Gary Dwyer's Real Estate Blog: March 2010

Around a week ago, I wrote about how some sellers may be wondering why their homes are not getting as much traffic as they thought they would and how the pictures, or lack of thereof, may contribute to buyers not wanting to even view the property.

Once a client visits a house, I am often surprised (as are my clients) when answers to what are considered basic questions can not be answered by the listing agents or the seller.  Most listing agents will reply "I'll have to check" if they don't have the answer readily available and most will respond within a few hours after the showing. 

However, after a few "I don't know - I'll have to check", the buyer's interest in the property starts to wane and then they begin to question if there is something wrong with the property because the agent doesn't know (and appears to not want to know) anything about the property or the seller has not given any information about the property to the listing agent.  (Imagine going to a restaurant and asking some questions about the menu and the waitstaff not knowing anything about the ingredients, preparation, etc.)

As an exclusive buyer's agent, I work with my home buyer clients to help them identify and purchase homes that meet their needs.  In order to help my clients evaluate a home, there are some general pieces of information that are typically requested by home buyers that are of great help in determining if home is worth pursuing.

Here are a few of the questions that are consistently asked by home buyers and their buyer agent:

How old is the roof, heating system, hot water heater, windows?

How old are the appliances?  Are they staying?

Are the window treatments staying?  Are there any exclusions of fixtures that are not included in the purchase price?

Where are the lot lines?  Do you have a plot plan?

What are the average electrical / gas / water / oil bills?  What does the homeowner insurance typically run? (these are particularly important for first-time buyers that are on a tight budget)

Has there ever been water in the basement during the time the seller has owned the property?  If so, when and how much?  Is there a sump pump?

If there has been recent renovation work - were building permits pulled and have all the permits been signed off on?  Have all of the contractors / sub-contractors been paid-in-full?

If there is a pool - does the seller have a permit from the city / town for the pool?

If the home is on septic - do you have the Title V certificate?  When was the last time it was pumped?

Although these questions are very basic, you would be surprised at how difficult it can be to get them answered.  Having the information in advance and readily available to the listing agent and potential buyers can make the difference between a buyer feeling comfortable moving forward with an offer or moving onto the next house on the list.

Boston area housing costs can be some of the highest in the nation.  Many times, first-time buyer are pretty strapped for funds to do renovations / updates after they have scrapped together funds for the down payment, closing costs and beer for their friends for helping them move.

A program that a lot of home buyers are unaware of is the FHA 203K loan.  This program allows the costs of needed repairs and improvements to be included in the FHA federally-insured loan amount instead of having the buyer come up with cash or a separate loan to do the work.

The work has to be done within six months after escrow closes. Borrowers have the option of putting up to six months of mortgage payments on the end of the loan if they don't want to live in the house while the work is being done.

FHA home loans require certain health and safety standards be met and that needed repairs identified during the inspection process be completed before escrow closes. However, minor repairs and improvements costing between $5,000 and $15,000 can be done after escrow closes for borrowers who opt for a streamlined repair program.

The loans can also be used to pay for improvements such as new appliances, second-story additions, remodeled kitchens and bathrooms, and skylights, just to name a few examples.

It is important that home buyers utilizing the 203K program work with a lender that experienced with the program since there are a lot of nuances to making sure everything is processed correctly.

Just about ever property owner (or renter) in Boston has had an encounter with a green "Code Violation" ticket given by Boston's Inspectional Services Department (ISD) for improperly disposing of trash, failure to shovel snow on the sidewalk, etc.

Many people disregard them because there was no real consequence if it was not paid.  However, after years of effort, the City has been able to get some "teeth" into their ability to collect these fines from property owners and residents.

On February 10, 2010, the Governor signed into law a measure that would allow cities and towns to include the fine amount in the property owner's tax bill if it went unpaid and as a last resort, place a lien on the property.

For a full description of the law - just visit - http://www.mass.gov/legis/laws/seslaw10/sl100026.htm

Are you a first-time home buyer?

Are you just starting your home search?

Is your home search within the Greater Boston area?

If you have answered YES to these four questions, Buyer Agents of Boston and HGTV is looking for you!

We have been contacted by the producers of HGTV's "My First Place" to help them identify any first-time buyers that would be interested in appearing on the show.

