tag:blogger.com,1999:blog-46049168549823066212024-03-05T13:30:12.233-05:004 Buyers Near BostonNews for house buyers around Boston, Massachusetts.
Visit my <a href="http://4buyersre.com/">my office site</a>
Join us at <a href="http://www.facebook.com/4BuyersRE">FaceBook</a>Anonymoushttp://www.blogger.com/profile/15870595829040834727noreply@blogger.comBlogger56125tag:blogger.com,1999:blog-4604916854982306621.post-28708844070814445162013-03-05T18:03:00.000-05:002013-03-07T12:29:45.119-05:00<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="http://www.4buyersre.com/"><img border="0" height="100" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiyfHtH-URIiI5Nb6pS4j0YPyDyKBiE6B88Lf9DoX3cT_LEGvjaNYfQfhZk8CLyXWZNaatyh1gIjkImuNnOf6kyF7ZYeg9aqaHunWJYF9rit2N0nhkmjQ9ZERvHC5UNLCy3Oj6XgMmEJ7M/s400/moving.jpg" style="margin-left: auto; margin-right: auto;" width="400" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;"><h2>
<a href="http://www.4buyersre.com/"> Rona's 4 Buyers Near Boston blog has moved to 4Buyersre.com</a></h2>
</td></tr>
</tbody></table>
<br />Anonymoushttp://www.blogger.com/profile/15870595829040834727noreply@blogger.com0tag:blogger.com,1999:blog-4604916854982306621.post-47477123732150910352013-02-25T14:45:00.000-05:002013-02-25T14:45:13.370-05:00How is selling a newspaper like selling a house? <!--[if gte mso 9]><xml>
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The question of who will be the next steward of the <i style="mso-bidi-font-style: normal;">Boston Globe</i> is big news. My former
writing space, <a href="http://www.boston.com/realestate/news/blogs/renow/">Boston.com</a>, is up for sale. <i style="mso-bidi-font-style: normal;">New
York Times</i> Vice Chairman, Michael Golden told <i style="mso-bidi-font-style: normal;">Boston Globe</i> employees (<a href="http://www.bostonglobe.com/business/2013/02/23/times-executive-visits-globe-discuss-sale-newspaper/E9G665yVu3Kne8ntTNKYhO/story.html">from
the Globe</a>):</div>
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“We will take what we consider to
be the best bid,’’ Golden said, describing a process that he estimated would
take six to nine months. Price is important, he said, but leaving the Globe in
capable hands will be a consideration.</div>
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So how is selling a newspaper like selling a house? </div>
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For house sellers who are investors, it’s all about the
Benjamins, period. Their goal is to get the most money, then about how quickly
and securely they will get it. So, the highest offer with solid financing wins.
The <i style="mso-bidi-font-style: normal;">Times</i> doesn’t intend to act
solely as an investor. It has reason to care about journalism and its reputation.<span style="mso-spacerun: yes;"> </span></div>
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For owner-occupant house sellers, price is important, but
leaving the house in capable hands matters too. Many are attached to their
houses and the memories of events that took place while living there. If given
a choice, sellers will choose a buyer who seems to be the next set of capable
hands to care for the house. Being the right steward can get you a house, when
in competition. It may even get you the house at a slightly lower price. Being
disrespectful can lose you a house, or cost you more.</div>
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As a buyer’s agent, I am all about getting the best house at
the lowest price. Keeping the seller’s motivation in mind is part of that
process. For owner-occupants it is price first, but then, that something else. Everything
you do and say in front of a seller or a seller’s agent is part of the picture
of who you are as a buyer and as the next steward of the house.<span style="mso-spacerun: yes;"> </span>As a buyer, you should be aware that
negotiation begins with “hello.” There are things you just should not be
saying, ever. </div>
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Sellers can be turned off by aggressive buyers who openly
criticize the property, talk about renovation, or discuss tearing it down. Your
snarky opinions may be clever, but that joke could cost you thousands. If you
want to make fun of the 50’s decorating, do it outside. If you include a letter
about how much you love their house, it better be honest. If it sounds like a
buttering-up job, it is not going to work. Sellers weren’t born yesterday.</div>
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I have been lucky that my business has grown to attract
people who are smart and respectful. I can’t teach respect, but I remain
mindful of their communication and its affect on negotiation. With clients like this, I can fine-tune the
negotiation from the first phone call. </div>
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<br /></div>
Anonymoushttp://www.blogger.com/profile/15870595829040834727noreply@blogger.com0tag:blogger.com,1999:blog-4604916854982306621.post-3756660470796814112013-02-21T14:41:00.001-05:002013-02-21T14:41:50.181-05:00What you say on email can be a binding contract<!--[if gte mso 9]><xml>
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<br /></div>
<div class="MsoNormal">
Last week, the <i style="mso-bidi-font-style: normal;"><a href="http://www.nytimes.com/2011/02/20/realestate/20posting.html?_r=1&">New
York Times</a> </i>reported on a court appeal regarding email communications. I
sent the link to one of my clients, who was in a transaction with a seller, and
a seller’s agent, and a seller’s attorney who did not understand the importance
of email communication.</div>
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<br /></div>
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Here’s what happened:</div>
<div class="MsoNormal">
The seller and the buyer had email communications through
their agents regarding chattel (personal items) and some built-in items that
could stay or go after closing. In the course of that conversation, the seller
offered two small mounted TVs. The TVs were a distraction from the negotiation
at hand. My client, the buyer, frankly didn’t care if they stayed or went. A
deal was reached regarding some other, more expensive, items; the more
expensive items were included, specifically, in the Purchase and Sales
Agreement. <span style="mso-spacerun: yes;"> </span></div>
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However, the fur started to fly when -- several weeks later
-- those same TVs were offered, for a fee, along with some items that were
clearly built-in and part of the property. When I explained to the seller’s
agent that these TVs had already been offered, agent said that offer was not
binding because it was not in the Purchase and Sales Agreement. My client was
annoyed that the seller was going back on his word. My client was also annoyed
that the seller was attempting to sell built-in items at the last minute. </div>
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<br /></div>
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“Not in the Purchase and Sales Agreement” does negate the
written offer, by email, to my client. As of last week -- at least in New York
State -- email promises are confirmed as binding. “As much as communication
originally written or typed on paper, an e-mail retrievable from computer
storage” is proof of a deal, according to the court’s opinion, which was
written by Associate Justice David Friedman.</div>
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<i style="mso-bidi-font-style: normal;">The Times,</i> quotes
an attorney who is using a disclaimer to avoid email backfires:</div>
<br />
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In most cases a disclaimer can inoculate senders from having
e-mail backfire, real estate lawyers said. Mario J. Suarez, a lawyer at
Thompson Hine who handles many commercial transactions, suggested that the
wording might say the communications “shall not be deemed an offer, as no
documents are binding unless and until executed.”</div>
</blockquote>
<br />
<div class="MsoNormal">
Should real estate agents have a disclaimer on all their
emails? I vote, “no.” I like the idea of saying or writing what I mean and I
don’t mind being held to my word. </div>
Anonymoushttp://www.blogger.com/profile/15870595829040834727noreply@blogger.com0tag:blogger.com,1999:blog-4604916854982306621.post-61513079347072801452013-02-18T12:07:00.001-05:002013-02-18T12:07:41.968-05:00What is going on with inventory and prices?<!--[if gte mso 9]><xml>
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<i style="mso-bidi-font-style: normal;"><a href="http://blogs.wsj.com/developments/2013/01/16/housing-inventory-ends-year-down-17/">The Wall StreetJournal </a>
</i>is on the bandwagon about rising prices. More “Happy Days are Here Again”
playing in the background. </div>
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<br /></div>
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The number of homes listed for sale at the end of 2012 stood
at the lowest level in more than five years, a development that helps explain
why home prices have rebounded so strongly over the past year.</div>
<div class="MsoNormal">
I had some fun with these interactive graphs http://blogs.wsj.com/developments/2013/01/16/housing-inventory-ends-year-down-17/tab/interactive/
today. Because they are working with median price averages for the whole area,
and not my particular towns and cities, they are not as meaningful as local
market information would be. </div>
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<br /></div>
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I added Boston into the first tab “most expensive.” (You can
do that by clicking on the list below.) I am happy that we didn’t make the list
of the most expensive markets in America. Orange County, San Diego, Washington
and New York hold those top spots. </div>
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<br /></div>
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Here in the Boston area, the median price changed from
$333,000 in May 2011 to $345,000 in May 2012. That is a price rise that
matters. If you look at the Boston line, you will see that prices were flat in
the Spring of 2011, and rose sharply in the Spring of 2012. That is the
difference that my clients felt last year. When the market is flat, buyers
don’t have as much pressure to buy now, or suffer higher prices later.</div>
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The more telling chart is the inventory chart to the right. Boston
has its normal seasonal inventory curve. That humped shape is typical of a
large increase in listings in the spring and the lowest ebb in the winter. (New
York has one, too.) What we really felt last year was the depression of the
seasonal hump. In 2011, there were roughly 31,000 properties for sale at peak,
whereas in 2012, there were roughly 25,000. Boston’s inventory shortage is more
dramatic than the highest-priced markets in America. Look at the chart below
the graph. You will see only a few other places that have inventory declines in
the teens, like our decline of 15.8%. Our prices are not suffering a staggering
increase. This is the good news for buyers. </div>
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My advice for buyers is to keep their eye on the value of
any particular property you might like to purchase. Ignore the hype that is all
over the newspapers. Considering how steep our inventory shortage is, we still
have a pretty stable market. Poke around on these charts for yourself.</div>
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<br /></div>
Anonymoushttp://www.blogger.com/profile/15870595829040834727noreply@blogger.com0tag:blogger.com,1999:blog-4604916854982306621.post-32471190422806924342013-02-13T18:00:00.000-05:002013-02-13T18:00:35.904-05:00Can your agent help you plan a move that is good for your children?<!--[if gte mso 9]><xml>
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<span style="font-family: "Calibri","sans-serif"; font-size: 14.0pt;"></span><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Calibri","sans-serif"; font-size: 14.0pt;"></span></b><i><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt;">If
you have been looking for my blog this week, you probably figured out that I
had a traumatic move. The blame goes to a certain internet domain registry that
will remain nameless for now. I apologize to you for any inconvenience.</span></i></div>
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<i><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt;"> </span></i>
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<span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt;">More
to the point, today I write about moving house and home. Adults hate it, as I
wrote last week. Children can have a much harder time of it. According to the
U.S. Census Mobility Report, more than eight million children between the ages
of one to fourteen move or are relocated by their family on an annual basis in
the United States.</span></div>
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<span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt;">Help
