As we are all increasingly concerned about staying healthy, reducing the spread of the virus and parents attempt to stay sane while continuing to work during weeks of school closures, there is question of how all of this will impact the real estate market in practical terms and overall home values.

We will continue to be available to our clients, other agents and to the public as a resource for how to best move forward during the next several weeks. We have been in close communication with attorneys, lenders and  investment managers and are following guidance from national and local boards.

Scheduled Closings
The group whose questions are most urgent are those whose moving trucks are scheduled during the next couple of weeks. Buyers and sellers whose transactions are pending should be in close communication with their agents, lenders and attorneys. Local registries are encouraging electronic recording and attorneys should be consulted for how to handle land court closings which are typically required to be completed in person. Most closing attorneys are able to accommodate parties signing closing documents separately, keeping all in-person contact to a minimum.

Offers and P&S Agreements
Our clients who are working on offers and purchase and sale agreements (yes, all of that work continues) are encouraged to include language to address unforeseen issues that may arise due to Covid-19 to ensure their deposits and interests are protected. Our agents have draft language available provided by a real estate attorney but each client is encouraged to work with their own team to determine what should be included for their transaction.

Buyers
Buyers are continuing to search for homes, but often in different ways and we are glad to facilitate that in evolving ways. Most vacant homes are still available to view and we are happy to plan private showings for clients who prefer not to attend open houses (of course maintaining our distance and carrying plenty of hand sanitizer). We have long used virtual tours and video conferencing for our out of town clients and these tools are available to anyone who prefers to look at homes remotely.

Sellers
We discourage sellers who still live in their homes from inviting the public through for open houses for the time being. Massachusetts has restricted gatherings of groups of more than 25 people and to ensure we comply with that number, private and virtual showings are safest for everyone. Some sellers, especially those who are living and now working at home will prefer to wait a few more weeks to list. We expect to see more pent up demand when people return to their usual routines so this could be a great time to do some organizing and cleaning to be prepared when the time is right. We are also offering mini-design consults for those who are home now and realizing their space isn't working quite the way they want or who want to redecorate while they have some time.

Home Values
A pandemic is certainly not something that was on anyone's radar as being a factor in real estate values (see chart below from 4CRE). What we expect to see in the immediate short term is a decrease in activity, with things quickly returning to an active late spring market. While investment portfolios are experiencing a rollercoaster, impacting some buyers' down payments, mortgage interest rates are at record lows which mitigates investment losses by increasing purchasing power. For more great information on activity, focusing on two of the hardest hit states, see this article from Mortgate News Daily.

Above all, it's important to maintain perspective, and while this is new and somewhat uncharted territory, all predictions point to this being a relatively short term issue in the grand scheme of things and our daily lives will soon return to normal - with all of us being more adept at getting creative to find new ways to help one another both personally and professionally.

​

One of the biggest and most important decisions a real estate agent can make for their business is which brokerage to hang their license with, and there's no one size fits all company for everyone. Priorities for new agents will be different than those of agents with some experience but it's always good to reevaluate every few years to make sure that the brokerage is the right one. 

Some of the most important questions to consider are:

• Type of training and support: Do you prefer a large, structured organization with ongoing classes or one-on-one training and mentorship?
• Level of independence: Would you rather have the flexibility to run your business in a way that works for you or more direction in how things will get done?
• Branding: Do you feel you need a well-known brand to operate under or do you prefer a local company or setting where you can establish your own brand?
• Personality: How well do you feel you mesh with the broker, manager or others in the office who you'll be interacting with regularly?
• Location: Do you want or need a physical office location or is it more convenient for you to work remotely?
• Commission splits: Are you comfortable paying a larger split or fee to your brokerage in return for certain resources or is keeping more of what you earn a bigger priority?

Options are nearly unlimited, with everything from national franchises to cloud-based companies to independent boutique firms. Each will have pros and cons but by exploring possibilities and considering your goals in the industry, finding and sticking with the right office will make a huge difference to any agent's career.

When you put your home up for sale, one of the best ways to determine the asking price is to look at comparable sales. There’s rarely a perfect apples-to-apples comparison, so a pricing decision often relies on comparisons to several recent sales in the area. As Realtors, it's our job to arm our sellers with all of the data and considerations they need to agree on a pricing strategy. Here are five criteria to look for in a sales comparison.

