Today in Real Estate and Auctions

2009-11-16T17:57:00.003-05:00

Rumor has it...

If you are watching the morning, or the evening news, you are made to think that there are WAAAAAY to many houses on the market, and NONE are selling. WRONG!! All Real Estate is local, and although the national picture as a whole may not be that great, local real estate is flying off the shelves in some cases. In my market area, if you have a nice property, under 450,000, it can be gone in days.

Now, this does not mean that you do not need to continue putting your best foot forward. Buyers are still selective, as they should be, and need to see "value" in your property. Right now, inventory is so low, that the frustration of buyers, and Realtors working with buyers is there is nothing out there for them to buy. With the extension of the tax credit, some of the pressure if off to "buy now," but the fact remains, there are buyers who want, and NEED to buy now. Interest rates are at historic lows. Combine that with leveling prices (after a decline) and a potential tax credit and you have the BEST conditions in decades in which to buy a home.

Sadly, not everyone is in a position to take advantage of the current market conditions. Unemployment, compromised credit, and tightening borrowing requirements will bump some folks out right now. For those, use this time to rebuild your credit, and look to the future for the time when you will be able to buy. Home ownership, even with the recent horror stories, in my opinion remains the American Dream, and makes smart business sense in the long run.

Sellers, if you have been waiting to list your home for fear that it will not sell...fear no more. With proper staging, pricing, marketing and negotiating, this is a great time to sell. You may even find multiple buyers fighting for your property... which drives the price way up.

When selling or buying real estate, always consult with a team of trusted professionals. Choose the right Realtor, home inspector, lender, and attorney. Shop around, ask questions. In the end, it is this team that makes your dream a reality.

I am always available to respond to your questions or comments, and I invite you to contact me at rick@colonialmanorrealty.com

If you have forever, buy a "short sale."

2009-07-07T20:41:00.002-04:00

Let's face it, every buyer is hoping to get "a deal" when looking to buy real estate. These days, one might find that deal of a century in a "short sale." Sounds like a good idea, but...there are pit falls. In brief, a "short sale" is a property that is on the market where the home owner, or seller, is not the party that is able to respond to your offer to purchase, but rather is the job of the sellers lender. In this situation, the property is "selling" for LESS than what the seller owes on it. You may see these words on such a listing..."subject to third party approval."

On its face, this does not seem like it would be a problem, for you the buyer, but rather would seem like a great opportunity to purchase a home at a good price. Generally, these listing are priced aggressively, so that they sell quickly. Most times, a buyer, or many buyers are sought quickly, but the problem is...the lender takes FOREVER to respond to these offers. I am currently representing a seller, where since January I have had multiple offers, but still have not received a response from the lender. Some buyers have withdrawn their offers because they simply could not wait. They missed out on other homes, and in some instances, they have sold a home, and need to buy something within a certain time frame, and simply could not wait it out.

If you have the ability and the patience to wait, the end result could be a VERY GOOD buy for you. I am also representing a buyer right now who is renting, and can wait. They have put an offer on a property that if accepted, will be the buy of a lifetime...it might just work out for them. It could work out for you too if you are in the right position, and know what you are getting into.

The thing that amazes me in all of this, is that you would think that the lenders would respond fast in this situation. Here they have a seller who has not made a mortgage payment in months, and the more time that goes by, the more they are losing. Isn't 3/4 of a pie better than no pie? They could get their money, and put it to work for them in another way to help cut their loss.

I have a lot of respect for folks who find themselves in this difficult position...some people just pack up and move, and let a house go to foreclosure. It takes a lot of time, pride, and stress to pull off a "short sale." These sellers leave with ZERO money, but they have their pride and dignity for having done all that they can do during this difficult time. Most times, it is not even their fault...the banks in many cases gave them WAY more money than the house was ever worth, making it impossible for them to ever re-pay the loan...C'mon lenders, everyone is putting their best foot forward, you should too. We are dealing with people, not just papers and money.

If you would like more information on "short sales," please contact me, and I will be happy to discuss it with you. You can e-mail me at rick@colonialmanorrealty.com.