We are looking for fun, high-energy people who are just startingthe home-buying process for their first place and would like to share their story with HGTV! Our goal is to capture all the trials and tribulations of looking for, bidding on and buying your first place.

Taping takes place this spring and summer.  Ideal candidates will be enthusiastic buyers with a great story to tell and a desire to share their experiences. Singles, couples and families are all invited to apply!

Candidates who complete taping of a My First Place episode will receive a DVD copy of their show so that they can relive their first-time home buying experience for years to come!

If you are interested in finding out more, just call us at 617 997-5570 or send an e-mail to garydwyer@yahoo.com 

If you are a homeowner that has defaulted on your mortgage or home equity line of credit - watch out!  You may be getting a call from a collection agency that is looking for repayment.  Here is a recent article from RISMEDIA that is must reading if you are in default.

That's because lenders have been quietly selling second mortgages and home equity lines left unpaid after foreclosures and short sales. The buyers: collection agencies, which in some states have years to make a claim. If they win court judgments, these collectors could have years to pursue borrowers with repayment plans, and even garnish their wages, said Scott CoBen, a Sacramento bankruptcy attorney.

"The only relief a consumer will have is entering into a debt negotiating plan or filing for bankruptcy," said Sylvia Alayon, a vice president with the New York-based Consumer Mortgage Audit Center. The firm provides mortgage analysis to lenders, advocacy groups and attorneys.

The phenomenon suggests an ominous, looming echo of today's real estate meltdown. As debt collectors surely seek at least partial repayment of millions of dollars in unpaid home loans, some say renewed financial stresses on tens of thousands of local consumers could dampen economic recovery.

"I think there will be a lot of unhappy people when it hits," said CoBen. "We saw this in the '90s. This is not really new. Just when you think you're back on your feet, you're making money and the economy's good, they hit you with this."

Alayon said most people are so stressed out and exhausted by trying to save their homes today that they are unaware they could face another hit later. And many who are losing homes don't get the advice necessary to prevent future fallout, say nonprofit loan counselors.

"You've got tens of thousands of people in California who have this hanging over their heads who don't even know it," said Scott Thompson, principal at for-profit Mortgage Resolution Services in Carmichael, Calif. He fears a new wave of bankruptcies might flatten people just starting to recover from losing their homes.

"So many of these are people with 750 or 800 credit scores who made a bad decision," said Thompson. "Or they're people who suffered income cuts. These are people, in terms of the economy, whom we need to participate."

But an entire industry is gearing up to buy their debt at deep discounts and collect what they can, Alayon said. "It's a big business and investors are coming out of the woodwork. It's a very lucrative business," she said. Real estate insiders and financial players know it as "scratch and dent."

Regionally, no one knows for sure how much unpaid debt is on the line. CoBen said people who used their borrowings for a traditional loan on a house in which they lived generally have little to worry about. But borrowers may be vulnerable in years ahead-generally, those who defaulted not only on their first mortgage but also on a home equity loan or second mortgage.

In California, banks can't collect from borrowers for primary, so-called "first-lien," loans that go unpaid. When a house is foreclosed or sold through a short sale, the lender of the first loan gets the house back or the proceeds from another buyer.

But banks also made thousands of "second-lien" loans, including those used to finance 20% down payments during the housing boom. A separate category of "seconds" includes home equity loans and home equity lines of credit. Nationally, about 3.4% of those loans are currently delinquent, according to Foresight.

Owners are generally, but not always, on the hook for the second loans left over from a foreclosure or short sale. Most investor mortgages, too, leave the borrower liable for potential unpaid debt. In many short sales, experienced real estate agents or attorneys can negotiate away debt obligations for the second-lien loan. But many inexperienced borrowers don't know that, and sign final-hour agreements giving lenders the right to pursue them later.

"Seek advice," counseled Doug Robinson, spokesman for national nonprofit mortgage counselor NeighborWorks America. He said nonprofit counselors can help. "Often when you work with a real estate agent, they're not really equipped to handle the repercussions. They're set up to make the sale," he said.

There has been a lot of talk lately about interest rate hikes - here is an update from RISMEDIA -

RISMEDIA, March 20, 2010-(MCT)-As the spring real estate season kicks in and the tax credit deadline for sale agreements approaches, the government is ending a program that has kept interest rates low and housing-affordability levels high for months.

