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Bericht von Doktorarbeit Ghostwriteramt für Studikern

Bericht von Doktorarbeit Ghostwriteramt für Studikern

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Real Estate Transactions and Reviews from January and February

Over the last couple of months, Matthew and Alisa have had clients close on the following three properties. They represented the buyer in one transaction, represented the seller in another transaction, and represented both the buyer and the seller in the third transaction.

The first property to close was 121 Beach Street #703 in the Leather District. This closing was actually on December 28th, which is practically January, right? Matthew and Alisa represented both the buyer and the seller in the sale of 121 Beach Street #703. This 2 bedroom loft was under agreement in 16 days and sold for 96% of the list price after 23 days on the market. During 2012, the average days on market for the Leather District neighborhood was 99, compared to the 16 days on market for this loft condo.

The following is a video review provided by the buyer of 121 Beach Street #703. Apologizes for the audio on this video.

The second condo to close was 141 Arlington Street #4, a closing which took place on January 15th. Matthew and Alisa represented the seller of the pied-à-terre in Bay Village. This one bedroom was under agreement in 14 days and sold for 96% of the list price after 18 days on the market, while the average days on market for Bay Village condos was 67.

In fact, 141 Arlington Street #6 recently sold. Unit #6 is a unit identical to the unit sold by Matthew and Alisa, but it also offers a roof deck. You would think it would sell faster than unit #4 and for more money, right? Wrong. This penthouse unit with a private roof deck sold for $3000 less than the unit sold by Matthew and Alisa and it took 135 days on market to do so. This is the difference marketing makes.

The following is a video review provided by the seller of 141 Arlington Street #4.

The last transaction was a condo at 87-89 Bourne Street #2 in Jamaica Plain, which closed on February 22nd. Matthew and Alisa brought the buyer to this condo and their buyer went under agreement after winning a multiple bid situation. Despite multiple offers, the buyers were able to purchase the condo for 97% of the asking price.

The following is a video review provided by the buyers of 87-89 Bourne Street #2.

If you would like to know what sets us apart from the average real estate agent, contact Realtors from the Matthew and Alisa Group.

Posted in Alisa Peterson, Condo, Matthew Gaskill, Real Estate Transactions | Tagged , , , , , , , , , , , , , , | Leave a comment

ROI: 99 Projects and a Bath Ain’t One – REMIX

Home Improvement ProjectsLast year I wrote about what projects brought the best return on investment according to the annual Cost vs Value Report. This year the report is out again but showed a couple of differences.

MidRange Projects:

Top 5 Best ROI Projects in Boston

1- Minor Kitchen Remodel 88.5% ROI

2- Deck Addition (wood) 86% ROI

3- Enty Door Replacement (steel) 80.9% ROI

4- [tie] Attic Bedroom Remodel and Siding Replacement (vinyl) 78.1% ROI

5- Window Replacement (wood) 77.5% ROI

Top 5 ROI Projects National Average

1- Entry Door Replacement (steel) 85.6% ROI

2- Deck Addition (wood) 77.3% ROI

3- Garage Door Replacement 75.7% ROI

4-Minor Kitchen Remodel 75.4% ROI

5- Window Replacement (wood) 73.3% ROI

Upscale Projects:

Top 5 ROI Projects in Boston

1-Siding Replacement (fiber-cement) 86.4% ROI

2- Garage Door Replacement 77.8% ROI

3-Siding Replacement (foam-backed vinyl) 77.6% ROI

4-Window Replacement (vinyl) 76.4% ROI

5- Window Replacement (wood) 74.7% ROI

Top 5 ROI Projects National Average

1-Siding Replacement (fiber-cement) 79.3% ROI

2- Garage Door Replacement 75.2% ROI

3-Siding Replacement (foam-backed vinyl) 71.8% ROI

4-Window Replacement (vinyl) 71.2% ROI

5- Window Replacement (wood) 68.4% ROI

As you can see, the more you spend does not mean the more you get back. Before beginning any home improvement project it is important to consider the purpose for the project. Yielding a high return on investment is good to consider, but if you have no intention to sell anytime soon, there is no reason not to make a house your home. Once you have decided to pursue a project make sure to use the right contractor, no matter the project, the right contractor will save money in the long run.

