Month: April 2018

Selecting a Real Estate Agent: The Importance of Going Local

local agent

I am very lucky to have a lot of great friends, and they frequently refer me to people they know who want to buy or sell homes in various locations across my state of Massachusetts… And because I value my friends and their friends, I often refer these people right along to another fantastic real estate agent who specializes in their particular city or town.

It’s not that I don’t want the business. And it’s not that I couldn’t do an adequate job for these people. But good enough doesn’t work for me – I want to know that I am providing my clients the absolute best service possible. The way I do this best is by being fully immersed in my local community – staying on top of what’s going on in the different neighborhoods, knowing the housing inventory and being an expert on local property values.

 

Here are just a few reasons it benefits you to work with a real estate agent who is based in and focuses on your particular community.

 

When Selling Your Home

Local agents know the true value of your home – believe me: the best real estate bargains I’ve seen in my city are on properties listed by out-of-town agents who don’t understand local market values    They know other local agents, who are working with local buyers, so they can personally promote your home to the people who will help sell it    They know what features and amenities make your home appealing to local buyers – proximity to various bus routes, the great cafe on the corner, a new park the city is planning to put in down the block – and can market it appropriately

When Buying a Home

 

Local agents can give you early notice on new listings in a competitive market – good real estate agents stay on top of local inventory through daily conversations with colleagues, by attending broker open houses and simply by walking around the neighborhoods

They will make sure you don’t overpay for your home – they know what comparable properties have sold for, which listing agents are notorious for overpricing their properties and which price their listings on the lower side to generate multiple offers    They are a wealth of critical knowledge on local zoning, condo rules and regulations, market rents – factors that will affect not only your life in your new home, but also its future resale value    They can connect you with reputable local contractors and other service providers

There are many additional reasons to select a local real estate agent to represent you when buying or selling a home, but you get the idea…

Real Estate Investing: First Visit to Your Potential Property

investing

For those of you who are still considering investing in real estate as an option, you are not too late. There are tons of foreclosures and short sales out there in the market waiting to be picked up by you. However, do all your homework and research the area prior to putting any money down. A better option is take advantage of the education a realtor has, although don’t rely on a realtor 100%. You have to take matters in your own hands and do a detailed research on the property you are considering to buy. Some realtors have the habit of saying anything just to make a sale – beware of them. Also do a lot of research even while selecting a realtor. Explain to them what you are doing and what you want out of it, this will help them understand you better and even help you reach your goals.

Now on to looking at the potential properties, again beware most of the properties are usually left in an absolute horrible condition and it makes you wonder if humans actually inhabited the house. Other the previous home owners know they are about to lose the house and purposely damage everything inside so that the bank does not make any money. Although it is hard to ignore all the mess when you first walk into the house, the most important thing to do is to scan for any major damages. For example, look for mold or mildew spreading around the ceiling and the top part of the walls. This is an indication that there was or is a leak somewhere in the roof. Look for the same around window frames and sills; this will let you know where the water is coming from. Additionally look to see if water is collecting anywhere inside the house. This will be a clear warning sign that the house needs a lot of work.

 

While doing the initial walk through also look at all the walls superficially to make sure all the walls are in-tact. It is always good to carry a flashlight with you while looking at houses, that way if there are holes in the wall you can peer through them and see if the walls have a termite infestation which is another major problem to consider prior to buying the house. As you walk to the backyard or the back side of the house, look at the A/C unit that sits out back and see if you can make out if it is in working condition or try looking up the date on the machine itself. Again, remember there may or may not be power to the house so you cannot turn the A/C unit on to see if it is in working condition. Lastly, as you are exiting the house take a look at the roof from the outside and see if it is looking brand new or if it looks discolored. A good way to do that is to compare the roof’s color and texture with the neighbor’s roof. If you see a lot of peeling and tiles missing, understandably this will be another big expense.

 

Finally, this is not an exact science, and the amount of fixing up you are willing to do is really up to the budget you have set aside for renovation. If you have a small budget and the house you like has too many problems, move on and don’t get too attached to the house. The market is still recovering and there are still deals out there!