for children in regard to moving comes from an unexpected source. Johnnie
Johnson, a former Rams All-Pro safety now <span style="mso-spacerun: yes;"> </span>serves as President and CEO of </span><a href="http://www.worldclasscoaches.com/"><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt;">World Class Coaches</span></a><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt;">. <span style="mso-spacerun: yes;"> </span>Johnson has launched a national program
designed to help children and their families deal with the difficulties of
moving. The program, called </span><a href="http://www.worldclasscoaches.com/movingfamilies.php"><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt;">Moving Families
Initiative</span></a><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt;">,
connects moving families with REALTORS® to take a proactive approach on the
physical and emotional strain kids face when changing neighborhoods and
schools. </span></div>
<br />
<blockquote class="tr_bq">
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<span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt;"> “Millions
of children move with their families every year, but the emotional and physical
strain of changing schools, neighborhoods and friends is rarely addressed,“
said Johnson.<span style="mso-spacerun: yes;"> </span>“The Moving Families
Initiative aims to alleviate the stress that inevitably comes with moving.<span style="mso-spacerun: yes;"> </span>It’s important that kids develop the
behavioral skills to thrive socially and emotionally in a new climate.” </span></div>
</blockquote>
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<span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt;"> I
took a look at the website for </span><a href="http://www.worldclasscoaches.com/movingfamilies.php"><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt;">Moving Families
Initiative</span></a>. <span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: major-latin; mso-hansi-theme-font: major-latin;">I find their
bibliography fascinating. More promising, here is some materials they sent me
as advertizing. </span><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt;">It
has a lot of common sense, plus a promise of more. </span></div>
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<br /></div>
<br />
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<span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-fareast-language: JA;">Challenges that kids face when moving:</span></div>
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<span style="font-family: Symbol; font-size: 11.0pt; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol; mso-fareast-language: JA;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-fareast-language: JA;">Sense of loss and separation from people, places and
things, coupled with the frustration and anger that comes with not having the
emotional maturity to adjust to this loss. </span></div>
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<br /></div>
<div class="MsoListParagraphCxSpMiddle" style="mso-layout-grid-align: none; mso-list: l0 level1 lfo1; mso-pagination: none; text-autospace: none; text-indent: -.25in;">
<span style="font-family: Symbol; font-size: 11.0pt; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol; mso-fareast-language: JA;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-fareast-language: JA;">For young children, the normal process of separation
can be interfered with, causing them to return to a more dependent relationship
with their parents.</span></div>
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<br /></div>
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<span style="font-family: Symbol; font-size: 11.0pt; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol; mso-fareast-language: JA;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-fareast-language: JA;">Susceptibility to a wide range of emotions:
depression, loneliness, anger, changes in appetite, social withdrawal,
irritability, sleep disturbances, fear, all from the stress associated with
loss and interruption.</span></div>
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<br /></div>
<div class="MsoListParagraph" style="mso-layout-grid-align: none; mso-list: l0 level1 lfo1; mso-pagination: none; text-autospace: none; text-indent: -.25in;">
<span style="font-family: Symbol; font-size: 11.0pt; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol; mso-fareast-language: JA;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-fareast-language: JA;">Interruptions/disruptions in schedules, routines,
friendships, and not having the maturity to deal with this and what they miss.</span></div>
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<br /></div>
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</span></span></span><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-fareast-language: JA;">Insensitive parents who may not understand children’s
sense of powerlessness and the absence of a sense of safety. These parents need
resources to help them and these children needs parents to normalize things and
make sense of their feelings.</span></div>
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<br /></div>
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</span></span></span><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-fareast-language: JA;">A misunderstanding that the chaos and frustration that
their parents exhibit is their fault.</span></div>
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<br /></div>
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</span></span></span><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-fareast-language: JA;">Confusion, stress and anger if they have not been
successful in making new friends.</span></div>
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<br /></div>
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</span></span></span><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-fareast-language: JA;">The "new kid" syndrome that can bring on
bullying or being bullied.</span></div>
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<br /></div>
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</span></span></span><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-fareast-language: JA;">Falling grades and adjustment to changes in
curriculum. There are often negative effects on learning.</span></div>
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<br /></div>
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</span></span></span><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-fareast-language: JA;">Post traumatic stress disorder in rare cases when
accompanied by other changes in the child's life such as death or divorce.</span></div>
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<span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt;">It
is a good idea for Realtors® to have some tricks up their sleeve to help
parents plan a move for their children. I have a background in counseling and
education, so I understand child development. However, many of my peers lack
that training. I think many would benefit from a program like this. I will
consider it when it gets to Massachusetts. </span></div>
Anonymoushttp://www.blogger.com/profile/15870595829040834727noreply@blogger.com0tag:blogger.com,1999:blog-4604916854982306621.post-83950164087516625622013-02-04T14:31:00.000-05:002013-02-04T14:31:37.178-05:00Do you hate to move?<!--[if gte mso 9]><xml>
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<span style="font-family: "Calibri","sans-serif"; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">When people come to me to discuss
buying a house, I am not being negative when I ask them “why?” Buying a house
is not easy; neither is moving. After I have done my job, and the work that
gets them to the closing table is done, there is still the job of moving in. </span></div>
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<br /></div>
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<span style="font-family: "Calibri","sans-serif"; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">According to a recent survey
by <a href="https://www.unpakt.com/about">Unpakt</a>, 23 percent of Americans,
when surveyed, said they would rather forfeit their hard-earned vacation days
for <i style="mso-bidi-font-style: normal;">two years</i> in lieu of moving. Moving
is that toxic to people. <span style="mso-spacerun: yes;"> </span>Yet Americans
move an average of 8.2 times in their lifetime. </span></div>
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<br /></div>
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<span style="font-family: "Calibri","sans-serif"; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">88 percent of Americans chose to
move by themselves rather than hire a moving company. There are a lot of
reasons for this, some real and some just plain fear. According to Unpakt, almost
half (46 percent) of Americans are afraid movers will steal their belongings
during a move. 69 percent of Americans fear that movers will damage belongings
during a move. In my experience, movers are not nearly that dishonest or
careless. I am aware of only two cases where my clients had valuable items “lost”
during a move. Damage is more common, but I would gauge that at about 5-10
percent of the moves I hear about. </span></div>
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<br /></div>
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<span style="font-family: "Calibri","sans-serif"; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">The most common problem with movers
-- the problem of damage – frequently can’t be helped. When moving large, heavy
objects, things happen. Here are some common moving mistakes. (Reputable
companies have insurance that will cover repair of the damage that was caused.)</span></div>
<div class="MsoListParagraph" style="margin-left: .5in; mso-list: l0 level1 lfo1; text-indent: -.25in;">
<span style="font-family: "Calibri","sans-serif"; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><span style="mso-list: Ignore;">1.<span style="font: 7.0pt "Times New Roman";"> </span></span></span><span style="font-family: "Calibri","sans-serif"; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Dropped furniture can cause damage to the furniture or the walls of the house. It is not uncommon for walls to get scratched
and dinged, stair balusters to get broken, or windows to get broken. </span></div>
<div class="MsoListParagraph" style="margin-left: .5in; mso-list: l0 level1 lfo1; text-indent: -.25in;">
<span style="font-family: "Calibri","sans-serif"; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><span style="mso-list: Ignore;">2.<span style="font: 7.0pt "Times New Roman";"> </span></span></span><span style="font-family: "Calibri","sans-serif"; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Plumbing fixtures can cause trouble around a
move, whether the movers are touching them or you are. Frequently washing
machine faucets have leaky valves. Homeowners wouldn’t know about the leak
until the machine is removed. Then, the new owner finds a puddle. The solution
is to buy caps for those faucets so that you can be sure there will be no leaking.</span></div>
<div class="MsoListParagraph" style="margin-left: .5in; mso-list: l0 level1 lfo1; text-indent: -.25in;">
<span style="font-family: "Calibri","sans-serif"; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><span style="mso-list: Ignore;">3.<span style="font: 7.0pt "Times New Roman";"> </span></span></span><span style="font-family: "Calibri","sans-serif"; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Another plumbing incident that happened to
one of my clients involved a mover who broke the ice maker line when he scooted
the refrigerator out of the way of the back door. <span style="mso-spacerun: yes;"> </span>When the refrigerator was moved back in place,
the line was leaking and had to be replaced. An emergency plumbing visit was a
tiring end to a tiring day for the new homeowners. </span></div>
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<span style="font-family: "Calibri","sans-serif"; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">In terms of the cost of moving,
one frequent complaint from consumers after using a moving company is that they
paid more for the move than anticipated. This is likely because of hidden fees,
given that many moving companies use estimates rather than exact price quotes.
Of Americans that paid more for their last move than initially anticipated, 57
percent paid upwards of $175 all the way through $1,000 more for the move than
expected. </span></div>
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<br /></div>
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<span style="font-family: "Calibri","sans-serif"; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Unpakt is bringing moving pricing
into the 21<sup>st</sup> Century. The information age has make easy to compare
costs, receive guaranteed prices and access customer reviews when booking
travel or searching for good restaurants, so the same should be true of booking
a move and finding a reputable mover. Unpakt is now providing these services.