On March 31, the Federal Reserve will stop buying mortgage-backed securities from Fannie Mae and Freddie Mac, returning control of interest rates to private investors.

For months, industry observers have predicted that once government supports are removed, interest rates will rise quickly, pushing many of the first-time buyers critical to housing's recovery out of the market.

In late summer and fall 2009, lured by fixed 30-year mortgage rates under 5% and the first $8,000 tax credit, which expired Nov. 30, first-timers pushed sales of previously owned homes to the highest levels in at least three years, reducing record inventories and braking price declines.

That tax credit was renewed Nov. 5 and expanded to buyers who had not purchased a property in five years, although the credit for repeat buyers is $6,500. The second credit expires April 30, is unlikely to be renewed, and remains the engine moving buyers.

"Not a single one has expressed concern about interest rates," said Cheryl Miller of Long & Foster Real Estate in Blue Bell, Pa., acknowledging that "there is, I suppose, a false sense of security regarding rates remaining low."

As the date for the Fed pullout approaches, analysts now generally agree that an immediate rate spike is no longer the likely result. "We think there will be a significant increase in private demand for mortgage-backed securities to take the place of the Fed," said David Berson, chief economist at PMI Group in Walnut Creek, Calif. Not enough to offset the Fed's departure, he said, with rates possibly increasing a quarter of a percentage point, "but a significant one."

Bankrate.com columnist Holden Lewis said rates are so low now-averaging 4.87% for a 30-year fixed this week-that an increase "is inevitable. But maybe they'll rise gradually instead of jumping" April 1.

The Fed says it will stop buying "by" March 31 instead of "at" the end of the month, meaning that it likely has reduced its purchases and rates haven't risen, Lewis said.

Moody's Economy.com chief economist Mark Zandi said rates will "drift" higher in summer and fall, with the half a percentage point the Fed's action cut working its way back in-mainly because investors believe the government would return if they got too high. For that reason, Philadelphia mortgage broker Fred Glick said, rates won't change. "If the old buyers don't come back, the Fed will intercede again to ensure rates during a continued slowly recovering economy will not go so high as to stymie a positive direction," Glick said. Buyers of these securities "now see that the lenders have instituted rigorous standards to ensure that the Fannie Mae and Freddie Mac paper they are buying are very good loans," he said.

On the other hand, said Holland, Pa.-based economist Joel L. Naroff, low rates are not sustainable, and "the only way to get the market to stand on its own is to get people to become realistic again about prices and rates." Rates will likely rise, but "the level will still be historically low," Naroff said.

When rates do rise, likely by year's end, it won't be because of the Fed's action, but "natural macroeconomic forces" like a recovering economy and the high budget deficit, said Lawrence Yun, National Association of Realtors chief economist.

The possibility of renewed Fed intervention will likely prevent rate increases resulting from private investors demanding large risk spreads, said economist Brian Bethune of IHS Global Insight in Lexington, Mass. As a result, Bethune and IHS economist Patrick Newport believe, the rate will be at only 5.25% by the fourth quarter.

Many Fed officials have emphasized that "high unemployment and tame inflation warrant a continued promise to hold rates very low for a long time," said Peter Buchsbaum, of Arlington Capital Mortgage in Horsham, Pa.

Some analysts expect the expansion to ease, "and I am sure the Fed does not want to extinguish the fragile recovery," Buchsbaum said.

Treasury bond yields "did not move much after the Fed completed its $300 billion in purchases in November," said Jerome Scarpello, of Leo Mortgage in Spring House, Pa., "meaning they were able to exit and not disrupt that market." Rates will rise, he said, but not as high as the one percentage point others predict. "With unemployment high and foreclosures an issue, a significant rate increase can push home prices down," Scarpello said, "and hamper the slight recovery we now have."

The National Association of Exclusive Buyer Agents (NAEBA) expresses support for legislation recently introduced by Representative Eliot Engel (D-NY17) that would amend the Internal Revenue Code of 1986 eliminating the so called "marriage penalty" from the Home Buyer Tax Credit.  

