Gary Dwyer's Real Estate Blog

More Home Buyers Looking For RE Agent Help

Gary Dwyer — Mon, 23 Jan 2012 08:48:54 -0500

A recent study from the National Association of REALTORS (NAR) showed that 89 percent of homebuyers chose a real estate agent to help them with the purchase of their new home in 2010 vs. 69 percent in 2001.

Some of the key reasons cited for this increase include the complexity of the buying process today, the desire to work with a licensed and trained professional, the myriad of issues that can come up with regard to financing, condo associations and title issues.

Other reasons noted were the desire for buyers to have someone help them evaluate a property, coordinate showings, provide negotiation expertise and assist them in managing the process.

Gary Dwyer, CRS, GRI, ABR, REALTOR

Buyer Agents of Boston, LLC - Exclusive Buyer Agents Serving Greater Boston

806 Tremont St, #2

Boston, MA 02118

617 997-5570 - Voice

617 507-8104 - Fax

Good News For Small Landlords

Gary Dwyer — Thu, 28 Apr 2011 18:09:16 -0400

In an effort to close some large tax loopholes in 2010, a provision was created that would have required all persons who receive rental income in 2011 to track and send 1099 forms to everyone that they did business with and paid over $600.00 for goods and services.

For small landlords that may rent part of their home out, have a 2 or 3 unit home property, or even vacation home owners that rent out their property for a few weeks a year, this requirement would have been a onerous paperwork nightmare and would have required many to have to hire a professional accountant or tax preparer to deal with all of the required paperwork.

The National Association of REALTORS, along with other organizations and small-landlords, were able to convince Congress and the President that this level of paper-pushing was not going to have any demonstrable benefit and if anything, would be counter-productive to small, non-professional landlords. Thankfully, the law was repealed today and the requirement is no longer in effect.

Gary Dwyer, CRS, GRI, ABR, REALTOR

Buyer Agents of Boston, LLC - Exclusive Buyer Agents Serving Greater Boston

806 Tremont St, #2

Boston, MA 02118

617 997-5570 - Voice

617 507-8104 - Fax

Here Comes The Rain

Gary Dwyer — Wed, 16 Mar 2011 09:40:05 -0400

March brings a glimmer of hope to those of us in the Greater Boston area that the snows of the winter are (hopefully) past and warmer / brighter days are ahead. Unfortunately, March also ushers in the rainy period where every few years we seem to get a "100 year storm".

Nothing is more frustrating to home sellers and home owners than to deal with wet basements and water issues. Water issues are also frustrating for home buyers that love a house but it has a water issue because of the lack of maintenance of gutters / downspouts, grading and sump pumps.

Now is a great time to take a little time (and maybe a few dollars) to help get ready for the spring rains:

Check your roof for missing shingles, loose flashing, missing chimney mortar and other damage that can let water in.

Clean out your gutters and downspouts. The rain needs someplace to go when it hits the roof. If you live in a building with a flat roof, check to make sure the roof drains are free and clear of debris.

Check that downspouts are diverting water away from the foundation

Check that the grading along the foundation is sloping away from the house - many times snow plows can dig up debris which traps rainwater along the foundation

Check your sump pump to make sure it is working properly - if it is getting old, pick up a spare so you have it when you need it and consider getting a back up power source so if the power goes out, the pump can continue working

Check the storm drains in the street near your house - if they are clogged and full of debris, call your local city or town water / sewer department and have them send a crew out to clean them out

Talk to your insurance agent about obtaining flood insurance - in most cases a homeowners policy will not cover losses from a flood

Remember that an ounce of prevention is worth a pound of cure!

Gary Dwyer, CRS, GRI, ABR, REALTOR

Buyer Agents of Boston, LLC - Exclusive Buyer Agents Serving Greater Boston

806 Tremont St, #2

Boston, MA 02118

617 997-5570 - Voice

617 507-8104 - Fax

It May Be Time To Start Paying Back The Homebuyer Tax Credits

Gary Dwyer — Wed, 16 Feb 2011 09:33:25 -0500

If you are one of the millions of Americans that benefited from the home buyer tax credits over the past few years, you may have to start to repay them when you file your taxes this year.

The Internal Revenue Service is sending a letter to taxpayers who claimed the credit that explains if, when and how they have to repay it. There are different IRS letters for different situations, including a purchase of a home in 2008, 2009 or 2010; a sale of a main home; or a change in the use of the main home.

For example, a taxpayer who claimed the full $7,500 first-time home buyer credit on their 2008 tax return will repay $500 as an additional tax on their returns each year from 2010 to 2025, or until the home is sold or is no longer used as the owner's principal residence.