Sounds like a good idea. I hope my clients try it out, so I can write some more
about it.</span></div>
Anonymoushttp://www.blogger.com/profile/15870595829040834727noreply@blogger.com0tag:blogger.com,1999:blog-4604916854982306621.post-36457598631314837342013-01-30T10:00:00.000-05:002013-01-30T10:00:01.879-05:00That old house was really home<!--[if gte mso 9]><xml>
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<span style="font-size: 12.0pt; line-height: 115%;">I have seen
so many houses like this before:</span></div>
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<span style="font-size: 12.0pt; line-height: 115%;">The house
has a good flow, good light, quality fixtures. Everything works. But, nothing
has been updated since the early 1970s, unless it broke. </span></div>
<div class="MsoNormal">
<span style="font-size: 12.0pt; line-height: 115%;">In the
kitchen: There’s a high-quality stainless steel stove, circa 1960. The cabinets
are simple oak. The counters are white Formica. The floor is sheet vinyl. The
refrigerator is about three years old, replaced when the gold one died. </span></div>
<div class="MsoNormal">
<span style="font-size: 12.0pt; line-height: 115%;">The dining
room is paneled. The social area and the downstairs bedrooms have beige carpet
and neutral-colored painted walls. The upstairs bedrooms have sheet vinyl
flooring and painted walls. There is only one full bathroom. The poor thing has
maroon and grey tile; at least the tub, sink and toilet are white. There is a
half bath, long abandoned, in the corner of the family room in the basement. </span></div>
<div class="MsoNormal">
<span style="font-size: 12.0pt; line-height: 115%;">There are
replacement windows on the north side, including a picture window in the living
room. The master bedroom also has replaced windows. The heating system gave up
the ghost a couple of years ago and was replaced with a modern furnace with
central air conditioning. </span></div>
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<br /></div>
<div class="MsoNormal">
<span style="font-size: 12.0pt; line-height: 115%;">This house
hosted family events from 1967 until 2012. The dining room was filled every
Thanksgiving and Passover. Anniversary parties, birthday parties and other
random family events were held in the back yard. How do I know that? Because I
was there. </span></div>
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<br /></div>
<div class="MsoNormal">
<span style="font-size: 12.0pt; line-height: 115%;">My FaceBook profile picture was taken there this Thanksgiving. See the paneling?</span></div>
<div class="MsoNormal">
<span style="font-size: 12.0pt; line-height: 115%;"><br /></span></div>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg1P6Z6PJeH_uQzmUSqQeMDsLBnNAwNiSh2dPzpYPeXzURNXfceuQJWfww8WwgCxvlWXOPrSZxjCOVF6PYA_IaVcP5RRShI_EPnQIpqMOWOOgobfuR6QS5Xnv_AKkevJ1eHfJEjR86gWio/s1600/Thanksgiving+2012.JPG" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="239" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg1P6Z6PJeH_uQzmUSqQeMDsLBnNAwNiSh2dPzpYPeXzURNXfceuQJWfww8WwgCxvlWXOPrSZxjCOVF6PYA_IaVcP5RRShI_EPnQIpqMOWOOgobfuR6QS5Xnv_AKkevJ1eHfJEjR86gWio/s320/Thanksgiving+2012.JPG" width="320" /></a></div>
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<span style="font-size: 12.0pt; line-height: 115%;"> </span></div>
<div class="MsoNormal">
<span style="font-size: 12.0pt; line-height: 115%;">When I look
at this house as a niece, I see the family home of Selma and Jack Rosen. It was
the best family space I ever enjoyed. I have almost entirely fond memories of
my time there. When I look at it through the eyes of a buyer’s agent, I want to
roll those eyes. It is what I call “a little old lady special.” </span></div>
<div class="MsoNormal">
<span style="font-size: 12.0pt; line-height: 115%;">I see this
kind of property for sale all the time. This one is personal. It is interesting
to me to see how little any of us cared that the dining room was paneled.
Frankly, I didn’t even notice until I said farewell to the house last
week.<span style="mso-spacerun: yes;"> </span>It only goes to show that a house
is the walls and a home is the living that happens in it.</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-size: 12.0pt; line-height: 115%;">Rest in
Peace. Selma Rosen 1915-2012. Jacob Rosen 1912-1994.</span></div>
Anonymoushttp://www.blogger.com/profile/15870595829040834727noreply@blogger.com0tag:blogger.com,1999:blog-4604916854982306621.post-13172271098891523902013-01-29T10:00:00.000-05:002013-01-29T10:00:12.570-05:00How small is too small?<!--[if !mso]>
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One of the first questions that I ask my clients, when they
begin house hunting is, “How much space do you need?” It begins a conversation
about how this household uses their space. I generally recommend that people
purchase enough space to not feel crammed-in during the next ten years of their
lives. When I bump into videos like<a href="http://www.treehugger.com/sustainable-product-design/moving-walls-transform-apartment-four-minutes-of-wow-video.html"> this one</a>,
I realize that my perspective on what is enough does not touch on the
micro-housing trend that is growing in popularity. </div>
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In order to live in a flat like this, you have to be very
consistent about avoiding clutter. This is not for me. Could it be for you?</div>
Anonymoushttp://www.blogger.com/profile/15870595829040834727noreply@blogger.com0tag:blogger.com,1999:blog-4604916854982306621.post-25176652591476244772013-01-25T13:25:00.000-05:002013-01-25T20:13:57.614-05:00The importance of the supermarket<!--[if gte mso 9]><xml>
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<a href="http://somerville.patch.com/articles/stop-shop-acquires-former-johnnie-s-foodmaster-lease-but-plans-unknown?ncid=newsltuspatc00000001">Local news:</a> Stop and Shop acquires lease for the ex-Johnny’s
Foodmaster in West Somerville.
However, beyond that, there is no news about whether a grocery store will be
developed on that site.<br />
<br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhlPyB6ce1nybeAjiy7P89VLCG0M7kaPgIThxxrMbMDik9A655ej3vHKp9MfRyv-C9RlEv5AdBSJ6rWchxXpetTYblvhImpSvMP3OzTkv-IojP-f1H9mhe47x5OCjb-bz9sqRKyqr43AeY/s1600/food1.JPG" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="240" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhlPyB6ce1nybeAjiy7P89VLCG0M7kaPgIThxxrMbMDik9A655ej3vHKp9MfRyv-C9RlEv5AdBSJ6rWchxXpetTYblvhImpSvMP3OzTkv-IojP-f1H9mhe47x5OCjb-bz9sqRKyqr43AeY/s320/food1.JPG" width="320" /></a></div>
</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Having a supermarket at each end of town is an important
quality of life feature for the City of Somerville. It is not simply a matter
of convenience. Access to fresh fruits and vegetables and perishable proteins is
important for the health and well-being of our residents. </div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
A large number of people depended on the supermarket that
used to be at the corner of Broadway and Alewife Brook Parkway. It was walking
distance to both Clarendon Hill Towers and the Clarendon Hill Public Housing
Development (commonly called North Street.) There are many car-free residents
of West Somerville who were using that supermarket. Having the ability to buy
groceries without needing to drive there is an economic plus, for people who
don’t have a car. The alternative for many is the Shaw’s at Porter Square,
which is on the Red Line and bus lines. I’ve noticed more volume at the Shaw’s
Market in Porter Square since the Johnny’s in West Somerville closed. </div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
There is a lot more disruption caused by the loss of that
store than many people realize. When a community loses a supermarket, the
alternative for groceries can be limited to convenience stores. These types of
businesses sell more packaged and processed foods and very few, if any, fruits and
vegetables. Although West Somerville does not qualify as a <a href="http://newsone.com/1540235/americas-worst-9-urban-food-deserts/">food desert</a> -- because there are supermarkets within a bus ride of most residents and not
many fast-food outlets nearby -- the absence of this supermarket in West
Somerville will weigh heavy on the health of car-free residents there,
literally.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Why can’t they just take a bus? First, consider the
schedules. When grocery shopping, what happens if you miss the bus at night?
Generally, you will be waiting a half hour or more for the next one. What about
cabs? Consider the expense of asking them to wait. Consider the wait for not
asking them to wait. Transportation, in the form or buses or cabs can add an
hour to every grocery shopping trip. Additionally, of those receiving services
from the <a href="http://www.caasomerville.org/serve.html">Community Action Agency of Somerville</a>,
13 percent are disabled and 4 percent are elderly. They may be able to use
public transportation, but frequently use alternative services. Most of those
services focus on timely arrival to appointments. There is notoriously a long
wait for the ride to get home. </div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
People who can afford a car-share, like Zip Cars will likely
use that alternative. However, some people without cars are car-free for
economic reasons. They can’t afford a car. They can’t afford Zip Cars. A
plurality of those getting services for anti-poverty support through <a href="http://www.caasomerville.org/serve.html">CAAS</a>
in Somerville -- 35 percent – is working. Working poor juggle low-wage jobs
(and frequently a lot of work hours) with family obligations. The additional hour
of travel time for groceries will tempt them to shortcuts, and poor nutrition. </div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
It is not so simple to feed oneself and one’s family when
transportation time is suddenly increased. Although it does not affect me,
personally, it affects the community I live in. I think that the loss of a
supermarket in West Somerville is a bad thing for our community.</div>
Anonymoushttp://www.blogger.com/profile/15870595829040834727noreply@blogger.com0tag:blogger.com,1999:blog-4604916854982306621.post-38658161853688140992013-01-24T11:40:00.002-05:002013-01-24T11:40:10.744-05:00Does the hot water heater have to be working, by law, in Massachusetts?<!--[if gte mso 9]><xml>
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<div class="MsoNormal">
I got a call from an agent who had a question. He asked, “Does
the hot water heater have to be working, by law, in Massachusetts?” The guy was
quite frantic, because the hot water heater was leaking at the walk-through and
the closing was in a couple of hours. </div>
<div class="MsoNormal">
I agreed to answer questions, when I can, on this blog. But,
this situation was wrong in every direction. </div>
<div class="MsoNormal">
When I called him back, I asked how he came to call me about
this, and not his supervisor. (Remember that any real estate salesperson is
working under the license of a broker, who is supposed to be supervising.) He
tells me that his broker is out of state. So, he says, he went on line and
found my editorial [a Boston.com blog post] about closings. It said that
everything should be working on closing day. So, don’t I agree that the hot
water heater should be working?</div>
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I tell him that it is not a law. Most Purchase and Sales
Agreements hold the seller to deliver the house in the same condition as the
inspection, except that the house has been emptied of personal items and
broom-clean. The hot water heater should be working now because at home
inspection it was working. Was the hot water heater working at home inspection?</div>
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He tells me they didn’t have a home inspection. Then he
tells me that the house was winterized, so none of the plumbing was on when the
Purchase and Sales Agreement was signed. “Oh,” I say, “Did the Purchase and
Sales Agreement reserve the right to inspect the plumbing after the water is
turned with the requirement that it be in working order?” He doesn’t know. </div>
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He says again, that <i style="mso-bidi-font-style: normal;">I
wrote that the water heater should be working. </i>(He’s annoyed that I don’t
agree with him.) I remind him that his client never confirmed that the hot
water heater was working. It could have failed before the house was winterized.