Show it, don't blow it!

2009-06-25T12:25:00.003-04:00

If you are thinking of selling your home, and you haven't heard...the market is a bit challenging, although improving from months past. There are things you NEED to do before putting your house out there for the world to see. After selecting a GREAT agent to represent you, be sure that this GREAT agent assists you in preparing your house for Sale. Your home is now a product...how can you best package that product so that it will appeal to the majority of buyers?

Some just don't get it. I mean, you all want top dollar, you want it sold fast, yet, you do nothing to aid in making sure that happens. A GREAT agent will be honest with you, and will tactfully tell you to get rid of the extra clutter, paint the den, rip up the old rugs, trim the bushes, plant some flowers, fix the leak, and everything else you need to do. Buyers are out there comparing YOUR home, to the many others that are available. Dirt and clutter do not sell.

If I appear a little harsh, it is because today I noticed 3 houses on the market, in the same neighborhood, that are all listed for well over 1 million dollars! Are they kidding? One has 12 rooms, all painted in horrific colors, and decorated like a dorm room. The other is so cold, you need a sweater in July, with its what seems like miles of dated floor tile, and the last looks like it's furnishings are right out of the Vatican. Trust me...nobody wants to see little Franky's 2 foot by 3 foot communion picture, with the touched up Rosie cheeks from 1969 hung over the fireplace! People, you want OVER 1 MILLION DOLLARS! Where are your Brokers? Did they flatter you and tell you everything is perfect just to get the listing? 6 months from now, and 6 price reductions later, these sellers will have wished that someone was HONEST with them.

Remember, if you smell it, you will not sell it...If it is cluttered and dirty, get comfortable, you are NOT moving anytime soon. So please, if you want to sell, and you want to maximize your property's value, remember that you have ONE shot to leave a good first impression...so get ready to SHOW IT, so that you DON"T BLOW IT!

PRICE vs. VALUE

2009-06-01T20:45:00.000-04:00

My wife and I went out to dinner the other night with a few friends, which is unusual, not because we don't generally have friends who want to join us for dinner, but because we are always busy doing something with an 18 year old, and a 4 and a half year old (yes, we like to space them out a bit...) we don't always find the time to socialize the way we used to. So now, when we do get to go out a bit, we are careful to make the most of it. We enjoy trying new restaurants in particular. Wait, I am telling you all this for a reason that relates to real estate, so hang in there. Sometimes we hit a home run, and other times we just don't get it right. The worst feeling in the world is feeling like you just got ripped off!! I HATE that! I would rather pay 200.00 for a GREAT meal, than pay 30.00, and feel like I over paid. This is what brings me to PRICE vs. VALUE.

Right now, without question is the best time I have seen in 23 years in which to buy real estate. Many of you get it, and are out doing just that. We have seen a HUGE increase in activity and sales. Interest rates AND prices are down...that NEVER happens, where both are low. If you are waiting, you can be sure that prices will start to increase as demand dictates that, and demand has increased tremendously.
My advise is to not shop by price, but rather by value. I have a few buyers right now looking to get into the market for the first time...with the 8000.00 tax credit, and all of the other favorable conditions, they are smart to be aggressively out there looking to buy. A mistake they sometimes make is that when they see a new listing appear for 269,900 or so, they want to see it right away because there are few homes on the market in that price range. It seems like a good price, but...is it a good value? Not always. The price seems affordable, but could still be too much for what it is. Perhaps the house at 299,900, although a higher price, is really the better value. The price differential is about 10%, but, for the difference in money, the location may be 25% better, it might be 20% larger, and may be in 30% better condition. Like buying the 200.00 meal that leaves you happy, rather than overpaying for an inexpensive meal that had almost no value.
As I mentioned, now is a great time to buy. If you have been on the fence about your timing...you have waited long enough. In Real Estate, once things turn around, it happens without much warning, and you could be left on the side lines, wishing you made the move.
There are some nice buys out there, so give me a call and I will share them with you. Together, we will find a wonderful VALUE just for you.
Call me anytime at 781-942-4932, or write with your questions and comments to rick@colonialmanorrealt.com. You may also visit my website at http://www.ricknazzaro.com/