The credit for homes purchased in 2009 and 2010 does not have a repayment requirement unless the home ceases to be used as the taxpayer's principal residence within three years of the purchase.

If you have questions, the IRS website at www.irs.gov contains detailed information about repayment requirements for the federal home buyer tax credit or consult with your accountant or tax professional.

Gary Dwyer, CRS, GRI, ABR, REALTOR

Buyer Agents of Boston, LLC - Exclusive Buyer Agents Serving Greater Boston

806 Tremont St, #2

Boston, MA 02118

617 997-5570 - Voice

617 507-8104 - Fax

Death, Taxes and Tax Deductions

Gary Dwyer — Thu, 10 Feb 2011 18:19:16 -0500

Over the past few days I have been busy assembling my tax information in preparation my upcoming annual meeting with my tax accountant. He does a great job and is always asking me questions about "did you do this or that" or "you may want to do this over the next year" in attempt to find me every possible legal tax deduction I can take.

One of the major deduction that was available in 2010 to homeowners was the energy tax credit for investing in upgrades to properties (generally primary residences but in a few cases second homes were eligible) that would make them more energy efficient.

As you are preparing to file your 2010 taxes (and thinking about investments for 2011) here is a link with a summary of federal tax credits available for improving your home's energy efficiency - http://www.energystar.gov/index.cfm?c=tax_credits.tx_index

Gary Dwyer, CRS, GRI, ABR, REALTOR

Buyer Agents of Boston, LLC - Exclusive Buyer Agents Serving Greater Boston

806 Tremont St, #2

Boston, MA 02118

617 997-5570 - Voice

617 507-8104 - Fax

The Perfect Valentines' Day Gift - A Lockbox

Gary Dwyer — Tue, 08 Feb 2011 17:46:46 -0500

Forget a fancy dinner, chocolates, flowers or expensive jewelry. Man or woman, homeowner or renter -everyone has the same item at the top of their Valentine's Day wish list - a lockbox.

As a buyer agent, I love lock boxes. It makes a property much more accessible for showings and, particularly when it is the first showing, it can save the listing brokers time if my client doesn't think the property will meet their needs. If the buyer likes the property, we can always schedule a second showing with the listing broker or follow-up with specific questions after the showing.

I also like lock boxes for after the sale and the buyer has the keys in their hands. It is not uncommon for a homeowner (or a tenant) to get locked out of their house, thinking that they had the keys in their pocket. Even worse, realizing that you have lost your keys on a Saturday evening out and it is now 1:30 a.m. and there is no one home to let you in. Even if someone may have a set of keys for an emergency, the thought (and process) of waking someone up in the middle of the night is not pleasant. In most cases, it requires the services of a locksmith which can be expensive and time consuming.

The simple solution is a lockbox which can be purchased at many hardware stores and home improvement centers such as Home Depot and Loews. There are a variety of styles available - from ones that connect to a fence or pole to ones that can be screwed into a wall or fence post. For $30.00 or so you can save yourself a lot of time, money and aggravation.

So this year, spread the love on Valentines Day with a lockbox - they may not love you for it that night, but at some point you will be the love of their life!

Gary Dwyer, CRS, GRI, ABR, REALTOR

Buyer Agents of Boston, LLC - Exclusive Buyer Agents Serving Greater Boston

806 Tremont St, #2

Boston, MA 02118

617 997-5570 - Voice

617 507-8104 - Fax

Selling Your Condo - Make Sure The 6D Certificate Is Good Through The End Of The Month

Gary Dwyer — Mon, 31 Jan 2011 13:03:31 -0500

As part of the condominium sale process in Massachustets, the seller must provide at closing a 6D certificate, signed by the Trustee(s) of the condominum association, that there are no past due condo fees or special assessments that are outstanding against the unit.

The certificate should be through the end of the month in which the closing occurs, not just to the closing date. The condo fees will be pro-rated by the closing attorney between the buyer and seller depending upon the date that the closing occurs.

Gary Dwyer, CRS, GRI, ABR, REALTOR

Buyer Agents of Boston, LLC - Exclusive Buyer Agents Serving Greater Boston

806 Tremont St, #2

Boston, MA 02118

617 997-5570 - Voice

617 507-8104 - Fax

How Do I Calculate How Much I Am Going To Save On Taxes?

Gary Dwyer — Thu, 27 Jan 2011 17:12:57 -0500

One of the most important financial benefits of owning a home is the ability to itemize and deduct mortgage interest and property taxes (as well as at least one more year for Private Mortgage Insurance (PMI)) when calculating your federal income taxes.