In a typical sale, there is a home inspection that establishes the condition of
the house. Then the Purchase and Sales Agreement hold the seller to that
baseline. </div>
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I tell him to look at the Purchase and Sales Agreement. See
if there is a clause about the plumbing. Your client is protected if the seller
agreed that the plumbing would work after winterization. If you have a clause
like that, there is something you can do. </div>
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<br /></div>
<div class="MsoNormal">
What bothers me about this call is that a licensed agent
went to Google or Bing for an answer that his supervising broker should have
answered. He called me before looking at the Purchase and Sales Agreement. He
called me before calling the buyer’s attorney. </div>
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There are basic protections that the buyer in this situation
seems to have given up. He or she has been working with an agent who has no
idea about the possible problems that can ensue. The agent has absent
supervision. The agent does not know what protections are in the Purchase and
Sales Agreement. </div>
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My agents knew more than this guy months before I let them
work 1:1 with one of our clients.</div>
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<br /></div>
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Takeaways:</div>
<div class="MsoListParagraphCxSpFirst" style="mso-list: l0 level1 lfo1; text-indent: -.25in;">
<span style="mso-bidi-font-family: Calibri;"><span style="mso-list: Ignore;">1.<span style="font: 7.0pt "Times New Roman";"> </span></span></span>Home
inspections are important for protecting your rights to a functioning house. </div>
<div class="MsoListParagraphCxSpMiddle" style="mso-list: l0 level1 lfo1; text-indent: -.25in;">
<span style="mso-bidi-font-family: Calibri;"><span style="mso-list: Ignore;">2.<span style="font: 7.0pt "Times New Roman";"> </span></span></span>Your
Purchase and Sales Agreement is the binding document that describes the
agreement about your purchase. Understand it before signing it.</div>
<div class="MsoListParagraphCxSpLast" style="mso-list: l0 level1 lfo1; text-indent: -.25in;">
<span style="mso-bidi-font-family: Calibri;"><span style="mso-list: Ignore;">3.<span style="font: 7.0pt "Times New Roman";"> </span></span></span>When
interviewing agents, ask them about home inspections, what they see in a
typical Purchase and Sales Agreement, and ask who they call when they run into something
they have not seen before. I suggest that you avoid agents who think home
inspections are not important. I suggest that you avoid agents who don’t know
what protections are typically in a Purchase and Sales Agreement. I suggest
that you avoid an agent who would look for an answer on line before asking a
more experienced agent or the broker in his or her office.</div>
Anonymoushttp://www.blogger.com/profile/15870595829040834727noreply@blogger.com0tag:blogger.com,1999:blog-4604916854982306621.post-61596403597889063232013-01-23T14:23:00.000-05:002013-01-23T14:23:18.082-05:00Why is that room so cold?<!--[if gte mso 9]><xml>
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<div class="MsoNormal">
<span style="mso-spacerun: yes;"> </span>“Why is that room <i style="mso-bidi-font-style: normal;">so cold</i>?” asked my niece, Allison. She
had the heating contractors out and they said nothing is wrong. She bought a
super-duper heavy quilt for that bed, because it’s the guest room. Looking
ahead, God Willing, that will be somebody else’s room in a couple of years. She
can’t put a baby in there. So she has to get a better solution.</div>
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I had a feeling that this room was going to be a problem
when we stayed there at Thanksgiving time. If you remember, it wasn’t all that
cold during Thanksgiving this year in the Northeast. Yet, that room was cold
compared to the rest of the house. I remembered checking the heating duct to
make sure it was on (it was.) Then, I thought about the layout of the house and
knew exactly what the problem was. This room is over the two-car garage. It is
a FROG (Finished Room Over Garage.)</div>
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Ali’s condo has the worst combination of conditions for a
FROG. The garage is on the north side of the house; it only shares its back
wall with the house. So, the garage and the guest room above it stick out,
exposed on three sides. The garage gets very cold. There is not enough
insulation on the ceiling of the garage to keep that cold from getting into the
room. In addition, the room is at the far end of the hall, in the weakest place
for the forced hot air heating system.</div>
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<br /></div>
<div class="MsoNormal">
<b>What to do about a FROG (Finished Room Over Garage.)</b></div>
<div class="MsoListParagraphCxSpFirst" style="mso-list: l0 level1 lfo1; text-indent: -.25in;">
<span style="mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"><span style="mso-list: Ignore;">1.<span style="font: 7.0pt "Times New Roman";">
</span></span></span>First thing, check that the heating is working
properly. If it is working, check for an easy way to increase the heat to the
room over the garage. With forced hot air or forced hot water, it can be
tricky. With steam, it can be done easily with adjustable valves on each
radiator. </div>
<div class="MsoListParagraphCxSpMiddle" style="mso-list: l0 level1 lfo1; text-indent: -.25in;">
<span style="mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"><span style="mso-list: Ignore;">2.<span style="font: 7.0pt "Times New Roman";">
</span></span></span>Insulate the ceiling of the garage. I recommend
blown-in insulation. It can also help to have rugs on the floor of the FROG.</div>
<div class="MsoListParagraphCxSpMiddle" style="mso-list: l0 level1 lfo1; text-indent: -.25in;">
<span style="mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"><span style="mso-list: Ignore;">3.<span style="font: 7.0pt "Times New Roman";">
</span></span></span>If both of these corrections are not enough,
additional heating may be needed. </div>
<div class="MsoListParagraphCxSpMiddle" style="margin-left: .75in; mso-add-space: auto; mso-list: l1 level1 lfo2; text-indent: -.25in;">
<span style="mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"><span style="mso-list: Ignore;">a.<span style="font: 7.0pt "Times New Roman";">
</span></span></span>It may be possible to increase the amount of
heat to the FROG on a hot water or a hot air system by adding more baseboard
registers or another air duct. Depending on the layout of the system, this may
not be cost effective. </div>
<div class="MsoListParagraphCxSpMiddle" style="margin-left: .75in; mso-add-space: auto; mso-list: l1 level1 lfo2; text-indent: -.25in;">
<span style="mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"><span style="mso-list: Ignore;">b.<span style="font: 7.0pt "Times New Roman";">
</span></span></span>Alternate heating that is not part of the
central system is the next option. An additional electric heating unit would
work. This can also serve as an air conditioning unit, if the house does not
have central air. </div>
<div class="MsoListParagraphCxSpLast" style="margin-left: .75in; mso-add-space: auto; mso-list: l1 level1 lfo2; text-indent: -.25in;">
<span style="mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"><span style="mso-list: Ignore;">c.<span style="font: 7.0pt "Times New Roman";">
</span></span></span>One of my clients installed a heater in the
garage because he used the garage frequently and liked having his car not so
cold. (This is the least energy efficient option.) He kept his garage at about
fifty degrees and it stopped the draftiness in his FROG. If you do this, you
should also insulate the garage walls and door as much as possible. </div>
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<br /></div>
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<b>Takeaway for buyers:</b></div>
<div class="MsoNormal">
If you are shopping in cooler months, pay attention to
temperature changes within the house. If you take your shoes off, you can feel
it in the flooring. Common cold spots are FROGs, finished porches that serve as
family rooms, additions that have no foundations, and areas near bay windows.</div>
<div class="MsoNormal">
If you are shopping in the summer, look for FROGs and rooms
or parts of rooms that have no foundation. <span style="mso-spacerun: yes;"> </span>These will tend to be colder. Check for
insulation under the floors in spaces like that. </div>
Anonymoushttp://www.blogger.com/profile/15870595829040834727noreply@blogger.com0tag:blogger.com,1999:blog-4604916854982306621.post-51714933505811693912013-01-18T10:00:00.000-05:002013-01-18T10:00:11.306-05:00A Skeptical Look at those singing “Happy Days are Here Again.”<!--[if !mso]>
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<span style="font-size: 12.0pt; line-height: 115%; mso-bidi-font-weight: bold;">As I told you Tuesday, FNC is my
new favorite valuation system. Especially here around Boston, where house condition
is a key factor in valuation, FNC gives me the best information.</span></div>
<div class="MsoNormal" style="margin-bottom: 12.0pt;">
<a href="http://www.blogger.com/blogger.g?blogID=4604916854982306621" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><span style="font-size: 12.0pt; line-height: 115%;">The latest FNC Residential Price Index™ (RPI) shows that the
recovery of U.S. property values has continued through November—the ninth
consecutive month of price gains driven largely by rising homes sales and
moderate economic growth. <span style="mso-spacerun: yes;"> </span>This is
consistent with the chorus of economists and Realtors® singing <i>“Happy Days are
Here Again.”</i></span></div>
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<span style="font-size: 12.0pt; line-height: 115%;"><span style="font-size: 12.0pt; line-height: 115%;">The national
survey numbers are on <a href="http://www.fncresidentialpriceindex.com/ViewFile.aspx?ref=pr_60">their chart</a>. Notice the bubble lines on the three
levels of composite indexes that FNC creates. They are pretty pronounced. The
songs of joy are because of the little tail of blue above the zero shaded blue
year-over-year data.</span> This indicates that the real estate market has hit bottom. The thing I
like about FNC is that it is also remarking on the “why.” As in “why are we
seeing a recovery in prices?” They report:</span></div>
<blockquote class="tr_bq">
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<span style="font-size: 12.0pt; line-height: 115%;">“An
imbalance between rising demand and limited supply continues to be an important
factor for sustained price momentum. While signs of market recovery have
instilled confidence and driven up demand as potential homebuyers take
advantage of low prices, the supply of homes for sale has been constrained due
to rising homeowners’ expectations about a continued price increase in many
fast-rising markets.”</span></div>
</blockquote>
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<span style="font-size: 12.0pt; line-height: 115%;"> </span></div>
<div class="MsoNormal">
<span style="font-size: 12.0pt; line-height: 115%;">Increased demand and limited supply is not good for
my clients, the buyers. So my song is <a href="https://www.youtube.com/watch?v=Yu7i0fnmW64"><i>“Ain't Nothin' Gonna Break my Stride” </i></a><span style="mso-spacerun: yes;"> </span>(Ain't nothin' gonna to break my stride. Nobody's
gonna slow me down, oh-no. I got to keep on movin' Ain't nothin' gonna break my
stride. I'm running and I won't touch ground. Oh-no, I got to keep on movin'…)</span></div>
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<br /></div>
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<span style="font-size: 12.0pt; line-height: 115%;">And now for
a little fun with numbers. Go to the<a href="http://www.fncresidentialpriceindex.com/tables.aspx"> FNC data page</a>. On the Filter bar, choose “All Northeast Region MSAs” Date range: January 2000
to January 2013. Then hit the green “Compare” button on the right. </span></div>
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<br /></div>
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<span style="font-size: 12.0pt; line-height: 115%;">First look
at Boston Metropolitan Statistical Area (MSA) compared to all the Composite
Indexes above. Boston looks much less like the hump of a camel. The Boston
bubble was edgier. In places without winter and places without such a huge
concentration of college-affiliated employment, the seasonality is not as big a
factor. So, when a composite is created, the edges wear down. The shape of the
Boston area curve - going up from 2000-2006 -- has been described as an “inverted
S curve.” The prices were highest in the spring market and again in the fall
market. Since we hit the top, in 2005 and again in 2006, the curve has gotten
more chaotic. So has my life as a Buyer’s agent. <i>(<span style="mso-bidi-font-style: normal;">“Ain’t nothin’ gonna break my stride…”)</span></i> </span></div>
<div class="MsoNormal">
<span style="font-size: 12.0pt; line-height: 115%;">The Northeast
data is limited to New York and Boston. Look at Boston MSA compared to New York
MSA. Boston rose faster, but not as high. Boston hit bottom sooner and has been
bouncing along the bottom for the past three years. New York hit bottom in
2011, a full two years later. You can tell that these guys are from the South,
since they are claiming Washington DC and Baltimore in the Southern region. Add
them in and take a look. You’ll see that Boston had a pretty mild bubble
compared to Northeast and Mid-Atlantic cities in this Index. </span></div>
<div class="MsoNormal">
<span style="font-size: 12.0pt; line-height: 115%;">The Mid-West
region had no profound bubble, except for Minneapolis. In the South, the bubble
was muted in Atlanta, the Texas cities, Nashville, and Charlotte. In the West,
Denver didn’t have much bubble at all. California went nuts; quite the camel
hump. Southwest cities went up, and then fell much harder, due to overbuilding. </span></div>
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<br /></div>
<div class="MsoNormal">
<span style="font-size: 12.0pt; line-height: 115%;">What does
this tell me? That this will be a year of high demand. A year when buyers and
their agents will need to be at the top of their game to get offers accepted
with reasonable terms. (<i style="mso-bidi-font-style: normal;">“Ain’t nothin’
gonna break my stride…”)</i></span></div>
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<b><span style="font-size: 12.0pt; line-height: 115%; mso-no-proof: yes;"><br /></span></b><span style="font-size: 12.0pt; line-height: 115%;"></span></div>
Anonymoushttp://www.blogger.com/profile/15870595829040834727noreply@blogger.com0tag:blogger.com,1999:blog-4604916854982306621.post-90000331580048001192013-01-16T10:00:00.000-05:002013-01-16T10:00:03.695-05:00Real Estate Valuation. Case-Shiller-Weiss<!--[if gte mso 9]><xml>
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<br />
<br />
When I started in real estate, in the early 1990s, the <a href="http://en.wikipedia.org/wiki/Case%E2%80%93Shiller_index">Case-Shiller-Weiss
index </a>was the best thing since sliced bread. For a fee, I could buy a
subscription to a program that would give me a fair market value price for a
specific property based on repeat sales data. I still did a <a href="http://4buyersre.com/comparative_market_analysis">CMA</a> on my own,
before reading what the program spit out. <br />
By the middle of the 1990s, the C-S-W Index started to fail me, because the
areas I was working in did not have sufficient data for the program to work. I
had report requests come back saying that C-S-W could not set a price because
of “economic noise” in the data (or something like that.) Yet,
Case-Shiller-Weiss Index was still the best info in town.<br />
This is how it works (in an oversimplified way): Market patterns are found
by tracking houses that had sold more than once, calculating the rise or fall
of that house’s sale price over the years. By crunching the information about
the rise or fall of many houses in an area, the local trend can be identified.