All Real Estate is LOCAL

2009-03-13T15:16:00.000-04:00

You turn on the radio, all you hear is how "bad" the market is...and how you will "Never" be able to sell your home. If you hav'nt driven yourself off the road, you get home and now you put on the TV. Oh no, be ready, it won't be good. Pictures of foreclosure signs are plastered across your screen, people are living in tents, and surely, the world is sure to come to an end at any moment. It's dinner time, but can you eat? Should you throw your head in your hands and weep, I mean, what can you do? Thing are just soooo bad, there must be no end in sight, and absolutely no way out...right? Well, I say "wrong!"

Although things are very tough for some right now, and seriously, our thoughts are with them right now, but it is NOT everywhere, like the news would lead us to believe. The Real Estate market is different in each state, in each town, in each neighborhood, and on each street. Maybe, just maybe things are pretty good where you are, or...maybe things are GREAT where you are. To find out, talk with a professional from your area, and see what is happening right outside your door...it just may be better than you think.

Now, this is not to say that prices have gone sky rocketing like in days gone by, but maybe they have not dropped too low either. Buyers, wow do you have it made. This is the time to buy...if you hav'nt, you should not delay much longer, things have really picked up, and homes are selling. Interest rates are likely to never be this attractive again(around 5%), and prices are perhaps on the upswing in some areas, so get in while the gettin' is good.

I think buyers will be surprised in some areas. There really is very little inventory available. In fact, I am working right now with qualified, well positioned buyers who WANT to buy a house...there is just nothing for them to buy...imagine? When something hot comes on, it goes in days. Are they telling us that on the news? NO!!!

I wish the news would give us a little positive information form time to time. It would do all of us a world of good, no matter what business you are in. The press has us so scared, we are hiding our money like squirrels hide nuts for the Winter. That makes us feel better, and more secure, but does nothing good for our common goal, which is to see everyone have confidence in their decisions. Regardless of all the bad news lately, I STILL feel, and probably always will, that owning a property is The American Dream...Now is the time to make that dream come true.

If I can help...I am always here for you!!

Fine in-0-nine

2009-01-01T14:00:00.000-05:00

Here it is folks...the first day of the new year, where our hopes and dreams for the year have every opportunity of coming true. We are optimistic, enthusiastic, and going through the day with a smile on our face, and a spring in our step. We are looking forward to good health, enjoyable times with family and friends, and success in our chosen profession. As we look back to the year now behind us, some of think that no matter what happens in the new year, it can only be better than what was in 08'. What's on every one's mind? The economy!

The past year has left us thinking that we may not be able to retire until we are in our mid 90's...nothing any of us hoped for. Let's face it, one of the best things about getting older is the idea that some day we can sit by the ocean...without our cell phone in hand, or visit a friend long enough to enjoy that second cup of coffee. Now what? Will we live long enough to see it come back so that we can do those things, sooner than later? Really, who knows? We sit and watch the television hoping that the "experts" will tell us when things will get better. Funny, those same "experts" in many cases are the ones that helped get us here in the first place. What do they know? Is there a crystal ball somewhere that we don't know about?

I think the best advise I have heard is to, as my 17 year old son would say, "CHILL." We just have to ride this out. Confidence is the key. We need to feel confident that if we buy something today, that it is not worth less tomorrow, and I believe that will, and actually is happening in some cases. From sweaters at your local retailer, to homes for sale in your neighborhood, there are some GREAT deals out there. If you have the ability to buy anything right now, then right now is the time to buy! You will enjoy tremendous savings while enjoying whatever it is you buy, AND...you will help the economy to get back on its feet, which will benefit all of us in the end.

On this day, I urge all of us to look at all of the joys in life that are FREE. These are often the best things we can ever ask for. I realize this is sometimes difficult when you may be thinking of which bill to pay today, and which ones can wait...this is never fun, but have faith, things will always work out. I will continue to have spiritual faith, faith in my family, faith in my business partner, faith in my associates, faith in my friends, clients, my peers and MYSELF! All of us together can make GREAT things happen. I am certainly looking forward to great things, and am more than confident that all will be Fine in-0-nine!