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What Does $500K Buy in Back Bay?

I have given examples about what you can buy for $1 million in Back Bay and for $2.5 million in Back Bay in the current real estate sales market, but what about $500,000? In an neighborhood with grand mansions, renovated condos, and luxury high rises, can $500,000 go very far? Let’s find out.

According to MLS, over the last 6 months 30 condos have sold between $450K – $550K. The average sold price per square foot was $728, the average days on market was 59, and the average sold price was $499,728. The condos range from renovated one beds in traditional brownstones to luxury studios in high-rise full-service buildings. All of which make for an ideal pied-à-terre or investment property.

351 Beacon Street #6

This bright 680 square foot 1 bed 1 bath condo featured a renovated kitchen and bath. Located on the corner of Fairfield Street at Beacon Street, this condo was listed for $493,000 and had an accepted offer after 8 days on the market for the full asking price.

351 Beacon Street #6 - Coldwell Banker Residential Brokerage

351 Beacon Street #6 – Coldwell Banker Residential Brokerage

 

326 Dartmouth Street #2

Located on Dartmouth Street near Marlborough Street, this renovated 741 square foot lofted 1 bed condo is something special. Featuring high ceilings and classic details but with a modern kitchen and bath. The condo was listed for $524,000 and sold for $517,000 after 143 days on the market.

326 Dartmouth Street #2 - Paragon Properties

326 Dartmouth Street #2 – Paragon Properties

 

110 Stuart Street #26I

The Residences at the W feature high-end finishes in every unit and luxury services. Located on Stuart Street, this 512 square foot new-construction studio features incredible views from the 26th floor. Listed for $550,000, it sold in 2 days for $525,000.

110 Stuart Street - Otis & Ahearn

110 Stuart Street – Otis & Ahearn

 

113 Marlborough Street #7

Located on one of the most desired locations in Back Bay, this 779 square foot 1 bed 1bath condo features incredible light and plenty of storage. Listed for $525,000, it had an accepted offer after 5 days on the market, and sold for $550,000.

133 Marlborough Street #7 - Gibson Sotheby's International Realty

133 Marlborough Street #7 – Gibson Sotheby’s International Realty

 

Search here to see what is for sale between $450-$550K in Back Bay, but with the way the market is behaving, what you see now, may not be available tomorrow.

Posted in Boston Property, Buy Property, Condo, Investment Property, Luxury Building, Real Estate Sales Market, Real Estate Transactions | Tagged , , , , , , , , , , , , | Leave a comment

How Buying Power Affects Buying and Selling Property

Buying power in real estate is directly related to interest rates for a mortgage. Before a buyer should start searching for property to buy, the buyer will want to get pre-approved by a lender. The mortgage lender will determine what a buyer can afford in terms of purchase price based on what the buyer can afford in monthly payments after looking at income, other debt, etc.

The higher the interest rate for a loan, the less the buyer can afford to buy in terms of the purchase price. For example, a 1% increase in interest rates is equal to 10% of the purchase price of a property. As illustrated in the chart below, if a buyer could afford the monthly payments for a $400,000 home at 3.5% interest, at 4.5% interest a buyer would only be able to afford a $360,000 home. Depending on the real estate sales market you are looking in, this will change your buying options drastically.

Interest Rate vs Loan Payment

 

Freddie Mac History

With interest rates where they are, buyers have more money to spend on property. However, many potential sellers have asked me if they should hold on to their property and wait until prices go up to put their listing on the market. No one can predict what will happen next year or even a few months from now, but the current circumstances make now a great time to sell property. Low inventory means low competition. Historic low mortgage rates means strong buying power. No time in recent history has seen these two factors in play together. Even Warren Buffet has said we will not see buying power at this level for another lifetime.

