Happy 2013! I’ve been asked about the status of the Brewster house and barn in the June 26th post, and happily it is sold. As mortgage rates hit historically low rates, properties on Cape Cod that are priced correctly and Staged are being snapped up quickly. Land is beginning to move again as well. Four homes in my immediate area sold recently for surprisingly high prices. In the third quarter of 2012, days on market for residential property decreased only 2.6% over the previous 3rd quarter, and median values decreased nearly 7%, but volume sold is up over 19%. See the entire report here.
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Posted by Paris2CapeCod
Lately I have participated in real estate forums on Boston.com and it is evident that some buyers do not understand the way that buyer agency works ( in Massachusetts) or the very obvious need for buyer representation. This is a huge topic, and I will just touch on the issue here, and welcome discussion. I myself enjoy working with buyers, although it can be a very time consuming process. I’m not in real estate for a per hour paycheck. I’m not put off by today’s tech-savvy buyers who do their initial research on the web. It’s a collaborative process, in the best situations.
I’ve been told that buyer agents just open the door and collect a check. That’s a pretty myopic view. In Massachusetts, a buyer’s agent owes the buyer undivided loyalty, reasonable care, disclosure, obedience to lawful instruction, confidentiality and accountability, provided, however, that the agent must disclose known material defects in the real estate. The agent must put the buyer’s interests first and negotiate for the best price and terms for their client, the buyer. This is a huge liability and responsibility! Remember that real estate agents are licensed professionals. There are other types of agency as well, I have described Buyer’s Agency.
I know I’ve said this before, but remember that not all “agents” are “Realtors.” Realtors are members of their professional organizations at the National, State and Local levels, and adhere to Codes of Ethics.
You may not know that some Realtors go even one more step beyond in representing buyers. I am accredited by the Real Estate Buyers Agent Council or REBAC of the National Association of Realtors. This special accreditation requires classroom instruction and on-the-job experience with buyer transactions.
So what will your Realtor do for you when you buy? I have researched deeds, wetlands, septic plans, zoning issues; attended inspections, hired contractors, negotiated price and conditions and terms; coordinated lenders and documentations; obtained necessary insurance documents and tax information and so much more. Who paid for all this? In each case, the Seller paid a commission to the listing agent, who then offered a co-fee to the buyer’s agent through the cooperation of the multiple listing service. But you may enter into a contract with your Buyer Agent to pay a fee directly, as in the case of buying a For Sale Buy Owner (you still need your own Realtor!) Want to explore this more? Click on My Website and write me. Happy House Shopping!
The end of the month means something else to Realtors: closings. In checking the up-to-the-minute listings marked “sold” on the Cape Cod and Islands MLS just now I saw something that has been creeping in more often: selling prices greater than the listing prices. I scour the “solds” daily because it’s my job to be informed. Normally, selling prices are 93% to 97% of the LAST reported listing price. This has nothing to do with the price the home came on the market at. But recently I’ve seen homes selling at 102%-105% of the listing price, and I have had my own buyer-customers get into little bidding wars over properties. Desirable inventory is in ever-shorter supply in some areas, creating pockets of classical economic supply/demand drama. Lesson: if you see it and want it, buy it. Don’t let the media lull you into a sense of complacency.
I will have a closing in May in Mashpee on 6 Chatham Lane. See the webpage I designed for this home. After the closing I will change it to a “We’ve Moved” page for the buyers, so that they can show all of their friends and family their new home. It’s particularly nice as it’s their first home.
There will be a May Day family concert by Peter and Ellen Allard at Ezra H. Baker School gym in Dennis, 6:00 p.m., public welcome. Sponsored in part by the Dennis Arts and Culture Council and Mass Cultural Council.
Whether May Day is a workers’ acknowledgement day ( International Labor Day) for you, or a day to wear lily-of-the-valley as in France, enjoy the inevitable step toward Summer.
1 Comment | Life on the Cape, Real Estate | Tagged: Dennis, Economics, home buying, home selling, Massachusetts, May Day, property, property sales, Real Estate, real estate prices | Permalink
Posted by Paris2CapeCod