Back in the 1990s, the print edition of the Boston Globe had a little chart of
the Case-Shiller-Weiss index for the Boston area on the front of the Sunday
Real Estate section. It was a nice little colorful graph with a line wiggling
up and down as the seasons changed. At some point the graph went away.<br />
Standard and Poor’s bought the Index in 2002. It is still one of the indices
that most people look to for real estate information. Here’s the <a href="http://www.standardandpoors.com/indices/sp-case-shiller-home-price-indices/en/us/?indexId=spusa-cashpidff--p-us----">site</a>.
If you want to see when the bubbles came and broke, you can see it there.<br />
The limitations to what is now called the S&P/Case–Shiller U.S. National
Home Price Index are twofold:<br />
The data is limited to houses that have sold. A small percentage of houses
change hands every year. (The index also covers only single family housing.)<br />
The index does not account for changes in condition of the housing that is
being resold. Some of it has been improved and some has been neglected. <br />
Despite these limitations, this way of looking at housing trends has been
tried and true and trusted. It has been the go-to information source for me and
my peers for many years. <br />
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Anonymoushttp://www.blogger.com/profile/15870595829040834727noreply@blogger.com0tag:blogger.com,1999:blog-4604916854982306621.post-61063901563682650872013-01-15T14:44:00.000-05:002013-01-15T14:48:17.214-05:00The Valuation Index that I Trust<!--[if gte mso 9]><xml>
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Back in September, I spoke to Robert Dorsey of FNC about how<a href="http://fncresidentialpriceindex.com/tables.aspx"> this index </a>was
created and what he can do with it. <i>(Nice guy. He even speaks “non-math”
well.)</i><br />
Yesterday, I wrote about <a href="http://www.boston.com/realestate/news/blogs/renow/2012/09/real_estate_val_1.html">S&P
Case-Shiller </a>and their repeat sale methodology. It is a good index, but FNC
has something Case and Shiller couldn’t get in the 1980s – more data. FNC gets
its property information from loan origination databases – in other words,
right from the mortgage property appraisals and BP0s (Broker Price Opinions.)
This provides a more detailed picture of the size and condition of properties
being sold than public records can. It gives information that accounts for
depreciation or improvement of the property between sales. It is simply more
and better data. FNC collects that, then, blends it with public records.<br />
They worked at the database for ten years to build the index based on all
the physical characteristics typical for housing. (Those include physical
characteristics, like size and condition. It also can factor in school
districts, distance for a specific site, zip code, waterfront properties, and
more.) This allows for a good look at neighborhoods and what happens to housing
prices there. <br />
Because the index is data-rich, it can answer fairly specific questions. For
example, FNC was able to track the changes in real estate values as a result of
the <a href="http://oceana.org/en/our-work/climate-energy/offshore-drilling/gulf-oil-spill-response-center/the-spill-by-the-numbers">Gulf
of Mexico oil spill. </a><br />
The <a href="http://www.fncresidentialpriceindex.com/ViewFile.aspx?ref=20">details</a>
of their methodology was submitted for the reviewed journal, <i>J<a href="http://www.elsevier.com/locate/jhec">ournal of Housing Economics</a></i>. <br />
Who benefits from info like this? It’s aimed at investors and at lenders,
but it has caught my attention. What do you think?<br />
<br />
When I asked Mr. Dorsey about Boston, he said the gains were modest. <a href="http://www.fncresidentialpriceindex.com/tables.aspx">Look for yourself.</a>
(Choose any Metropolitan Statistical Area – MSA -- you want from the bar.) He
agreed that there is a lot of variation in the eastern Massachusetts market.
“One area is very specific and another house a short distance away is in
another world.” The same is true in many places, including where the company is
based, in Oxford, MS. <br />
FNC can customize the data to see what the market looks like based on any of
the characteristics that they are tracking. So, market information for a
neighborhood, or a market segment (like high end) or houses that are within a
mile of a disaster (like the Gulf Coast) can be studied. <br />
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<br />
Friday, I will walk you through how I look at FNC. The new numbers are out.
They show an interesting trend for the Greater Boston area. Before that, I want
to walk you through the valuation system that most Realtors® use to explain the
market. <br />
Anonymoushttp://www.blogger.com/profile/15870595829040834727noreply@blogger.com0tag:blogger.com,1999:blog-4604916854982306621.post-53348097274093352082013-01-15T12:50:00.000-05:002013-01-15T12:50:26.804-05:00Real Estate Valuation. A very basic lesson<!--[if gte mso 9]><xml>
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<span style="font-size: 12.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">This week, a new report came out from
my favorite valuation source. Before I write about that report, I want to give
enough background so that new readers can understand the importance of what is
being said. Today, I start from the beginning, earlier than 101, to explain how
real estate data is collected and what it means.</span></div>
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<span style="font-size: 12.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">When you don’t have enough data, or
data that is too heterogeneous, averages and medians do not tell you anything
that is helpful. </span></div>
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<span style="font-size: 12.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">An <b>average</b> is derived when you
add all the data points together and divide by the number of data points. So,
averages can be changed dramatically by one or a few very high or very low
figures in the data. The average of 1,2,3,4,5,6,7,8,9,10 is 5.5 (add them to
55. Divide by 10 to get 5.5) That seems right; it’s sort of in the middle of
these numbers. But, if there is an outlier, high or low, look what happens:
1,2,3,4,5,6,7,8,9,10,74. (Adds up to 129. Divide by 11 equals 11.7.) That
number, 11, does not reflect the vast majority of numbers in the series. That’s
why, in real estate, a single million-dollar sale in a modest town makes the average
sale price figure for that town higher than it should be.</span></div>
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<span style="font-size: 12.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">A <b>median</b> is derived when you
choose the figure that is in the middle of the data set. Using the two examples
above, the median is 5.5 in the first group (somewhat reasonable) and 6 in the
other (also fairly accurate.) Median is a better figure since a few very high
and very low data points don’t mess it up so much when you have a larger group
of numbers than the example above. But, median figures don’t tell you enough
about how high the highs are or how low the lows are. They also don’t tell the
concentration of property prices. Are there a lot at the high or low end?</span></div>
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<span style="font-size: 12.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">At best, a median price for all houses
of a specific size in a specific town can give you a guide to what you may need
to pay for a house like that in that town. But, a median price for all the
houses in the town doesn’t tell you much. </span></div>
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<span style="font-size: 12.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">Year over year median or average prices
can go up or down because all real estate is getting more expensive or cheaper.