Happy Holidays?

2008-12-01T19:30:00.000-05:00

All I have been hearing lately is about how "bad" the real estate market is! Please, I know already, I am a Realtor, remember? Truth is, it isn't great, but it isn't as bad as "they" say. I have sold some homes, my office has sold some homes, and in general, things are OK. The real winners are those who realize that this is the time to buy. My recent clients could NOT be happier...they are picking up property that they NEVER thought they could afford.
With that being said, there was a time when I thought if I didn't sell a ton of Real Estate, I was doomed. How could I be happy without so much income? Well, the past year has taught me a lot. It has taught me how to relax about the numbers...it is what it is, and it will be what it will be.

I pay my bills, we have nice meals everyday, my wife always looks lovely, my house is a home, my kids go to great schools, AND, we are all healthy! What more can a guy ask for? This Holiday Season, when we have seen the value of our property sink to an all time low, the stock market reduce itself to the point of no return, and constant news that "the sky is falling," how can we possibly have Happy Holidays? I say "easy!"

Just look around you, and really take notice of your many blessings. I find myself just stopping to notice the little things that we too often take for granted. I dropped my elderly parents off at the airport a few weeks ago so they may once again enjoy the Winter in Florida. I paused to watch them hand in hand, after 61 years of marriage, walking to embark to a place they love and enjoy...together. At a recent High School football game, I stopped in the midst of a cheering crowd to look at my beautiful wife who welled up in tears as our boy was included in a winning play...she beamed with pride, as tired as she was from all she does.

My little boy, now 4 is ALWAYS doing something that amazes me. I can stare at him for hours, just lining up his hundreds of Hot Wheels. The joy his cars bring him is unbelievable. Just a little car, nothing more. From time to time he will stop what he is doing just to say "I love you Daddy!" How many houses would I need to sell to feel how that makes me feel?

So please, this Holiday Season, enjoy the sight of the lights, the scent of the tree, and the hugs of your friends and family. So you can't buy that big TV this year...so what, you'll see the same shows on your old, small TV. With an extra dollar, maybe bring a can of soup to your local Food Pantry, or send a card to our troops...to these folks, the little things mean so much. The bonus here, is you will feel better doing it.

Yes, the economy is not the best, but look at what we DO have...an opportunity to go back to simpler times, when we couldn't wait for Grandma to come over, just to see Grandma, and not for what she bought us.

Wishing you, even without that BIG TV, the Happiest Holidays ever!!

I wish I had gas...

2008-10-27T12:03:00.000-04:00

On Tuesday morning, I was sitting eating a bagel, minding my own business, when the phone rang, and it was my tenant from a property I own...he was HYSTERICAL! Sadly, not the kind of hysterical you might be when you hear a funny joke, or watch someone trip...it was the bad kind of hysterical. "Rick...it's bad, it's bad," he screamed, "the oil, the oil, it's everywhere!" Being Italian, I instantly think Olive Oil, but something told me it was more than a pan of fried cutlets gone astray. Yes, the oil tank in the house had let go after an oil delivery, dumping 100 gallons onto the cement floor. I tried to wake myself up from this horrific nightmare, only to realize that I was already awake. I started frantically dialing the phone, calling everyone from my furnace repair guy, to the fire department, and my business partner. I HAD to get to the house, but...I was not dressed yet. What does one wear to a hazardous waste site? I knew my dress shoes would not be appreciated, so I threw on my hat, my worst sneakers, took a deep breath and drove to the house, while saying a Novena (a little prayer). What would I find when I arrived? I pulled up to the house, and it was just unbelievable. You would have thought a tanker had rolled over on Rt. 128 during rush hour, in front of a school bus full of toddlers. Everyone was there but my elderly parents...but don't worry, they arrived shortly thereafter. Once the initial shock of this passed, we realized we had a very serious issue on our hands.
Being in the Real Estate business for so long, I have had clients who had experienced oil leaks, and I always felt so bad for them...I am now among those I referred to as "the poor things."
At this point, there are still many unanswered questions, but I think I have surrounded myself with the right professionals to assist in getting this resolved. It will likely take some time, but like my Mother said..."this too shall pass." Nobody was hurt, my family is fine, my tenants are fine, and this is just a bump in the highway of life...I do believe in fact that
"this too shall pass,"but it does make me wish that instead of oil, I had gas.