The current guidelines require both spouses to have the same exact ownership history in order to claim the tax credit, a standard that does not apply to unmarried couples, effectively penalizing married homebuyers.   "We applaud Representative Engel's leadership on this issue and fully supportthis legislation that will make the current homebuyer tax credit section of the Internal Revenue Code of 1986 more equitable for all potential home buyers," said Benjamin Clark, 2010 President of NAEBA.  

The Worker, Homeownership, and Business Assistance Act of 2009 provides a tax credit of up to $8,000 for qualified first-time home buyers purchasing a principal residence and a tax credit of up to $6500 for repeat home buyers who have owned a home for five consecutive years out of the prior eight years. The tax credit is available for eligible purchasers who are in contract by April 30, 2010 and close by June 30, 2010.   H.R. 4701, introduced by Representative Eliot Engel (D-NY17), would provide relief to certain married couples who would otherwise be ineligible for the first-time homebuyer credit.

The bill provides that married individuals filing a joint return would qualify for the appropriate credit even where one spouse is ineligible. For example, if one spouse is a first-time homebuyer and the other is ineligible, the couple would be treated as first-time homebuyers. However, such a couple could qualify for up to $4,000.00, as opposed to the full $8,000.00 tax credit had both spouses been first time homebuyers. The bill has been referred to the House Committee on Ways and Means.

One of the most asked questions I get is "Do you know what such-and-such property sold for?" 

It is sometimes asked by a buyer that saw it and may or may not have been interested in it but is curious about how close it sold to asking price.  Sometimes neighbors just want to get a feeling for what their home is worth.  Sometimes potential buyers just want to know what their dollar is going to get them in certain areas.

Here is a list of what single-family homes have sold for over the past few days within the Buyer Agents of Boston core service area (Downtown Boston and its neighborhoods, Arlington, Cambridge, Somerville, Quincy, Watertown, Malden, Medford, Winchester, and Waltham).  Information is taken from MLSPIN.

Single Family Sold Listings  MLS # Status Address Town   Rms   Br   Bth   Style   Garage Sale Date DOM   Sale Price 70995393 SLD 821 Concord Tpke Arlington, MA : Arlington Heights 8 4 1/0 Cape 0 -- 3/12/2010 89 $345,000 71016055 SLD 36 Rhinecliff St Arlington, MA 7 4 2/0 Cape 0 -- 3/16/2010 4 $381,000 71021738 SLD 44 Bow St Arlington, MA 8 4 2/0 Victorian 2 Detached 3/15/2010 5 $640,000 71022660 SLD 39 Harmon St Boston, MA : Mattapan 7 3 1/0 Colonial 2 Detached 3/11/2010 2 $56,000 71010912 SLD 15-A Gordon St Boston, MA : Jamaica Plain 7 3 1/1 Colonial 0 -- 3/15/2010 49 $350,000 71023368 SLD 38 Story St Boston, MA : South Boston 6 2 1/0 Colonial 0 -- 3/11/2010 5 $419,000 70935105 SLD 119 Warren Avenue Boston, MA : South End 8 4 3/1 Victorian 0 -- 3/16/2010 230 $1,650,000 70963163 SLD 133 Curve St Dedham, MA 7 4 1/1 Colonial 0 -- 3/15/2010 244 $245,000 70984202 SLD 50 Sanderson Ave Dedham, MA : Oakdale 9 4 1/1 Victorian 0 -- 3/15/2010 156 $540,000 71010033 SLD 12 Havelock St Malden, MA : Maplewood 5 2 1/0 Bungalow 1 -- 3/11/2010 60 $215,000 70864841 SLD 5 Doonan St Medford, MA 10 3 2/0 Ranch 0 -- 3/12/2010 369 $365,000 71016435 SLD 78 Chandler Rd Medford, MA 6 3 1/1 Colonial 1 Detached 3/15/2010 3 $431,000 71015917 SLD 44 Terrace Road Medford, MA 11 5 2/1 Colonial 2 Carport 3/15/2010 332 $649,000 71000134 SLD 94 Howard Street Melrose, MA 7 3 1/1 Colonial 2 Detached 3/15/2010 109 $417,705 71021527 SLD 60 Winthrop St Milton, MA 8 4 1/1 Colonial 1 -- 3/11/2010 10 $445,000 71013611 SLD 43 Bird Street Quincy, MA : Houghs Neck 3 1 1/0 Cape 1 Detached 3/12/2010 35 $150,000 71012554 SLD 25 DALE AVE Quincy, MA 6 3 1/1 Colonial 1 Under 3/15/2010 47 $216,000 71006818 SLD 801 Sea St Quincy, MA 8 3 1/0 Bungalow 0 -- 3/16/2010 65 $348,000 70963953 SLD 51 royal Quincy, MA : North Quincy 7 3 1/1 Colonial 0 -- 3/12/2010 156 $349,000 70995039 SLD 18 Nathaniel Road Winchester, MA 8 3 1/1 Colonial 0 -- 3/16/2010 139 $548,500 71024178 SLD 68 Warren Ave Woburn, MA 7 2 2/0 Colonial 0 -- 3/15/2010 72 $297,000 71003554 SLD 3 Townsend St Woburn, MA 6 3 1/0 Ranch 1 Under 3/15/2010 67 $315,000 71004084 SLD 19 Blueberry Hill Rd Woburn, MA 8 3 1/1 Raised Ranch 1 Attached 3/12/2010 90 $360,000   Single Family Sold Listings: 23       Average List Price: $442,191       Average Sale Price: $423,139     Average Market Time: 101.65 Buyer Agents of Boston, LLC is not responsible for the accuracy of this data

