Alert, price drop at the Belvidere. Unit 7H just dropped from $2,500,000 to $2,145,000. This 2 bed 2.5 bath is located on a high front facing floor with phenomenal water views of the Reflective Pool and the Christian Science Complex, ample sun light all day, storage room, world class amenities, 24 hour concierge, Valet/self parking option, spacious and lavish Common Library on the 2nd floor w/ complimentary daily continental breakfast and newspapers, fabulous common roof deck.
Interested parties please contact Jeanine Heller at 508.930.6232 or email me at email@example.com
A current Globe article titled “Timing a Holiday Home Sale – Why Waiting till 2010 Could Backfire,” features a reader who wrote in questioning whether or not listing her home during the holiday season would be a wise decision. Additionally the reader stated that her home had advantages such as being located in a great school district and the limited inventory currently on the market in her town. Below is CEO of RealEstateCoach.com, Bernice Ross’ response.
“There’s no question that showing activity generally slows down between Thanksgiving and the first of the year. Part of this is due to the fact that many agents decide to take vacations during that time. Personally, I had some of my best months for sales in December, especially when I stayed in town rather than taking time off.
There are several advantages to having your property on the market in December, especially if you decorate your house for the holidays. A warm fire and the smell of homemade cinnamon rolls (even if they came out of the can) will make your house more appealing.
If your neighbors decorate their houses, that’s an additional plus, especially if there is any type of neighborhood competition. Most buyers are drawn to communities where the residents take pride in their property.
Even though there are fewer buyers looking over the holidays, those who are looking are usually very motivated to buy. Like your family, they often have to move quickly.
The last few months of the year often see an uptick in investor activity. An investor may be purchasing because the current interest rates are very favorable or to pick up some additional tax write-offs in this tax year.
The wild card in your decision is the fact that the lenders appear to be sitting on a huge inventory of REOs (“real estate owned” by the bank through foreclosure). The estimates about how many properties are actually involved vary dramatically. For example, some experts believe Freddie Mac has about 350,000 properties in their portfolio of REOs.
Others put the estimate closer to 1 million. Regardless of which number is correct, there are probably a similar number at Fannie Mae and even possibly at FHA. This doesn’t even take into consideration the additional REO portfolios held by both large and small lenders.
No one is really certain why these properties are being held off the market. One school of thought argues that the government is going to come in and take these toxic assets off the banks’ books. Given the current political environment, that seems unlikely. Most experts seem to be in agreement that these assets will begin to be released in 2010.
The reason this matters to you is that if you wait, you may be competing with a sizable amount of REOs in your market. If there is an excessive amount of inventory, the rules of supply and demand apply. The greater the supply, the lower the price. Thus, selling now, rather than waiting, is probably a smart idea.
In terms of making the move, hold off on purchasing your new home until you have closed on your current home. The current lending environment is very difficult. Ask for your buyers to be “preapproved,” not just “prequalified.” Preapproved buyers have had their credit checked, their source of funds verified, and their employment verified.
It would also be smart for you to go through the preapproval process as well. This way, if there are issues that you need to address on your credit report, you can handle them prior to purchasing.
Since you’re moving to a new area, many people prefer to rent the first few months after they move. This allows you to learn more about traffic patterns, neighborhoods, as well as where the amenities that matter most to you are located. You need to balance this choice with the fact that interest rates are at an all-time low.
For example, if you stay in your home the full 30 years, a 1 percent increase in the interest rate will result in approximately 25 percent more in interest payments. On a $200,000 loan, that’s almost $50,000. If the rates increase by 2 percent, that amount doubles to almost 50 percent.
On that same $200,000 loan, that’s almost $100,000 in additional interest. To determine the exact dollar amount for your situation, search “mortgage calculators” on Google.
Given the current environment, putting your home on the market now is probably an excellent idea. Make sure your buyer is well qualified and don’t forget to interview at least three agents for the job of marketing your home.
Ask the agents for a written marketing plan as well as referrals from their past clients. Most importantly, make sure your agent will be working hard to sell your home over the holidays.” Source: The Boston Globe
My thoughts: The holiday season is always a tricky time, sales slow down, people take vacation – it’s not the ideal time to market one’s house. I don’t necessarily agree with Ross’ thoughts on holiday decor. A serious buyer is looking at the property not the decor. Although a home dressed for the holidays does lift the heart, many people go a bit overboard which could work against the seller. Nothing is worse than walking into a tacky place…well ok there are worse things but a tacky home is on the list. The same applies to the neighboring homes – remember this scene from ‘National Lampoon’s Christmas Vacation’…”250 strands of lights…” If you live beside the Griswold’s putting the home on the market during the holidays would probably be a bad idea.
Although Ross does bring up some valid point such very favorable rates for buyers and the possible need for write-offs in this tax year. In the end Ross concludes that the reader should list her home during the holiday season. I disagree with this advice, I advise holding off until after the New Year, there’s no reason to have the home rack up DOM especially when the buyers are preoccupied with holiday festivities.
There’s a lot of extra duties that condo with moving in to a new home. After the papers are signed, the key exchanged and the moving truck loaded up one still has to furnish their new place – this can be both exciting and exhausting.
I recently moved in to a 1 bed in Beacon Hill. Finding the place was easy, furnishing it…not so much. I’ve searched high and low for great deals but the bottom line is ‘good furniture is expensive. I pride myself on getting my clients the best deal possible, and if I can save you a few dollars (or more) on home decor, well I will certainly do it.
I have added a link in the sidebar of the blog – it’s an invitation to join the private decor network of One Kings Lane. Just click on the icon and sign up. It’s a little gift from us as a thank you for following the Boston Condo Blog.
We appreciate our readers and value our clients. Enjoy!
About One Kings Lane:
“At One Kings Lane, we believe that living (and giving) well is more than just a fantasy. That’s why we bring the world’s best designer décor and home essentials, entertaining and travel needs, fantastic gift selections and more to our members – at up to 70% off retail…New sales events launch daily at 8am PT/ 11am ET and last 72 hours. Or shop our hand-picked OKL Must Haves boutique. Come early! Quantities are limited.”
Want to live like a Rockstar? Be neighbors with Papelbon AND Brady? Want a double-decker private outdoor rooftop equipped with a gas grill BBQ, private on deck office, full surround sound, killer views and *drum roll please* a private 4-person hot tub jacuzzi with 360 views of Boston…and that’s just the start of it? You asked for it and here it is — Introducing the Ultimate Boston Bachelor Pad. Asking $3,200 parking included.
What are you waiting for? Contact me ASAP – 508.930.6232 or email firstname.lastname@example.org.
Legendary Channel 5 (Boston WCVB) news anchor Natalie Jacobson has just put one of her Boston homes under agreement. Her Trinity Place condo only had a 92 day stint on the market with an asking price of $1,995,000.
According to the listing in MLS the 3 bedroom 2.5 bath unit features “a large eat-in kitchen, spacious living and dining areas, ample closet spaces including master-bedroom walk-in. Trinity Place features uniformed door-attendant, on-site first-class restaurant Sorellina, 24-hour concierge, resident’s fitness area and valet parking.”
Jacobson purchased the home in 2000 for $1,525,000. The homes in Trinity Place have held their value and are commanding close to asking so we are pretty sure Natalie got what she was looking for. Since her retirement in 2007 my newscast is just not the same, but at least I can be thankful that she is still making real estate news. Photos of Jacobson’s condo (and hand towels) below.