It can also go up because a town has a new development of expensive housing at
the same time that modest housing prices are going down. You cannot know which
is true by looking at median prices alone. </span></div>
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<span style="font-size: 12.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">Got it? Tomorrow, I will write more
about valuation systems.</span></div>
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Anonymoushttp://www.blogger.com/profile/15870595829040834727noreply@blogger.com0tag:blogger.com,1999:blog-4604916854982306621.post-78752376822694615322013-01-11T10:00:00.000-05:002013-01-11T10:00:02.803-05:00Why is it so hard to find new construction for non-luxury buyers?<!--[if gte mso 9]><xml>
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In the Greater Boston area, we have a built-in scarcity of land. Boston has
the Atlantic Ocean on one side, limiting the range of its suburbs. The suburban
ring around Boston is more like a suburban crescent. In town and in the
suburbs, buildable lots are hard to come by. This has kept land prices high
within a good commute to Boston. Many undeveloped lots have ledge or some other
feature that makes them practically unbuildable. Frequently, houses are torn down
for new construction. Many of the tear-downs have been post-War houses on suburban neighborhood lots.<br />
In order to make a profit, that new construction will be either a mansion-level
single family or as many townhouses as the builder can get permitted on that
lot. The new build is not going to be a moderate family-sized single family
house. It is just not profitable to build that. <br />
In order to buy a buildable lot, a builder will need to spend $200,000 or
more for land, then prepare it for building. That preparation can cost hundreds
of thousands and take years in the approval process. Land has to meet standards
and a good bit of research goes into figuring out what will pass muster in the
towns and cities. These things cost money, as do remedies for uneven ground
level, water problems, rock ledges, and pollution in the ground.<br />
If the builder purchases a house to tear-down, the house purchase can be
closer to $400 in suburban areas. Then, add the cost of the tearing down the old
house and building the new house. This adds up fast and makes the investment high for the builder.<br />
In short, in order to make enough money to bother with the project, most builders are building something that is not designed for a moderate-income family. Mores the pity. But that is how it is.Anonymoushttp://www.blogger.com/profile/15870595829040834727noreply@blogger.com2tag:blogger.com,1999:blog-4604916854982306621.post-50581557587121119862013-01-09T14:30:00.000-05:002013-01-09T14:30:40.307-05:00The inventory problem<!--[if gte mso 9]><xml>
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The biggest problem that my clients and I faced since the end of the real
estate bubble has been the housing stock around Boston. The housing stock in
Massachusetts, by and large, is old: not Colonial-era old, rather, Industrial
Revolution-era old. Large tracts of housing sprang up in cities and towns
throughout Massachusetts between 1880 and 1930 or so. Much of this housing
stock is still here. Much of it is sturdy, wonderful construction. Some of it
was built poorly. Some is not aging gracefully. Some has been well
looked-after. This makes condition a wildcard. <br />
Not only is the housing stock old. Some is run down. Some has been renovated
weirdly. So, when a well-renovated property shows up on the market, it is a
strange and sought-after gem, <i style="mso-bidi-font-style: normal;">if</i> it
is a desirable size and in or near a desirable location. <br />
There is a mismatch between the housing stock in some areas and the people
who want to live there now. Much of the housing stock near the Red line was
built as two-family and three-family housing. To varying degrees, the
two-family housing is morphing into condos since the 1990s. The number of
single-family houses is relatively small. Looking at the 02144 zip code - which
is West Somerville - there are 612 single family houses, 1254 condos, and 3272
two and three family houses in the Assessor’s database. Similarly, in the
Central Square Cambridge zip code -02139 – there are 771 single family houses,
a whopping 4489 condos, and 1688 two-family and three-family houses.<br />
What has happened since the recession is that more of my clients are heeding
my warnings about the <a href="http://www.boston.com/realestate/news/blogs/renow/2007/10/timing_your_tra.html">costs of trading up</a>. They are looking for a place
that they can keep for the long haul, either as a “forever house” of as a
future investment property. My clients are not the only ones. I am seeing a
very sharp divide between properties that are in the “good location”
neighborhood and towns and those that are in less popular spots. I also see
more people rejecting properties that are too small or too run down. The marketing
difference is profound between those that are potential “hot” properties and
the rest of the inventory.<br />
<br />
Factors that are leading to “hot” housing:<br />
Mostly, owner-occupying buyers are buying for keeps. They are reluctant to
compromise on location or size, since they are there to stay. Today’s buyers
are not blind to history; they don’t want to be in the next wave of buyers
stuck at the top of the market.<br />
<b>Locations: </b>Close to subway lines, walking distance to town centers, within a
half hour commute to Boston, houses in towns with a good school reputation. <br />
<b>Size:</b> <span style="mso-spacerun: yes;"> </span>Condos: Two-bedroom or bigger,
two-level, those with good yards, those with two non-tandem spots. Houses: Three-bedroom
houses with three real bedrooms (not a third that is really a study,)
four-bedroom houses with two full baths. Multifamily: Two-family or bigger
properties that are big enough to rent for a positive cash flow.<br />
Anonymoushttp://www.blogger.com/profile/15870595829040834727noreply@blogger.com0tag:blogger.com,1999:blog-4604916854982306621.post-78311145779161755882013-01-08T12:56:00.001-05:002013-01-08T12:56:54.596-05:00That house doesn't have enough insulation. How did I know that?<!--[if gte mso 9]><xml>
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How do you know if there is enough insulation to keep heating
dollars from flying out of the top of your house? On days like today, it is
pretty easy. It is January. We had snow about a week ago. Today, it is 44
degrees out.</div>
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Today, while I was driving through Needham, I noticed a
house with significant snow cover on the roof. The house with a full complement
of snow stood out. Other houses on the same street had bare roofs. That house
has good insulation.</div>
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Sunlight melts snow, eventually, even when the air is below freezing.
But, most of the time, snow is melted from heating dollars at work. House heat
will rise right through the roof unless there is insulation to stop it.</div>
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Insulation on the floor of an unfinished attic is a great
energy saver. It is a no-brainer that pays back fast. If you have a finished
attic space, insulation is just as important. However, it is a little trickier
because you need to insulate and ventilate in the roof space above the finished
rooms. Fresh air needs to get into the bottom side of the roof surface and a
blanket of insulation needs to stop the house’s heat from passing up through
the roof. A baffle between the air space and the insulation is the way to do
that. Failure to insulate can lead to a nasty mold problem. (More about that
another day.)</div>
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If you are a buyer, what should you look for? On a day when
snow is on some rooftops, look at a house you are considering. If it is the
only one without snow, there is not enough insulation. If you can see the lines
where the roof rafters are causing less snow melt, there is not enough
insulation. (It will look like stripes of deeper snow with patches of less snow
in between.) But, if every house on the block has melted snow, it may be a
sunny spot or the day is warm enough to melt most snow.</div>
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As an aside, sky lights melt snow fast because they insulate
much less than roof material. Consider getting an insulated shade for your
skylight.</div>
Anonymoushttp://www.blogger.com/profile/15870595829040834727noreply@blogger.com1tag:blogger.com,1999:blog-4604916854982306621.post-16786097629022018472013-01-03T10:00:00.000-05:002013-01-03T10:00:02.200-05:00The Refinance Trap<!--[if gte mso 9]><xml>
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<span style="font-size: 12.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">When Larry wrote about his
misunderstanding of refinance math, I dusted off an <a href="http://www.boston.com/realestate/news/blogs/renow/2009/01/the_rush_to_ref.html">older entry</a></span> <span style="font-size: 12.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">to explain the trap he fell into. There are costs for refinancing
mortgage loans:</span></div>
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<span style="font-size: 12.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";"><br />
<b>Cost of the refinancing service: </b>even if you get a “no points, not
closing cost” loan, you are paying for it somehow. Sometimes the rate is higher
than a mortgage with more fees. Sometimes the fees are added into your
principal.</span></div>
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<b><span style="font-size: 12.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">Time:</span></b><span style="font-size: 12.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";"> suppose you refinance into a new loan after three years,
you can be hurting yourself by setting the clock back. If you go from a 30-year
product to another 30-year product, you are adding years to your payments. Are
you really ahead? Most of the time, no. Also, interest is front-loaded, so your
lender takes more interest from you in the first years. </span></div>
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<br /></div>
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<span style="font-size: 12.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">Here’s some quick math:<i> </i><br />
<i>(This is without taking any cash back.)</i><br />
If you borrowed $325,000 at 6.125 percent, the principal and interest is $<b>1975</b>.
Three years later, you reduce your rate to 5.125 percent, and you borrow what
is due on your existing loan – about <b>$312,000.</b> The principal and
interest is now <b>$1699</b>. Wow, you are saving nearly <b>$275 </b>a month.
(That's <b>$99,000 </b>over the life of the loan.)</span></div>
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<span style="font-size: 12.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";"><br />
But, you are paying your loan for an additional three years. Add the 36 more
payments of <b>$1699</b>; that’s <b>$61,164</b>. That cuts your savings some, doesn't
it?</span></div>
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<span style="font-size: 12.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">In the current rate environment, if you
were going from 5 percent to 3.5 percent for a 30-year mortgage, it would look
like this:</span></div>
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<span style="font-size: 12.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">If you borrowed $325,000 at 5 percent,
the principal and interest is <b style="mso-bidi-font-weight: normal;">$<span style="mso-bidi-font-weight: bold;">1745</span></b>. Three years later, you
reduce your rate to 3.5 percent, and you borrow what is due on your existing
loan – about <b>$309,400.</b> The principal and interest is now <b>$1390</b>.
Wow, you are saving about <b style="mso-bidi-font-weight: normal;">$355<span style="mso-bidi-font-weight: bold;"> </span></b>a month. (That's <b>$127,800 </b>over
the life of the loan.) Add the 36 more
payments of <b style="mso-bidi-font-weight: normal;">$1390</b>; that’s <b>$50,040</b> less that you are saving.</span></div>
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<span style="font-size: 12.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">When borrowers refinanced with cash
back, they frequently were not ahead if they looked at the added payments. If
you are further along on your mortgage than three years, your savings get
slimmer and slimmer, if you have to set your borrowing time back to the 30-year
mark. </span></div>
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<span style="font-size: 12.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">Real estate advice in the current
refinance boom: If you can afford to shorten the term of your loan, you will be
in much better shape. Otherwise, don’t rush into a low rate without looking at
the whole picture. <a href="http://www.mortgagecalculator.org/">Do the math</a> for yourself before
going ahead with a mortgage refinance.</span></div>
Anonymoushttp://www.blogger.com/profile/15870595829040834727noreply@blogger.com1tag:blogger.com,1999:blog-4604916854982306621.post-52686525693511014652012-12-31T16:27:00.000-05:002012-12-31T16:27:10.529-05:00The Mortgage Interest Deduction <!--[if gte mso 9]><xml>
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<span style="font-size: 12.0pt; line-height: 115%;">Happy New
Year! Sometime in the very near future, our Congress is going to start picking
apart our current tax structure. This examination of allowable deductions is
not part of the New Year’s Eve wrangling that is going on as I write this. But,
for at least a month, I have been getting frantic emails from Realtor®
organizations that the sacred “Mortgage Interest Deduction” is an endangered
species that must be protected. (Pardon the mixed metaphor. The hyperbole
around this subject has no subtlety.)</span></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<span style="font-size: 12.0pt;">I asked my financial planner
about whether he took these dire warnings seriously. He said that the deduction
will not go away. “It is a political third rail.” No one is going to let that
deduction disappear. Then, I asked my tax accountant. He wrote, “Attempting to
remove the mortgage deduction would be politically difficult, (if not
suicidal). However, attempting to cap all deductions would be much easier
to sell unless the nation's charities could successfully combat the notion.” The
guys I depend on for information about taxes both think this deduction is both
necessary and untouchable. </span></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<span style="font-size: 12.0pt;">When real estate came up at
a party, I mentioned the deduction and got a similar reaction. People see
questioning the mortgage interest deduction is equal to saying home ownership
is unnecessary to the economy. The deduction, they say, “is huge!” So, it seems
that tax-related professionals and the home-owning public see this deduction as
very important and a political hot potato. </span></div>
<div class="MsoNormal">
<span style="font-size: 12.0pt; line-height: 115%;">I asked my
tax accountant to explain the deduction, he wrote:</span></div>
<br />
<blockquote class="tr_bq">
<div class="MsoNormal">
<span style="font-size: 12.0pt; line-height: 115%;">On the most
basic level, the mortgage deduction may reduce your taxable income on a dollar
to dollar level. I say may because the amount of the mortgage deduction
(plus state tax and other deductions) has to be quantified against the standard
deduction. Reducing your taxable income reduces the amount of taxes you
pay. </span></div>
<div class="MsoNormal">
<span style="font-size: 12.0pt; line-height: 115%;">Usually the
mortgage deduction is the vehicle that allows middle class families to itemize
their deductions (and thus begin to fulfill the American dream). The
important consideration on this subject to remember is that "the
higher your personal tax rate the more significant the mortgage deduction
becomes". </span></div>
<div class="MsoNormal">
<span style="font-size: 12.0pt; line-height: 115%;">For many
people, they could not afford their house or condo if their tax burden
wasn't being reduced by the mortgage interest deduction. This is part of
why you are getting pressure from Realtors®. </span></div>
</blockquote>
<br />
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<span style="font-size: 12.0pt;">I think differently from
most of my real estate agent peers. My first thought about this deduction is
that the emphasis on it is way out of date. Houses are not the tax shelter that
they used to be. The reason: low interest rates.</span></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<span style="font-size: 12.0pt;">Mortgage interest rates have
been as high as eighteen percent in my lifetime. But, that’s not so normal.