 As always, if you have any questions, just send me an e-mail or give me a call

One of the most asked questions I get is "Do you know what such-and-such property sold for?" 

It is sometimes asked by a buyer that saw it and may or may not have been interested in it but is curious about how close it sold to asking price.  Sometimes neighbors just want to get a feeling for what their home is worth.  Sometimes potential buyers just want to know what their dollar is going to get them in certain areas.

Here is a list of what condos have sold for over the past few days within the Buyer Agents of Boston core service area (Downtown Boston and its neighborhoods, Arlington, Cambridge, Somerville, Quincy, Watertown, Malden, Medford, Winchester, and Waltham).  Information is taken from MLSPIN.

Condominium Sold Listings  MLS # Status Address Town   Rms   Br   Bth   Style   Garage Sale Date DOM   Sale Price 70974636 SLD 199 Broadway U:2 Arlington, MA 6 3 1/1 Townhouse 0 -- 3/1/2010 140 $405,000 71014807 SLD 95 Topliff St U:1 Boston, MA : Dorchester 5 2 1/0 Low-Rise 0 -- 3/12/2010 4 $54,900 70992759 SLD 315 W 4Th St U:2 Boston, MA : South Boston 3 1 1/0 2/3 Family 0 -- 3/16/2010 7 $76,000 71024684 SLD 39 Torrey St U:1 Boston, MA : Dorchester 5 3 1/1 2/3 Family 0 -- 3/12/2010 9 $63,000 71035562 SLD 16 Taft St U:3 Boston, MA 6 3 1/0 2/3 Family 0 -- 3/15/2010 3 $84,000 71022209 SLD 26 Bryon Rd U:1 Boston, MA : West Roxbury 3 1 1/0 Low-Rise 0 -- 3/16/2010 18 $120,000 70863431 SLD 88 CEDAR st. U:5 Boston, MA : Roxbury's Fort Hill 5 2 1/0 Low-Rise 0 -- 3/10/2010 9 $114,225 71027883 SLD 25 Shepard U:2 Boston, MA : Brighton 6 3 2/0 2/3 Family 0 -- 3/12/2010 8 $199,500 71021628 SLD 493 East Fourth Street U:3 Boston, MA : South Boston 3 1 1/0 2/3 Family 0 -- 3/12/2010 28 $240,000 71037766 SLD 76 Elm St U:G04 Boston, MA : Jamaica Plain 3 1 1/0 Mid-Rise 0 -- 3/9/2010 4 $269,900 71024975 SLD 14 Gartland St U:3 Boston, MA : Jamaica Plain 5 2 1/0 2/3 Family 0 -- 3/12/2010 3 $285,000 71021909 SLD 251 Heath Street U:303 Boston, MA : Jamaica Plain 1 1 1/0 Low-Rise 1 Attached 3/15/2010 16 $291,000 70913729 SLD 200 SALEM STREET U:3 Boston, MA : North End 5 2 1/0 Rowhouse 0 -- 3/16/2010 295 $293,000 71002025 SLD 43 E Springfield St U:3 Boston, MA : South End 3 1 1/0 Rowhouse 0 -- 3/12/2010 213 $327,000 70985071 SLD 469 Hanover Street U:4R Boston, MA : North End 3 1 1/0 Low-Rise 0 -- 3/12/2010 84 $325,000 70984984 SLD 469 Hanover Street U:5 Boston, MA : North End 3 1 1/0 Low-Rise 0 -- 3/12/2010 129 $335,000 70994768 SLD 5 FLINT PLACE U:2 Boston, MA : South Boston 4 2 1/0 Detached 0 -- 3/16/2010 75 $385,000 71024958 SLD 2 Lawnwood Place U:1 Boston, MA : Charlestown 4 2 1/1 Brownstone 0 -- 3/15/2010 286 $458,000 71006497 SLD 655 Tremont St U:5 Boston, MA : South End 3 1 1/1 Rowhouse 0 -- 3/15/2010 66 $481,000 71000930 SLD 7 Mystic Street U:1 Boston, MA : Charlestown 5 3 2/1 Rowhouse 0 -- 3/15/2010 113 $530,000 71039252 SLD 346 Congress Street U:507 Boston, MA : Seaport District 3 1 2/0 Mid-Rise 0 Detached 3/12/2010 0 $555,000 70956971 SLD 346 Congress Street U:309 Boston, MA : Seaport District 3 1 2/0 Mid-Rise 0 Detached 3/12/2010 196 $575,000 