 

Interest Rates from 2012-2013Even though the interests rates are ticking back up, it may be a couple years before they are back up to 5% or 7%. But I can guarantee if one seller I spoke with is thinking about holding on to their property to sell next year, there are a lot more thinking the same thing. Simply put, it is supply and demand. Right now, it is a seller’s market which is getting sellers multiple offers over asking price after a week on the market. The limited supply of available properties on the real estate sales market and an excess of buyers is pushing up the prices. Next year, if everyone decides to sell, it could become a buyers market with sellers hoping to get close to their asking price. When the supply increases buyers will take their time to look around and even under-bid.

Contact us to assess your individual situation and what the best strategy is in the current market.

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Selling Property: Are You Ready?

I have not made any secret about how great the real estate sales market is behaving right now especially if you are selling. Inventory is low and the properties on the market are getting multiple offers and selling over-asking. It is very exciting to be a seller in this market but only if you are ready to sell. So how do you know if you are ready to sell?

1. You have another place to go.

If you are thinking about selling your property and want to put it on the market to see what you can get, what will you do if you actually get an offer? Do you have another neighborhood to which you want to move? Another state? Are you looking for something bigger? Smaller? You do not necessarily have to have another home in escrow, but if you have already moved on mentally, it will be much easier to move on physically.

2. Your current place is no longer suiting your needs.

Is your one bedroom too small for you and your growing family? Or have all the kids moved out and now your large home is too much work? When you look at your current home and only see how it no longer works for your lifestyle, you are ready to move on.

3. You are receptive to advice.

Whether this is the first home your are selling or your seventh, unless you work full time in real estate, you are not an expert. Three reasons define why properties do not sell today and when you are fighting with your Realtor about any of these, you are fighting the real estate sales market.

  • Are You Ready to Sell Your Property?Price – Realtors have to abide by certain ethical guidelines, so if we are telling you the price is too high, we are not secretly trying to get you to lower the price to fit our buyer’s budget. We have done the research, we have listened to the feedback from the buyers and agents. Pricing is the difference between a sold listing and old listing.
  • Staging - This is your home that you have decorated to your taste that you love, we understand and respect this. But if your taste is preventing any buyer from being able to envision it to their taste, it will not sell. It is always a good idea to visit other listings you are competing against and “borrow” some ideas from the ones that show very well
  • Marketing – This is only as good as the Realtor you use. If you don’t want to be bothered  with what needs to be done to market your home to sell, you may not be ready to sell.

4. Timing makes sense.

Many people have held onto their property as an investment and rented it out instead of selling in a down market. In certain areas, rent is high enough to cover the mortgage and then some. However, being a landlord can be more trouble than it’s worth and with tenant laws continuously evolving (such as Boston’s New Inspection Ordinance), it may be worth it to sell now and move on.

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Should You Work With a Realtor to Buy Property?

There was a time when the only way a person could find a home for sale was searching for signs on lawns, scanning the paper, or going to a real estate office and having an agent flip through a binder of homes. Today, buyers can find what’s available while in their pajama’s at 3am. The internet makes it possible to learn just about everything regarding buying property. There is only one thing that the internet will not prepare you for, the emotions involved. The home you can see yourself raising a family and growing old in or rejuvenating your spirit of whimsy may have been the home the seller never thought they would ever leave and may still have a hard time parting with. The dream home may have another offer that you have to compete with. The perfect condo may be a short sale and you will have to wait months before you know if it is yours. Thousands of possible scenarios could come up and make you feel unprepared.

Buyers, the main reason you should work with a Realtor is unless you have bought many times before, you don’t know what you are doing. I am not saying this to be mean or to undermine anyone, I work with many seasoned Realtors that have been doing nothing but representing buyers and sellers for decades and even they say they learn something new at every deal. The real estate market is a volatile emotional animal and just when you think you have the reins, something changes.