1. Location: Homes in the same neighborhood typically follow the same market trends. Comparing your home to another in the same neighborhood is a good start, but comparing it to homes on the same street or block is even better. For example, the homes and market in South Natick will be different from Natick Center and Nonantum will be different from Newton Center. How busy the street is, the school district, proximity to transportation and other amenities will be factors as well.
2. Date of sale: It varies by location, but housing markets can see a ton of fluctuation in a short time period. In the Northeast we tend to have the most competitive market in the spring. It‘s best to use the most recent sales data available.
3. Home build: Look for homes with similar architectural styles, numbers of bathrooms and bedrooms, square footage, and other basics.
4. Features and upgrades: Remodeled bathrooms and kitchens can raise a home’s price, and so can less flashy upgrades like a new roof or HVAC system. Be sure to look for similar bells and whistles.
5. Sale types: Homes that are sold as fixer-uppers to cash buyers or short sales and foreclosures are often in distress or sold at a lower price than they’d receive from a more typical sale. These homes are not as useful for comparisons.

By Julian Lane, The Fix It Champ

​When you buy a house, it’s easy to forget that the costs of home ownership go beyond
mortgage payments. Houses can be fragile things, especially in the face of harsh, unpredictable
weather, so you will inevitably have to spend some money on maintenance and repairs. These
costs can seem hugely intimidating, but there are ways to keep them under control.

Knowing When to Call in a Pro
Some repairs are obvious; it’s easy to know if your HVAC is broken or if a faucet is leaking.
However, some signs of damage are a bit more subtle, so it’s up to you as an owner to check
whether everything in your home is in working order.
For example, you should know the potential signs of roof damage, such as water stains on the
ceiling and curling, cracked, damaged, or fallen shingles. Similarly, the signs of a foundation
problem are not necessarily obvious, including jamming doors and sticking windows. Inform
yourself on what to look out for and you will minimize big, expensive repairs.

Budgeting for Emergency Repairs
There is nothing worse than a sudden emergency repair bill, especially since these tend to
come up at the most inconvenient times. When it comes to financing these repairs, there are
smart ways and not-so-smart ways to proceed.
Avoid spending money you need for other things, such as rent or bills, and resist the temptation
to pull out your credit card. Above all, don’t go to a last-resort money lender, as this almost
never proves to be a smart financial decision.
Ideally, you should have a fund for this type of emergency; the experts at Gen X Finance
recommend setting aside 10 percent of your mortgage payment every month. If you don’t have
one and need the money now, consider a personal loan or a home equity line of credit, both of
which are better than credit card debt.
Home repair insurance is another option since it covers many of the wear-and-tear damage that
homeowners insurance does not. This can be expensive, but it can be a good choice if many of
your appliances are nearing the end of their life expectancy.

Finding Good Contractors
Don’t just go with the cheapest option when it comes to contractors. It’s almost always worth
paying a bit more for a reliable contractor with plenty of good reviews. This ensures that you
won’t end up with a bigger, more stressful bill when something goes wrong down the line. There
are many ways to ensure you are hiring a true professional, from getting recommendations to
carrying out interviews and setting out everything in writing.
Of course, you won’t always require a contractor. Some home repairs, such as patching drywall
or unclogging a faucet, can be done by anyone — even those folks with minimal DIY skills.
However, most major repairs, as well as anything involving electrical, roofing, or advanced
plumbing, should always be left to the professionals.

Basic Home Maintenance
One of the easiest ways to keep repair costs down is to simply prevent the damage in the first
place. Regular home maintenance can help keep your house in good health, minimize wear and
tear, and identify small issues before they become big ones.
Better Homes and Gardens has an excellent and comprehensive home maintenance checklist,
including tasks you should carry out monthly and seasonally. This is especially important in a
climate like Boston, where dramatic winter weather can easily take a toll on your home.

Your home is probably the biggest investment you’ll ever make, so it makes sense to keep it in
great condition. Regular maintenance combined with fast response in case of an emergency
should be enough to keep your house healthy and safe. In the meantime, brush up on your
basic DIY, inform yourself on warning signs, and know how you plan to tackle a big repair bill.