70794632 SLD 150 Dorchester Avenue U:204 Boston, MA : South Boston 4 2 2/0 Mid-Rise 0 Under 3/15/2010 311 $560,000 71004772 SLD 50 Commonwealth Ave U:603 Boston, MA : Back Bay 3 1 1/0 Mid-Rise 0 -- 3/12/2010 80 $570,000 71018948 SLD 676 Tremont St U:3 Boston, MA : South End 4 2 1/0 Rowhouse 0 -- 3/16/2010 28 $675,000 71017561 SLD 234 Causeway Street U:807 Boston, MA : Waterfront 5 2 2/0 Hi-Rise 1 -- 3/16/2010 9 $676,500 71017719 SLD 1313 Washington St U:305 Boston, MA : South End 4 2 1/0 Mid-Rise 1 Under 3/12/2010 16 $682,000 71030732 SLD 42 Chauncy Street U:6A Boston, MA : Midtown 2 1 2/1 Mid-Rise 0 -- 3/15/2010 192 $930,600 71022765 SLD 500 Atlantic Avenue U:16J Boston, MA : Waterfront 4 2 2/1 Hi-Rise 1 Under 3/15/2010 27 $1,025,000 71003178 SLD 2 Clarendon St U:702/704 Boston, MA : South End 5 2 2/1 Mid-Rise 1 -- 3/15/2010 61 $1,540,000 71030839 SLD 400 Stuart Street U:28E Boston, MA : Back Bay 5 3 3/1 Hi-Rise 1 Under 3/15/2010 0 $2,800,000 71025640 SLD 90 Naples Rd U:1 Brookline, MA 3 1 1/0 Rowhouse 0 -- 2/15/2010 7 $322,000 70968151 SLD 1454 Beacon St U:741 Brookline, MA 3 1 1/0 Mid-Rise 0 -- 3/15/2010 150 $335,000 71021778 SLD 399 Washington Street U:1 Brookline, MA 5 2 1/0 Courtyard 0 -- 3/15/2010 37 $465,000 71017051 SLD 344 Tappan St U:1 Brookline, MA 5 3 2/1 Rowhouse 0 -- 3/15/2010 23 $690,000 70945672 SLD 27 Wheeler U:221 Cambridge, MA 3 1 1/0 Garden 1 Under 3/16/2010 295 $315,000 71012346 SLD 1580 Massachusetts Ave U:8E Cambridge, MA : Harvard Square 5 2 2/0 Mid-Rise 0 -- 3/16/2010 29 $500,000 70975360 SLD 2 Emmons Pl U:B Cambridge, MA : Mid Cambridge 7 3 2/0 Mid-Rise 0 -- 3/12/2010 174 $524,000 71042912 SLD 11A Journey's End Lane U:11A Lexington, MA 8 3 2/1 Detached 2 Attached 3/15/2010 8 $900,000 71023668 SLD 226 Clifton U:6 Malden, MA 7 3 2/0 Other (See Remarks) 0 -- 3/15/2010 22 $260,000 71006385 SLD 59 Court St. U:2 Medford, MA 8 3 1/1 2/3 Family 1 Detached 3/15/2010 85 $310,000 70971187 SLD 234 Bellevue St U:234 Newton, MA : Newtonville 7 3 1/1 2/3 Family 1 Attached 3/15/2010 180 $406,000 71018841 SLD 209 Commonwealth Avenue U:3B Newton, MA : Chestnut Hill 5 2 2/0 Mid-Rise 1 Attached 3/15/2010 8 $572,000 70858889 SLD 195 Thomas Burgin Pkwy U:403 Quincy, MA : Quincy Center 2 0 1/0 Mid-Rise 0 -- 3/15/2010 246 $73,000 71004162 SLD 308 Quarry Street U:201 Quincy, MA 4 2 1/1 Hi-Rise 0 -- 3/15/2010 108 $190,000 71022871 SLD 129 Governor Winthrop Rd U:1A Somerville, MA 6 3 2/1 Townhouse 0 -- 3/16/2010 51 $359,900 71041593 SLD 59-1 Craigie St U:1 Somerville, MA 5 2 2/0 2/3 Family 0 -- 3/15/2010 5 $439,000 71011171 SLD 41 lexington Avenue U:2 Somerville, MA : Davis Square 6 2 2/0 2/3 Family 0 -- 3/12/2010 52 $585,000 70983426 SLD 92 Alder U:2 Waltham, MA 4 2 2/0 2/3 Family 0 -- 3/15/2010 155 $320,000 71013400 SLD 28 Knowles Road U:28 Watertown, MA 5 2 1/0 Townhouse 1 Detached 3/16/2010 29 $371,000 71015135 SLD 3 Repton Circle U:3202 Watertown, MA 5 2 2/0 Mid-Rise 2 Under 3/12/2010 374 $400,000   Condominium Sold Listings: 51       Average List Price: $491,139       Average Sale Price: $475,736     Average Market Time: 87.61 Buyer Agents of Boston, LLC is not responsible for the accuracy of this data