What does a picture REALLY say?

2008-09-28T19:06:00.000-04:00

You are on the hunt for your first home, or a new home, and like so many (most actually), you rely on the Internet for information about what is on the market...that's great, but is it really working for you? Most real estate websites will provide you with information about a property...its lot size, taxes, number of bedrooms and baths, and so on. Read on, and I will tell you how I can help you also get the ADDRESSES of All of these listings. In the mean-time, when you look at these listings, it is a little like "reading" a magazine, you can't help it, but you will tend to look at the pictures, and then decide if this is a property you should look at or not. Some of you have gotten really good at this. You have deducted that if there is no photo of the kitchen, the kitchen must be just awful. This is sometimes true, but not always. Many will not like the wallpaper in the dining room, and eliminate this property from being on the "to see" list.
You are likely finding that you eliminate more properties than those you would one day want to visit.

This is often a mistake. Please keep in mind when shopping for a home, that there are many, many different Realtors marketing the listings. We all have a different style, and a different degree of talent in taking photos. Some agents load up the computer with so many pictures, there is almost no reason for you to go and see it, others only put in a few photos, with the hope that they have "wet your whistle, and that you will want to see more, so you will come and view the property. Of the two, I believe that too many photos is often a mistake in the marketing process. If every photo is not perfect, most buyers will eliminate that property. Too few however, can leave a buyer thinking that there must be few attractive features with that property to make it worth their while to see. For me, somewhere in the middle is ideal. Enough to keep it interesting, yet not too many, leaving a greater opportunity to misrepresent the property.

Just recently, I was showing property to a client in Andover. We got together about once a week and looked at 4 to 6 homes during our time together. On one particular evening, we were all very excited to see a particular home, as it looked absolutely beautiful on line...the pictures were fantastic. We eagerly drove to the property, parked the car, I opened the front door, and the first comment from my client was "wow, this house is WAY more photogenic than it is attractive in person!" I agreed, the pictures looked like they should have been in a decorator magazine, when in reality, it MAYBE would have been featured in a "how to completely re-do your fixer upper" brochure. Needless to say, they did not care for the house at all, and they were very disappointed. In my opinion, the agent did not do their seller any favors by having the property pose as a "beauty" when it really was a "beast." Better to paint a true picture so that visitors will be pleasantly surprised, rather that disappointed.

One week later, there was a house that I insisted they see. The listing had a few photos, none were that great, but I could tell that there was more here than met the eye. We went to see the property, and guess what...they LOVED IT. The house was much, much nicer that the photos indicated. Had they relied strictly on the photos, and not my urging them to take a look, we would still be looking for a house, instead of preparing for a home inspection and the signing of a Purchase and Sale agreement this week.

If you are looking for a house, I would ask you to look at the BIG picture. I would rather show you multiple houses, and have you rule them out once you have seen them. You just might find the perfect house when you least expect it. Think of it as computer dating...maybe he or she takes a bad head shot, but, they may offer you a lifetime of happiness once you take the time to meet them in person.

Now...how can you see listings everyday, WITH THE ADDRESSES? Send me an e-mail at rick@colonialmanorrealty.com, and tell me what your price range is, and in what communities you would like to look, and I can place you on my auto-e-mail search. You will receive new listings everyday. This is most helpful because no matter how beautiful the property, if it is not in a location you want to live in, then, and only then might it make sense not to take a look. Who doesn't love to do a "drive-by?"

As always, looking forward to serving my clients the best I can. Call me anytime. 781-290-7425

You can't have it both ways...