​Pexels
potential signs
foundation problem
not-so-smart ways
Gen X Finance
Home repair insurance
many ways
can be done
home maintenance checklist

1. No one is representing YOU.

By going directly to a seller's agent, you are forgoing the opportunity to have someone advocating for you, negotiating on your behalf, researching the property and neighborhood, etc. Your buyer's agent has no reason to sell you on a certain house so they will be an impartial voice of reason throughout the search. The best part is that as a buyer, you pay nothing for this!

2. You may overpay for the home.

Some people think they'll get a better deal by submitting an offer directly through the seller's agent because they assume the seller will save on commission. Usually the seller pays their agent the same amount whether it is split with a buyers' agent or not. Because a seller's agent must act in the best interest of their client, not only must they present all offers and help their client select the highest and best, but their duty is to negotiate a deal that is best for the seller, NOT for the buyer. Further, a good buyer's agent knows which properties in the area may have room for negotiation and which ones will take a competitive offer to be the one accepted.

3. Losing out on off-market and coming soon properties.

Sure, consumers can access "coming soon" properties by combing through many websites but once they're listed there they're already pretty much public knowledge. A well connected Realtor is dialed in to what else is in the pipeline and has access to industry-only databases of properties that are about to hit the market.

4. Missteps in the process that can derail your purchase.

A home purchase is a very complex transaction and one mistake like opening a new credit card account just before closing can mean you don't get to move into your new home. A buyer's agent will help ensure that the transaction goes smoothly by being a resource for negotiating the offer and contingencies, home inspection repairs, referring professionals like contractors, attorneys and lenders, making sure the financing process moves along the way it should, and assisting all the way through the final walk-through, closing and beyond. 

We love questions, so if you're at all curious about how to benefit from personalized, expert buyers' agents in MA we're happy to talk!

We have LOTS of older Cape style homes in Massachusetts and many homeowners are looking for ways to increase their living space. With sloped second floor ceilings limiting square footage, adding dormers to a Cape can be a relatively inexpensive way to gain space.

Gabled window dormers can add curb appeal and are less costly to build, while a full shed dormer, usually done in the back of the house, can allow for the addition of a bathroom.

Just a shed dormer itself may start around $20,000 but expect plenty of variation in cost depending on the size, materials used, and whether the new space will be used for a bathroom (i.e. added plumbing and electrical costs) or bedroom.

Often one project means others as well, so consider whether the dormer will mean replacing an entire roof, all the siding, or other windows in the house to match.

As with any renovation, it's a good idea to start with plans and choose a few different contractors to price the project, making sure to check references before moving forward with anyone. A dormer can grow to be a large project but can be kept simple and mean better curb appeal, increased living space, and higher resale value.

With so little housing inventory, it's hard enough to find the right home without trying to stay in a certain school district. This often prompts families to wonder if kids can stay in their schools or districts after moving elsewhere. The short answer is, it depends. 

With enrollment changes and space constraints, district boundaries within a town tend to fluctuate. In some towns, many buyers successfully request that their children remain in a certain elementary or middle school after a move within the town. In lots of these cases, buses are not available.

Some towns offer school choice (Framingham, Holliston and Boston for example, all have different structures of school choice available) within the city or town that can make it easier for students to remain at their school after an in-town move.

Moving out of town can make it more difficult to stay in a certain school district but it's not impossible. Massachusetts school districts can participate in a school choice program allowing students from other towns to attend a school in a different town than their own. There are usually a limited number of spots available for this in a given district, and often a certain school within that district is assigned (so may not be an option for someone who is looking to be in a specific elementary school, for example). 

When attending school out of district or out of town or attending a charter school in Massachusetts, parents are usually responsible for transportation. Another consideration is that many town activities like youth sports don't usually offer the same choice, so it's important to consider all of the pros and cons to attending school out of district.

Knowing that these options are available can sometimes open up more possibilities in a home search but it's important to consider what works best for the family and confirm any plans with local school districts before submitting an offer on a home.

For further information on school choice in Massachusetts, visit The Department of Education