As always, if you have any questions, just give me a call or send an e-mail

As an exclusive buyer agent working at an exclusive buyer agency real estate firm (this means that neither myself nor my firm work for home sellers), home buyers hire me to help them find and evaluate homes that meet their criteria.

In today's real estate market, technology plays a huge role in a buyer and a buyer agent finding and evaluating potential property to view.  The Multiple Listing Service (MLS) is a powerful tool that most agents and buyers use - but as with all tools - it can be detrimental if not used properly.

The biggest complaint that I hear from home buyers is that the quality of the information, particularly the quality and number of the photos in MLS, does not allow them to get a good feel for what the property is and if it will meet their needs.

Take for example photos - the MLS system allows a seller to have many photos of their property in the system.  Buyers are looking for more than 1 or 2 photos taken on a poor-quality camera phone. 

The feedback from my buyers is that they looking for a minimum of one photo of each room (larger rooms should have a several pictures taken from differnt angles), photos of the yard, street, back / side yards, and basement area.  For condos, a picture of the parkings space / area, storage area, laundry room and common area / hallways are also helpful. Approximate room dimensions are also helpful information.

Also, clients recognize that there is a bit of "salesmanship" in the remarks section of the MLS listing, however, it should be fresh and accurate.  A recent listing I saw stated that "This property won't last long on the market - act now", but it had been on for over 240 days.

Providing less infomation seems to backfires on sellers more often than not.  Many buyers find that limited pictures and information on MLS means that there is something wrong with the property and they don't want to take 30 minutes out of their life to find out.

Soooooo sellers - do you want to sell?  Take a look at your property information in MLS and ask if you would want to buy the house?  Does it give you the info as a buyer you would want to take the next step and schedule a showing?