2008-09-19T20:19:00.000-04:00

What to do...do I buy, do I sell, do I do nothing and wait for the market to change? If I only had a nickel for every time I was asked that question. Of course, the answer is different, depending on your situation, and the market conditions that exist at the time you are asking yourself those questions. You may have heard...right now, we are in a buyers market, meaning, this is a PERFECT time for first time buyers to buy a home, or for those looking to "Move on UP," like "The Jeffersons." Interest rates are favorable, prices of homes, in most areas have reached a point of affordability, and inventory is plentiful; all conditions that are on the side of the buyer.
For a first time buyer, the current market conditions allow for some who could not enter the market a year or two ago, to do so now...remember, paying rent only pays down the mortgage...FOR YOUR LANDLORD! For the buyer who wishes to trade up, this time is ideal for them as well. Yes, they may take a bit of a hit on the house they are selling, but proportionately, the house they buy will be an even better value. To take 10,000 less on your current property to buy another house that is selling now for 30,000 less, puts you, the buyer 20,000 ahead of the game. Now, if you are scaling down, the opposite is true for you in some cases. If you are considering selling your home after many years, with the wish to reside in a smaller home, or a condominium, the numbers will be less favorable for you. You should consider however, the reason for your wish to move in the first place. Often in this situation, money is less of an issue, where lifestyle change tends to be the main motivating factor behind the move. Additionally, after many, many years in your family home, you stand to gain the most financially, in any market, due to the length of time you have owned and maintained the property.
The bottom line for those looking to sell, and buy in the same market area, to wait until you hear the words..."it is a seller's market," only means you will likely sell for more, which is the good news, but the bad news is you will also pay more when you buy. In a similar example, if you make an extra 10,000 when you sell, you may pay an extra 30,000 when you buy up...certainly, the math is less attractive under these conditions.
I know, you watch the "Today Show," the evening news, you read all the papers, you listen to the gals at the beauty parlor, and the guys at the bowling alley, and after all that...you must think nothing but doom and gloom. The truth is, all Real Estate is local. What is maybe happening in Florida may not be happening in your State, and what is happening even two towns over, may not be happening in your neighborhood. To determine what is REALLY happening, you must consult with someone who is out in the field everyday, in your town, and in your neighborhood. Call a Realtor, me, or someone else, but one with experience and knowledge of your town, and someone who will LISTEN to your unique situation. This might be the right time for you to make a move, or it may not be, but don't make that decision without all the information neccessary to determine what is right for YOU.

Without question, if you are a first time buyer, or a seller/buyer looking to trade up, in my 22 years in the business, I have NEVER seen a better time to do so. Remember, those of you thinking of both selling and buying, don't wait for the market to change, do it now, as the market can never be in your favor for both transactions. You can't have it both ways, but now is the time to do it the BEST way.

To start your home search, send me an e-mail at rick@colonialmanorrealty.com. Let me know what towns you are interested in, what price range, and a few specifics, such as number of bedrooms, or minimum lot size, and I will customize an auto-e-mail search for you, where each day you will be sent listings that match with your criteria. These listing are COMPLETE with the address, so there is no guessing.

As always, I look forward to hearing from you, and will answer any questions you may have.

Please Pass the shrimp...

2008-09-15T20:45:00.000-04:00

On Saturday night, I had the pleasure of serving as the auctioneer for a rather large gala and benefit auction at a beautiful hotel in Cambridge. The room was lovely. The food plentiful and elegant. The perfect centerpieces graced the tables. The band played soft background music, people were dressed to the nines...EVERYTHING was WRONG!!

Despite all the loveliness, I think the folks running the show forgot why they, and 250 guests were there. Unfortunately I was called to "strictly" serve as the auctioneer, but they did NOT consult with me prior to their planning. There are ways to produce the highest possible proceeds from your silent and live auction, but...in this case, virtually none of those were utilized. For example, we were in a GIANT room, with the silent auction table looking like a runway along the wall on one side of the room. On the other side, WAAAAAAY across the dance floor, and along the opposite wall, was the splendor of an overwhelming hors deurve table with sides of beef, lamb chops, and other tasty treats. Guess where the crowd was!! Had this been a cruise ship, it would have been tipping to one side. Great way to get the crowd to ignore the silent auction table. Next time...Please pass the shrimp... to the other side of the room!!