Iana Ulianova

Home Search During COVID-19 Outbreak

These days it feels that life has been put on hold, as a lot of things we used to do are restricted or stopped altogether. That being said, people still have to move, and we are hearing daily from prospective buyers, sellers and renters. 

Real estate agents, and the real estate industry as a whole, is adapting quickly to what is going on in the world and people's lives, and we are here to help. In an era of social distancing, here are a few things to keep in mind when looking for a home:

1. Video Tours. Video tours are available for many properties, especially Cabot & Company's exclusive listings. Thanks to our agents and tenants, we have compiled a database of videos for the majority of our available apartments. 

2. Experienced Agents. Our agents know our exclusively listed properties inside-out. At a time when it is important to carefully evaluate a property before scheduling an in person viewing, it is important to work with someone that knows the apartment and has personally seen it. For our exclusive listings, we have seen and rented them multiple times, so call your agent with questions. 

3. Further Evaluating Occupied Apartments. Given the current circumstances, it is difficult to visit occupied apartments. Agents, tenants and landlords are all trying to be safe and responsible. At Cabot & Company, we are endeavoring to practice social distancing. Most current tenants are understanding of the circumstances and are happy to assist us in answering your questions and sending additional photos or videos.

4. Visiting a Vacant Apartment. We are doing our best to help you screen properties before scheduling a tour. Ask for a video first. Still interested and want to view it in person? Be prepared for the following: 

- You may be asked whether you have traveled recently, or have any reason to believe you have been exposed or are exhibiting CODIV-19 symptoms.  

- You may be asked to use hand sanitizer before and during the tour, and wear gloves and a mask/face covering.

- You will likely be asked not to touch anything. Many agents are turning on all lights and opening all doors and closets ahead of time.

- Any showings are encouraged to be prompt. Take a quick look around, and then discuss any questions outside. Your agent will also be happy to answer follow up questions via email or on a phone call.

 

This is a challenging time, but it does not mean your home search needs to be put on hold. We are all working to navigate through the COVID-19 outbreak together. Do not hesitate to reach out with any questions or suggestions on how we can further help with you house hunting.

 

 

 

Jamaica Plain: Market Update

Jamaica Plain is one of the fastest growing real estate markets in Greater Boston. Diverse, vibrant, and centrally located, it is highly sought after among buyers - investors and owner occupants alike. JP is an easy commute for those working in the center of Boston, and is more affordable than neighborhoods like Back Bay or South End.

Based on data from MLS, over the past five years, the average condo sale price per square foot in Jamaica Plain has increased from $428.91 in 2015 to $543.90 in 2019. So far this year, the average condo sale price is closing at 101.79% of the asking price, compared to 103.79% of the asking price as of the same date in 2015. In other words, not only are the average sale prices per square foot higher, but also condos are still selling for "over asking".
 


Source: MLS Property Information Network, Inc.

 

Curious about what's on the market in Jamaica Plain?  Click here to start your search.

 

 

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Advantages of Working with a Buyer's Agent

We are sometimes asked: Do I really need a buyer’s agent, or can I make an offer on a property on my own?  Certainly, it is possible to buy a home without the help of a buyer’s agent.  However, there are a number of advantages in working with an experienced agent.  Here are some reasons to work with a buyer’s agent:  

1. It’s Free For Buyers. Except in a few, very limited circumstances, the buyer’s agent’s commission in the Boston area is paid by the seller or seller’s agent.    

2. Buyers Get Representation. The seller’s agent represents the seller, and it is their obligation to act in the best interests of the seller.  Having a buyer’s agent ensures you have an experienced professional on your team to look out for YOUR best interests.

3. Market Data. A buyer’s agent can educate you on local market trends.  Buying a home represents a substantial investment – it is important to know about the market/area you are buying into.

4. Make Searching for Property Easy.  When working with a buyer’s agent, there’s no need to scroll through endless websites looking at properties that are no longer available.  A buyer’s agent can create a custom MLS (Multiple Listing Service) search tailored to your search criteria, so you can be notified as soon as new properties come on market. 

5. Help with Paperwork.  There are a number of forms and documents involved in purchasing a home.  A buyer’s agent will help you navigate through them.

6. Price Analysis. You want to make an offer, but is the property over-priced, underpriced or priced right in line with the market?  Your agent will create a comprehensive market analysis based on similar properties that have been sold, to help you determine what price to offer.  A seller’s agent is obligated to get their client (the seller) the highest possible price; again, it is important to have a professional looking out for your interests.

7. Negotiations. The purchase price is just one component of an offer.  A buyer’s agent will help guide you on the other terms that make up an offer, such as inspection contingencies, mortgage contingencies and timing – careful consideration of all offer terms help make sure your offer is as strong as possible. If issues come up during the purchase process (such as property defects identified during a home inspection), your buyer’s agent can also help negotiate for appropriate concessions from the seller.

8. Support throughout the Transaction. An experienced buyer’s agent can help make introductions to other industry professionals that may be necessary throughout the purchase process, such as lenders, attorneys, home inspectors and insurance agents.  Additionally, your agent will keep you apprised of upcoming deadlines and communicate with the involved parties to help keep your purchase on a smooth path towards closing.
 

If you would like to be connected with one of our experienced buyer’s agents, please contact us here.  

Just getting started with the home-buying process?  Feel free to start your search here.

 

 

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6 Mistakes to Avoid While Your Mortgage is in Process

The offer on your new home was accepted, your inspection went smoothly, the purchase and sale agreement has been signed, and now you are just waiting for your mortgage commitment letter. You are almost done, but don’t go shopping for that new furniture set just yet!

Most lenders recommend taking a financial pause. Here are some suggestions to avoid common mistakes that can prevent you from getting your mortgage:

 

1. Do not open any new lines of credit, including opening new credit cards, or taking out new loans.

2. Do not close existing credit accounts.

3. Do not make any large purchases, such as buying/leasing a new car, expensive furniture sets, etc.

4. Do not make significant job changes, such as quitting or changing your job.

5. Do not make large deposits or withdrawals from your bank account.

6. Do not pay your bills late.


If you have any questions, ALWAYS check with your loan officer.

Happy closing!

 

 

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