Many home buyers often ask what impact this will have to them and how to calculate the benefit. Here is a quick example:

Assume:

$ 20,000 = Mortgage interest paid (a loan of $400,000 for 30 years, at 5 percent, using year-one interest)
$ 5,280 = Property taxes (at 11 percent on $480,000 assessed value)
______

$25,280 = Total deduction

Then, multiply your total deduction by your tax rate.

For example, at a 28 percent tax rate: 25,280 x 0.28 = $7,078.40

$ 7,078.40 = Amount you have lowered your federal income tax (at 28 percent tax rate)

Note: Mortgage interest may not be deductible on loans over $1.1 million. In addition, deductions are decreased when total income reaches a certain level. Illustrative example only - check with your tax adviser for your specific situation.

Gary Dwyer, CRS, GRI, ABR, REALTOR

Buyer Agents of Boston, LLC - Exclusive Buyer Agents Serving Greater Boston

806 Tremont St, #2

Boston, MA 02118

617 997-5570 - Voice

617 507-8104 - Fax

Getting Ready To Buy In The Spring - Check Your Credit Now

Gary Dwyer — Wed, 26 Jan 2011 17:37:59 -0500

If you are thinking about buying a new home or refinancing soon (or even if you are not), it is a good idea to check your credit reports to make sure you won't have any surprises.

You can check each of your credit reports (Equifax, TransUnion, and Experian) FREE each year. You won't get your FICO score for free, but you can check to see if there are any errors and start the process to get them resolved.

This is the link to the official free website developed by the three major credit reporting bureaus - https://www.annualcreditreport.com/cra/index.jsp

Gary Dwyer, CRS, GRI, ABR, REALTOR

Buyer Agents of Boston, LLC - Exclusive Buyer Agents Serving Greater Boston

806 Tremont St, #2

Boston, MA 02118

617 997-5570 - Voice

617 507-8104 - Fax

A Federal Sales Tax of 3.8 Percent When You Sell Your Home? Yes and No.

Gary Dwyer — Wed, 19 Jan 2011 19:37:34 -0500

I was at a training course today and it seems that there is still some confusion and misinformation about the 3.8% Federal tax on the capital gains from the sale of a personal residence as part of the health care bill.

Under the current provisions of the law there is a 3.8 percent tax that will take effect in 2013 for those with incomes over $200,000 a year ($250,000 for married couples filing jointly). And even for those who have such high incomes, the tax still won't apply to the first $250,000 on profits from the sale of a personal residence - or to the first $500,000 in the case of a married couple selling their home.

The good news is that for a vast majority of home sellers, there will be no additional tax. The bad news is that for some home sellers there will be additional tax, but it will only be on the amount over the $250K / $500K exemptions.

For more information - visit http://www.factcheck.org/2010/04/a-38-percent-sales-tax-on-your-home/

Gary Dwyer, CRS, GRI, ABR, REALTOR

Buyer Agents of Boston, LLC - Exclusive Buyer Agents Serving Greater Boston

806 Tremont St, #2

Boston, MA 02118

617 997-5570 - Voice

617 507-8104 - Fax

Attention Sellers and Listing Brokers - Help Me Sell Your Condo!

Gary Dwyer — Tue, 18 Jan 2011 10:43:40 -0500

As an exclusive buyer agent in the Greater Boston area my first and only allegiance is with my client, the home buyer. My clients are serious, have their financing lined up and are looking for a property that is going to meet their needs. After searching for a while, they have one or two properties in mind that they are seriously considering and the decision process begins to change from one of "will it meet my requirements" to "how confident am I with the property".

Home buyers today that are considering buying a condo have much more information at their disposal via the internet than even just a few years ago. However, there are some pieces of information that are not public knowledge that the seller and the listing broker need to provide. In many cases, this information is going to impact the ability to get financing or determine whether they are going to be interested in the property to begin with (e.g. the condo assn being pet friendly).

When these pieces of information are not readily available, the condfidence of the buyer quickly begins to erode and I have had many clients "pass" on a property that they liked very much just because the sellers and their agents have not been able to answer some basic information about their property. I have been on many, many showings where my client and I leave and the client turns to me to say something like "If they have no idea about what they are selling, I'm not comfortable buying".

Here are a few basic questions that the listing broker and the seller should have readily available answers for before they start to market the property:

What is the owner-occupancy of the condo assn?

Does more than one person / entity own more than 10% of the units?

If there is commercial space as part of the association, what is it's percentage of the association?

Is the building pet-friendly? If yes, are there any restrictions?

