Blog :: 11-2014

On your mark, get set, go! The 2014 Turkey Trot is tomorrow!!

 

On your mark, get set, go! The 2014 Turkey Trot is tomorrow!!

The weather is going to clear up and we are ready for an awesome morning to benefit a great cause. The kids run a quick dash (the length of Lincoln School field), get medals and munchkins and just have fun for an hour before the holiday kicks off. All to benefit a great local charity! Registration is at the event and begins at 8AM. 

Better Homes and Gardens Real Estate The Shanahan Group and FAN are proud to announce The 4th Annual Turkey Trot for Kids!

On Thanksgiving morning get bundled up in your hats and mittens to support a great cause. The Turkey Trot is back and better than ever! Children ages 3-9 are invited to the race to raise money for The Bridget Brigade. Coffee and cocoa will be served to help warm your bones and your spirt as we watch the little ones race, and rest assured everyone goes home a winner. Registration is only $5 per racer, and what a wonderful way to start Thanksgiving. A great opportunity to teach our little ones about supporting charities, and a small way to show how thankful we are for our healthy rambunctious children.

The Bridget Brigade is a Winchester-based non-profit founded in the memory of Bridget Marie Dobbins, which raises funds to provide support to families from Massachusetts with a critically-ill child. http://www.bridgetbrigade.org/

For pre-registration visit http://www.shanahanre.com/ or in person at The Shanahan Group offices at 41 Thompson St in Winchester Center. Registration is also available at the event, beginning at 8 AM Thanksgiving morning.

New this year! We will also be collecting new, unwrapped toys for The Bridget Brigade Toy Drive!

Buyer's Agent? Why do I need one? And is it a good time to buy?

Better Homes and Gardens Real Estate The Shanahan Group presents this post from our own Nic Gatto. Buyer agency is a topic we talk about all the time at the office and Nic does a great job summarizing. Thanks, Nic! 

I speak with many people every day looking to purchase real estate, and I'm always surprised when they say "I don't need a Buyer's agent." Now, I understand that most people view Buyer's agents as basically keys with arms and legs. Merely the gatekeeper to view a property assuming that is about all they are good for, but a Buyer's agent is your advocate in the buying process!

The Seller has hired a real estate professional to list and market their property. The listing agent has spent a lot of time researching the property understanding the area, and all of the features that make up the property. They have signed a contract with the owner of the property, and have many fiduciary responsibilities to them. They work to get the owner every penny that they can for said property.

As a Buyer you want a real estate professional on your side. Someone who is also familiar with the property, understands the process of negotiating and crafting an offer that protects your interests. A Buyer's agent has fiduciary responsibility to you the Buyer. The agent owes the buyer undivided loyalty, reasonable care, disclosure, obedience to lawful instruction, confidentiality, and accountability. The agent must put the buyer's interest first and negotiate for the best price and terms for their client, the buyer.

Upon signing a Listing Contract an owner of a property agrees to pay a percentage of the sale price to the listing agent, and when they sign the contract they also agree to compensate the Buyer's agent. For example a Seller would agree to pay a 5% commission on the sale price, with 2.5% going to the listing agent, and 2.5% going to the buyer's agent. As a Buyer you can contact the listing agent without a Buyer's agent, in most cases this does not alter the contract, and will typically put you in what Massachusetts calls "Dual Agent" where the listing agent represents both the Buyer and the Seller, and is supposed to remain neutral in the transaction. Dual agency is like going to court and hiring the prosecutor to also act as you defense attorney.

At Better Homes and Gardens Real Estate, The Shanahan Group, where I am an agent, we do not practice Dual Agency where one agent is representing both the buyer and the seller. If a potential buyer approaches the listing agent, they will match them up with another agent in our office to represent them in a possible transaction. The idea is to make sure everyone has a qualified professional fighting to protect their interests in any transaction. 

If you are going to purchase real estate, make sure you find the right Buyer's agent for you. Don't settle for a real estate agent who only unlocks the door and asks you what you think. Find an agent that does their homework, and has the right connections to real estate attorneys, mortgage brokers, home inspectors, and other professionals you may need along the way.

 

Now, is it a good time to buy?

When considering if it is a good time to purchase real estate, it's important to think about many factors.

1. Are home values increasing, or decreasing in the communities I am considering a purchase?

Here is a chart of communities, the median home value and the percentage they have increased in the past year.

Town

Median Home Value

12 month increase

Winchester

$813,300

5.7%

Lexington

$780,500

3.2%

Woburn

$375,700

5.1%

Stoneham

$407,500

3.8%

Melrose

$458,600

7.7%

Medford

$409,600

7.5%

Bedford

$583,400

3.5%

Sudbury

$669,700

2.2%

Concord

$775,100

4.8%

Arlington

$561,800

7.4%

Reading

$479,600

5.5%

***Numbers provided by Zillow.com***

 

2. How is the overall economy? How has an indicator such as The Dow Jones Industrial Average been performing?

The stock market is at an all-time high. Below is a chart showing the last 10 years of the Dow Jones Industrial average.

3. What kind of interest rates should I expect to get on a mortgage?

Interest rates are still low. Below are Bank of America's rates on 11/3/2014 for Massachusetts.

Mortgage type

Rate

APR

Points

 

30-year fixed

3.875%

4.036%

0.815

 

15-year fixed

3.000%

3.333%

1.238

 

 

4. How competitive is the market?

 The time of year favors buyers.

According to the National Association of Realtors one time to find a good deal is between Thanksgiving and New Year's Day, when other home buyers may be put off by the inclement weather and busy with the holidays. Generally, home prices are also at a 12-month low in December and the owner of a house on the market in the lead up to Christmas may be willing to negotiate on the price.

If you are able- buy now, you have a good chance of finding a home that you like for less than it would cost you another time of year. Additionally, during this period of low demand, mortgage lenders are sometimes willing to forego some of their fees in order to win customers, so you may be able to pick up a good deal on your mortgage.

In conclusion- home values are rising, the stock market is at an all-time high, and interest rates are still low. Right now, all is aligned for the best deal. Call or email me today and let me work as your Buyer's agent in finding you the best property specifically tailored for you!