Normal is more like seven to nine percent. It’s just that we have been spoiled
in the past fifteen or so years, when mortgage interest rates have been hanging
well below six percent for most of this generation of house buyers. </span></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<span style="font-size: 12.0pt;">Let’s do a little math:</span></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<span style="font-size: 12.0pt;">Suppose you have a mortgage
for $300,000. Your interest payments are front-loaded, so you pay far more interest
and far less principal in the earlier years. The tax deduction is on the
interest, so you get bigger deductions in the beginning when you are paying
interest more and principal less. </span></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<span style="font-size: 12.0pt;">If your interest rate is a
typical seven percent, your interest in the first year will be roughly $1750 a
month – that’s $21,000 in the first year. In year five, it is roughly $1640 a
month – that’s $19,680. In year ten, it goes to $1490 – that’s $17,880. At year
fifteen, it is down to $1275 -- $15,300 annual deduction. These figures are
significant tax shelters. </span></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<span style="font-size: 12.0pt;">With current interest rates
around three percent for 30-year mortgages, the picture is very different. Interest
in the first year will be roughly $750 a month – that’s $9,000 in the first year.
In year five, it is roughly $660 a month – that’s $7,920. In year ten, it goes
to $560 – that’s $6,720. At year fifteen, it is down to $450 -- $5,400 annual
deduction. It’s a tax shelter, but not like it was when interest rates were
higher.</span></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<span style="font-size: 12.0pt;">I am not jumping up and down
screaming that the mortgage interest deduction is vital to the housing economy.
I am being a rebel without a cause?</span></div>
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<br /></div>
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<br /></div>
Anonymoushttp://www.blogger.com/profile/15870595829040834727noreply@blogger.com2tag:blogger.com,1999:blog-4604916854982306621.post-72239033674098437362012-12-27T10:00:00.000-05:002013-01-08T12:30:06.077-05:00Easy ways to waste your heating dollar<!--[if gte mso 9]><xml>
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Today, I saved my tenants a hundred or more dollars. This is
how it happened: A couple of weeks ago, one of my tenants reported that his
window sash didn’t stay up. I asked my tenants to check all their windows so
that I could get all the repairs done at once. Please open and close and lock
all your windows. Let me know which ones don’t work.</div>
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When I came in today, almost all the windows were unlocked. I
locked them. Thus, I decreased the cold air flow significantly. My tenants are
like most people. Most people don’t know that these windows are not really
sealed until they are locked. <span style="mso-spacerun: yes;"> </span></div>
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<br /></div>
<div class="MsoNormal">
On the way out, I noticed they put their boot mat over the
air intake for their furnace. This is also something most people don’t know
about, until it happens to them. By covering the intake, the furnace has to
work harder to get air in. The intake grate is usually bigger than the grates
that the heat comes out of. They are often in hallway (which make them tempting
for places to put boots.) If the furnace is blowing and the grate is not
getting hot, it could be an intake grate. (It could also be a duct that is
blocked off.) Blocking this grate decreases the efficiency, at least, and can
cause worse problems if the air is cut off too much for too long.</div>
<div class="MsoNormal">
This happened before. That was with the old furnace and old
tenants. They had a rubberized mat over the whole intake grate. That caused the
furnace to stop working. The HVAC guy showed me what they were doing and tuned
up the furnace while he was here. <span style="mso-spacerun: yes;"> </span>Problem solved. Until today.</div>
<div class="MsoNormal">
Another side-effect of putting your boots on the intake
grate is that, on rare occasions, it can make your house smell like au de roasted
boot. I didn’t smell this first-hand -- so it may be an urban legend --
however, this is the story I heard:</div>
<div class="MsoNormal">
There was a house that had a bad smell. Sort of briny. The
family cleaned everything, but the smell persisted. Eventually, they went to
get their heating ducts cleaned. The duct cleaning crew told them that they
shouldn’t store sneakers on the intake grate. That was probably to source of
the smell. They cleaned the ducts anyway. Afterwards, the smell was gone. </div>
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<br /></div>
<div class="MsoNormal">
<b>The takeaways: </b></div>
<div class="MsoNormal">
Lock vinyl windows in the winter for better efficiency.</div>
<div class="MsoNormal">
Keep mats, furniture, and shoes off the intake ducts for
furnaces. The machine needs air flow to function properly.</div>
Anonymoushttp://www.blogger.com/profile/15870595829040834727noreply@blogger.com0tag:blogger.com,1999:blog-4604916854982306621.post-63678454933501588432012-12-26T10:00:00.000-05:002012-12-26T10:00:05.335-05:00Is creative financing a thing of the past?After revisiting Elizabeth Warren's writing, I return to the topic of lending. There are ways to borrow for a house with less than 20% down. You can, but should you?<br />
<br />
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<br />
Some people seem to have never heard of the mortgage meltdown of 2007. They
show up in <a href="http://4buyersre.com/">my practice </a> (usually on the phone) upset and unhappy
because they can’t borrow as much money as they thought they could, and the
&^%*# lender wants <i>so much documentation</i>. They ask whether I have
a <i>reasonable lender </i>for them to talk to.<br />
<br />
Today, I write to the people who just walked into the world of real estate
and are wondering why lending is the way it is:<br />
In the book, <i>The Big Short</i>, Michael Lewis explains the details of the
conversion of mortgage notes into a bond commodity. At some point in the Bubble
years, the way that the bonds were rated became strongly weighted on the credit
score of the borrower and less weighted on the borrower’s income and ability to
repay. This created a market for mortgages with borrowers who had high credit
scores. Their ability to repay the mortgage didn’t much matter. When everything
collapsed around this questionable valuation of notes, the banking industry tightened
their standards. <br />
<br />
Some think they went overboard. Have they gone overboard, or are they simply protecting their investor’s
assets? The truth about lending lives somewhere in between the free-for-all of
the mid 00s and the tightening that started in 2007. <br />
<br />
Yes, today there are mortgage programs for people with less than 20 percent
down. There are programs with as little at 3 percent down. There are several
programs available. Two examples are FHA and Mass Housing. The requirements for
each of these low down payment loans vary. For example: Mass Housing has income
restrictions. All of these programs have credit score requirements as well as
some other underwriting requirements. Check with your lender for details. Mass housing has just introduced a 3
percent down payment loan program with no MI (mortgage insurance). Rates on all
these programs are at typical market rate.<br />
<br />
Other “creative financing” is still available, too. For example, there are
combo loans available. This allows the home buyer purchasing a high end
property to get a conventional fixed rate mortgage instead of a jumbo rate mortgage (which is higher.) It is done by getting two
loans on the property -- a 1st and a 2nd mortgage. This way, neither loan will
surpass the jumbo loan limit.<br />
<br />
To do any of this fancy footwork, you need to have excellent credit and
steady employment. You also need to be buying a property that isn’t distressed
in some way (low owner-occupied condo complex, very poor condition.) Special
programs, like FHA, scrutinize the condition of a property and frequently fail
something that needs work. (I’ve had sellers need to repaint a garage to pass
FHA muster.)<br />
<br />
Some of you think the only way to regain sane pricing is to require 20
percent down. Yet would-be buyers have been frustrated by the immensity of a 20
percent down payment at these high prices. Are you one of those would-be
buyers?Anonymoushttp://www.blogger.com/profile/15870595829040834727noreply@blogger.com0tag:blogger.com,1999:blog-4604916854982306621.post-48334153143333386732012-12-20T10:00:00.000-05:002012-12-20T10:00:11.888-05:00Is Debt Immoral?<!--[if gte mso 9]><xml>
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When I got to the chapter “The Myth of the Immoral Debtor”
in <i>The Two Income Trap</i>,<span style="mso-spacerun: yes;">
</span>I was reminded of an exchange between A.B-G. and Markus at BREN.<span style="mso-spacerun: yes;"> </span>A.B-G.<span style="mso-spacerun: yes;">
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Markus responded:</div>
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They tell the story of a couple they call Jamal and Trish
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Reprinted from <a href="http://www.boston.com/realestate/news/blogs/renow/2010/03/but_for_the_gra_1.html">BREN</a>, March, 2010 </div>
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Anonymoushttp://www.blogger.com/profile/15870595829040834727noreply@blogger.com0tag:blogger.com,1999:blog-4604916854982306621.post-27085059080591861872012-12-19T10:00:00.000-05:002012-12-19T10:00:00.967-05:00Financial literacy and financial health<!--[if gte mso 9]><xml>
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<span style="font-family: "Cambria","serif"; font-size: 12.0pt; line-height: 115%; mso-ascii-theme-font: major-latin; mso-hansi-theme-font: major-latin;">Ms
Warren and Ms Warren Tyagi in <i>The Two Income Trap</i> wisely
advise families to prepare for emergencies ahead of time. I am thinking of
copying the chapter “The Financial Fire Drill” and giving it to my clients
before they start house hunting. They pose three questions:</span></div>
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<br /></div>
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<span style="font-family: "Cambria","serif"; font-size: 12.0pt; line-height: 115%; mso-ascii-theme-font: major-latin; mso-hansi-theme-font: major-latin;">1. Can your family survive for six
months without one of the incomes you rely on? </span></div>
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<span style="font-family: "Cambria","serif"; font-size: 12.0pt; line-height: 115%; mso-ascii-theme-font: major-latin; mso-hansi-theme-font: major-latin;">2. Can you downshift the fixed expenses?</span></div>
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<span style="font-family: "Cambria","serif"; font-size: 12.0pt; line-height: 115%; mso-ascii-theme-font: major-latin; mso-hansi-theme-font: major-latin;">3.<span style="mso-tab-count: 1;"> </span>What is your emergency back-up plan?</span></div>
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<br /></div>
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<span style="font-family: "Cambria","serif"; font-size: 12.0pt; line-height: 115%; mso-ascii-theme-font: major-latin; mso-hansi-theme-font: major-latin;">Rent
or mortgage is usually the family’s biggest fixed cost. Since mortgage is
almost invariably higher than rent here, would-be home buyers need to think
about their fixed costs and how to prepare to pay them. Therefore holding the
mortgage payment to something you can handle is key. </span></div>
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<br /></div>
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<span style="font-family: "Cambria","serif"; font-size: 12.0pt; line-height: 115%; mso-ascii-theme-font: major-latin; mso-hansi-theme-font: major-latin;">I
would like to get specific about how to think about your mortgage payment.</span>
</div>
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<span style="font-family: "Cambria","serif"; font-size: 12.0pt; line-height: 115%; mso-ascii-theme-font: major-latin; mso-hansi-theme-font: major-latin;">The
“front” ratio for a loan is your real estate monthly payment in relation to
your gross adjusted income. A prudent limit is no more than 28 percent of your
income that can be used for your housing expense. I advise my clients not to
fudge it beyond that level.</span></div>
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<br /></div>
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<span style="font-family: "Cambria","serif"; font-size: 12.0pt; line-height: 115%; mso-ascii-theme-font: major-latin; mso-hansi-theme-font: major-latin;">Let’s
keep it simple: </span></div>
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<span style="font-family: "Cambria","serif"; font-size: 12.0pt; line-height: 115%; mso-ascii-theme-font: major-latin; mso-hansi-theme-font: major-latin;">If
a couple earns $100,000 gross adjusted income, their mortgage payment is capped
at $28,000 a year, or $2,333 a month. That’s the whole payment: principal,
interest, tax and insurance.<span style="mso-spacerun: yes;"> </span>Most of the
time, my would-be clients are clueless about the weight of property taxes. They
can borrow $350,000 for less than $2000 in principal and interest. Fine.