Use a Realtor to Buy PropertyYou may be thinking that if you are not working with a Realtor, maybe you can pass the savings on to the seller and get a better deal. Nice idea, but wrong. If the seller already has a Realtor, the seller has already signed an agreement to pay the Realtor their commission. If you are not working with a Realtor, the seller’s agent keeps the full commission, without working to protect your interests. And without representation you are on uneven footing. The seller has a knowledgable professional working on their behalf with their interests in mind to get the the best possible deal. However, there is the opportunity for dual agency. Once the paperwork is signed, the agent becomes a neutral party. Even in this scenario, you will not get a better deal, the agent only passes information between you and the seller without analysis, while still receiving the commission agreed upon when the listing contract was signed.

If you are in a situation where you are not working with a Realtor and found a home that is for-sale-by-owner (FSBO) then you can potentially save the seller money and maybe get a lower price for the property. According to a survey by the National Association of Realtors of the latest trends of Buyers and Sellers, only 9% of homes on the market nationwide were FSBO properties. The majority of homes that are sold by owner were sold to a buyer that the seller knew beforehand. And with most FSBO sellers willing to work with a buyer’s agent and pay the agent’s commission, wouldn’t you prefer someone who does this every day preparing the paperwork and orchestrating the transaction to close?

Always remember Caveat Emptor or “let the buyer beware”. If you already know what the buying process entails and what to look for in a property, then you may not need an agent. But it is always better to have a professional with your best interests in mind when making a purchase in real estate and who is able to remove emotion from the process. Another agent once told me “the internet can give you information, but it can’t give you knowledge.” Even if you think you know what to expect, something can always come up that you never considered.

If you are interested in learning more about the home buying process and what we do to find you a home and protect your interests, contact the Realtors of the Matthew and Alisa Group.

Schedule a consultation with a Realtor

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What Does $700K Buy in South Boston?

The real estate sales market in South Boston is hot. In the last 6 months 306 properties have sold in South Boston, beating Back Bay, Beacon Hill, and South End. This could be due to a combination of facts:

According to MLS, over the last 6 months in South Boston, 2 single family homes and 9 condos have sold between $650-$750K. The average sold price per square foot was $260 for single family homes and $403 per square foot for condos.

52 P Street

This single family home listed for $679,000 could be converted into a two family home making it into an income generating property. At 2,880 square feet and with 4 bedrooms, 4 bathrooms, and 2 kitchens, this home sold in 8 days for $665,000.

52 P Street - Bode Well

52 P Street – Bode Well


106 G Street

This charming 3 bedroom, 2.5 bathroom is located in one of the most desired and famous locations in South Boston, Dorchester Heights. This renovated townhouse has 2,250 square feet of living space, was listed $649,000, had an accepted offer after being on the market for two weeks, and sold for $650,000.

106 G Street - Keller Williams

106 G Street – Keller Williams

 

404 E 3rd Street #2

Originally listed for $679K , this 2,478 square foot 3 level renovated condo has everything. With 3 bedrooms, 2.5 bathrooms, parking, 3 decks, and a spacious open layout, it is no wonder it sold after 10 days on the market for $668,500.

404 E 3rd Street #2 - RE:MAX Realty Plus

404 E 3rd Street #2 – RE:MAX Realty Plus

 

392 W 2nd Street #392

Over on the West Side of Southie, this newly constructed condo has 2,000 square feet of living area with 4 bedrooms, 2.5 bathrooms and a full 3 car garage underneath. Originally listed for $699,900, this condo sold for $670,000 after 136 days on the market.

392 W 2nd St #392 - Boston Realty Sales and Services

392 W 2nd St #392 – Boston Realty Sales and Services

 

Search here to see homes for sale in South Boston for $700,000. Or you can see what you can buy $500,000 in South Boston on a previous blog post.

If you are interested in discussing your search in more detail to find out if South Boston is the right neighborhood for you, contact the Realtors of the Matthew and Alisa Group.

Schedule a consultation with a Realtor

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The Matthew and Alisa Group Home Buying Process Class was a Success!

