In this episode we discuss that pricing a home too high can lead to a lack of interest. This then leads to the need for price breaks which can appear to the buyers as weakness and lead to low ball offers. A properly priced home will attract a lot of buyers in any market. The more buyers who are interested the better chance it is we receive multiple offers and a higher sales price. Setting a price too low is risky but slightly less risky than too high which detracts buyers. Most of the time it is hard to sell a home for too little due to the increased excitement of buyers and the possibility of a bidding WAR!

In this episode we discuss how affordable housing is defined by the US Department of Housing and Urban Development. “Affordable Housing: Affordable housing is generally defined as housing on which the occupant is paying no more than 30 percent of gross income for housing costs, including utilities.” When thinking of whether housing is affordable or not it is important to take your own budget into consideration. Never rely on the mortgage company to determine your budget. When shopping for affordable housing it is important to think into the future. If the home you are buying will need repairs in the first few years it could become very unaffordable fast!

In this episode we discuss that when a deep freeze is coming it is important to do a walk around check of your house. Look for things like missing or loose insulation, windows and doors are all shut incorrectly, heat trace pipes plugged in, and anything else you can do to ensure your home stays warm. Even though cosmetically it may not look the best it is wise to do extra preparations that day. Using towels, blankets, and other soft items to cover over and at the base of doors and windows can prevent major drafts. If you have an unheated crawl space type basement you may want to take extra precautions. Finding a safe place to put a space heater for the deep freeze can help protect your pipes.

In this episode we discuss what the world contingent means: In order for one thing to happen a certain circumstance must already happen. This can be used in many different ways as a precautionary measure for both buyer and sellers alike. When looking over offers in real estate the bottom line is not all that matters. As a seller and as a buyer you should be aware of all contingencies. One of the most common contingencies in real estate deals is a mortgage contingency. This contingency states that if a buyer fails to get financing within the terms allotted they have the right to leave the deal with their deposit money.

In this episode we discuss that when deciding to go the route of buying a home that needs some work it is important to know your financing options. Some loans allow you to borrow on properties that need work others do not. A renovation loan is a loan where the cost of the home and the cost of repairs are bundled into one loan. This oftentimes can make a fixer upper project work for the buyer’s budget. Having a contractor out is highly advisable when buying a home in need of work. That way there you can have estimates done and put real numbers and real solutions together before making the offer.

In this episode we discuss that “As is” does not have one definite definition but most commonly it means what you see is what you get. This means after you make an offer more than likely no matter what home inspection finds the seller will not want to renegotiate. Massachusetts is a known material defect disclosure state. This means as the seller if you know there is a material defect you legally MUST disclose it and the simple term “as is” does not alleviate that. When buying a home “as is” it is advisable to do your due diligence. Take the time ahead of writing the offer to ensure you have thoroughly looked the property over.

In this episode we discuss that believe it or not painting is one of the least expensive ways to massively change a property. Always remember to choose neutral colors in order to have the largest pool of buyers interested. When thinking about doing renovations before selling it is important to talk with a Realtor® to ensure the value will be there at the time of sale. Failure to do so could be costly in upgrades that do not pay returns. Replacing depleted floor coverings is another great way to transform a room. Make sure when choosing the new floors to take cost into consideration.

In this episode we discuss that as a renter you pay 100% of the bill and only enjoy the benefit of a place to stay. By owning a home you get to build equity. Equity is the difference between what you owe and how much more your home is worth. This equity is what builds long term wealth. Buying a home is more attainable than you think. Pairing with the right agent makes all the difference as they guide you to success.

----more----In this episode we discuss that selling a house as-is does not protect you as a seller in Massachusetts from needing to disclose known material defects. Failure to disclose those items could lead to future lawsuits. Massachusetts is a Caveat Emptor state which means “buyer beware”. When buying a house as-is make sure to take time to do your due diligence ahead of offering.  Houses sold as is usually will warrant less offers leading to a lower sale price. This is due to less competition through limited financing options.

In this weeks episode we discuss that your pre-approval letter is important to your agent to help guide you to the proper properties. Looking before can lead to frustration and let down if and when the budget changes. Your social security number and other confidential info is not on a pre-approval letter. The letter more so states the purchase price, down payment amounts, and any other restrictions the mortgage company may have on your purchase. If you have a home to sell in order to get a mortgage for the new home it will be listed on the pre-approval letter. This helps your agent understand if there is a need for a home sale contingency.