Property insurance is likely to be under $200 a month. Great. But taxes in that
price range can get as high as $600 a month. Especially in the suburbs where
there is more land on the parcel.</span></div>
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<br /></div>
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<span style="font-family: "Cambria","serif"; font-size: 12.0pt; line-height: 115%; mso-ascii-theme-font: major-latin; mso-hansi-theme-font: major-latin;">OK,
scale back. Since a cheaper house will have lower property tax, on average, at
$100,000 gross adjusted income, the prudent loan amount comes in at about
$280,000, assuming a $500 a month tax bill. Where taxes are lower, say $300 a
month,<span style="mso-spacerun: yes;"> </span>that figure goes up to about
$315,000. </span></div>
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<br /></div>
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<span style="font-family: "Cambria","serif"; font-size: 12.0pt; line-height: 115%; mso-ascii-theme-font: major-latin; mso-hansi-theme-font: major-latin;">In
this market, that doesn’t buy a family home in a toney suburb. If both members
of the couple are working full time to earn that $100,000, can you have a
back-up plan that would work? Unlikely.</span></div>
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<br /></div>
<div class="MsoNormal">
<span style="font-family: "Cambria","serif"; font-size: 12.0pt; line-height: 115%; mso-ascii-theme-font: major-latin; mso-hansi-theme-font: major-latin;">Depending
on two incomes at maximum mortgage level is a bad idea. </span></div>
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<br /></div>
<div class="MsoNormal">
<span style="font-family: "Cambria","serif"; font-size: 12.0pt; line-height: 115%; mso-ascii-theme-font: major-latin; mso-hansi-theme-font: major-latin;">When
mortgages were calculated on a single income -- in those <i>Father Knows
Best</i> days -- couples could overcome a set-back by sending Mom to
work. I think the mortgage rules should be scaled accordingly, with a lower
ratio if two incomes are being counted (maybe 20-25 percent.) Even if the rules
aren’t changed, I try to convince my clients to scale themselves back so they
have fixed costs that they can handle.</span></div>
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<br /></div>
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<span style="font-family: "Cambria","serif"; font-size: 12.0pt; line-height: 115%; mso-ascii-theme-font: major-latin; mso-hansi-theme-font: major-latin;">I
feel like a lone wolf crying in the wilderness about this. At least <i>The Two Income Trap </i>authors take it seriously.</span></div>
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<br /></div>
<div class="MsoNormal">
<span style="font-size: x-small;"><span style="font-family: "Cambria","serif"; line-height: 115%;">Reprinted
from <a href="http://www.boston.com/realestate/news/blogs/renow/2010/03/the_financial_f.html">BREN</a>, March
2010.</span></span></div>
Anonymoushttp://www.blogger.com/profile/15870595829040834727noreply@blogger.com3tag:blogger.com,1999:blog-4604916854982306621.post-32787492759050719352012-12-18T13:39:00.000-05:002012-12-18T13:39:00.110-05:00Real estate is about the schools, right?<!--[if gte mso 9]><xml>
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<span style="font-family: "Cambria","serif"; font-size: 12.0pt; line-height: 115%; mso-ascii-theme-font: major-latin; mso-hansi-theme-font: major-latin;">In The <i>Two Income Trap</i>, one of the ongoing tropes is that the
pressure to send one’s children to “good” schools underlies the competition for
houses in well-regarded schools systems. Ms Warren and Ms Warren Tyagi explain
that women in the workforce increased the spending power of the family. The
extra income did not go to runaway spending on clothes and other consumer
goods. They say:</span></div>
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<span style="font-family: "Cambria","serif"; font-size: 12.0pt; line-height: 115%; mso-ascii-theme-font: major-latin; mso-hansi-theme-font: major-latin;">“…families
where swept you up in a bidding war, competing furiously with one another for
the most important possession a house in a decent school district. As
confidence in the school system crumbled, the bidding<span style="mso-spacerun: yes;"> </span>war for family housing intensified, and
parent soon found themselves bidding up the price for other opportunities for
their kids, such as s slot in a decent preschool or admission to a good
college. Mom’s extra income fit in perfectly, coming at just the right time to
give each family extra ammunition to compete in the bidding wars – and to drive
up the prices even higher to for the things they all
wanted.”</span></div>
</blockquote>
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<span style="font-family: "Cambria","serif"; font-size: 12.0pt; line-height: 115%; mso-ascii-theme-font: major-latin; mso-hansi-theme-font: major-latin;">I
have written about schools on this blog and I have heard how important schools
are. In <a href="http://www.boston.com/realestate/news/blogs/renow/2009/04/is_living_well.html">my entry</a> Is
living well about the schools? the short answer was “yes!” Even for
people without children, "everyone knows" that the price of a house
depends on the reputation of the school system.</span></div>
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<br /></div>
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<span style="font-family: "Cambria","serif"; font-size: 12.0pt; line-height: 115%; mso-ascii-theme-font: major-latin; mso-hansi-theme-font: major-latin;">In <i>The Two Income Trap</i>, the authors quote a study that
confirms that </span></div>
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<span style="font-family: "Cambria","serif"; font-size: 12.0pt; line-height: 115%; mso-ascii-theme-font: major-latin; mso-hansi-theme-font: major-latin;">“school
quality was <em>the single most important determinant of neighborhood
prices – <i>more important than racial composition of the
neighborhoods, commute, distance, crime rate, or proximity to a hazardous waste
site.”</i> [Emphasis theirs] </span></div>
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<span style="font-family: "Cambria","serif"; font-size: 12.0pt; line-height: 115%; mso-ascii-theme-font: major-latin; mso-hansi-theme-font: major-latin;"><i>The
Two Income Trap</i> authors say the solution to the housing crisis is
fixing the school crisis. If the competition for schools was neutralized by
more opportunity for education that isn't tied to house location, then the
inflation of "good school" towns would cool down. </span></div>
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<span style="font-family: "Cambria","serif"; font-size: 12.0pt; line-height: 115%; mso-ascii-theme-font: major-latin; mso-hansi-theme-font: major-latin;">"Any
policy that loosens the ironclad relationship between
location-location-location and school-school-school would eliminate the need
for parents to pay an inflated price for a home just because it happens to lie
within the boundaries of a desirable school district," wrote Ms Warren and
Ms Warren Tyagi. </span></div>
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<br /></div>
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<span style="font-family: "Cambria","serif"; font-size: 12.0pt; line-height: 115%; mso-ascii-theme-font: major-latin; mso-hansi-theme-font: major-latin;">Do
you think that’s a feasible solution? Do you think Ms Warren should take on
this one when she’s done with TARP?</span></div>
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<br /></div>
<div class="MsoNormal">
<span style="font-family: "Cambria","serif"; font-size: 12.0pt; line-height: 115%; mso-ascii-theme-font: major-latin; mso-hansi-theme-font: major-latin;">Another
problem facing young families is the simple lack of affordable family-sized
housing <i>anywhere</i>, not just in the "schools, schools,
schools" neighborhoods.<span style="mso-spacerun: yes;"> </span>Where there
are larger condo units or houses, they are sold to people who have more
spending power than many young families.<span style="mso-spacerun: yes;"> </span></span></div>
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<span style="font-family: "Cambria","serif"; font-size: 12.0pt; line-height: 115%; mso-ascii-theme-font: major-latin; mso-hansi-theme-font: major-latin;"><span style="font-size: x-small;">Reprinted
from <a href="http://www.boston.com/realestate/news/blogs/renow/2010/03/middle_class_is.html">BREN</a>, March, 2010.</span> </span></div>
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Anonymoushttp://www.blogger.com/profile/15870595829040834727noreply@blogger.com1