a problem that wasn’t theirs.   For any of the classic problems (roof, furnace, electrical, pest damage, etc), the costs incurred could range from incidental to substantial.  Once aware of a problem, you will want to ask your agent if the price which is agreed upon is still a fair price for the property. The home inspection protects your interests. Don’t buy your home without one!

The Clock is Ticking for Credit Deadline for First-Time Buyers!

To stimulate the economy and the real estate market, first time home buyers are being given an $8,000 federal tax credit if they close on a property by November 30^th of this year. Because of this, agents are seeing a surge of first-timers rushing to close in time for the deadline, setting off bidding wars and stimulating what is typically a quiet August market.

In order to meet the November 30^th deadline, buyers should be signing contracts to purchase around September 30^th so that inspections, mortgage approvals and other odds and ends have ample time to be processed. 

Though $8,000 seems negligible when compared to purchasing a $300,000 home, keep in mind that $8,000 can cover part of your first month’s mortgage or buy you new fixtures or even pay for landscaping. 

With lower home prices, down about 20 percent in the region from the market peak in 2006, and mortgage rates in the 5.5 percent range, the addition of the federal tax credit makes this season a perfect one for first-time home buyers!

EXIT Premier Earns Office of the Year in Massachusetts

            EXIT Premier Real Estate of Burlington is proud to announce their recognition as Massachusetts “Office of the Year” by EXIT Realty of New England.  EXIT Premier was also recognized as the #1 office in dollar volume for the 2008/2009 calendar year, placing the Burlington office first in Massachusetts for the third time in the last five years.  The award ceremony took place on July 28^th at the Westford Regency Conference Center. 

            Mark Bettinson, Broker/Owner of EXIT Premier, accepted the award on behalf of his team from EXIT Realty International Founder and CEO, Steve Morris, who joined local New England brokers at the annual retreat and awards ceremony.

“Thanks to a team effort led by Sales Manager Sonia Rollins, Exit Premier has held top market share in residential sales for Burlington in 2008 and 2009,” said Bettinson.

Rollins added, “We are honored and proud to have received both of these awards from Exit Realty of New England.  Our consistent market share is maintained because of the level of commitment and experience that our agents bring to the community on a daily basis.  First and foremost, the real estate industry is a people business, and our management team at Exit Premier is confident that we have the right people working with us to serve our clients.”    

In addition to office awards, Exit Premier Realtors Jim Connearney, William Rosanio, and Wilhelmina Kanelos also received individual honors. 

Said Bettinson, “I’m honored to be working alongside a team of dedicated realtors.  Our office remains committed to providing honest advice and guidance to those who are seeking to buy or sell homes.  In a time of great challenge in residential real estate markets nationwide, Exit Premier continues to excel.”

Selling Your Home in 2009- You Can’t Fool Mother Nature

Take Heart!  The Sky is not falling.  The ground might be shaking a bit, but there is a vibrant and healthy real estate market nevertheless.  It’s not too late to “make your move” in 2009. You are able to sell your house in spite of everything you read in the papers and hear on the newscasts.  Now some of you are mouthing, ’did he say vibrant and healthy?’  Yes, he did. But I’ll qualify that.

In any given local market, we have seen the average “days on market” for sales rise to twice the levels they were three years ago. But I make a distinction between the days on market for homes that are priced to reflect the actual values in todays market and those homes that are still priced to reflect the market of two and three years ago. If your home is priced accurately, I can sell it in 30-45 days, just like three years ago!

If there are 80 homes on the market in your local MLS, my observation leads me to the conclusion that at least half of them DO NOT reflect accurate pricing in today’s market. As such, they are not really ON THE MARKET!  Of the 40 remaining homes that are asking a price that actually is fair given today’s credit crunch, buyers are coming through with acceptable offers in a reasonable short time frame!  This is not a complicated business.

Of course, prices have dropped substantially in some areas, especially those markets where historically easy credit was extended from 6-8 years ago up until two years ago. As the falsely inflated prices on those homes has come down with the local upside down sales and foreclosures, this has indeed brought down values on those who remain solvent and up to date on their own loans. But, like any inflated market, the higher values were only there for the taking in the last few years of the market upswing. And they were only on paper, unless you cashed out of your house. What I’m really saying, is that for those of you who feel like you have lost value, take heart….  Very few people actually sold at the peak.

How long?  How long before prices rise?  I think it will be years. So your motivation to sell will come from your life needs to move as opposed to concern for the value of your real estate portfolio. If its time to move up, it’s as good a time now as ever. If it’s time to head to Florida, ditto. The pricing IS WHAT IT IS. 

You can’t fool Mother Nature. The Marketplace is Mother Nature. If you are ready to move, you must work within the realities of this great balancer we call the “market”. With regards to exactly what the “market” will bear for you today, I will promise you clear and unbridled honestly. I’ll help you set your expectations correctly and I’ll help you get the job done within 60-90 days maximum, if you choose to move forward.

 You can reach me at mark@exitpremier.com