This is a quick blog thanking everyone one for joining us at last night’s Home Buying Process Class!

We had a great turn out of buyers eager to learn about the home buying process. Matthew Gaskill and Alisa Peterson discussed the market conditions to give everyone an understanding of what to expect when searching to buy property this season. With properties going under-agreement as soon as they hit the market, we wanted to make sure that buyers understand how quickly they need to move to buy property.

Joe Smith, a knowledgeable lender from Guaranteed Rate explained what lenders look for when someone applies for a mortgage and the different types of loan programs available to homebuyers, both first-time home buyers and more seasoned  home buyers. He knows just as well as we do how competitive the market is right now and without proper financial backing (i.e. pre-approval letter), sellers won’t even consider the offer.

The wonderful David Datz, Esq., a real estate attorney, explained how important it is to assemble the right team to guide you through this process. This is one of the biggest purchases you can make and it is essential to have knowledgable professionals to explain what you are buying and what you are signing.

Thank you again to Stella Restaurant for providing delicious food and a great space for us to host our class. As you can see from the video, we had quite a few eager buyers ready to learn about the home buying process and I know there are more that were not able to make it.  We will be planning another class in month or two. If you are interested in attending, please subscribe to our newsletter and subscribe to our blog and we will keep you posted on our next class. These classes are meant for anyone interested in learning about the buying process in the current Boston real estate sales market. If you are a first-time home buyer, third-time home buyer, or an investor, you are welcome to join us and learn something new!

Posted in Alisa Peterson, Boston Events, Buy Property, First Home, Investment Property, Matthew Gaskill, Real Estate Sales Market, Real Estate Tips, Realtor, Rent vs Buy, Things to Do in Boston | Tagged , , , , , , , , , , , , | Leave a comment

Should You Work with a Realtor to Sell Property?

The internet has revolutionized the real estate business. For a long time sellers could only find out what their home was worth when someone told them or the latest real estate section of the paper came out. Today, sellers can go on Zillow and get a “zestimate.” So when all the information is at your finger tips, why work with a Realtor? Many use the saying, “Would you do your own dental work?” or “Would you self-diagnose chest pains?” Selling property is a major endeavor, with the exception of a few people, working with a professional will save you time and money in the long run.

Sellers, unless you have sold property numerous times and have plenty of time, it is in your best interest to work with a Realtor. I understand many will feel I am biased, but there is much more to selling property than putting an ad on the internet and opening a door.

Why Use a Realtor to Sell PropertyMarketing is the most important factor in getting your home sold at the best possible price. Realtors have access to a variety of networks and we use them all to showcase a property to get it sold. A couple of examples include an email blast to area Realtors, hosting a broker’s open house, and radius mailers introducing the property. According to a survey by the National Association of Realtors analyzing the latest trends of Buyers and Sellers, 90% of buyers use the internet for their search, which means high quality, professional photos are a must. If the pictures are dark, blurry, of messy rooms, or if the listing does not include photos buyers will move on. Many Realtors know how important good pictures are which is why many real estate offices have a professional photographer on staff.

The showings alone can be incredibly time consuming. Depending on the market your home is in, if there is an influx of properties similar to yours, you will have to accommodate every showing you can get. If you list your property with a Realtor, you will still have to accommodate showings but your Realtor can coordinate everything from multiple showings, open houses, and private showings to better accommodate your schedule and maximize the time allotted.

Finally, since 87% of buyers use agents, if you are going to sell your property on your own, you will only save half a commission since you will most likely need to offer a commission for buyer’s agents to bring their clients to your home. The majority of sellers who sell their property without professional assistance usually have a buyer before selling. But if you do not have a buyer and want to sell your property, consider using a professional. A large percentage of owners who try to sell on their own eventually list with a real estate professional, but what has this delay cost them in terms of lost buyers and time?

Would you like to discuss what The Matthew and Alisa Group offers when we list your property? We would be happy to share our method with you, so you can make an informed decision when it is time to sell.

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