Are there any special assessments pending? When was the last special assessment? What is the amount of the reserves for the condo assn?

Is the building professionally managed? If not, how are services such as trash removal, snow removal, common area cleaning / maintenance handled?

How old is the roof and boiler / heating system (if applicable)?

When was the last time the condo fees were increased?

HOME SELLERS - Make sure your agent has the accurate answers to these questions readily available - it may mean the difference between a deal that comes together and stays together or many more days-on-market for your home.

Gary Dwyer, CRS, GRI, ABR, REALTOR

Buyer Agents of Boston, LLC - Exclusive Buyer Agents Serving Greater Boston

806 Tremont St, #2

Boston, MA 02118

617 997-5570 - Voice

617 507-8104 - Fax

Don't Send Your February Mortgage Payment!

Gary Dwyer — Mon, 10 Jan 2011 18:21:35 -0500

Don't send your February mortgage payment until you confirm that the payment you are sending in is correct.

In December and January, many cities and towns finalize their FY 2011 tax rates and assessment values. These changes can impact the amount that is needed to escrow for taxes and therefore your monthly payment if you escrow for taxes. If you send in too little, it can hold up the posting of your payment and you may get hit with late-fees. If you send in too much, the excess may not be credited properly.

With many homeowners and investors using on-line bill paying services from their bank, it is very easy to forget that the monthly payment may change from time-to-time and you may not be paying the right amount.

A few seconds may save you a lot of hassels (and late fees!)

Gary Dwyer, CRS, GRI, ABR, REALTOR

Buyer Agents of Boston, LLC - Exclusive Buyer Agents Serving Greater Boston

806 Tremont St, #2

Boston, MA 02118

617 997-5570 - Voice

617 507-8104 - Fax

New Massachusetts Oil Tank Regulations Take Effect in 2011

Gary Dwyer — Sun, 26 Dec 2010 14:10:48 -0500

At Buyer Agents of Boston our primary focus as exclusive buyer agents is to assist home buyers in buying a home or condo, however we also like to keep homeowners informed about important trends and changes that can impact them after the sale.

If you live in Massachusetts and heat your home with oil and you haven't done so already, now is a great time to schedule your annual oil burner cleaning and service. It is also a good time to have the technician make sure you will be in compliance with new regulations going into effect on September 30, 2011 requiring small upgrades to the hea...ting system to prevent leaks - see more details here - http://www.mass.gov/dep/cleanup/laws/hhsl.htm

Gary Dwyer, CRS, GRI, ABR, REALTOR

Buyer Agents of Boston, LLC - Exclusive Buyer Agents Serving Greater Boston

806 Tremont St, #2

Boston, MA 02118

617 997-5570 - Voice

617 507-8104 - Fax

New Changes to Massachusttes Eviction Law

Gary Dwyer — Mon, 20 Dec 2010 20:07:59 -0500

A new law now clarifies that when a landlord evicts a tenant and has authorization to remove the belongings, they now must go to a bonded storage or warehouse location and can not be sent to the tenants new home - this is a huge plus for landlords that were paying to move their evicted tenants!

Chapter 393 of the Acts of 2010, clarifies what happens to a tenant's belongings during a residential eviction. Under the new law a tenants belongings must be re-located to a public warehouse, licensed and bonded pursuant to current state statute. It also requires that the facility be located within a twenty mile radius from where the personal property was removed. This closes a loophole exploited by tenants who have taken advantage of the ambiguity in the law to have their property moved to their new apartment. This new law provides much needed clarity to the eviction process.

Gary Dwyer, CRS, GRI, ABR, REALTOR

Buyer Agents of Boston, LLC - Exclusive Buyer Agents Serving Greater Boston

806 Tremont St, #2

Boston, MA 02118

617 997-5570 - Voice

617 507-8104 - Fax

New Changes To Massachustts Homestead Law

Gary Dwyer — Mon, 20 Dec 2010 19:54:45 -0500

If you own a home in Massachusetts (or are going to be buying a home) there are some new changes to the Massachusetts Homestead Law that are going to be taking effect in the near future.

Jennifer McKim at the Boston Globe just wrote a nice summary for some of the changes - http://www.boston.com/business/personalfinance/articles/2010/12/18/new_law_clarifies_mass_homestead_protections/

Of course, if you have any questions about your specific situation, I recommend that you speak with an attorney.

Gary Dwyer, CRS, GRI, ABR, REALTOR

Buyer Agents of Boston, LLC - Exclusive Buyer Agents Serving Greater Boston

806 Tremont St, #2

Boston, MA 02118

617 997-5570 - Voice

617 507-8104 - Fax